• Strictly maintain underwriting discipline - basis matters
  
• Leverage will not determine value
  
• Avoid overleveraging properties
• Hands-on, direct owner management is critical
• Stick to your core markets

INVESTMENT STRATEGY
KPI utilizes the network of contacts it has developed over 30 years to identify unique investment opportunities

• Seek opportunities to exploit pricing dislocations due to over-leveraged capital structures and distressed sellers
  - Will purchase equity interest or distressed debt
  
  
• Focus on value-added opportunities that are overlooked by large, institutional investors
  
  
• Enhance value through hands-on management and leasing
  
  
• Seek to deliver total returns through a combination of current income and capital appreciation
  
  
• All cash buyer with fast decision making process

Retail Acquisitions

• From 100,000 - 300,000 square feet
• Grocery-anchored centers, if possible
• High credit quality of major anchors
• Strong anchor sales trends
• Focus on high barrier, infill locations
• Strong demographic and per capital retail characteristics
• Additional land for future expansion, if available
• Strong visibility and access

Industrial/Warehouse Acquisitions

• From 100,000 - 300,000 square feet - Will go larger if multiple buildings
• Clear ceiling heights from 20' to 36'
• Target ~10% office finish
• Focus on multi-tenant properties
• Minimum bay size of 5,000 square feet
• Precast or tilt-up concrete construction - Built after 1980
• Additional land for future expansion, if available
• Easy access to major highways