BSA has long had an interest in the REIT industry. The NTRs are a subset of the larger REIT industry, with a slightly different capital structure and a less institutional shareholder profile. In the last 10 years $110 Billion in new equity shares have been sold in 100+ companies, coupled with $100 Billion in new debt, combined to acquire $200 Billion + in existing income properties.

NTRs are companies that are registered with the Securities and Exchange Commission (SEC) but whose shares are not listed for sale on any major exchange making resale and liquidity difficult.

• BSA has recently completed an exhaustive study of 45 NTR companies, providing the only in depth study available. From this study BSA has developed several reports which chronicle the performance of these companies. BSA also developed an evaluation algorithm which allows BSA to rate each of the 45 companies based on 18 financial metrics, such as dividend coverage ratio, cash flow, etc.

• BSA provides services to the institutional investor market, such as strategic assessment of individual companies, or a comparison of NTR opportunities to similar situations in the traditional listed REITs. These services include acquisition evaluations, profitability analysis, portfolio evaluations.

• BSA will also provide strategic advice on acquisition strategies, include proprietary new models for acquiring shares from existing shareholders.

Other services are also provided to existing non-institutional shareholders, generally smaller retail investors. Interested smaller investors should contact BSA to determine if available services are appropriate.