Bancroft Capital has been successful over the years by focusing the efforts of our organization. We remain disciplined in three target criteria: geography, asset type, and risk/reward profile. Geography Bancroft maintains relationships throughout the western United States. We will typically select a submarket with attractive dynamics and purchase multiple properties, thereby focusing management attention and achieving economies of scale for local services. Asset Type Bancroft typically acquires suburban office, light industrial, warehouse, laboratory and R&D buildings. We also develop office and mixed-use residential properties. We do not consider investments in retail, hotel, multi-family, CBD-office or unentitled land. We strongly prefer triple net (NNN) leases. Attractive Risk/Reward Profile Bancroft seeks to enhance the risk/reward profile of our partnerships by investing in assets with the following characteristics: - Priced below replacement cost - Priced above the range of individual buyers ($5M) and below range of large institutions ($50M) in order to limit competition among buyers - Roll-up: by purchasing many medium-sized assets in one submarket we increase the possibility of selling the portfolio to an institutional buyer - Value-added opportunity supported by cash flow to mitigate downside risk - Multiple single-tenant assets to diversify tenant risk while avoiding management-intensive multi-tenant buildings