J.S. Karlton Company is a true value investor. Over the last 25 years, it has acquired properties on the basis of current cash flow and future upside. Accordingly, the risk profile of a typical acquisition may be higher than that of a core asset, but not nearly as high as that of a ground-up development project. We accept no entitlement or developmental risk. We invest in office properties, multi-family residential properties suitable for condominium conversion, and selectively, industrial and retail properties, anywhere in the continental United States. We are presently not an investor in hospitality properties. Alignment of Interests: As a hard equity investor in each of our properties we risk our own capital alongside our investors'. Investors range from institutional funds to high net-worth individuals. Property Management: We manage our own property portfolio exclusively, thus insuring optimal performance and superior financial control over each property. We offer no third-party management. Risk Management: We are skilled in understanding market fundamentals and recognizing opportunities. We time our entry into a given market as well as our exit. There is an old saying: "In real estate, you make your money when you BUY the property." We try to adhere to this philosophy. Unencumbered Decision Making: We evaluate, underwrite, execute and manage each transaction using the same team of seasoned, senior professionals, all of whom have a material stake in each transaction. No bureaucracy or committees ever stand between us and a profitable deal. Our Investment Process is very simple. We look at individual investments in the continental U.S., beginning in markets where we have already had a presence, and in new markets where we believe we should maintain a presence, evaluating them in accordance with each of the following criteria: Does the investment offer sufficient cash flow to support debt while delivering a current return to the equity? Can we secure attractive financing for the acquisition? Is the "upside" (a euphemism for appreciation or value creation) sufficient to meet our minimum annual IRR (internal rate of return) objectives? Can we foresee a capital event enabling us to extricate most or all of our equity investment within 3-5 years by means either of a sale or refinancing? Can we manage the investment to our exacting standards, given our present resources and those of the marketplace? Is the marketplace in which the investment resides on a positive path to growth?