For clients who would like to add real estate to their overall investment portfolio, or increase the real estate in their current portfolio, we offer the following services:

• Real Estate Investment Trust ("REIT")
• Tenant In Common ("TIC") Investment Programs
• Alternative Direct Participation Investment Programs

Real Estate Investment Trust ("REIT")

A Real Estate Investment Trust is a company that buys, develops, manages, and sells real estate assets. REIT's allow participants to invest in a professionally managed portfolio of real estate properties. REIT's qualify as pass-through entities for tax purposes. To qualify as a REIT, a company must distribute at least 90% of its taxable income to its shareholders annually. A company that qualifies as a REIT is permitted to deduct dividends paid to its shareholders from corporate taxable income. This unique benefit allows small investors to participate, without double taxation, in large real estate ventures. Envoy Capital Partners provides clients' access to a wide variety of private REIT's from several of the leading real estate investment companies in the country.

Tenant In Common ("TIC") Investment Programs

Tenant in Common investment programs have become a popular choice among real estate investors seeking a replacement property for their IRC Section 1031 tax deferred exchange. They also provide an excellent way for non-1031 exchange clients to invest in commercial property. TIC programs are structured to facilitate ownership of investment property by two or more parties, and often come "bundled" with property management and financing already in place. Often TIC programs are available for non-1031 exchange investors at substantially lower minimum levels, thus making TIC programs an efficient way to passively invest in a wide range of commercial property types in a variety of geographical locations. Envoy Capital Partners has the expertise and the relationships to help you locate the most suitable TIC property to meet your investment needs.

Alternative Direct Participation Investment Programs

Envoy Capital Partners has established relationships with developers and sponsors of unique real estate investment opportunities. Examples include inner-city redevelopment projects, apartment to condo conversions, and innovative tenancy in common properties including hotels, golf ventures, time-shares, car washes, RV parks, and self-storage facilities. These types of programs afford investors access to exclusive projects with the possibility of above average returns.

Please consult each property Memorandum for specific investment scenarios. No guarantees are made that projections will be met on cash flow or return. This does not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can be made only through the Private Placement Memorandum. Please be aware that this material cannot and does not replace the Memorandum and is qualified in its entirety by the Memorandum. This type of investment involves various degrees of risk including the speculative market and financing risks associated with fluctuations in the real estate market. Please refer to the "Risk Factors" sections of each property's memorandum.

TIC investments are investments in real estate and as such have real estate related risks, including: the potential to lose value; risk of foreclosure, however, extensive due diligence helps minimize this risk; real estate is a relatively illiquid asset; the unexpected loss of tenants or other adverse conditions can disrupt cash flow distributions; costs associated with the transaction may impact returns, and may outweigh the tax benefits.