OPPORTUNISTIC: More complicated projects that may not see a return on investment for three or more years with returns typically >20% annually. VALUE ADD: Often have little to no cash flow at acquisition but have the potential to produce higher cash flows once the value has been added with returns between 13% - 18% annually. CORE+ : Typically have the ability to increase cash flows through light property improvements, management efficiencies or by increasing the quality of the tenants with returns in the 9%-13% annually. CORE: Generally require no upfront work and generate stable income with very low risk with returns in the 4%-8% range annually.