The Cumberland Investment

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Cumberland working with SAFE to create a smarter investment.

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The Cumberland Investment

  1. 1. 1
  2. 2. Mission Statement <ul><li>Provide our investors with a secure, consistent cash flow and the potential for equity appreciation </li></ul><ul><li>Provide government agencies with quality facilities that meet their goals and objectives </li></ul>2
  3. 3. <ul><ul><li>SAFE Business Strategy </li></ul></ul><ul><ul><li>Commercial Real Estate with limited “downside” </li></ul></ul><ul><ul><li>Target only cities, counties, state or federally leased properties in the US </li></ul></ul><ul><ul><li>Fixed Rate, Non-Recourse Loans (Bond Financing) </li></ul></ul><ul><ul><li>Loans of 60% to 80% of Purchase Price </li></ul></ul><ul><ul><li>Each Property is owned by a separate Limited Liability Company, with each LLC wholly owned by the Partnership </li></ul></ul><ul><ul><li>Target Properties with a 6-12% cash on cash returns </li></ul></ul>S tate A nd F ederal E quities 3
  4. 4. SAFE, Ltd. Properties Purchased <ul><li>Alice, TX </li></ul><ul><ul><li>408 N. Flournoy </li></ul></ul><ul><li>Atlanta, GA </li></ul><ul><ul><li>4424 International Blvd. </li></ul></ul><ul><li>El Paso, TX </li></ul><ul><ul><li>215 Padres </li></ul></ul><ul><li>Frankfort, KY </li></ul><ul><ul><li>801 & 803 Schenkel Ln </li></ul></ul><ul><ul><li>801 Teton Trail </li></ul></ul><ul><li>Gilmer, TX </li></ul><ul><ul><li>324 Yapaco </li></ul></ul><ul><li>Lansing, MI </li></ul><ul><ul><li>709 W. Saginaw </li></ul></ul><ul><li>Laredo, TX </li></ul><ul><ul><li>1500 Arkansas </li></ul></ul><ul><li>Petersburg, VA </li></ul><ul><ul><li>2623 Park Avenue </li></ul></ul><ul><li>Socorro, TX (El Paso) </li></ul><ul><ul><li>10640 North Loop </li></ul></ul><ul><li>Texarkana, AR </li></ul><ul><ul><li>3822 Airport Plaza Drive </li></ul></ul>4
  5. 5. SAFE, Ltd. Past Performance Examples <ul><li>Texas Dept of Human Resources </li></ul><ul><ul><li>Socorro, TX (El Paso) </li></ul></ul><ul><ul><ul><li>Longest Producing Cash on Cash Return </li></ul></ul></ul><ul><li>Georgia Dept of Natural Resources </li></ul><ul><ul><li>Atlanta, GA </li></ul></ul><ul><ul><ul><li>Example of an Exit Strategy </li></ul></ul></ul><ul><li>Commonwealth of Kentucky </li></ul><ul><ul><li>Frankfort, KY </li></ul></ul><ul><ul><ul><li>Problem Property </li></ul></ul></ul>5
  6. 6. SAFE Socorro, LLC El Paso, TX <ul><li>Acquired in 2002 </li></ul>6
  7. 7. SAFE Socorro, LLC El Paso, TX <ul><li>State of Texas, Department of Human Services </li></ul><ul><li>Purchase Price: $1,050,000 </li></ul><ul><li>Due Diligence Fee and Closing Costs: $80,000 </li></ul><ul><li>Square Footage: 19,929 </li></ul><ul><li>Loan Specifics: </li></ul><ul><ul><li>Amount: $790,000 </li></ul></ul><ul><ul><li>Interest Rate: 6.445% </li></ul></ul><ul><ul><li>Amortization: 17 years </li></ul></ul><ul><li>LP Contributions: $340,000 </li></ul>
  8. 8. LP Capital Contributions: $340,000 <ul><li>LP Annual </li></ul><ul><li>Distributions </li></ul><ul><li>- 2003: $21,420 </li></ul><ul><li>- 2004: $28,560 </li></ul><ul><li>- 2005: $28,560 </li></ul><ul><li>- 2006: $30,518 </li></ul><ul><li>- 2007: $27,293 </li></ul><ul><li>- 2008: $ 6,000 </li></ul><ul><li>Equity </li></ul><ul><li>Buildup* </li></ul><ul><ul><li>2003: 7.11% </li></ul></ul><ul><ul><li>2004: 8.25% </li></ul></ul><ul><ul><li>2005: 8.79% </li></ul></ul><ul><ul><li>2006: 9.37% </li></ul></ul><ul><ul><li>2007: 10.00% </li></ul></ul><ul><ul><li>2008: 10.67% </li></ul></ul>SAFE Socorro, LLC El Paso, TX Cash on Cash Return - 2003: 6.30% - 2004: 8.40% - 2005: 8.40% - 2006: 8.98% - 2007: 8.03% - 2008: 1.76%** <ul><ul><li>*Assuming the building value remains constant </li></ul></ul><ul><ul><li>**tax assessor doubled property tax evaluation and we had to pay tax to sue, lawsuit was a success. Distributions set to increase for 2009 </li></ul></ul>
  9. 9. SAFE International, Ltd. Atlanta, GA <ul><li>Acquired in 2003 </li></ul>9
  10. 10. SAFE International, Ltd. Atlanta, GA <ul><li>State of Georgia, Dept of Natural Resources </li></ul><ul><li>Purchase Price: $9,000,000 </li></ul><ul><li>Due Diligence Fee and Closing Costs: $588,220 </li></ul><ul><li>Square Footage: 77,292 </li></ul><ul><li>Loan Specifics: </li></ul><ul><ul><li>Amount: $7,815,000 </li></ul></ul><ul><ul><li>Interest Rate: 6.125% </li></ul></ul><ul><ul><li>Amortization: 20 years </li></ul></ul><ul><li>LP Contributions: $1,773,220 </li></ul>
  11. 11. SAFE International, Ltd. Atlanta, GA LP Capital Contributions: $1,773,220 <ul><li>LP Annual Distributions : </li></ul><ul><ul><li>2003: $ 49,766 </li></ul></ul><ul><ul><li>2004: $ 193,800 </li></ul></ul><ul><ul><li>2005: $ 160,650 </li></ul></ul><ul><ul><li>2006: $ 160,650 </li></ul></ul><ul><ul><li>2007: $4,644,394 </li></ul></ul><ul><li>Equity Buildup : </li></ul><ul><ul><li>2003: 5.47% </li></ul></ul><ul><ul><li>2004: 17.09% </li></ul></ul><ul><ul><li>2005: 18.16% </li></ul></ul><ul><ul><li>2006: 19.31% </li></ul></ul><ul><ul><li>2007: SOLD (Bond out to county development authority) </li></ul></ul><ul><li>Cash on Cash Return: </li></ul><ul><ul><li>2003: 10.55% </li></ul></ul><ul><ul><li>2004: 10.72% </li></ul></ul><ul><ul><li>2005: 9.06% </li></ul></ul><ul><ul><li>2006: 9.06% </li></ul></ul><ul><ul><li>2007: SOLD </li></ul></ul>
  12. 12. SAFE International, LLC Atlanta, GA <ul><li>LP Capital Contributions: $1,773,220 </li></ul><ul><li>Tax Exempt Interest Bond Cash Out </li></ul><ul><ul><li>Contract Sales Price: $12,629,800 </li></ul></ul><ul><ul><li>Georgia Withholding Tax: $ 50,762 </li></ul></ul><ul><ul><li>Due Diligence Fee: $ 378,894 </li></ul></ul><ul><ul><li>Note Payoff: $ 6,709,546 </li></ul></ul><ul><ul><li>Distribution to Partners: $ 5,490,598 </li></ul></ul><ul><li>Distribution to GP: $ 846,204 </li></ul><ul><li>Distribution to LP: $4,644,394 </li></ul>
  13. 13. SAFE Frankfort, LLC Frankfort, KY <ul><li>Acquired in 2006 </li></ul>12
  14. 14. SAFE Frankfort, LLC <ul><li>Commonwealth of Kentucky </li></ul><ul><li>Purchase Price: $3,750,000 </li></ul><ul><li>Square Footage: (2 Buildings, Share Lot) </li></ul><ul><ul><li>801 Teton Trail: 9,502 sf </li></ul></ul><ul><ul><li>801/803 Schenkel Lane: 39,670 sf </li></ul></ul><ul><li>Loan Specifics: </li></ul><ul><ul><li>Amount: $3,085,000 </li></ul></ul><ul><ul><li>Interest Rate: 7.3% </li></ul></ul><ul><ul><li>Amortization: 20 years </li></ul></ul><ul><li>LP Contributions: $864,516 </li></ul>
  15. 15. SAFE Frankfort, LLC <ul><li>2007 to present, Kentucky has/is running a $500mm(plus) annual budget deficit </li></ul><ul><li>Agencies instructed to consolidate by the legislature </li></ul><ul><ul><li>801 Teton Trail: Commonwealth of KY (Personnel Cabinet) </li></ul></ul><ul><ul><ul><li>Vacated Premises on October 31, 2007 </li></ul></ul></ul><ul><ul><li>803 Schenkel Lane: Commonwealth of KY (Protection Cabinet) </li></ul></ul><ul><ul><ul><li>Vacated Premises on October 31, 2008 </li></ul></ul></ul><ul><li>Negotiations with Commonwealth/Others </li></ul><ul><ul><li>Dept of Cosmetology wants to move in 801 Teton Trail at existing rate, working with the Commonwealth to get approved, even with budget shortfall </li></ul></ul><ul><ul><li>Working with local agent and Commonwealth to lease the </li></ul></ul><ul><ul><li> remaining empty square footage. </li></ul></ul><ul><ul><li>Hired Real Estate Agent to try and sell property as well. </li></ul></ul>
  16. 16. SAFE 2006 Acquisition Fund, Ltd. Properties <ul><li>TX Dept of Human Services </li></ul><ul><ul><li>Laredo, TX (Aug 06) </li></ul></ul><ul><li>KY Personnel Cabinet </li></ul><ul><ul><li>Frankfort, KY (Oct 06) </li></ul></ul><ul><li>KY Natural Resources </li></ul><ul><ul><li>Frankfort, KY (Oct 06) </li></ul></ul><ul><li>TX Dept of Human Services </li></ul><ul><ul><li>Alice, TX (Dec 06) </li></ul></ul>16 <ul><li>VA Dept of Social Services </li></ul><ul><ul><li>Petersburg, VA (Jan 07) </li></ul></ul><ul><li>Dept of Homeland Security </li></ul><ul><ul><li>Texarkana, AR (Mar 08) </li></ul></ul><ul><li>TX Dept of Human Services </li></ul><ul><ul><li>Gilmer, TX (Apr 08) </li></ul></ul><ul><li>State of New Mexico </li></ul><ul><ul><li>- Santa Fe, NM (Aug 09) </li></ul></ul>
  17. 17. Previous SAFE, Ltd Equity <ul><li>SAFE 2006 Acquisition Fund </li></ul><ul><li>Partnership Blind Pool </li></ul><ul><li>300 Limited Partnership Units </li></ul><ul><li>$50,000 per LP Unit </li></ul><ul><ul><li>Total up to $15,000,000 </li></ul></ul><ul><li>Minimum Aggregate Subscription </li></ul><ul><ul><li>$1,000,000 (exceeded in August 06) </li></ul></ul><ul><li>Capital Calls & Assessments </li></ul><ul><ul><li>40% of total amount upon subscription </li></ul></ul><ul><ul><li>Balance over 6-24 months depending on total capital subscribed and property acquisitions </li></ul></ul><ul><li>Profit Sharing </li></ul><ul><ul><li>Limited Partners 85% </li></ul></ul><ul><ul><li>General Partner 15% </li></ul></ul><ul><li>Exit </li></ul><ul><ul><li>Buyout or Liquidation </li></ul></ul>
  18. 18. 2006 Acquisition Fund, Ltd. Property Summary (2006-08) <ul><li>Property Worth $22.1M </li></ul><ul><li>LP Capital Contributions: $4,650,000 </li></ul><ul><li>LP Annual Distributions: </li></ul><ul><ul><li>2007:$210,555 </li></ul></ul><ul><ul><li>2008:$160,000 </li></ul></ul><ul><li>Cash on Cash Return: </li></ul><ul><ul><li>2007: 4.53% </li></ul></ul><ul><ul><li>2008: 3.44% </li></ul></ul><ul><li>Equity Buildup: </li></ul><ul><ul><li>2007: 7.71% </li></ul></ul><ul><ul><li>2008: 11.54% </li></ul></ul><ul><ul><li>2009: 8.79% (projected) </li></ul></ul><ul><ul><li>2010: 9.38% (projected) </li></ul></ul>18
  19. 19. Investor “X” Minimum Single Investor <ul><li>“ X” Contribution Pledge: $50,000 </li></ul><ul><li>Projected First Call: $20,000 </li></ul><ul><li>Remainder of Pledge: $30,000 </li></ul><ul><li>Quarterly Distribution: $1,346 </li></ul><ul><li>Annual Distribution: $5385 </li></ul><ul><li>Cash on Cash Return: 10.77% </li></ul><ul><li>Equity Buildup: </li></ul><ul><ul><li>2009: $4,395 (8.79% projected) </li></ul></ul><ul><ul><li>2010: $4,690 (9.38% projected) </li></ul></ul><ul><ul><li>2011: $5,005 (10.01% projected) </li></ul></ul><ul><li>On Exit: What does “X” get? </li></ul><ul><ul><li>$50,000 + Total Equity Buildup +/- Appreciation/Depreciation </li></ul></ul>19
  20. 20. <ul><li>10 Year Projected Comparison on $50,000 (Jun 09) </li></ul><ul><ul><li>SAFE 2006 Acquisition Fund </li></ul></ul><ul><ul><ul><li>Initial: $50,000 </li></ul></ul></ul><ul><ul><ul><li>Projected Annual Payments: $53,850 (10 years @ 10.77% ConC) </li></ul></ul></ul><ul><ul><ul><li>Projected Equity Buildup: $86,000 (10 Year Total) </li></ul></ul></ul><ul><ul><ul><li>Projected Appreciation: $5,000 (10 Years @ 1% Annually) </li></ul></ul></ul><ul><ul><ul><li>Projected Total Return: $194,850 </li></ul></ul></ul><ul><ul><li>Treasury Note </li></ul></ul><ul><ul><ul><li>Initial: $50,000 </li></ul></ul></ul><ul><ul><ul><li>Rate: 3.789% (6/22/09) </li></ul></ul></ul><ul><ul><ul><li>Projected Total Return: $72,990 </li></ul></ul></ul><ul><ul><li>Mutual Fund </li></ul></ul><ul><ul><ul><li>Initial: $50,000 </li></ul></ul></ul><ul><ul><ul><li>Rate: 6.5% Annual Growth </li></ul></ul></ul><ul><ul><ul><li>Projected Total Return: $95,600 </li></ul></ul></ul>20 Projected Investment Comparisons Investor “X”
  21. 21. Investor “P” Minimum Institutional Fund Investment <ul><li>“ P” Contribution Pledge: $2,000,000 </li></ul><ul><li>Projected First Call: $800,000 </li></ul><ul><li>Remainder of Pledge: $1,200,000 </li></ul><ul><li>Quarterly Distribution: $53,850 </li></ul><ul><li>Annual Distribution: $215,400 </li></ul><ul><li>Cash on Cash Return: 10.77% </li></ul><ul><li>Equity Buildup: </li></ul><ul><ul><li>2009: $175,800 (8.79% projected) </li></ul></ul><ul><ul><li>2010: $187,600 (9.38% projected) </li></ul></ul><ul><ul><li>2011: $200,200 (10.01% projected) </li></ul></ul><ul><li>On Exit: What does “P” get? </li></ul><ul><ul><li>$1,000,000 + Total Equity Buildup +/- Appreciation/Depreciation </li></ul></ul>21
  22. 22. Projected Investment Comparisons Investor “P” <ul><li>10 Year Projected Comparison on $2,000,000 (Jun 09) </li></ul><ul><ul><li>SAFE 2006 Acquisition Fund </li></ul></ul><ul><ul><ul><li>Initial: $2,000,000 </li></ul></ul></ul><ul><ul><ul><li>Projected Annual Payments: $2,154,000 (10 years @ 10.77% ConC) </li></ul></ul></ul><ul><ul><ul><li>Projected Equity Buildup: $3,440,000 (10 Year Total) </li></ul></ul></ul><ul><ul><ul><li>Projected Appreciation: $200,000 (10 Years @ 1% Annually) </li></ul></ul></ul><ul><ul><ul><li>Projected Total Return: $5,794,000 </li></ul></ul></ul><ul><ul><li>Treasury Note </li></ul></ul><ul><ul><ul><li>Initial: $2,000,000 </li></ul></ul></ul><ul><ul><ul><li>Rate: 3.789% (6/22/09) </li></ul></ul></ul><ul><ul><ul><li>Projected Total Return: $2,920,000 </li></ul></ul></ul><ul><ul><li>Mutual Fund </li></ul></ul><ul><ul><ul><li>Initial: $2,000,000 </li></ul></ul></ul><ul><ul><ul><li>Rate: 6.5% Annual Growth </li></ul></ul></ul><ul><ul><ul><li>Projected Total Return: $3,824,000 </li></ul></ul></ul>22
  23. 23. How Do We Find Our Acquisitions? <ul><li>How Do We Find them? </li></ul><ul><ul><li>Mail Out </li></ul></ul><ul><ul><ul><li>55,000+ Properties and Growing </li></ul></ul></ul><ul><ul><ul><li>Mail Out in February, May and Nov </li></ul></ul></ul><ul><ul><li>Internet (e-mail, websites) </li></ul></ul><ul><ul><li>Word of Mouth </li></ul></ul><ul><ul><li>We Want Developers! (no middle men) </li></ul></ul><ul><li>State/Federal Leases </li></ul><ul><ul><li>Long Term Agencies </li></ul></ul><ul><ul><li>State </li></ul></ul><ul><ul><ul><li>Shorter Leases, Better Returns (11%+) </li></ul></ul></ul><ul><ul><ul><li>Tend to be Small Business/Family owned </li></ul></ul></ul><ul><ul><li>Federal </li></ul></ul><ul><ul><ul><li>Longer Lease, Lower Returns (9-10%) </li></ul></ul></ul><ul><ul><ul><li>Like Small Towns and Build to Suits </li></ul></ul></ul><ul><ul><ul><li>Tend to be Large Developers/REITS owned </li></ul></ul></ul><ul><ul><ul><li>Highly Competitive </li></ul></ul></ul><ul><li>Min 5 Years Left on Lease </li></ul><ul><ul><li>Longer the Lease, the Better </li></ul></ul><ul><ul><li>There Are Exceptions </li></ul></ul><ul><ul><ul><li>States (Multi 1 year) </li></ul></ul></ul><ul><ul><ul><li>Negotiate an Extension </li></ul></ul></ul><ul><ul><ul><li>Bridge Loans </li></ul></ul></ul><ul><li>Funding </li></ul><ul><ul><li>Amerifund, Johnson Equity, national banks, regional banks, local banks and insurance companies </li></ul></ul><ul><ul><li>Bond Financing </li></ul></ul>23 We look at 100 plus properties for every one we go to contract on!
  24. 24. Some of SAFE’s Current Prospects <ul><li>Citizenship & Immigration </li></ul><ul><ul><li>Orlando, FL </li></ul></ul><ul><li>GA Dept of Human Resources </li></ul><ul><ul><li>Norcross, GA </li></ul></ul><ul><li>National Institute of Health </li></ul><ul><ul><li>Baltimore, MD </li></ul></ul><ul><li>US Border Control </li></ul><ul><ul><li>Gibraltar, MI </li></ul></ul><ul><li>Social Security Administration </li></ul><ul><ul><li>Durant, OK </li></ul></ul><ul><li>Social Security Administration </li></ul><ul><ul><li>Akron, OH </li></ul></ul><ul><li>TN Dept of Human Services </li></ul><ul><ul><li>13 buildings, throughout TN </li></ul></ul>24 <ul><li>US Federal Courthouse </li></ul><ul><ul><li>Alpine, TX </li></ul></ul><ul><li>Social Security Administration </li></ul><ul><ul><li>Big Spring, TX </li></ul></ul><ul><li>TX Dept of Criminal Justice </li></ul><ul><ul><li>Huntsville, TX </li></ul></ul><ul><li>TX Health Department </li></ul><ul><ul><li>Lubbock, TX </li></ul></ul><ul><li>Social Security Administration </li></ul><ul><ul><li>Lufkin, TX </li></ul></ul><ul><li>UT Human Services </li></ul><ul><ul><li>Price, UT </li></ul></ul><ul><li>WY Environmental Quality </li></ul><ul><ul><li>Sheridan, WY </li></ul></ul>
  25. 25. Property Management <ul><li>Property Mgmt. Experience: 24 years </li></ul><ul><li>Govt. Tenant Mgmt. Experience: 24 years </li></ul><ul><li>24 Hour On Call Service </li></ul><ul><ul><li>Maintenance Contracts </li></ul></ul><ul><ul><ul><li>2-Hour Response </li></ul></ul></ul><ul><ul><li>Work Orders </li></ul></ul><ul><ul><ul><li>Signed Off By Agency </li></ul></ul></ul><ul><li>Single Points of Contact @ Agency </li></ul><ul><li>Anonymous Quarterly Report Cards </li></ul><ul><li>12-18 Months Renewal Meetings </li></ul>
  26. 26. Great, But What Can Go Wrong? <ul><li>Govt Tenant Leaves Property </li></ul><ul><ul><li>Preventive Measures </li></ul></ul><ul><ul><ul><li>Property Management Practices </li></ul></ul></ul><ul><ul><ul><li>Leases When Purchasing Properties </li></ul></ul></ul><ul><ul><ul><li>State Contacts </li></ul></ul></ul><ul><ul><li>Govt Leaves Anyway </li></ul></ul><ul><ul><ul><li>Continue to Make Payments </li></ul></ul></ul><ul><ul><ul><ul><li>Market for Other Govt Leases </li></ul></ul></ul></ul><ul><ul><ul><li>Worse Case </li></ul></ul></ul><ul><ul><ul><ul><li>Sell Property </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>More than equity: Investor gets equity back, plus 85% of gain </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Less than equity: Investor gets all proceeds </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Let the Bank Have the Property </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Non-Recourse Loan </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Each Property Individual LLC </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Lose Equity in Building </li></ul></ul></ul></ul></ul>26
  27. 27. 2009 Acquisition Fund, Ltd. What’s New? <ul><li>Same proven SAFE, Ltd Strategy </li></ul><ul><ul><li>Property must be at least 50% or more government leases </li></ul></ul><ul><ul><li>Target only cities, counties, state or federally leased properties in the US </li></ul></ul><ul><ul><li>Fixed Rate, Non-Recourse Loans (and/or Bond Financing) </li></ul></ul><ul><ul><li>Loans of 60% to 80% of Purchase Price </li></ul></ul><ul><ul><li>Each Property is owned by a separate Limited Liability Company, with each LLC wholly owned by the Partnership </li></ul></ul><ul><ul><li>Target Properties with a 6-12% cash on cash returns </li></ul></ul><ul><li>$100,000,000 total Limited Partnership Units </li></ul><ul><ul><li>$50,000 minimum for accredited investors </li></ul></ul><ul><ul><li>$2,000,000 minimum for institutional investors </li></ul></ul><ul><ul><li>Subscription Opportunity Ends December 31, 2010 </li></ul></ul><ul><li>Blind Pool Purchases </li></ul><ul><li>Distribution of Cash Quarterly </li></ul><ul><li>Quarterly Reports </li></ul><ul><li>Annual Audited Financial Statements </li></ul>27
  28. 28. SAFE, Ltd. <ul><li>Managers </li></ul><ul><ul><li>Bub Smith </li></ul></ul><ul><ul><li>Jim Ferguson, CPA, PFS </li></ul></ul><ul><li>Acquisitions </li></ul><ul><ul><li>Paul C. Fagan </li></ul></ul><ul><li>Finance Department </li></ul><ul><ul><li>Millie Alford </li></ul></ul><ul><li>Property Management </li></ul><ul><ul><li>Jo Anne Hill </li></ul></ul>28 SAFE, Ltd. 200D Westgate Parkway Amarillo, TX 79121 806.342.3100 (w) 806.467.8792 (f)
  29. 29. 29 Jim Ferguson 972.832.6791 (m) 866.825.1211 (f) [email_address] Paul C. Fagan 423.309.6481 (m) 866.625.6795 (f) [email_address] Questions? www.safeltd.biz
  30. 30. <ul><li>THE FINANCIAL PROJECTIONS SET FORTH HEREIN IS OUR CURRENT ESTIMATE OF PROFITABILITY.  IT MUST BE EMPHASIZED, HOWEVER, THAT THESE FIGURES ARE ONLY ESTIMATES, AND BECAUSE OF THE MANY VARIABLE FACTORS AFFECTING THE INVESTMENT IN, AND OPERATION OF, REAL ESTATE, THE ACTUAL FINANCIAL RESULTS MAY VARY CONSIDERABLY FROM THESE ESTIMATES.  </li></ul>30

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