The pace of the firm is now like something out of a Star Trek movie. We have executed agreements and docs are at title for our first Las Vegas property and I am confident we will have additional properties in escrow before Christmas. I want to extend my deepest thanks for all the support and assistance each of you has given us here at SSUSA, Inc. SSUSA, Inc. has a very simple plan. We are buying properties…properties that are performing. We can track their history and know what it is we are buying. We are not heroes nor do we want to commit our time to being saviors. We have absolutely no interest in buying severely distressed or troubled properties. We have created a very strict underwriting system that is governed by our own RRA (Risk-Rating Assessment) program. The RRA takes into account 11 critical factors that lead the potential asset to the approval committee.
As a retailer of 15 years for multiple stores in multiple markets I cannot over-emphasize the importance of not being involved in underperforming or troubled assets. Not only do these types of assets create a drag on earnings they also absorb great amounts of human capital. The squeakiest wheel gets the most oil theory is certainly true in almost any business. I have suffered through underperforming properties in my previous retail experience and I choose never to go through that again.
As SSUSA, Inc. undertakes its aggressive growth campaign, the last thing that we can absorb is problem properties. Our philosophy is 100% clear…we make our money when we buy not when we sell. It is equally clear that we are not on a rescue mission for troubled properties. Our growth plan confirms that we will benefit greatly from a rebounding economy over the next four years. This fact, combined with our strong branding and economies of scale, will add to the overall value of the company. The bottom line is we are buying at the right time and we will grow tremendously with the natural recovery of the market. We will stick to our plan and we will buy only those assets that qualify under our rigorous underwriting. Buy Smart! Buy Right!
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