The unique skill sets and well-defined disciplines of our leadership team will ensure sound decision making for the long term, and proper risk management for the life of the assets. Over the last 10 years, real estate assets have seen great highs and lows. One end of the market spectrum is now fueled by a quest to achieve a quick return, while the opposite end is fueled by large institutional investors seeking returns without regard for the intrinsic value of their real estate assets. Typically in these cycles, we see many real estate organizations come and go as they chase current market trends and deploy too many or too few resources in their execution. In many of these cases, the fundamentals that make a well-positioned long-term asset are lost. Furthermore, the fundamentals that lack aren't easily seen by the novice investor and won't be apparent for years in the future. At SCM, we take a different approach. A fundamental pillar of real estate investing is to acquire and hold high-quality real estate assets for the long term. This approach allows for capital appreciation to occur and allows for a well-positioned property to deliver returns long into the future, all while increasing in value. While not every asset can enjoy such a horizon, our strategy is to hold the ones which best provide this opportunity in any market. All others in our portfolios will have a patient yet timely disposition as part of its strategy, allowing its net proceeds to seed the next generation of SCM assets.