Atlanta • Austin • Dallas/Ft. Worth • Houston • Memphis • Miami

South Region

Atlanta • Austin • Dallas/Ft. Worth • Houston • Memphis • Miami • Nashville New Orleans/Baton Rouge • Oklahoma City • Orlando • San Antonio • Tampa SouthRegionTransactionBreakdown

■ With a rating of 5.1, CCIM Institute designees and candidates erally to offer the best commercial real estate investment po- regarded the performance of the South regional economy tential in the South region. Due to some overbuilding in the lower than the national economy and of any of the other re- region, respondents felt the office sector in general offers the gional economies tracked by RERC during second quarter weakest investment opportunity. 2007. According to RERC’s analysis, nearly half of the survey respondents expect the South regional economy to continue ■ As has been the trend, average sale prices for all property to perform at a similar level for the coming year, while about types in the South region are lower than those reported for 40 percent of survey respondents expect the South regional the nation, and average capitalization rates for the South re- economy to decline. gion are slightly higher than national averages.

■ Due to increasing demand, second quarter 2007 survey respondents expect the industrial and apartment sectors gen- Regional Transaction Price Breakdown/Tiers South Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel < $2 Million Volume (Mil) $844 $1,297 $1,779 $822 $84 Size-Weighted Avg. $87 $47 $82 $43,813 $35,829 Price-Weighted Avg. $119 $73 $124 $65,382 $70,654 Median $89 $53 $82 $45,000 $38,750 $2 - $5 Million Volume (Mil) $1,280 $1,689 $2,899 $1,105 $416 Size-Weighted Avg. $105 $47 $116 $36,849 $41,124 Price-Weighted Avg. $160 $73 $201 $62,976 $76,352 Median $140 $62 $171 $38,194 $46,623 > $5 Million Volume (Mil) $29,346 $10,431 $18,510 $20,105 $11,078 Size-Weighted Avg. $151 $57 $148 $72,522 $120,114 Price-Weighted Avg. $195 $84 $200 $99,884 $178,612 Median $136 $64 $155 $66,333 $104,232 All Transactions Volume (Mil) $31,470 $13,417 $23,188 $22,031 $11,578 Size-Weighted Avg. $146 $55 $135 $67,589 $110,600 Price-Weighted Avg. $192 $82 $194 $96,746 $174,158 Median $116 $56 $114 $53,506 $96,713 Capitalization Rates % (All Transactions) Range 4.3 - 10.6 4.4 - 9.8 4.0 - 9.9 3.5 - 11.0 5.0 - 11.0 Weighted Avg. 6.8 7.0 6.9 6.7 8.4 Median 7.3 7.4 7.1 7.1 9.2 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2007 8.5% U.S. Total Avg. Capitalization Rate ■ The volume of reported office property transactions from

7.5% July 1, 2006 through June 30, 2007 in the South region represented less than 13 percent of the total office sales transactions in the nation during this time period.

6.5% ■ The largest dollar volume of office transactions from July 1, 2006 through June 30, 2007 in the South region occurred in Atlanta. The Austin office market has the lowest 5.5% average capitalization rate in the South region, while the Miami area has the highest median price per square foot Austin Dallas/ Miami Tampa Atlanta Houston Memphis Nashville Orlando San Antonio for office space. Ft. Worth

RERC Size-Weighted Avg. PPSF - 2Q 2007 RERC Price-Weighted Avg. PPSF - 2Q 2007 $500 $500 U.S. Total U.S. Total Size-Weighted Average PPSF Price-Weighted Average PPSF

$400 $400

$300 $300

$200 $200

$100 $100

$0 $0

Austin Dallas/ Miami Tampa Austin Dallas/ Miami Tampa Atlanta Houston Memphis Nashville Orlando Atlanta Houston Memphis Nashville Orlando San Antonio San Antonio Ft. Worth New Orleans/Oklahoma City Ft. Worth New Orleans/Oklahoma City Baton Rouge Baton Rouge South Office Transactions (7/1/06 - 6/30/07) Volume Size-weighted Price-weighted Average (millions) Average ($/sf) Average ($/sf) Median Cap Rate (%) Atlanta $8,277 $169 $212 $127 6.9 Austin $1,780 $240 $284 $152 5.8 Dallas/Ft. Worth $5,076 $115 $133 $102 7.1 Houston $2,536 $125 $148 $97 7.1 Memphis $614 $114 $160 $102 7.6 Miami $4,024 $198 $246 $178 5.9 Nashville $767 $113 $129 $100 8.0 New Orleans/ $818 $227 $291 $77 – Baton Rouge Oklahoma City $95 $57 $75 $56 – Orlando $1,308 $162 $190 $169 7.8 San Antonio $724 $101 $113 $86 7.3 Tampa $1,739 $146 $165 $125 6.6 South Total $31,470 $146 $192 $116 6.8 U.S. Total $243,135 $239 $412 $145 6.0 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2007 8.0% U.S. Total Avg. Capitalization Rate 7.5% ■ Although the weighted average and median capitalization rates for all property types in the South region are higher than 7.0% national averages, the region’s industrial sector is most in line with national levels. The weighted average capitalization rate 6.5% for the South region is 10 basis points above the national 6.0% rate, and the median capitalization rate is 30 basis points above the national rate. 5.5% ■ According to RERC’s analysis, the Miami market reflects the 5.0% highest median price per square foot of industrial space in

Austin Dallas/ Miami the South region. Miami also has the lowest weighted aver- Atlanta Houston Memphis Orlando San Antonio Ft. Worth New Orleans/ Baton Rouge age capitalization rate among the South regional industrial markets.

RERC Size-Weighted Avg. PPSF - 2Q 2007 RERC Price-Weighted Avg. PPSF - 2Q 2007 $200 $200 U.S. Total U.S. Total Size-Weighted Average PPSF Price-Weighted Average PPSF

$164 $164

$128 $128

$92 $92

$56 $56

$20 $20

Austin Dallas/ Miami Tampa Austin Dallas/ Miami Tampa Atlanta Houston Memphis Nashville Orlando Atlanta Houston Memphis Nashville Orlando San Antonio San Antonio Ft. Worth New Orleans/Oklahoma City Ft. Worth New Orleans/Oklahoma City Baton Rouge Baton Rouge South Industrial Transactions (7/1/06 - 6/30/07) Volume Size-weighted Price-weighted Average (millions) Average ($/sf) Average ($/sf) Median Cap Rate (%) Atlanta $1,868 $52 $64 $54 7.2 Austin $500 $117 $179 $71 6.6 Dallas/Ft. Worth $1,099 $63 $103 $45 7.7 Houston $1,069 $58 $81 $51 7.3 Memphis $1,081 $35 $43 $34 7.0 Miami $2,108 $81 $99 $89 5.7 Nashville $811 $41 $51 $42 – New Orleans/ $56 $43 $64 $34 7.3 Baton Rouge Oklahoma City $132 $38 $75 $34 – Orlando $690 $66 $81 $78 6.1 San Antonio $268 $42 $54 $43 7.5 Tampa $604 $70 $86 $70 – South Total $13,417 $55 $82 $56 7.0 U.S. Total $55,755 $67 $112 $69 6.9 Source: RERC. Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 56 Quarterly SouthRetailPropertySector

RERC Weighted Avg. Cap Rate - 2Q 2007 8.0% U.S. Total Avg. Capitalization Rate ■ Nearly 25 percent of the total dollar volume of sales from 7.5% July 1, 2006 through June 30, 2007 in the South regional commercial real estate market occurred in the retail sec- 7.0% tor. This volume of sales in the retail sector is second only to the region’s office sector.

6.5% ■ The highest dollar volume of retail transactions in the South region occurred in the Dallas market. The highest 6.0% average capitalization rate when compared to the other metro areas in the region is 7.8 percent and is represented Austin Dallas/ Miami Tampa Atlanta Houston Memphis Nashville Orlando in the Memphis market. San Antonio Ft. Worth

RERC Size-Weighted Avg. PPSF - 2Q 2007 RERC Price-Weighted Avg. PPSF - 2Q 2007 $300 $300 U.S. Total Size-Weighted Average PPSF U.S. Total $250 $250 Price-Weighted Average PPSF

$200 $200

$150 $150

$100 $100

$50 $50

South Retail Transactions (7/1/06 - 6/30/07) Volume Size-weighted Price-weighted Average (millions) Average ($/sf) Average ($/sf) Median Cap Rate (%) Atlanta $2,515 $158 $204 $144 6.7 Austin $457 $173 $216 $169 7.4 Dallas/Ft. Worth $3,999 $132 $192 $102 7.0 Houston $1,471 $146 $197 $125 6.9 Memphis $460 $128 $188 $97 7.8 Miami $2,902 $202 $255 $162 6.3 Nashville $486 $93 $123 $95 7.3 New Orleans/ $127 $131 $158 $104 – Baton Rouge Oklahoma City $631 $91 $114 $65 – Orlando $1,679 $198 $232 $176 6.7 San Antonio $744 $110 $167 $101 6.8 Tampa $854 $158 $199 $141 6.8 South Total $23,188 $135 $194 $114 6.9 U.S. Total $78,701 $161 $273 $133 6.6 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2007 8.0% U.S. Total Avg. Capitalization Rate 7.5% ■ The weighted average capitalization rate and median cap- 7.0% italization rate for the apartment sector in the South region 6.5% are 160 basis points and 100 basis points, respectively, above national rates. 6.0%

5.5% ■ The lowest average capitalization rate for apartments in

5.0% the South region is 6.0 percent, in both the Miami and Aus- tin markets. The highest capitalization rate in the South 4.5% region apartment market is 7.8 percent for the Memphis market. Austin Dallas/ Miami Tampa Atlanta Houston Memphis Nashville Orlando San Antonio Ft. Worth Oklahoma City

RERC Size-Weighted Avg. PPU - 2Q 2007 RERC Price-Weighted Avg. PPU - 2Q 2007 $210,000 $210,000 U.S. Total Size-Weighted Average PPU U.S. Total $180,000 $180,000 Price-Weighted Average PPU

$150,000 $150,000

$120,000 $120,000

$90,000 $90,000

$60,000 $60,000

$30,000 $30,000

Atlanta Austin Dallas/ Miami Orlando Tampa Houston Memphis Nashville Austin Dallas Miami Tampa New Orleans/ San Antonio Atlanta Houston Memphis Nashville Orlando Ft. Worth Oklahoma City San Antonio Baton Rouge New OrleansOklahoma City

South Apartment Transactions (7/1/06 - 6/30/07) Volume Size-weighted Price-weighted Average (millions) Average ($/unit) Average ($/unit) Median Cap Rate (%) Atlanta $3,705 $73,987 $89,428 $60,556 6.2 Austin $1,280 $85,676 $115,151 $64,528 6.0 Dallas/Ft. Worth $2,960 $55,135 $77,940 $38,149 7.1 Houston $2,071 $56,610 $83,269 $38,081 6.6 Memphis $569 $37,204 $53,108 $27,558 7.8 Miami $2,349 $118,948 $157,917 $90,000 6.0 Nashville $672 $59,284 $72,466 $43,786 6.7 New Orleans/ $103 $81,598 $118,295 $67,000 – Baton Rouge Oklahoma City $364 $36,634 $53,605 $30,000 7.2 Orlando $766 $76,678 $88,503 $71,011 6.3 San Antonio $468 $58,711 $88,120 $46,285 6.4 Tampa $1,393 $87,049 $108,722 $63,750 6.4 South Total $22,031 $67,589 $96,746 $53,506 6.7 U.S. Total $114,517 $102,850 $190,442 $88,333 5.1 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2007 10.5% U.S. Total 10.0% Avg. Capitalization Rate 9.5% ■ The South region accounted for slightly more than 20 per- 9.0% cent of the total dollar volume of U.S. hotel transactions 8.5% from July 1, 2006 through June 30, 2007. 8.0% ■ The highest average capitalization rate reported for hotel 7.5% properties in the South region is 9.9 percent, seen in the 7.0% Houston market, while the lowest rate for the region is 6.2 6.5% percent and occurred in the Austin market. 6.0%

Atlanta Austin Dallas/ Houston Miami Ft. Worth

RERC Size-Weighted Avg. PPU - 2Q 2007 RERC Price-Weighted Avg. PPU - 2Q 2007 $400,000 $400,000 U.S. Total U.S. Total Size-Weighted Average PPU Price-Weighted Average PPU $350,000 $350,000

$300,000 $300,000

$250,000 $250,000

$200,000 $200,000

$150,000 $150,000

$100,000 $100,000

$50,000 $50,000

South Hotel Transactions (7/1/06 - 6/30/07) Volume Size-weighted Price-weighted Average (millions) Average ($/unit) Average ($/unit) Median Cap Rate (%) Atlanta $2,130 $104,004 $130,034 $104,232 8.9 Austin $398 $138,890 $187,696 $94,820 6.2 Dallas/Ft. Worth $1,149 $119,280 $216,018 $81,634 8.6 Houston $458 $120,688 $172,345 $59,621 9.9 Memphis $345 $81,318 $96,341 $96,614 – Miami $1,073 $130,937 $187,553 $104,271 8.0 Nashville $510 $108,083 $124,327 $104,232 – New Orleans/ $212 $140,593 $177,766 $104,232 – Baton Rouge Oklahoma City $156 $99,577 $118,385 $100,217 – Orlando $697 $63,098 $93,217 $69,601 – San Antonio $154 $73,325 $98,532 $72,000 – Tampa $339 $81,625 $96,329 $64,274 – South Total $11,578 $110,600 $174,158 $96,713 8.4 U.S. Total $54,557 $152,260 $348,244 $98,310 7.7 Source: RERC.

South Region Space Market

Trusted Advice. Proven Performance. Office - 2Q-2007 Inventory SF (000s) Vacancy Rate (%) Net Absorption SF (000s) Asking Rents ($/SF) CBRE/Torto Wheaton Research Atlanta 127,601 16.9 1,778 $19.49 Gross is a full-service research and in- Austin 32,412 14.4 -2 $17.14 Net vestment advisory firm, special- Dallas 140,344 21.9 367 $19.10 Net izing in commercial real estate Houston 137,425 12.1 1,062 $17.60 Gross markets. Miami 39,133 9.8 -44 $28.08 Gross Nashville 28,651 10.8 217 $17.02 Gross With over 20 years of experience, Orlando 30,948 10.8 170 $21.43 Gross our industry leading research, Tampa 35,525 12.2 121 $20.89 Gross market expertise, and strategic Industrial - 2Q-2007 partnerships provide clients with tactical advice and strategic di- Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) Asking Rents ($/SF) rection to identify market opportu- Atlanta 561,788 12.5 -760 $3.73 Net nities that enhance performance Austin 69,534 8.8 1,010 $7.47 Net and manage risk. Dallas 448,617 11.1 3,495 $4.80 Net Houston 425,790 7.4 2,060 $5.27 Gross CBRE/TWR is internationally rec- Miami 210,072 6.3 -635 $9.86 Gross ognized for our solid foundation Nashville 155,872 9.0 263 $3.94 Net in economics, accurate forecasts, Orlando 144,193 6.1 882 $7.50 Net analytical expertise, and provid- Tampa 154,617 5.6 -688 $7.33 Net ing clients with unparalleled in- Retail - 2Q-2007 sight into the dynamics of the real estate market that impact perfor- Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) TWR Rent Index ($/SF) mance. Atlanta 81,233 9.5 -386 $19.20 Austin 18,103 11.5 71 $23.17 Dallas 58,358 14.6 -1,036 $13.42 Houston 60,407 13.0 474 $22.35 Miami 22,417 5.0 -160 $18.42 Nashville 18,901 6.0 225 $16.40 Oklahoma City 18,197 11.8 73 – Orlando 29,599 7.4 197 $17.08 Tampa 30,189 8.1 -60 $15.06 Space Market Data has been provided courtesy of Torto Wheaton Research. Analysis within this report is solely compiled and produced by the Real Estate Raymond Torto William Wheaton Research Corporation, and in no way reflects the interpretations, opinions, or Ph.D., CRE Ph.D. conclusions of Torto Wheaton Research.

RERC extends its appreciation to CBRE/Torto Wheaton Research, which contributed all of the space market information on this page.

Investment Trends Copyright® 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 60 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Atlanta MSA 5.3 million Atlanta 4.5% Office Atlanta Growth1 2.99% Georgia 4.7% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate =  Household Income & Value Industrial Per Capita Income $35,361 2007 Households 1.9 million Size-Weighted Average PPSF   3-year Job Growth2 3.50% Household Growth 2.94% Weighted Average Cap Rate =  Net Migration 71,200 Median Home Price $166,900 Major Employers Retail Delta Airlines, Inc. Size-Weighted Average PPSF   Emory University Weighted Average Cap Rate   Hewlett-Packard Apartment U.S. Disease Control Center Size-Weighted Average PPU   CNN Center Weighted Average Cap Rate  = Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Atlanta Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Weighted Average Cap Rate   Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office 1230 Peachtree St. 6-07 $244,000,000 774,556 $315 vs. South Region  180 Peach St. 5-07 $60,400,000 604,000 $100 vs. Nation  Industrial Industrial 4900 St. Joe Blvd. 5-07 $13,900,000 268,400 $52 vs. South Region  4100 Henry Ford II Ave. 5-07 $13,000,000 394,000 $33 vs. Nation  Retail Retail 576 Northside Dr. NW 5-07 $4,278,000 11,360 $377 vs. South Region  3880 Roswell Rd. NE 5-07 $3,300,000 10,744 $307 Apartment vs. Nation  50 Adams Lake Blvd. 6-07 $67,700,000 410 $165,122 Apartment 914 Collier Rd. 6-07 $63,500,000 396 $160,354 vs. South Region  Hotel vs. Nation  255 Courtland St. NE 6-07 $171,300,000 1,224 $139,951 Hotel Westin 5-07 $74,000,000 495 $149,495 vs. South Region  Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY vs. Nation  *Comparison of current quarter rates to regional and national rates. Property New(N)/ Total Estimated Source: RERC. Type Refurbished(R) SF/Units Delivery 3344 Peachtree Mixed-use N 480,000 2007 Regents Park Multifamily N N/A 2008 Terminus 200 Office N 565,000 2009 AtlantaPeachtree Center Mixed-use R 2,500,000 2012 Sources: CBRE, RE Business.

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 61 Quarterly Atlanta Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Atlanta < $5 Million Volume (Mil) $218 $383 $371 $102 $22 Size-Weighted Avg. $87 $48 $138 $38,325 $22,349 Price-Weighted Avg. $118 $61 $201 $52,655 $25,662 Median $97 $54 $140 $43,125 $21,531 > $5 Million Volume (Mil) $8,060 $1,485 $2,144 $3,602 $2,108

Size-Weighted Avg. $173 $53 $162 $75,997 $108,047 Price-Weighted Avg. $215 $65 $204 $90,473 $131,103 Median $156 $55 $157 $72,072 $104,232 All Transactions Volume (Mil) $8,277 $1,868 $2,515 $3,705 $2,130 Size-Weighted Avg. $169 $52 $158 $73,987 $104,004 Price-Weighted Avg. $212 $64 $204 $89,428 $130,034 Median $127 $54 $144 $60,556 $104,232 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 6.9 7.2 6.7 6.2 8.9 Region Median 6.8 7.0 6.8 6.5 9.6 Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $80 $175 Atlanta Atlanta Atlanta National National National South $225 South South $70 $200 $150

$175 $60

$150 $125 $50 $125

$100 $40 $100 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $110,000 $175,000 9% National Atlanta Atlanta Atlanta South National National $100,000 South 8% South $150,000 $90,000 7% $80,000 $125,000

$70,000 6% $100,000 $60,000 5%

$50,000 $75,000 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 4% Office Industrial Retail Apartment Hotel

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 62 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Austin MSA 1.6 million Austin 3.8% Office Austin Growth1 3.01% Texas 4.6% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate   Household Income & Value Industrial Per Capita Income $33,956 2007 Households 589,000 Size-Weighted Average PPSF   3-year Job Growth2 5.30% Household Growth 2.95% Weighted Average Cap Rate   Net Migration 25,500 Median Home Price $163,800 Major Employers Retail Freescale Semiconductor, Inc. Size-Weighted Average PPSF =  Clinical Pathology Association Weighted Average Cap Rate   Advanced Micro Devices, Inc. Apartment Federal Government Size-Weighted Average PPU   IBM Corporation Weighted Average Cap Rate =  Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Austin Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Weighted Average Cap Rate   Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office 8311 N. RR 620 5-07 $33,600,000 202,074 $166 vs. South Region  Parkway at Oak Hill 4-07 $31,000,000 145,475 $213 vs. Nation  Industrial Industrial 11550 Stonehollow Dr. 4-07 $57,000,000 696,798 $82 vs. South Region  Walnut Creek 6-07 $3,200,000 34,042 $94 vs. Nation  Office Park Retail Retail Scofield Crossing 4-07 $14,000,000 34,561 $405 vs. South Region  Apartment vs. Nation  Estate on Quarry Lake 4-07 $31,500,000 302 $104,305 Apartment Marquis at Iron 5-07 $30,750,000 300 $102,500 vs. South Region  Rock Ranch vs. Nation  Hotel Hawthorne Suites Hotel 6-07 $5,710,000 70 $81,571 Airport vs. South Region  Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. vs. Nation  MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY *Comparison of current quarter rates to regional and national rates. Source: RERC. Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Amber Oaks Office N 150,000 2007 Four Points Centre Office N 275,000 N/A Green Square Office N 135,000 N/A Austin Sources: CBRE, RE Business.

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 63 Quarterly Austin Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Austin < $5 Million Volume (Mil) $17 $31 $48 $53 – Size-Weighted Avg. $107 $46 $145 $42,916 – Price-Weighted Avg. $131 $52 $243 $53,145 – Median $94 $46 $143 $43,496 – > $5 Million Volume (Mil) $1,763 $468 $409 $1,227 $394

Size-Weighted Avg. $243 $131 $176 $89,496 $139,490 Price-Weighted Avg. $285 $188 $213 $117,808 $188,611 Median $179 $97 $202 $89,989 $92,079 All Transactions Volume (Mil) $1,780 $500 $457 $1,280 $398 Size-Weighted Avg. $240 $117 $173 $85,676 $138,890 Price-Weighted Avg. $284 $179 $216 $115,151 $187,696 Median $152 $71 $169 $64,528 $94,820 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 5.8 6.6 7.4 6.0 6.2 Region Median 6.1 7.8 7.4 6.2 9.7 Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $125 $200 Austin Austin Austin National National National $225 South South South $100 $175 $200

$175 $75 $150

$150 $50 $125 $125

$100 $25 $100 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $120,000 $175,000 9% Austin Austin Austin National National National $110,000 South South 8% South $150,000 $100,000 7% $90,000 $125,000

$80,000 6% $100,000 $70,000 5%

$60,000 $75,000 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 4% Office Industrial Retail Apartment Hotel

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 64 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Dallas/Ft. Worth MSA 6.1 million Dallas/Ft. Worth 4.4% Office Dallas/Ft. Worth Growth1 2.40% Texas 4.6% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate   Household Income & Value Industrial Per Capita Income $37,100 2007 Households 2.2 million Size-Weighted Average PPSF   3-year Job Growth2 2.20% Household Growth 2.34% Weighted Average Cap Rate =  Net Migration 38,000 Median Home Price $146,600 Major Employers Retail Lockheed Martin Corporation Size-Weighted Average PPSF   Baylor-Charles A. Sammons Center Weighted Average Cap Rate   Parkland Health and Hospital Systems Apartment AMR Corp. Size-Weighted Average PPU   Southwest Airlines Co. Weighted Average Cap Rate   Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Chicago Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Weighted Average Cap Rate   Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office Cityplace Center East 5-07 $125,000,000 1,400,000 $89 vs. South Region  2100 Ross 4-07 $73,000,000 843,728 $87 vs. Nation  Industrial Industrial 4000 E. Side Ave. 5-07 $950,950 13,532 $70 vs. South Region  Retail vs. Nation  Southlake Corners 5-07 $16,875,000 153,128 $110 Retail Lincoln Park 5-07 $30,025,000 148,806 $202 vs. South Region  Apartment Cityville at Live Oak 4-07 $17,250,283 238 $72,480 vs. Nation  Cityville Fitzhugh 4-07 $16,380,521 220 $72,480 Apartment Hotel vs. South Region  Hilton Lincoln Center 4-07 $76,195,310 500 $152,391 vs. Nation  Marriott Suites 4-07 $40,535,905 266 $152,391 Hotel Market Center Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. vs. South Region  MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY vs. Nation  Property New(N)/ Total Estimated *Comparison of current quarter rates to regional and national rates. Source: RERC. Type Refurbished(R) SF/Units Delivery Gables Republic Tower Multifamily R 229 2008 Patriot Tower Office R 630,000 N/A 2000 McKinney Ave. Office N 444,139 2007 Mosaic Project Multifamily R 440 2008 Dallas/Ft. Worth Sources: CBRE, RE Business.

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 65 Quarterly Dallas Transaction Breakdown (7/1/06 - 6/30/07) Dallas/Ft. Worth Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $142 $112 $641 $301 $28 Size-Weighted Avg. $83 $39 $91 $29,899 $35,457 Price-Weighted Avg. $113 $49 $145 $37,205 $40,276 Median $84 $41 $82 $33,357 $38,427 > $5 Million Volume (Mil) $4,934 $986 $3,358 $2,659 $1,120

Size-Weighted Avg. $116 $68 $144 $60,951 $126,864 Price-Weighted Avg. $134 $110 $201 $82,545 $220,462 Median $112 $81 $155 $58,367 $113,889 All Transactions Volume (Mil) $5,076 $1,099 $3,999 $2,960 $1,149 Size-Weighted Avg. $115 $63 $132 $55,135 $119,280 Price-Weighted Avg. $133 $103 $192 $77,940 $216,018 Median $102 $45 $102 $38,149 $81,634 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 7.1 7.7 7.0 7.1 8.6 Region Median 7.4 7.5 7.3 7.4 8.6 Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $80 $175 Dallas Dallas Dallas National National National South South $160 South $200 $70

$145 $150 $60 $130

$100 $50 $115

$50 $40 $100 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $125,000 $175,000 10% Dallas Dallas Dallas National National National South South $150,000 South $100,000 8% $125,000 $75,000 $100,000 6% $50,000 $75,000

$25,000 $50,000 4% 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 Office Industrial Retail Apartment Hotel

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 66 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Houston MSA 5.6 million Houston 4.4% Office Houston Growth1 2.20% Texas 4.6% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate  = Household Income & Value Industrial Per Capita Income $38,510 2007 Households 2.0 million Size-Weighted Average PPSF   3-year Job Growth2 2.70% Household Growth 2.13% Weighted Average Cap Rate   Net Migration 43,600 Median Home Price $143,000 Major Employers Retail University of Texas MD Anderson Center Size-Weighted Average PPSF   University of Houston Weighted Average Cap Rate   Methodist Diagnostic Hospital Apartment Texas Children’s Hospital Size-Weighted Average PPU   Houston City Engineering Weighted Average Cap Rate   Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Houston Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Weighted Average Cap Rate   Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office 1401 Enclave Parkway 6-07 $46,500,000 209,000 $222 vs. South Region  Industrial vs. Nation  Beltway Business Park 4-07 $20,000,000 391,200 $51 Industrial Houston Industrial 5-07 $17,900,000 337,277 $53 vs. South Region  Portfolio vs. Nation  Retail Northwest Marketplace 6-07 $36,300,000 182,864 $199 Retail Cypress Station 5-07 $12,430,000 119,638 $104 vs. South Region = Apartment vs. Nation  Royalton at River Oaks 4-07 $40,000,000 169 $236,686 Apartment Hotel vs. South Region  Hampton Inn 4-07 $26,820,749 176 $152,391 Houston Galleria vs. Nation  Residence Inn Houston 5-07 $13,000,000 110 $118,182 Hotel Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. vs. South Region  MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY vs. Nation 

Property New(N)/ Total Estimated *Comparison of current quarter rates to regional and national rates. Type Refurbished(R) SF/Units Delivery Source: RERC. InterPort Business Park Office N 598,000 N/A Underwood Distribution Retail N 710,000 N/A Center III Houston Pavilions Mixed-use N 1,000,000 2008

HoustonCityCentre Mixed-use N 1,140,000 2008 Sources: CBRE, RE Business.

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 67 Quarterly Houston Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Houston < $5 Million Volume (Mil) $122 $193 $329 $158 $36 Size-Weighted Avg. $73 $45 $108 $29,440 $36,986 Price-Weighted Avg. $96 $62 $161 $46,623 $42,549 Median $71 $47 $107 $34,048 $34,289 > $5 Million Volume (Mil) $2,414 $876 $1,142 $1,913 $422

Size-Weighted Avg. $130 $62 $162 $61,273 $149,390 Price-Weighted Avg. $151 $86 $207 $86,291 $183,364 Median $112 $56 $163 $50,179 $111,124 All Transactions Volume (Mil) $2,536 $1,069 $1,471 $2,071 $458 Size-Weighted Avg. $125 $58 $146 $56,610 $120,688 Price-Weighted Avg. $148 $81 $197 $83,269 $172,345 Median $97 $51 $125 $38,081 $59,621 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 7.1 7.3 6.9 6.6 9.9 Region Median 7.4 7.7 7.3 6.9 10.0 Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $75 $175 Houston Houston Houston National National National South South $215 South $65 $160

$180 $55 $145

$145 $45 $130

$110 $35 $115

$75 $25 $100 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $120,000 $175,000 10% Houston Houston Houston National National National South South $106,000 $150,000 South

8% $92,000 $125,000

$78,000 $100,000 6% $64,000 $75,000

$50,000 $50,000 4% 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 Office Industrial Retail Apartment Hotel

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 68 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Memphis MSA 1.3 million Memphis 5.0% Office Memphis Growth1 1.14% Tennessee 4.4% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate =  Household Income & Value Industrial Per Capita Income $34,214 2007 Households 494,000 Size-Weighted Average PPSF   3-year Job Growth2 1.90% Household Growth 1.25% Weighted Average Cap Rate = – Net Migration 3,200 Median Home Price $143,000 Major Employers Retail Regions Bank Size-Weighted Average PPSF =  Methodist Healthcare Weighted Average Cap Rate =  Baptist Memorial Hospital Apartment International Paper Co. Size-Weighted Average PPU   Concord EFS, Inc. Weighted Average Cap Rate   Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Memphis Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Metro Cap Rate Comparison* Current Quarter Noteworthy Transactions Office Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. South Region  Office 6525 Quail Hollow 6-07 $17,500,000 96,100 $182 vs. Nation  135 N. Pauline St. 4-07 $9,100,000 72,000 $126 Industrial Industrial vs. South Region = Stone Fort Distribution 4-07 $12,085,000 500,000 $24 vs. Nation  Center #1 Retail Delp Distribution 4-07 $8,011,000 336,416 $24 Center 2, 5, and 8 vs. South Region  Retail vs. Nation  1495 Union Ave. 5-07 $5,150,000 43,795 $118 Apartment 5339 Elvis Presley Blvd. 6-07 $3,050,000 19,844 $154 vs. South Region  Apartment vs. Nation  Dogwood Creek 4-07 $24,200,000 278 $87,050 *Comparison of current quarter rates to regional and national rates. Hunters Trace 4-07 $11,600,000 192 $60,417 Source: RERC. Hotel 939 Ridge Lake Blvd. 5-07 $45,000,000 395 $113,924 Homewood Suites 5-07 $11,100,000 140 $79,286 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY

Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery EMJ Corporate HQ Office N 76,000 2007 Sources: CBRE, RE Business. Memphis

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 69 Quarterly Memphis Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Memphis < $5 Million Volume (Mil) $39 $91 $101 $80 $10 Size-Weighted Avg. $79 $31 $93 $21,233 $22,189 Price-Weighted Avg. $137 $38 $175 $26,779 $22,920 Median $79 $32 $83 $22,411 $23,810 > $5 Million Volume (Mil) $574 $989 $358 $489 $335

Size-Weighted Avg. $117 $35 $143 $42,416 $88,319 Price-Weighted Avg. $162 $44 $191 $57,409 $98,525 Median $133 $39 $188 $40,886 $104,232 All Transactions Volume (Mil) $614 $1,081 $460 $569 $345 Size-Weighted Avg. $114 $35 $128 $37,204 $81,318 Price-Weighted Avg. $160 $43 $188 $53,108 $96,341 Median $102 $34 $97 $27,558 $96,614 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 7.6 7.0 7.8 7.8 – Region Median 7.3 7.6 7.4 8.0 – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $75 $175 Memphis Memphis Memphis National National National South $205 South $65 South $150

$160 $55 $125 $115 $45 $100 $70 $35

$25 $25 $75 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $125,000 $180,000 10% Memphis Memphis Memphis National National National South South South $100,000 $140,000 8%

$75,000 $100,000

6% $50,000 $60,000

$25,000 $20,000 4% 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 Office Industrial Retail Apartment Hotel

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 70 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Miami MSA 5.6 million Miami 3.6% Office Miami Growth1 1.43% Florida 3.8% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate   Household Income & Value Industrial Per Capita Income $35,821 2007 Households 2.1 million Size-Weighted Average PPSF =  3-year Job Growth2 7.40% Household Growth 1.38% Weighted Average Cap Rate   Net Migration 38,600 Median Home Price $372,100 Major Employers Retail Jackson Memorial Hospital Size-Weighted Average PPSF   Baptist Hospital of Miami Weighted Average Cap Rate   Miami Studio Rentals Apartment Doctors Hospital Size-Weighted Average PPU   University of Miami School of Medicine Weighted Average Cap Rate =  Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Miami Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Weighted Average Cap Rate   Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office Courvoisier Centre 4-07 $150,000,000 335,000 $448 vs. South Region  Brickell Bayview Center 6-07 $81,900,000 286,341 $286 vs. Nation  Industrial Industrial 16095 NW 5th Ave. 5-07 $16,085,300 208,000 $77 vs. South Region  3500-3600 NW 115th Ave. 5-07 $12,700,000 90,730 $140 vs. Nation  Retail Retail Flagler Park Plaza 4-07 $95,000,000 350,000 $271 vs. South Region  Kendall Mall 4-07 $88,500,000 278,727 $318 Apartment vs. Nation  Biscayne Beach Club 5-07 $31,000,000 248 $125,000 Apartment Lakeside Villas 5-07 $28,000,000 224 $125,000 vs. South Region  Hotel vs. Nation  10505 NW 36th St. 5-07 $9,500,000 95 $100,000 Hotel 2500 Brickell Ave. 5-07 $9,250,000 69 $134,058 vs. South Region  Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. vs. Nation  MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY *Comparison of current quarter rates to regional and national rates. Property New(N)/ Total Estimated Source: RERC. Type Refurbished(R) SF/Units Delivery 1450 Brickell Office N 560,000 N/A Coral Gables Office N 251,000 2007 Beacon Lakes Industrial N 192,476 2007 MiamiBrickell Financial Centre Mixed-use N 600,000 2009 Sources: CBRE, RE Business.

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 71 Quarterly Miami Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Miami < $5 Million Volume (Mil) $316 $550 $355 $428 $58 Size-Weighted Avg. $144 $79 $149 $87,841 $84,451 Price-Weighted Avg. $199 $102 $208 $110,946 $125,341 Median $162 $89 $149 $86,025 $92,240 > $5 Million Volume (Mil) $3,709 $1,558 $2,547 $1,922 $1,015

Size-Weighted Avg. $205 $81 $213 $129,125 $135,211 Price-Weighted Avg. $250 $98 $262 $168,371 $191,126 Median $184 $88 $209 $106,965 $104,310 All Transactions Volume (Mil) $4,024 $2,108 $2,902 $2,349 $1,073 Size-Weighted Avg. $198 $81 $202 $118,948 $130,937 Price-Weighted Avg. $246 $99 $255 $157,917 $187,553 Median $178 $89 $162 $90,000 $104,271 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 5.9 5.7 6.3 6.0 8.0 Region Median 6.8 6.3 6.3 5.6 8.6 Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $100 $225 Miami Miami Miami National National National South South $215 South $190 $80

$180 $155 $60 $145 $120

$40 $110 $85

$75 $20 $50 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $175,000 $175,000 10% Miami Miami Miami National National National South $150,000 South South $150,000 8% $125,000 $125,000 $100,000 6% $100,000 $75,000

$50,000 $75,000 4% 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 Office Industrial Retail Apartment Hotel

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 72 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Nashville MSA 1.5 million Nashville 3.7% Office Nashville Growth1 2.03% Tennessee 4.4% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate  – Household Income & Value Industrial Per Capita Income $36,475 2007 Households 595,000 Size-Weighted Average PPSF   3-year Job Growth2 6.50% Household Growth 2.11% Retail Net Migration 18,800 Median Home Price $161,800 Major Employers Size-Weighted Average PPSF   Vanderbilt University Medical Center Weighted Average Cap Rate  – Saint Thomas Hospital Apartment Gaylord Opryland Size-Weighted Average PPU   Baptist Hospital Weighted Average Cap Rate   Saturn Corporation Hotel Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Nashville Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Size-Weighted Average PPU   TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. * 1Projected annual growth over 5 years (2006-2011). Metro Cap Rate Comparison Current Quarter 2 Total cumulative job creation of last 3 years. Office Noteworthy Transactions vs. South Region  Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. Nation  Office Parkway Towers 6-07 $17,500,000 203,371 $86 Retail 1808 W. End Ave. 4-07 $14,398,641 149,982 $96 vs. South Region  Industrial vs. Nation  Airpark Center 4-07 $87,200,000 1,200,000 $73 Apartment Nashville Commons 4-07 $7,482,386 22,557 $332 vs. South Region = Retail vs. Nation  3171 Lebanon Pike 6-07 $21,250,000 134,868 $158 *Comparison of current quarter rates to regional and national rates. 1021 Murfreesboro Source: RERC. 5-07 $7,862,229 115,000 $68 Pike Apartment Landings of Brentwood 5-07 $68,500,000 724 $94,613 Whispering Oaks 4-07 $14,282,332 482 $29,631 Hotel Holiday Inn Express 5-07 $39,300,000 286 $137,413 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY

Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Elam Farms I Industrial N 363,250 N/A Opus South Industrial Park Industrial N 2,240,000 N/A Gateway Plaza III Office N 120,000 2007 Creekside Crossing IV Office N 128,000 2007

NashvilleSources: CBRE, RE Business.

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 73 Quarterly Nashville Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Nashville < $5 Million Volume (Mil) $96 $106 $116 $76 $10 Size-Weighted Avg. $86 $32 $105 $40,070 $21,160 Price-Weighted Avg. $116 $47 $167 $47,093 $30,403 Median $98 $43 $94 $41,111 $25,688 > $5 Million Volume (Mil) $672 $705 $370 $596 $500

Size-Weighted Avg. $119 $43 $90 $63,122 $118,086 Price-Weighted Avg. $130 $52 $109 $75,683 $126,264 Median $102 $39 $100 $54,630 $104,310 All Transactions Volume (Mil) $767 $811 $486 $672 $510 Size-Weighted Avg. $113 $41 $93 $59,284 $108,083 Price-Weighted Avg. $129 $51 $123 $72,466 $124,327 Median $100 $42 $95 $43,786 $104,232 Legend for All Graphs Below Capitalization Rates % (All Transactions) Metro Weighted Average 8.0 – 7.3 6.7 – Region Median 8.1 – 7.5 7.4 – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $75 $175 Nashville Nashville Nashville National National National South South $65 South $150 $200

$55 $125 $150 $45 $100

$100 $35 $75

$50 $25 $50 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $120,000 $175,000 8.5% Nashville Nashville Nashville National National National South South $106,000 South $150,000 7.5% $92,000 $125,000 6.5% $78,000

$100,000 $64,000 5.5%

$50,000 $75,000 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 4.5% Office Retail Apartment

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 74 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year NO/BR MSA 1.1 million/763,000 NO/BR 5.1% Office NO/BR Growth1 0.91%/1.16% Louisiana 4.9% Size-Weighted Average PPSF =  1 National Growth 1.30% National 4.7% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $29,030 2007 Households 284,000/407,000 (BR only) Weighted Average Cap Rate = – 3-year Job Growth2 4.90% Household Growth 1.34/ 0.96% Retail Net Migration 1,500 Median Home Price $144,000 Size-Weighted Average PPSF   Major Employers Apartment Charity Hospital of Louisana Size-Weighted Average PPU   Harrah's New Orleans Casino Hotel Exxon Mobil Corp. Size-Weighted Average PPU   Tulane University U.S. Post Office Metro Cap Rate Comparison* Current Quarter Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. Industrial "Home Price Analysis Report for Baton Rouge Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any vs. South Region  form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2006-2011). vs. Nation  2Total cumulative job creation of last 3 years. *Comparison of current quarter rates to regional and national rates. Noteworthy Transactions Source: RERC. Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office United V 4-07 $17,400,000 119,200 $146 Veteran's 4-07 $7,724,327 30,000 $257 Administration Retail 4710 O'Neal Lane 5-07 $4,500,000 30,000 $150 Apartment Castlebrook Apartment 5-07 $17,150,000 264 $64,962 Homes Hotel Chateau Sonesta 5-07 $18,000,000 250 $72,000 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY

Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Trump Towers Office N 1,600,000 2009 New Orleans Sources: CBRE, RE Business. New Orleans/Baton Rouge

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 75 Quarterly New Orleans Transaction Breakdown (7/1/06 - 6/30/07) New Orleans/ Office Industrial Retail Apartment Hotel Baton Rouge < $5 Million Volume (Mil) $2 $7 $21 $13 – Size-Weighted Avg. $56 $15 $85 $47,247 – Price-Weighted Avg. $67 $19 $145 $73,486 – Median $53 $18 $87 $52,083 – > $5 Million Volume (Mil) $816 $48 $106 $90 $212

Size-Weighted Avg. $229 $60 $146 $91,378 $140,593 Price-Weighted Avg. $292 $71 $160 $124,891 $177,766 Median $202 $52 $166 $101,588 $104,232 All Transactions Volume (Mil) $818 $56 $127 $103 $212 Size-Weighted Avg. $227 $43 $131 $81,598 $140,593 Price-Weighted Avg. $291 $64 $158 $118,295 $177,766 Median $77 $34 $104 $67,000 $104,232 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average – 7.3 – – – Region Median – 7.4 – – – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $75 $175 New Orleans New Orleans New Orleans National National National South South South $65 $160 $200

$55 $145 $150 $45 $130

$100 $35 $115

$50 $25 $100 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL $115,000 $175,000 New Orleans New Orleans National National South $102,000 $150,000 South

$89,000 $125,000

$76,000 $100,000

$63,000 $75,000

$50,000 $50,000 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 76 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Oklahoma City MSA 1.2 million Oklahoma City 4.6% Office Oklahoma City Growth1 1.28% Oklahoma 4.7% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Industrial Household Income & Value Size-Weighted Average PPSF  = Per Capita Income $31,819 2007 Households 476,000 Retail 3-year Job Growth2 2.30% Household Growth 1.40% Size-Weighted Average PPSF   Net Migration 6,600 Median Home Price $115,600 Major Employers Apartment Baptist Medical Center Size-Weighted Average PPU   U.S. Federal Aviation Administration Hotel Oklahoma University Medical Center Size-Weighted Average PPU   Express Travel Services, Inc. * General Motors Corporation Metro Cap Rate Comparison Current Quarter Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. Industrial "Home Price Analysis Report for Oklahoma City Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any vs. South Region  form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2006-2011). vs. Nation  2 Total cumulative job creation of last 3 years. *Comparison of current quarter rates to regional and national rates. Noteworthy Transactions Source: RERC. Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office 444 E. Britton Rd. 6-07 $6,180,000 55,635 $111 Industrial 7201 S. Sunnylane Rd. 6-07 $4,250,000 124,800 $34 3150 E. Reno 6-07 $1,775,000 93,720 $19 Retail 70 N. Oklahoma 6-07 $4,200,000 65,446 $64 Apartment Village at Stratford 5-07 $13,000,000 356 $36,517 Potomac House 6-07 $7,310,880 288 $25,385 Hotel Sheraton 4-07 $72,042,151 395 $182,385 Marriott Waterford 5-07 $26,255,304 165 $159,123 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY

Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Rubye Redbud’s Office N 81,520 2007 Sources: CBRE, RE Business. Oklahoma City

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 77 Quarterly Oklahoma City Transaction Breakdown (7/1/06 - 6/30/07) Oklahoma City Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $40 $94 $183 $79 – Size-Weighted Avg. $55 $33 $62 $28,537 – Price-Weighted Avg. $76 $52 $101 $32,142 – Median $53 $34 $61 $28,750 – > $5 Million Volume (Mil) $54 $38 $448 $285 $149

Size-Weighted Avg. $58 $57 $113 $39,769 $104,962 Price-Weighted Avg. $74 $131 $119 $59,570 $121,160 Median $82 $35 $115 $33,240 $104,232 All Transactions Volume (Mil) $95 $132 $631 $364 $156 Size-Weighted Avg. $57 $38 $91 $36,634 $99,577 Price-Weighted Avg. $75 $75 $114 $53,605 $118,385 Median $56 $34 $65 $30,000 $100,217 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average – – – 7.2 – Region Median – – – 7.4 – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $80 $175 Oklahoma City Oklahoma City Oklahoma City National National National South $200 South South $150 $65

$150 $125 $50 $100 $100

$35 $50 $75

$0 $20 $50 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL $120,000 $175,000 Oklahoma City Oklahoma City National National South $150,000 South $92,500

$125,000 $65,000 $100,000

$37,500 $75,000

$10,000 $50,000 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 78 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Orlando MSA 2.1 million Orlando 3.6% Office Orlando Growth1 3.49% Florida 3.8% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate =  Household Income & Value Industrial Per Capita Income $30,907 2007 Households 801,000 Size-Weighted Average PPSF  = 3-year Job Growth2 14.40% Household Growth 3.51% Weighted Average Cap Rate   Net Migration 57,600 Median Home Price $237,400 Major Employers Retail Hulett Environmental Services Size-Weighted Average PPSF   Florida Hospital Orlando Weighted Average Cap Rate =  Orlando Regional Healthcare Apartment University of Central Florida Size-Weighted Average PPU   Lockheed Martin Corp. Weighted Average Cap Rate   Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Orlando Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Hotel TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Metro Cap Rate Comparison* Current Quarter Noteworthy Transactions Office Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. South Region  Office One Orlando Centre 5-07 $90,600,000 355,454 $255 vs. Nation  200 E. Robinson St. 5-07 $39,270,000 167,000 $235 Industrial Industrial vs. South Region  John Young Parkway 4-07 $50,000,000 1,400,000 $36 vs. Nation  995-997 W. 5-07 $12,700,000 120,192 $106 Retail Kennedy Blvd. Retail vs. South Region  2121 E. Semoran Blvd. 6-07 $27,200,000 208,568 $130 vs. Nation  Shoppes of Apartment 5-07 $12,500,000 72,800 $172 International Place vs. South Region  Apartment vs. Nation  2501 S. Semoran Blvd. 4-07 $19,800,000 240 $82,500 *Comparison of current quarter rates to regional and national rates. Chowder Bay 6-07 $17,200,000 306 $56,209 Source: RERC. Apartments Hotel Holiday Inn Select 5-07 $39,000,000 245 $159,184 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Windermere Office N 62,000 2007 Financial Center Berkshire Metro Center Office N 100,000 2007 Sources: CBRE, RE Business. Orlando

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 79 Quarterly Orlando Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Orlando < $5 Million Volume (Mil) $120 $158 $164 $24 $31 Size-Weighted Avg. $138 $73 $168 $46,325 $27,454 Price-Weighted Avg. $180 $89 $216 $75,765 $28,822 Median $160 $76 $165 $65,615 $29,000 > $5 Million Volume (Mil) $1,187 $532 $1,515 $742 $666

Size-Weighted Avg. $165 $64 $202 $78,322 $67,163 Price-Weighted Avg. $191 $78 $234 $88,911 $96,219 Median $171 $83 $211 $73,833 $104,232 All Transactions Volume (Mil) $1,308 $690 $1,679 $766 $697 Size-Weighted Avg. $162 $66 $198 $76,678 $63,098 Price-Weighted Avg. $190 $81 $232 $88,503 $93,217 Median $169 $78 $176 $71,011 $69,601 Legend for All Graphs Below Capitalization Rates % (All Transactions) Metro Weighted Average 7.8 6.1 6.7 6.3 – Region Median 7.5 5.9 6.8 7.3 – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $80 $225 Orlando Orlando Orlando National National National South $215 South $70 South $195

$180 $60 $165

$145 $50 $135

$110 $40 $105

$75 $30 $75 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $125,000 $175,000 9% Orlando Orlando Orlando National National South National South $110,000 $145,000 8% South

$95,000 $115,000 7%

$80,000 $85,000 6%

$65,000 $55,000 5%

$50,000 $25,000 4% 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 Office Industrial Retail Apartment

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 80 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year San Antonio MSA 2.0 million San Antonio 4.4% Office San Antonio Growth1 2.07% Texas 4.6% Size-Weighted Average PPSF =  1 National Growth 1.30% National 4.7% Weighted Average Cap Rate   Household Income & Value Industrial Per Capita Income $30,249 2007 Households 696,000 Size-Weighted Average PPSF   3-year Job Growth2 3.40% Household Growth 2.12% Weighted Average Cap Rate  = Net Migration 20,000 Median Home Price $133,300 Major Employers Retail USAA Size-Weighted Average PPSF   University of Texas Health Sciences Weighted Average Cap Rate = = University of Texas at San Antonio Apartment West Telemarketing Size-Weighted Average PPU   University Health System Weighted Average Cap Rate   Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for San Antonio Region – July 2006" ©2006 NATIONAL ASSOCIATION OF Hotel REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Size-Weighted Average PPU   1Projected annual growth over 5 years (2006-2011). 2Total cumulative job creation of last 3 years. Metro Cap Rate Comparison* Current Quarter Noteworthy Transactions Office Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. South Region  Office 1919 NW Loop 410 6-07 $3,600,000 27,221 $132 vs. Nation  10515 Gulfdale St. 5-07 $1,596,000 20,036 $80 Industrial Industrial vs. South Region  10001 Osgood St. 5-07 $1,850,000 68,270 $27 vs. Nation  631 N. WW White Rd. 5-07 $1,300,000 43,676 $30 Retail Retail vs. South Region  3600 Wiseman Blvd. 5-07 $18,886,000 110,720 $171 vs. Nation  5441 Babcock Rd. A 5-07 $18,620,000 58,899 $316 Apartment Apartment Promontory Pointe 4-07 $40,000,000 596 $67,114 vs. South Region  Lodge at 5-07 $25,000,000 322 $77,640 vs. Nation  Shavano Park *Comparison of current quarter rates to regional and national rates. Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Source: RERC. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY

Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Heritage Oaks Office N 84,000 2007 Office Park Union Square III Office N 43,228 2007 6415 Babcock Rd. Office R 62,000 2007 Verde Enterprise Industrial N 184,000 2008 Business Park Sources: CBRE, RE Business. San Antonio

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 81 Quarterly San Antonio Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel San Antonio < $5 Million Volume (Mil) $28 $43 $197 $55 $18 Size-Weighted Avg. $70 $30 $101 $47,844 $36,349 Price-Weighted Avg. $87 $38 $157 $84,353 $45,860 Median $62 $32 $88 $40,625 $33,333 > $5 Million Volume (Mil) $696 $225 $547 $413 $136

Size-Weighted Avg. $103 $45 $114 $60,547 $84,866 Price-Weighted Avg. $114 $57 $171 $88,623 $105,574 Median $118 $50 $157 $60,976 $79,872 All Transactions Volume (Mil) $724 $268 $744 $468 $154 Size-Weighted Avg. $101 $42 $110 $58,711 $73,325 Price-Weighted Avg. $113 $54 $167 $88,120 $98,532 Median $86 $43 $101 $46,285 $72,000 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 7.3 7.5 6.8 6.4 – Region Median 7.0 6.8 7.2 6.9 – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $75 $175 San Antonio San Antonio San Antonio National National National South South $65 South $155 $200

$55 $135 $150 $45 $115

$100 $35 $95

$50 $25 $75 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $120,000 $175,000 8% San Antonio San Antonio San Antonio National National National South South $101,000 South $137,500 7%

$82,000 $100,000 6% $63,000

$62,500 $44,000 5%

$25,000 $25,000 4% 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 Office Industrial Retail Apartment

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 82 Quarterly Demographics & Economics Last Previous Population Unemployment Rate (June 2007) Metro Trend Analysis Quarter Year Tampa MSA 2.8 million Tampa 3.9% Office Tampa Growth1 2.16% Florida 3.8% Size-Weighted Average PPSF   1 National Growth 1.30% National 4.7% Weighted Average Cap Rate =  Household Income & Value Industrial Per Capita Income $33,102 2007 Households 1,159 Size-Weighted Average PPSF   3-year Job Growth2 9.50% Household Growth 2.12% Retail Net Migration 58,500 Median Home Price $201,100 Major Employers Size-Weighted Average PPSF   St. Joseph's Hospital Weighted Average Cap Rate   Childbirth Center Apartment Tampa General Hospital Size-Weighted Average PPU   University of South Florida Weighted Average Cap Rate   Hillsborough County Government Hotel Sources: Bureau of Labor Statistics August 9, 2007 report, Career InfoNet, NAR, STDB Online. "Home Price Analysis Report for Tampa Region – July 2006" ©2006 NATIONAL ASSOCIATION OF REAL- Size-Weighted Average PPU   TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. * 1Projected annual growth over 5 years (2006-2011). Metro Cap Rate Comparison Current Quarter 2 Total cumulative job creation of last 3 years. Office Noteworthy Transactions vs. South Region  Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. Nation  Office 100 North Tampa 6-07 $150,000,000 552,080 $272 Retail Mack-Cali Center 6-07 $45,800,000 295,477 $155 vs. South Region  Industrial vs. Nation  Tampa East 4-07 $21,375,000 410,000 $52 Apartment Industrial Park vs. South Region  3203 Queen Palm Dr. 5-07 $1,850,000 25,200 $73 Retail vs. Nation  Mainstreet at *Comparison of current quarter rates to regional and national rates. 4-07 $33,000,000 116,058 $284 Source: RERC. Hampton Lakes 1200 N. West 6-07 $17,400,000 79,916 $218 Shore Blvd. Apartment River Chase 4-07 $68,700,000 776 $88,531 Brookside Apartments 6-07 $17,750,000 354 $50,141 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. MARKET CONSTRUCTION/REDEVELOPMENT ACTIVITY Property New(N)/ Total Estimated Type Refurbished(R) SF/Units Delivery Madison Industrial Park Industrial N 680,000 July 2007 Highwoods Bay Center I Office N 208,606 2007 Grove at Wesley Chapel Retail N 800,000 2008 University Town Center Mixed-use N 2,000,000 2007 IKEA Retail N 323,000 2009 Sources: CBRE, RE Business. Tampa

Investment Trends Copyright© 2007 by Real Estate Research Corporation (RERC) and the CCIM Institute. 83 Quarterly Tampa Transaction Breakdown (7/1/06 - 6/30/07) Office Industrial Retail Apartment Hotel Tampa < $5 Million Volume (Mil) $238 $205 $199 $98 $43 Size-Weighted Avg. $118 $66 $140 $59,745 $48,964 Price-Weighted Avg. $141 $83 $201 $67,581 $64,667 Median $120 $70 $134 $61,765 $57,143 > $5 Million Volume (Mil) $1,501 $399 $656 $1,295 $296

Size-Weighted Avg. $151 $73 $164 $90,172 $90,260 Price-Weighted Avg. $169 $87 $198 $111,840 $100,870 Median $133 $79 $170 $79,963 $104,232 All Transactions Volume (Mil) $1,739 $604 $854 $1,393 $339 Size-Weighted Avg. $146 $70 $158 $87,049 $81,625 Price-Weighted Avg. $165 $86 $199 $108,722 $96,329 Median $125 $70 $141 $63,750 $64,274 Legend for All Graphs Below

Capitalization Rates % (All Transactions) Metro Weighted Average 6.6 – 6.8 6.4 – Region Median 7.0 – 7.0 6.6 – Nation Source: RERC. Source: RERC.

Historical Size-Weighted Historical Size-Weighted Historical Size-Weighted Average PPSF - OFFICE Average PPSF - INDUSTRIAL Average PPSF - RETAIL $250 $80 $175 Tampa Tampa Tampa National National National South $215 South South $160 $70

$180 $145 $60 $145 $130

$50 $110 $115

$75 $40 $100 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07

Historical Size-Weighted Historical Size-Weighted Average PPU - APARTMENT Average PPU - HOTEL Weighted Average Cap Rates - 2Q 2007 $120,000 $175,000 8% Tampa Tampa Tampa National National National South South $106,000 $150,000 South 7% $92,000 $125,000 6% $78,000 $100,000

$64,000 $75,000 5%

$50,000 $50,000 2Q06 3Q06 4Q06 1Q07 2Q07 2Q06 3Q06 4Q06 1Q07 2Q07 4% Office Retail Apartment