Passco Companies was formed as a California limited liability company in 2005. The principal business of Passco Companies is the acquisition and management of investment properties. It has been involved with 59 real estate programs with similar investment objectives since its formation. These prior programs raised more than $1 billion from over 3,274 investors. Investors who participated in more than one program were counted as an investor for each such program. The prior real estate programs of Passco Companies purchased 63 properties for an aggregate purchase price of approximately $2.5 billion. A portion of the funds raised under the prior real estate programs of Passco Companies were raised pursuant to the sale of undivided interests in the real estate held by the prior programs.