Geltmore, LLC

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Acquisition Criteria What we like are deals that fully utilize our skills and talents. The more difficult the project, the more interest we will have in it. These include: New Development/Substantial Re-Development We feel that ground up development gives us the ability to utilize our full range of talents and thereby, the ability to create a superior product to the market in general. Retail with Anchor Tenants/Shadow Anchor Tenants Our goal is to mitigate as much risk as possible and either having or being next to a significant anchor tenant or through significant pre-leasing are the best ways to accomplish that goal. Industrial Spec or Build to Suit with longer lease terms - If it is clear the market is turning up, we will consider multi-tenant spec industrial, or Build to Suits for credit tenants or less than credit tenants if they have a good story. We will also consider acquiring existing product with existing tenants under market rent of buying empty buildings (no metal buildings) at below replacement cost. Office Same as Industrial except that we will not do spec office. Land We do not inventory vacant land. We will buy land if or when the use is clearly identified. Landowner JV This has been one of our most successful development tools, particularly when it requires inventorying land for a longer development time line. However, the land needs to be free of debt and the landowner needs to be a sophisticated business person with a clear vision of an outcome.

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