In July, 1986, a very comprehensive study of The Myers Group's history, philosophy, operations and performance was prepared by a third party for submission to E. F. Hutton, who was, at the time, a major US institutional investor.  The four reports which follow are an integral part of that study.

Although the four reports in this section were done some time ago their inclusion is important and should be particularly informative to institutional investors.  Only properties purchased for investment through The Myers Group are included in this study.

The majority of the properties purchased by The Myers Group for syndication required a purchase on terms; usually 25% down with 10-year payouts.  The properties were required to fall into a rather strict pricing range in order to qualify for syndication.  In The Myers Group's opinion, if there could have been more flexibility with regard to the price range of the properties and the purchase terms, the average purchase price would have been substantially reduced.

The confusion created in the real estate investment and development market by the 1986 Tax Reform Act affected the number of resales made by The Myers Group for a number of years.  In the mid-90's an upward trend allowed a return to normal levels.

The Tax Reform Act of 1986 took away most tax incentives related to real estate development; therefore, many "see through" projects, which were being built during the 80's, primarily for economic benefits based on tax considerations, would not be financially feasible. This lessened competition and forced real estate development to return to basics.  The 1986 Tax Reform Act refocused real estate investment and development back to its most basic component: location, location, location.  Today, unless a location warrants development, dependent solely on the economics of the transaction, the location will not support development.

TMG never took location out of its equation for buying land. Location has always been one of the major ingredients in the criteria The Myers Group uses to evaluate each parcel it buys; and with regard to land being acquired for residential use -- today, quality of life factors are included in the decision making process.

The Myers Group's partners profited handsomely for having initially paid the price to buy the right locations. Many others bought because a location appeared to be "a bargain" -- a bargain which many Texas S&Ls found to be "sour grapes".

The Myers Group believes quality always sells.  TMG may pay more for its extensive research, and even for the land it buys, but as stated previously, it is not the cost of a parcel that's the most important consideration -- it's the value the land has for development, its economic profitability and/or capital appreciation, and the holding time required. These factors are the critical measures to be evaluated.