NewTower, on behalf of MEPT, maintains a valuation process that is thorough and objective. Each asset in the Fund's portfolio is appraised quarterly by an independent MAI-designated member of the Appraisal Institute who must be selected and engaged by NewTower. In addition, NewTower has a comprehensive list of content and analytical requirements that must be included in every appraisal submitted and it is the general practice of NewTower to engage an appraiser for no more than three consecutive years on the same MEPT asset.

Once each appraisal is received, NVS reviews the report and accompanying discounted cash flow analysis to evaluate the valuation methodologies employed, ensure the accuracy of property and financial information (total building and net rentable areas, rent roll, expenses, occupancy, etc.), and confirm the relevance as well as applicability of critical market data conclusions (rental rates, tenant improvement allowances, leasing concessions, supply and demand characteristics, etc.).

As an additional safeguard, NewTower retains an independent valuation firm, The Altus Group, to verify the accuracy of the appraisal process by thoroughly reviewing appraisal reports to determine regulatory and professional standards (USPAP) compliance, completeness of documentation, appropriateness of methodology, accuracy of calculations, and reasonableness of conclusions. The independent review firm engaged must concur with the appraisal before it is finalized and recommended for acceptance by NewTower on behalf of MEPT. The Altus Group, which recently acquired PricewaterhouseCoopers' (PwC) real estate valuation practice, is comprised of a team of professionals that provided appraisal review services to MEPT for many years at PwC.

Real Estate Research Corporation (RERC) consults NewTower on valuation best practices and reporting. As NewTower operates in a heavily regulated environment, independent advisors and auditors are retained to perform a variety of services including annual audits of financial statements and reviews of internal controls. Additionally, NewTower undergoes an annual review by its regulator, the Maryland Division of Financial Regulation.