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Our primary business objective is to maximize the total return to our investors. Our strategy to achieve this objective is:
Concentrate on a Few Carefully Selected Geographic Markets
Our markets include Boston, Washington D.C., Midtown Manhattan, San Francisco, and Princeton, where we are one of the leading, if not the leading, owners and developers in each of those markets. We select markets and submarkets where tenants have demonstrated a preference for high-quality office buildings and other facilities;
Concentrate Activities Where High Barriers to Entry Exist
We focus our development expertise within those markets where the lack of available sites and the difficulty of receiving the necessary approvals for development and the necessary financing constitute high barriers to the creation of new supply, and where skill, financial strength and diligence are required to successfully develop, finance and manage high-quality properties;
Leverage the Skills of our Management Team
We take on complex, technically challenging projects, leveraging the skills of our management team to successfully develop, acquire or reposition properties which other organizations may not have the capacity or resources to pursue;
Become the Landlord of Choice
We concentrate on high-quality real estate designed to meet the demands of today's tenants who require sophisticated telecommunications and related infrastructure and support services, and to manage those facilities so as to become the landlord of choice for both existing and prospective clients;
Opportunistically Acquire Assets
When appropriate we acquire assets which increase our penetration in the markets where we have chosen to concentrate and which exhibit an opportunity to improve or sustain returns through repositioning (through a combination of capital improvements and shift in marketing strategy), changes in management focus and re-leasing as existing leases terminate;
Explore Joint-Venture Opportunities
We explore joint venture opportunities primarily with existing owners of land parcels located in desirable locations, who seek to benefit from the depth of development and management expertise we are able to provide, and our access to capital, and/or to explore joint venture opportunities with strategic institutional partners, leveraging our skills as owners, operators and developers of Class A office space;
Demonstrate Value Creation
We pursue on a selective basis the sale of properties to take advantage of our value creation and the demand for our premier properties;
Offer Fee Development Services
We seek third-party development contracts, especially during times when our internal development pipeline is low or when new development is less-warranted due to market conditions, to provide us with additional fee income and to enable us to retain and utilize our existing development and construction management staff; and