Chicago • Cincinnati • Cleveland • Columbus • Detroit • Indianapolis Kansas City • Milwaukee • Minneapolis • Omaha • St

Midwest Region

Chicago • Cincinnati • Cleveland • Columbus • Detroit • Indianapolis Kansas City • Milwaukee • Minneapolis • Omaha • St. Louis • Toledo MidwestRegionTransactionBreakdown

n CCIM Institute designees and candidates rated the eco- dition, the weighted average capitalization rates for each nomic performance in the Midwest region at 5.6 on a scale property sector in the Midwest region, with the exception of 1 to 10, with 10 being high, for first quarter 2008. This of the retail sector, were higher than the national averag- was the lowest rating of the four regions, but was higher es. than the rating given to the nation as a whole. n In contrast to trends where slow consumer spending is n The size- and price-weighted average prices per square negatively affecting retail property fundamentals, retail foot or unit of space in the Midwest regional commercial space showed the most improvement among the major real estate market were well below those same averages property sectors in the Midwest region during first quarter for the nation during first quarter 2008, except for several 2008. of the higher-volume averages in the retail sector. In ad-

Regional Transaction Price Breakdown/Tiers Midwest Transaction Breakdown (4/1/07 - 3/31/08) “Small industrial prop- erties on the edge of Office Industrial Retail Apartment Hotel residential development < $2 Million offer good investment Volume (Mil) $386 $757 $786 $361 $43 opportunities.” Size Weighted Avg. ($ per sf/unit) $75 $39 $76 $34,951 $20,612 -Chicago Price Weighted Avg. ($ per sf/unit) $99 $56 $116 $44,074 $23,973 Median ($ per sf/unit) $75 $42 $74 $36,100 $21,734 $2 - $5 Million Volume (Mil) $643 $1,238 $1,288 $554 $309 “It looks like apart- Size Weighted Avg. ($ per sf/unit) $93 $46 $113 $40,207 $35,093 ments are starting to Price Weighted Avg. ($ per sf/unit) $149 $71 $214 $59,547 $39,667 fill up because of the Median ($ per sf/unit) $115 $55 $180 $46,528 $37,006 mortgage crisis.” > $5 Million – Milwaukee Volume (Mil) $15,246 $5,760 $7,185 $6,083 $5,739 Size Weighted Avg. ($ per sf/unit) $153 $58 $175 $75,448 $146,757 Price Weighted Avg. ($ per sf/unit) $201 $84 $324 $115,594 $448,736 Median ($ per sf/unit) $133 $60 $159 $66,967 $104,008 “Office is overbuilt.” All Transactions – Columbus Volume (Mil) $16,274 $7,755 $9,258 $6,998 $6,092 Size Weighted Avg. ($ per sf/unit) $146 $53 $147 $66,812 $121,770 Price Weighted Avg. ($ per sf/unit) $196 $79 $291 $107,461 $424,935 Median ($ per sf/unit) $106 $49 $106 $46,267 $72,871 “Small retail centers Capitalization Rates (All Transactions) that cater to ‘mom and Range (%) 4.3 - 9.6 5.4 - 11.7 5.0 - 11.0 4.5 - 10.0 6.8 - 12.0 pop’ shops should be Weighted Avg. (%) 6.6 7.7 6.3 6.5 8.2 avoided at all costs.” Median (%) 7.5 8.1 7.0 7.2 9.5 - Chicago Source: RERC.

RERC Weighted Avg. Cap Rate - 1Q 2008 9.0% Midwest U.S. Total 8.5% Avg. Capitalization Rate n Survey respondents had mixed opinions about the Mid- 8.0% west region’s office market. Several respondents stated 7.5% that the sector is among the worst for investment opportu-

7.0% nities due to over-supply, while others stated that it offered good opportunities (specifically medical offices). 6.5%

6.0% n Office transaction volume declined during first quarter 2008. Although size- and price-weighted average prices 5.5% in the less than $2 million and $2 to $5 billion volume cat- egories increased, average prices in the greater than $5 Chicago Cleveland Milwaukee Kansas City Minneapolis million volume category declined.

RERC Size-Weighted Avg. PPSF - 1Q 2008 RERC Price-Weighted Avg. PPSF - 1Q 2008 $300 $550 Midwest Midwest U.S. Total U.S. Total Size-Weighted Average PPSF Price-Weighted Average PPSF $250 $450

$200 $350

$150 $250

$100 $150

$50 $50

Detroit Toledo Detroit Toledo Chicago Cleveland Omaha St. Louis Chicago Omaha St. Louis Cincinnati Columbus IndianapolisKansas CityMilwaukeeMinneapolis Cincinnati Cleveland Columbus IndianapolisKansas CityMilwaukeeMinneapolis

Midwest Office Transactions (4/1/07 - 3/31/08) Volume Size-weighted Price-weighted Median Average (millions) Average ($/sf) Average ($/sf) ($/sf) Cap Rate (%) Chicago $8,058 $202 $250 $150 6.1 Cincinnati $122 $97 $118 $85 – Cleveland $756 $106 $116 $84 8.0 Columbus $370 $104 $134 $111 – Detroit $616 $84 $120 $105 – Indianapolis $283 $99 $108 $97 – Kansas City $771 $147 $169 $120 7.1 Milwaukee $413 $116 $144 $87 7.4 Minneapolis $2,042 $124 $139 $127 6.8 Omaha $190 $87 $126 $84 – St. Louis $1,448 $131 $156 $124 – Toledo $118 $67 $108 $74 – Midwest Total $16,274 $146 $196 $106 6.6 U.S. Total $165,414 $240 $396 $152 5.6 Source: RERC.

RERC Weighted Avg. Cap Rate - 1Q 2008

10% Midwest U.S. Total Avg. Capitalization Rate n Many survey respondents stated that the Midwest region’s 9% industrial sector (along with the apartment sector) showed the greatest opportunity for investment during the next 8% year due to the amount of established infrastructure typi- cally in place and stable rent income.

7% n The industrial sector saw small increases in both size- and price-weighted average prices per square foot during first 6% quarter 2008. The weighted average capitalization rate increased 30 basis points from fourth quarter 2007. Chicago Detroit Cleveland Minneapolis

RERC Size-Weighted Avg. PPSF - 1Q 2008 RERC Price-Weighted Avg. PPSF - 1Q 2008

$100 Midwest $150 Midwest U.S. Total U.S. Total Price-Weighted Average PPSF Size-Weighted Average PPSF $125 $75 $100

$50 $75

$50 $25 $25

$0 $0

Detroit Toledo Detroit Toledo Chicago Cleveland Omaha St. Louis Chicago Cleveland Omaha St. Louis Cincinnati Columbus IndianapolisKansas CityMilwaukeeMinneapolis Cincinnati Columbus IndianapolisKansas CityMilwaukeeMinneapolis

Midwest Industrial Transactions (4/1/07 - 3/31/08) Volume Size-weighted Price-weighted Median Average (millions) Average ($/sf) Average ($/sf) ($/sf) Cap Rate (%) Chicago $2,859 $60 $86 $63 7.2 Cincinnati $404 $47 $58 $45 7.7 Cleveland $443 $49 $69 $42 7.2 Columbus $266 $37 $45 $41 – Detroit $520 $63 $92 $51 8.2 Indianapolis $94 $39 $47 $42 – Kansas City $298 $69 $115 $54 – Milwaukee $285 $40 $58 $47 – Minneapolis $542 $60 $86 $58 – Omaha $64 $45 $70 $49 – St. Louis $488 $52 $71 $54 – Toledo $13 $36 $45 $32 – Midwest Total $7,755 $53 $79 $49 7.7 U.S. Total $51,426 $74 $126 $75 6.7 Source: RERC.

RERC Weighted Avg. Cap Rate - 1Q 2008 8.0% Midwest U.S. Total n The majority of survey respondents from the Midwest region 7.5% Avg. Capitalization Rate stated that the retail sector offers the least favorable invest- 7.0% ment conditions over the next year due to the weakening economy, national uncertainty prior to elections, and small 6.5% businesses with marginal profits being forced to shut their doors. 6.0% n Despite the adverse outlook highlighted by survey respon- 5.5% dents, the Midwest region’s retail sector performed compara- tively well during first quarter 2008. The weighted average 5.0% and median capitalization rates remained steady, while both size- and price-weighted average prices per square foot in- Detroit Chicago Cleveland Cincinnati Columbus Kansas City Milwaukee Minneapolis creased from the previous quarter. Notably, the Midwest region’s price-weighted average price per square foot of retail space crept above the national average. RERC Size-Weighted Avg. PPSF - 1Q 2008 RERC Price-Weighted Avg. PPSF - 1Q 2008 $200 $350 Midwest Midwest U.S. Total U.S. Total $175 Size-Weighted Average PPSF $300 Price-Weighted Average PPSF

$150 $250

$125 $200

$100 $150

$75 $100

$50 $50

Chicago Detroit Omaha St. Louis Toledo Chicago Detroit Omaha St. Louis Toledo Cincinnati Cleveland Columbus IndianapolisKansas CityMilwaukeeMinneapolis Cincinnati Cleveland Columbus IndianapolisKansas CityMilwaukeeMinneapolis Midwest Retail Transactions (4/1/07 - 3/31/08) Volume Size-weighted Price-weighted Median Average (millions) Average ($/sf) Average ($/sf) ($/sf) Cap Rate (%) Chicago $4,271 $218 $418 $163 5.7 Cincinnati $227 $114 $154 $106 6.7 Cleveland $276 $104 $135 $81 – Columbus $316 $120 $158 $103 – Detroit $341 $138 $174 $112 7.7 Indianapolis $69 $82 $128 $85 – Kansas City $436 $133 $180 $97 – Milwaukee $211 $117 $185 $82 7.0 Minneapolis $393 $112 $172 $88 7.0 Omaha $65 $88 $202 $111 – St. Louis $990 $182 $206 $111 – Toledo $24 $81 $126 $81 – Midwest Total $9,258 $147 $291 $106 6.3 U.S. Total $59,915 $159 $282 $135 6.4 Source: RERC.

RERC Weighted Avg. Cap Rate - 1Q 2008 8.0% Midwest 7.5% U.S. Total Avg. Capitalization Rate n The majority of survey respondents from the Midwest 7.0% region believe the apartment sector shows the greatest 6.5% investment opportunity for the next year, primarily due to

6.0% the ever-present need for housing (and especially when foreclosures are high) and the reduced availability of loans 5.5% at or near 100-percent loan-to-value ratios. 5.0% 4.5% n The volume of apartment sales in the Midwest region de- 4.0% clined by about 30 percent during first quarter 2008 from the previous quarter. In addition, both the size- and price-

Chicago Detroit Cleveland Columbus Indianapolis Kansas City Minneapolis weighted average prices per apartment unit declined during first quarter.

RERC Size-Weighted Avg. PPU - 1Q 2008 RERC Price-Weighted Avg. PPU - 1Q 2008 $150,000 $250,000 Midwest Midwest U.S. Total U.S. Total $125,000 Size-Weighted Average PPU Price-Weighted Average PPU $200,000

$100,000 $150,000 $75,000 $100,000 $50,000

$50,000 $25,000

$0 $0

Detroit Toledo Detroit Omaha Toledo Chicago Cleveland Omaha St. Louis Chicago Cincinnati Cleveland Columbus St. Louis Cincinnati Columbus IndianapolisKansas CityMilwaukeeMinneapolis IndianapolisKansas CityMilwaukeeMinneapolis

Midwest Apartment Transactions (4/1/07 - 3/31/08) Volume Size-weighted Price-weighted Median Average (millions) Average ($/unit) Average ($/unit) ($/sf) Cap Rate (%) Chicago $2,383 $116,363 $179,017 $71,181 5.7 Cincinnati $258 $42,551 $53,140 $29,130 – Cleveland $253 $47,120 $61,001 $38,307 6.8 Columbus $637 $50,169 $59,425 $41,000 6.8 Detroit $460 $51,494 $64,333 $42,639 7.1 Indianapolis $306 $61,873 $73,657 $71,725 6.4 Kansas City $273 $55,803 $67,091 $37,781 7.0 Milwaukee $195 $78,027 $107,818 $52,544 – Minneapolis $362 $76,909 $87,959 $65,708 6.6 Omaha $197 $69,386 $78,502 $45,619 – St. Louis $179 $50,666 $60,830 $37,042 – Toledo $96 $58,687 $69,539 $41,735 – Midwest Total $6,998 $66,812 $107,461 $46,267 6.5 U.S. Total $78,236 $99,431 $169,129 $83,333 5.8 Source: RERC.

n Both size- and price-weighted average prices per hotel n The Midwest hotel transaction volume increased by unit in the Midwest region increased during first quar- about a third during first quarter 2008. ter 2008 when compared to the previous quarter in the more $5 million transaction price category. The weighted average capitalization rate declined 70 basis points from the previous quarter.

RERC Size-Weighted Avg. PPU - 1Q 2008 RERC Price-Weighted Avg. PPU - 1Q 2008

$250,000 $600,000 Midwest U.S. Total $500,000 $200,000 Size-Weighted Average PPU Midwest U.S. Total $400,000 Price-Weighted Average PPU $150,000 $300,000 $100,000 $200,000

$50,000 $100,000

$0 $0

Detroit Toledo Chicago Detroit Toledo Chicago Cleveland St. Louis Cincinnati Cleveland Columbus Milwaukee St. Louis Cincinnati Columbus IndianapolisKansas City Milwaukee Minneapolis IndianapolisKansas City Minneapolis

Midwest Hotel Transactions (4/1/07 - 3/31/08) Volume Size-weighted Price-weighted Median Average (millions) Average ($/unit) Average ($/unit) ($/sf) Cap Rate (%) Chicago $2,848 $229,137 $760,034 $107,085 7.2 Cincinnati $347 $108,924 $146,091 $103,065 – Cleveland $423 $107,911 $162,764 $82,561 – Columbus $268 $74,555 $103,589 $61,667 – Detroit $299 $81,935 $96,137 $76,982 – Indianapolis $164 $99,018 $139,583 $81,266 7.4 Kansas City $301 $91,549 $118,652 $84,802 – Milwaukee $129 $88,988 $97,430 $80,667 – Minneapolis $194 $99,325 $160,362 $63,263 – Omaha – – – – – St. Louis $301 $90,493 $113,464 $72,059 9.4 Toledo $40 $49,177 $53,475 $49,176 – Midwest Total $6,092 $121,770 $424,935 $72,871 8.2 U.S. Total $59,238 $171,778 $489,300 $103,488 7.9 Source: RERC.

Midwest Region Space Market

Trusted Advice. Proven Performance. Office - 1Q-2008 Inventory SF (000s) Vacancy Rate (%) Net Absorption SF (000s) Asking Rents ($/SF) 219,952 15.0 272 $18.68 Net CBRE/Torto Wheaton Research is a Chicago full-service research and investment Cincinnati 33,997 17.1 320 $14.61 Gross advisory firm, specializing in com- Cleveland 37,253 16.0 188 $16.12 Gross mercial real estate markets. Columbus 30,245 16.0 -110 $11.46 Net Detroit 71,558 21.6 -611 $19.23 Gross With over 20 years of experience, Indianapolis 31,154 16.5 -227 $17.62 Gross our industry leading research, mar- Kansas City 47,405 13.5 715 $17.43 Gross ket expertise, and strategic partner- Minneapolis 63,894 15.2 -269 $13.58 Net ships provide clients with tactical ad- St. Louis 39,522 14.2 482 $18.71 Gross vice and strategic direction to identify Toledo 15,181 16.3 53 $11.02 Net market opportunities that enhance Industrial - 1Q-2008 performance and manage risk. Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) Asking Rents ($/SF) CBRE/TWR is internationally rec- Chicago 1,037,634 10.9 -1,066 $5.31 Net ognized for our solid foundation in Cincinnati 281,630 7.6 1,269 $4.08 Net economics, accurate forecasts, ana- Cleveland 302,870 9.4 -902 $4.12 Net lytical expertise, and providing clients Columbus 243,541 13.5 -67 $3.61 Net with unparalleled insight into the dy- Detroit 477,733 17.3 -2,936 $5.14 Net namics of the real estate market that Indianapolis 267,315 10.6 -277 $4.38 Gross impact performance. Kansas City 232,598 7.8 799 $4.16 Gross Minneapolis 320,130 8.5 302 $6.09 Net St. Louis 267,256 10.5 -157 $4.43 Net Retail - 1Q-2008 Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) TWR Rent Index ($/SF) Chicago 94,397 13.0 -467 $22.00 Cincinnati 21,302 14.6 128 $11.66 Cleveland 14,687 15.3 29 $18.57 Columbus 18,247 15.7 -134 $13.15 Detroit 31,710 15.4 -238 $19.34 Indianapolis 20,550 16.6 -257 $17.83 William Wheaton Jon Southard James Costello Kansas City 27,092 12.8 29 $17.98 Ph.D., Principal Principal Principal Minneapolis 26,993 6.3 54 $21.02 St. Louis 33,211 12.7 -166 $22.20 Space Market Data has been provided courtesy of Torto Wheaton Research. Analysis within this report is solely compiled and produced by the Real Estate Research Corporation, and in no way reflects the interpretations, opinions, or 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© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 104 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Chicago MSA 9.7 million Chicago2 5.6% Office Chicago Growth1 1.03% Illinois2 5.7% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Weighted Average Cap Rate   Household Income & Value Industrial Per Capita Income $31,498 2007 Households 3.5 million Size-Weighted Average PPSF   1-year Job Growth 0.90% Household Growth 0.99% Weighted Average Cap Rate   1-year Job Additions 40,300 Median Home Price $252,751 Major Employers Retail Deloitte Size-Weighted Average PPSF   Exelon Corp. Weighted Average Cap Rate   University of Chicago Apartment Northern Trust Bank FSB Size-Weighted Average PPU   Chicago CNA Financial Corp. Weighted Average Cap Rate   Sources: Bureau of Labor Statistics, NAR, STDB Online. “Home Price Analysis Report for Chicago Region – 2007” ©2007 NATIONAL ASSOCIATION Hotel OF 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 (2007-2012). 2Rates are non-seasonally adjusted. Weighted Average Cap Rate   Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Metro Cap Rate Comparison* Current Quarter Office Office UBS Tower 2-08 $540,000,000 1,250,000 $432 vs. Midwest Region  SBC 1-08 $276,000,000 800,000 $345 vs. Nation  Industrial Industrial O’Hare Logistics Center 1-08 $22,200,000 188,160 $118 222-230 Sivert Court 2-08 $13,100,000 187,200 $70 vs. Midwest Region  Retail vs. Nation  Westfield North Bridge 1-08 $515,000,000 680,933 $756 Retail 730 N. Michigan Ave. 1-08 $350,000,000 217,000 $1,613 vs. Midwest Region  Apartment vs. Nation  Belmont House 1-08 $56,000,000 269 $208,178 Apartment Park Evanston 1-08 $100,000,000 283 $353,357 vs. Midwest Region  Hotel James Hotel 1-08 $124,866,667 297 $420,426 vs. Nation  Marriot Medical District 2-08 $25,043,093 113 $221,620 Hotel Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. vs. Midwest Region  Market Construction/Redevelopment Activity vs. Nation  Property New(N)/ Total Sq. Estimated *Comparison of current quarter weighted average capitalization rates. Type Refurbished(R) Ft./Units Delivery Source: RERC. IKEA Distribution Center Industrial N 650,000 2009 208 S. LaSalle Hotel R 610 2010 Jewish Federation Building Hotel N 241 Fall 2008 155 N. Wacker Drive Office N 1,100,000 2009 Sunrise of Lombard Multifamily N 140 2009 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 105 Quarterly Chicago Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $224 $629 $557 $260 $42 Size Weighted Avg. ($ per sf/unit) $114 $53 $135 $66,192 $32,168 Price Weighted Avg. ($ per sf/unit) $175 $75 $225 $80,162 $37,065 Chicago Median ($ per sf/unit) $121 $63 $142 $65,401 $31,563 > $5 Million Volume (Mil) $7,834 $2,230 $3,715 $2,123 $2,806 Size Weighted Avg. ($ per sf/unit) $206 $62 $239 $128,272 $252,046 Price Weighted Avg. ($ per sf/unit) $252 $89 $447 $191,127 $770,766 Median ($ per sf/unit) $165 $63 $191 $102,834 $109,233 All Transactions Volume (Mil) $8,058 $2,859 $4,271 $2,383 $2,848 Size Weighted Avg. ($ per sf/unit) $202 $60 $218 $116,363 $229,137 Price Weighted Avg. ($ per sf/unit) $250 $86 $418 $179,017 $760,034 Median ($ per sf/unit) $150 $63 $163 $71,181 $107,085 Capitalization Rates (All Transactions) Weighted Average (%) 6.1 7.2 5.7 5.7 7.2 Median (%) 6.7 7.2 6.9 5.8 8.2 Source: RERC.

Historical Median Price per Square Foot Historical Median Price per Square Foot Historical Median Price per Square Foot (12 month trailing) – OFFICE (12 month trailing) – INDUSTRIAL (12 month trailing) – RETAIL

Historical Median Price per Unit Footnotes: (12 month trailing) – APARTMENT 1The property at 1 North Wacker sold for 2 $432/sf and that at 225 W. Randolph St. sold for $345/sf, raising the average and median prices. 2This sharp increase is due in part to the sale of the apartment building at 345 E. Ohio St., which sold for $440,748/unit.

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 106 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Cincinnati MSA 2.1 million Cincinnati2 5.2% Office Cincinnati Growth1 0.84% Ohio2 6.1% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $29,902 2007 Households 833,000 Weighted Average Cap Rate –  1-year Job Growth 0.10% Household Growth 0.92% Retail 1-year Job Additions 1,500 Median Home Price $149,375 Major Employers Size-Weighted Average PPSF   Procter & Gamble Co. Weighted Average Cap Rate =  University of Cincinnati Apartment GE Aviation Size-Weighted Average PPU   Valentine Research Inc. Hotel RJS Sales & Marketing Size-Weighted Average PPU  – Sources: Bureau of Labor Statistics, NAR, STDB Online. “Home Price Analysis Report for Cincinnati Region – 2007” ©2007 NATIONAL ASSOCIA- TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this Metro Cap Rate Comparison* Current Quarter document in any form (electronic media included) is prohibited without written permission. 1 2 CincinnatiProjected annual growth over 5 years (2007-2012). Rates are non-seasonally adjusted. Industrial Noteworthy Transactions vs. Midwest Region = Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. Nation  Office Retail Ridgewood Corporate 1-08 $13,000,000 196,055 $66 Center vs. Midwest Region  Liberty Falls Medical Plaza 3-08 $8,100,000 44,000 $184 vs. Nation  Industrial *Comparison of current quarter weighted average capitalization rates. 8752 Jacquemin Drive 1-08 $15,300,000 394,480 $39 Source: RERC. 401 Fujitec Drive 3-08 $16,000,000 225,000 $71 Retail Dillards at W. Towne Center 2-08 $9,100,000 178,400 $51 Houston Lakes 1-08 $5,400,000 73,145 $74 Apartment Charleston at Blue Ash 1-08 $23,000,000 242 $95,041 Hawk’s Landing 2-08 $12,900,000 122 $105,738 Hotel 4501 Eastgate Blvd. 2-08 $3,250,000 237 $13,713 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery 540 MW Lima Energy Industrial N 75,000 Late 2008 Queen City Square Tower Office N 825,000 2011 Summer ProLogis Park 275 Industrial N 415,000 2008 300,000 Office The Banks Mixed Use N 70,000 Retail 2010 400-unit Mult. Sources: CBRE, RE Business. Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 107 Quarterly Cincinnati Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $31 $91 $54 $63 – Size Weighted Avg. ($ per sf/unit) $79 $38 $99 $25,883 – Price Weighted Avg. ($ per sf/unit) $115 $49 $176 $29,793 – Cincinnati Median ($ per sf/unit) $78 $41 $80 $26,563 – > $5 Million Volume (Mil) $91 $313 $174 $194 $337 Size Weighted Avg. ($ per sf/unit) $105 $50 $120 $53,876 $126,781 Price Weighted Avg. ($ per sf/unit) $119 $60 $147 $60,760 $149,708 Median ($ per sf/unit) $120 $56 $143 $54,741 $103,112 All Transactions Volume (Mil) $122 $404 $227 $258 $347 Size Weighted Avg. ($ per sf/unit) $97 $47 $114 $42,551 $108,924 Price Weighted Avg. ($ per sf/unit) $118 $58 $154 $53,140 $146,091 Median ($ per sf/unit) $85 $45 $106 $29,130 $103,065 Capitalization Rates (All Transactions) Weighted Average (%) – 7.7 6.7 – – Median (%) – 7.8 6.7 – – Source: RERC.

Historical Median Price per Unit Footnotes: (12 month trailing) – APARTMENT 1One retail property sold for $303/sf, well above the median price of $106.

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 108 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Cleveland MSA 2.2 million Cleveland2 6.3% Office Cleveland Growth1 0.05% Ohio2 6.1% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Weighted Average Cap Rate =  Household Income & Value Industrial Per Capita Income $28,763 2007 Households 866,000 Size-Weighted Average PPSF   1-year Job Growth – Household Growth 0.15% Weighted Average Cap Rate = = 1-year Job Additions – Median Home Price $147,596 Major Employers Retail Cleveland Clinic Foundation Size-Weighted Average PPSF   University Hospital of Cleveland Apartment Key Bank Size-Weighted Average PPU   Progressive Corp. Weighted Average Cap Rate   Money Mart Facsimile Express Hotel Sources: Bureau of Labor Statistics, NAR, STDB Online. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Size-Weighted Average PPU  

Cleveland Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office North Point Tower 2-08 $114,100,000 1,000,000 $114 vs. Midwest Region  55 Public Square 1-08 $45,000,000 425,000 $106 vs. Nation  Retail Industrial Madison Square 1-08 $5,800,000 124,167 $47 vs. Midwest Region  CVS 3-08 $7,400,000 47,738 $155 vs. Nation  Apartment Apartment Richmond Park 1-08 $25,620,000 736 $34,810 Hillwood II 2-08 $17,800,000 240 $74,167 vs. Midwest Region  Hotel vs. Nation  Embassy Suites 2-08 $47,869,983 216 $221,620 *Comparison of current quarter weighted average capitalization rates. Source: RERC. Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Estancia Executive Office N 90,000 2009 Center Phase III The Plaza at Retail N 300,000 N/A SouthPark The Sun Life Bldg. Industrial N 583,000 N/A Bridgeview Commons Retail N 558,000 N/A Avon Crossing Retail N 270,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 109 Quarterly Cleveland Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $91 $155 $112 $58 – Size Weighted Avg. ($ per sf/unit) $66 $37 $84 $37,587 – Price Weighted Avg. ($ per sf/unit) $97 $50 $135 $43,934 – Cleveland Median ($ per sf/unit) $69 $39 $72 $35,714 – > $5 Million Volume (Mil) $665 $288 $164 $195 $421 Size Weighted Avg. ($ per sf/unit) $116 $60 $125 $50,967 $109,832 Price Weighted Avg. ($ per sf/unit) $119 $80 $136 $66,080 $163,552 Median ($ per sf/unit) $120 $62 $128 $43,518 $86,026 All Transactions Volume (Mil) $756 $443 $276 $253 $423 Size Weighted Avg. ($ per sf/unit) $106 $49 $104 $47,120 $107,911 Price Weighted Avg. ($ per sf/unit) $116 $69 $135 $61,001 $162,764 Median ($ per sf/unit) $84 $42 $81 $38,307 $82,561 Capitalization Rates (All Transactions) Weighted Average (%) 8.0 7.2 – 6.8 – Median (%) 8.3 7.4 – 7.7 – Source: RERC.

Historical Median Price per Unit (12 month trailing) – APARTMENT

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 110 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Columbus MSA 1.8 million Columbus2 4.9% Office Columbus Growth1 1.46% Ohio2 6.1% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $29,785 2007 Households 710,000 Retail 1-year Job Growth 0.60% Household Growth 1.54% Size-Weighted Average PPSF   1-year Job Additions 6,000 Median Home Price $156,003 Major Employers Apartment Ohio State University Size-Weighted Average PPU   State of Ohio Department of Corrections Weighted Average Cap Rate   Riverside Methodist Hospital Hotel Defense Supply Center Size-Weighted Average PPU   Hines Interest LTD Partnership * Sources: Bureau of Labor Statistics, NAR, STDB Online. Metro Cap Rate Comparison Current Quarter “Home Price Analysis Report for Columbus Region – 2007” ©2007 NATIONAL ASSOCIA- ColumbusTION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this Apartment document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. vs. Midwest Region  Noteworthy Transactions vs. Nation  Sale Date Sale Price Sq. Ft./Units PPSF/PPU *Comparison of current quarter weighted average capitalization rates. Source: RERC. Office OSU Physicians Center 1-08 $16,000,000 109,000 $147 4653 E. Main St. 2-08 $14,000,000 259,046 $54 Industrial 1525 Industrial Drive 2-08 $1,195,000 35,120 $34 6000 Green Pointe Road 1-08 $19,100,000 612,452 $31 Retail 1611 Polaris Parkway 2-08 $1,650,000 6,171 $267 Apartment Sycamore Ridge 2-08 $24,600,000 270 $91,111 Britton Woods 3-08 $28,700,000 352 $81,534 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Franklin County Office N 325,000 2010 Courthouse 2842 Spiegel Drive Industrial N 936,000 N/A Rickenbacker Industrial N 407,000 N/A Parkway Building Albany Park Retail N 300,000 2009 Westerville Medical Office N 165,000 Mid-2008 Campus Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 111 Quarterly Columbus Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $86 $87 $96 $47 $36 Size Weighted Avg. ($ per sf/unit) $80 $43 $118 $25,302 $39,745 Price Weighted Avg. ($ per sf/unit) $122 $58 $201 $32,442 $44,450 Columbus Median ($ per sf/unit) $105 $45 $99 $30,938 $41,549 > $5 Million Volume (Mil) $284 $180 $219 $590 $232 Size Weighted Avg. ($ per sf/unit) $114 $35 $121 $54,415 $86,448 Price Weighted Avg. ($ per sf/unit) $138 $39 $140 $61,567 $112,879 Median ($ per sf/unit) $136 $38 $128 $64,976 $78,971 All Transactions Volume (Mil) $370 $266 $316 $637 $268 Size Weighted Avg. ($ per sf/unit) $104 $37 $120 $50,169 $74,555 Price Weighted Avg. ($ per sf/unit) $134 $45 $158 $59,425 $103,589 Median ($ per sf/unit) $111 $41 $103 $41,000 $61,667 Capitalization Rates (All Transactions) Weighted Average (%) – – – 6.8 – Median (%) – – – 7.2 – Source: RERC.

Historical Median Price per Square Foot Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL (12 month trailing) – RETAIL

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and Historical Median Price per Unit for each property type and do (12 month trailing) – APARTMENT not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 112 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Detroit MSA 4.6 million Detroit2 8.1% Office Detroit Growth1 0.26% Michigan2 7.9% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $31,352 2007 Households 1.8 million Weighted Average Cap Rate   1-year Job Growth – Household Growth 0.36% Retail 1-year Job Additions – Median Home Price $161,717 Major Employers Size-Weighted Average PPSF   DTE Energy Co. Weighted Average Cap Rate   Detroit General Motors Corp. Apartment MotorCity Casino Size-Weighted Average PPU   Rehabilitation Institute of Michigan Weighted Average Cap Rate   Compuware Corp. Hotel Sources: Bureau of Labor Statistics, NAR, STDB Online. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Size-Weighted Average PPU   Noteworthy Transactions Metro Cap Rate Comparison* Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Industrial ThyssenKrupp vs. Midwest Region  3-08 $15,400,000 64,607 $238 Materials HQ vs. Nation  Daimler Chrysler 2-08 $8,400,000 54,250 $155 Retail Industrial vs. Midwest Region  3200 Cross Creek 1-08 $5,600,000 30,060 $186 Parkway vs. Nation  150 Stephenson Highway 2-08 $8,767,470 103,253 $85 Apartment Retail vs. Midwest Region  35103 Grand River Ave. 1-08 $5,000,000 38,600 $130 vs. Nation  125 W. William St. 2-08 $1,800,000 9,494 $190 *Comparison of current quarter weighted average capitalization rates. Apartment Source: RERC. Willowtree 2-08 $33,010,883 312 $105,804 New King St. Tower Drive 1-08 $42,900,000 1,135 $37,797 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery MotorCity Casino Retail R 45,000 Mid-2008 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 113 Quarterly Detroit Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $66 $100 $72 $42 $24 Size Weighted Avg. ($ per sf/unit) $99 $40 $115 $29,179 $31,527 Price Weighted Avg. ($ per sf/unit) $129 $73 $197 $35,029 $33,849 Detroit Median ($ per sf/unit) $108 $46 $102 $36,206 $30,202 > $5 Million Volume (Mil) $550 $419 $269 $418 $274 Size Weighted Avg. ($ per sf/unit) $83 $73 $146 $55,806 $95,569 Price Weighted Avg. ($ per sf/unit) $119 $97 $168 $67,293 $101,695 Median ($ per sf/unit) $98 $72 $178 $59,170 $99,027 All Transactions Volume (Mil) $616 $520 $341 $460 $299 Size Weighted Avg. ($ per sf/unit) $84 $63 $138 $51,494 $81,935 Price Weighted Avg. ($ per sf/unit) $120 $92 $174 $64,333 $96,137 Median ($ per sf/unit) $105 $51 $112 $42,639 $76,982 Capitalization Rates (All Transactions) Weighted Average (%) – 8.2 7.7 7.1 – Median (%) – 8.7 7.3 7.2 – Source: RERC.

Historical Median Price per Square Foot Historical Median Price per Square Foot (12 month trailing) – OFFICE (12 month trailing) – INDUSTRIAL

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 114 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Indianapolis MSA 1.7 million Indianapolis2 4.8% Office Indianapolis Growth1 1.63% Indiana2 5.6% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $30,942 2007 Households 673,000 Retail 1-year Job Growth 1.60% Household Growth 1.68% Size-Weighted Average PPSF   1-year Job Additions 14,600 Median Home Price $143,711 Major Employers Apartment Eli Lilly & Co. Size-Weighted Average PPU   Peyton Manning Children’s Hospital Weighted Average Cap Rate =  Indiana University Hotel Indy Honda Size-Weighted Average PPU   Rolls-Royce Corp. * Sources: Bureau of Labor Statistics, NAR, STDB Online. Metro Cap Rate Comparison Current Quarter “Home Price Analysis Report for Indianapolis Region – 2007” ©2007 NATIONAL ASSOCIA- TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this Apartment document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. vs. Midwest Region  Noteworthy Transactions vs. Nation 

Indianapolis Sale Date Sale Price Sq. Ft./Units PPSF/PPU Hotel Office vs. Midwest Region  Indiana Plaza 1-08 $36,000,000 423,107 $85 vs. Nation  One & Two Park Fletcher 3-08 $13,100,000 164,325 $80 *Comparison of current quarter weighted average capitalization rates. Industrial Source: RERC. Rockville Business Center 2-08 $15,600,000 632,054 $25 AmeriCold 3-08 $23,200,000 427,159 $54 Retail Rivers Edge Shopping 2-08 $18,300,000 110,896 $165 Center Southport Plaza 1-08 $20,100,000 85,062 $236 Apartment Bristol 2-08 $15,700,000 211 $74,408 Hotel Adams Mark 2-08 $77,000,000 406 $189,655 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Ralston Square Mixed Use N 41,000 2009 Prime Distribution Industrial N 1,200,000 N/A SMC Corporation of Industrial N 668,000 N/A America Cosmopolitan on the Multifamily N 218 N/A Canal 70 W. Commerce Park Industrial N 2,000,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 115 Quarterly Indianapolis Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $13 $8 $18 – – Size Weighted Avg. ($ per sf/unit) $45 $33 $108 – – Indianapolis Price Weighted Avg. ($ per sf/unit) $78 $37 $171 – – Median ($ per sf/unit) $94 $37 $68 – – > $5 Million Volume (Mil) $270 $85 $51 $303 $151 Size Weighted Avg. ($ per sf/unit) $106 $40 $76 $62,274 $116,546 Price Weighted Avg. ($ per sf/unit) $110 $48 $113 $73,923 $148,425 Median ($ per sf/unit) $104 $44 $102 $71,725 $102,056 All Transactions Volume (Mil) $283 $94 $69 $306 $164 Size Weighted Avg. ($ per sf/unit) $99 $39 $82 $61,873 $99,018 Price Weighted Avg. ($ per sf/unit) $108 $47 $128 $73,657 $139,583 Median ($ per sf/unit) $97 $42 $85 $71,725 $81,266 Capitalization Rates (All Transactions) Weighted Average (%) – – – 6.4 7.4 Median (%) – – – 7.2 9.0 Source: RERC.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 116 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Kansas City MSA 2 million Kansas City2 5.5% Office Kansas City Growth1 1.20% Missouri2 6.1% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Weighted Average Cap Rate  = Household Income & Value Industrial Per Capita Income $30,026 2007 Households 786,000 Size-Weighted Average PPSF   1-year Job Growth 2.10% Household Growth 1.25% Retail 1-year Job Additions 20,400 Median Home Price $148,450 Major Employers Size-Weighted Average PPSF   Hallmark Cards Inc. Apartment Kansas City City Hall Size-Weighted Average PPU   U.S. Health & Human Services Department Weighted Average Cap Rate   University of Missouri-Kansas (UMKC) Hotel DST Technologies Size-Weighted Average PPU   Sources: Bureau of Labor Statistics, NAR, STDB Online. “Home Price Analysis Report for Kansas City Region – 2007” ©2007 NATIONAL ASSOCIA- * TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this Metro Cap Rate Comparison Current Quarter document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Office

Kansas City Noteworthy Transactions vs. Midwest Region  Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. Nation  Office Apartment 2555 Grand Blvd. 2-08 $155,800,000 595,607 $262 vs. Midwest Region  Doctor’s Medical Building 2-08 $13,600,000 63,000 $216 vs. Nation  Industrial *Comparison of current quarter weighted average capitalization rates. Best Brands 3-08 $14,400,000 150,000 $96 Source: RERC. Metro Kansas City 1-08 $15,000,000 253,440 $59 Distribution Retail 800 Broadway Blvd. 2-08 $3,900,000 31,200 $125 1301-1667 NE Douglas St. 3-08 $12,300,000 59,436 $207 Apartment 819 E. 42nd St. 2-08 $339,000 12 $28,250 Hotel Residence Inn 2-08 $10,700,000 90 $118,889 SpringHill Suites by Marriott 3-08 $9,400,000 102 $92,157 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery 167th St. and Lone Industrial N 592,000 Fall 2008 Elm Road Corporate Woods Office N 350,000 2009 Building 83 Corbin Park Retail N 1,100,000 Fall 2008 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 117 Quarterly Kansas City Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $34 $89 $151 $37 $20 Size Weighted Avg. ($ per sf/unit) $94 $37 $93 $31,458 $40,185 Kansas City Price Weighted Avg. ($ per sf/unit) $137 $77 $168 $35,492 $44,129 Median ($ per sf/unit) $83 $50 $86 $31,061 $37,202 > $5 Million Volume (Mil) $737 $209 $284 $237 $281 Size Weighted Avg. ($ per sf/unit) $151 $110 $171 $63,420 $100,554 Price Weighted Avg. ($ per sf/unit) $170 $131 $186 $71,995 $123,873 Median ($ per sf/unit) $134 $61 $177 $46,377 $106,357 All Transactions Volume (Mil) $771 $298 $436 $273 $301 Size Weighted Avg. ($ per sf/unit) $147 $69 $133 $55,803 $91,549 Price Weighted Avg. ($ per sf/unit) $169 $115 $180 $67,091 $118,652 Median ($ per sf/unit) $120 $54 $97 $37,781 $84,802 Capitalization Rates (All Transactions) Weighted Average (%) 7.1 – – 7.0 – Median (%) 7.3 – – 7.2 – Source: RERC.

Historical Median Price per Unit Footnotes: (12 month trailing) – APARTMENT 1The substantial increase in median price is due in part to the sale of the property at 2555 Grand Blvd., which sold for $262/sf.

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 118 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Milwaukee MSA 1.5 million Milwaukee2 5.4% Office Milwaukee Growth1 0.27% Wisconsin2 5.6% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Weighted Average Cap Rate   Household Income & Value Industrial Per Capita Income $30,635 2007 Households 615,000 Size-Weighted Average PPSF   1-year Job Growth 1.50% Household Growth 0.43% Retail 1-year Job Additions 12,800 Median Home Price $209,602 Major Employers Size-Weighted Average PPSF   University of Wisconsin Weighted Average Cap Rate =  General Mitchell International-Milwaukee Apartment Northern Chocolate Co. Size-Weighted Average PPU   Northwestern Mutual Investment Hotel Rockwell Automation Inc. Size-Weighted Average PPU  – Sources: Bureau of Labor Statistics, NAR, STDB Online. “Home Price Analysis Report for Milwaukee Region – 2007” ©2007 NATIONAL ASSOCIA- * TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this Metro Cap Rate Comparison Current Quarter document in any form (electronic media included) is prohibited without written permission.

Milwaukee1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Office Noteworthy Transactions vs. Midwest Region  Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. Nation  Office Retail 310 E. Knapp 2-08 $14,800,000 57,000 $260 vs. Midwest Region  Park Place 3-08 $16,000,000 229,586 $70 vs. Nation  Industrial *Comparison of current quarter weighted average capitalization rates. 4410 N. 132nd St. 3-08 $5,500,000 100,000 $55 Source: RERC. 1200 W. Sunset Drive 2-08 $11,300,000 599,939 $19 Retail 801 Layton Ave. 2-08 $4,200,000 28,119 $149 10855 W. Park Place 2-08 $3,375,000 21,901 $154 Apartment 700 E. Stonegate Drive 1-08 $5,900,000 65 $90,769 Meadowmere Northshore 1-08 $9,200,000 60 $153,333 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Pabst Farms Town Retail N 1,000,000 2010 Centre 1200 W. Sunset Dr. Retail N 4,500,000 2009 Liberty Corporate Industrial N 240,000 N/A Preserve Staybridge Suites Multifamily N 31 N/A Hyatt Summerfield Hotel N 102 N/A Suites Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 119 Quarterly Milwaukee Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $41 $92 $92 $41 – Size Weighted Avg. ($ per sf/unit) $71 $41 $89 $49,768 – Price Weighted Avg. ($ per sf/unit) $87 $53 $162 $56,819 – Milwaukee Median ($ per sf/unit) $73 $49 $72 $49,000 – > $5 Million Volume (Mil) $372 $193 $119 $154 $126 Size Weighted Avg. ($ per sf/unit) $124 $39 $153 $92,030 $92,410 Price Weighted Avg. ($ per sf/unit) $150 $60 $202 $121,484 $98,888 Median ($ per sf/unit) $114 $39 $211 $102,041 $80,667 All Transactions Volume (Mil) $413 $285 $211 $195 $129 Size Weighted Avg. ($ per sf/unit) $116 $40 $117 $78,027 $88,988 Price Weighted Avg. ($ per sf/unit) $144 $58 $185 $107,818 $97,430 Median ($ per sf/unit) $87 $47 $82 $52,544 $80,667 Capitalization Rates (All Transactions) Weighted Average (%) 7.4 – 7.0 – – Median (%) 7.8 – 7.0 – – Source: RERC.

Historical Median Price per Unit Footnotes: (12 month trailing) – APARTMENT 1This sharp increase is due in part to the sale of the property at 2920 E. Hampshire 1 Ave., which sold for $95,000/unit.

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 120 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Minneapolis MSA 3.3 million Minneapolis2 4.8% Office Minneapolis Growth1 1.55% Minnesota2 5.4% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Weighted Average Cap Rate = – Household Income & Value Industrial Per Capita Income $35,445 2007 Households 1.3 million Size-Weighted Average PPSF   1-year Job Growth 0.90% Household Growth 1.59% Retail 1-year Job Additions 15,700 Median Home Price $242,442 Major Employers Size-Weighted Average PPSF   University of Minnesota Weighted Average Cap Rate  – Fairview University Medical Center Apartment UPS Size-Weighted Average PPU   Target Stores Inc. Weighted Average Cap Rate =  Best Buy Company Inc. Hotel Sources: Bureau of Labor Statistics, NAR, STDB Online. “Home Price Analysis Report for Minneapolis Region – 2007” ©2007 NATIONAL ASSOCIA- Size-Weighted Average PPU   TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. Metro Cap Rate Comparison* Current Quarter 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Noteworthy Transactions Office Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. Midwest Region  Minneapolis Office vs. Nation  Reliastar Complex 1-08 $124,174,000 987,855 $126 Retail 800 Washington Ave. N. 1-08 $26,772,000 346,000 $77 vs. Midwest Region  Industrial vs. Nation  3000 Broadway St. NE 2-08 $4,750,000 40,990 $116 Excelsior Crossings Phase 1 1-08 $50,200,000 250,000 $201 Apartment Retail vs. Midwest Region  Victor Marketplace 1-08 $11,800,000 69,433 $170 vs. Nation 

14075-14151 Hwy. 13 3-08 $14,100,000 87,181 $162 *Comparison of current quarter weighted average capitalization rates. Source: RERC. Apartment Grandmarc at Seven Corners 2-08 $19,679,565 186 $105,804 Cosmoplitan Apartment 1-08 $23,600,000 256 $92,188 Hotel Country Inn & Suites 1-08 $6,100,000 90 $67,778 Best Western Bandana 2-08 $6,500,000 110 $59,091 Square Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery The Manning Ave. Project Mixed Use N 25,264,486 2030 Maple Grove Retail N 550,000 N/A Plaza 15 Mixed Use N 220 Units N/A Excelsior Crossings in Hopkins Office N 450,000 Fall 2008 AMB Distribution Center Industrial N 154,000 N/A Sources: CBRE, RE Business. Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 121 Quarterly Minneapolis Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $115 $187 $160 $35 $18 Size Weighted Avg. ($ per sf/unit) $100 $56 $90 $60,015 $29,883 Minneapolis Price Weighted Avg. ($ per sf/unit) $135 $79 $150 $73,073 $33,439 Median ($ per sf/unit) $113 $58 $77 $52,941 $33,020 > $5 Million Volume (Mil) $1,927 $356 $233 $327 $176 Size Weighted Avg. ($ per sf/unit) $125 $63 $134 $79,303 $130,394 Price Weighted Avg. ($ per sf/unit) $140 $90 $188 $89,555 $173,376 Median ($ per sf/unit) $133 $68 $133 $78,472 $101,420 All Transactions Volume (Mil) $2,042 $542 $393 $362 $194 Size Weighted Avg. ($ per sf/unit) $124 $60 $112 $76,909 $99,325 Price Weighted Avg. ($ per sf/unit) $139 $86 $172 $87,959 $160,362 Median ($ per sf/unit) $127 $58 $88 $65,708 $63,263 Capitalization Rates (All Transactions) Weighted Average (%) 6.8 – 7.0 6.6 – Median (%) 7.6 – 6.8 6.9 – Source: RERC.

Historical Median Price per Square Foot Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL (12 month trailing) – RETAIL

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 122 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Omaha MSA 843,000 Omaha2 3.6% Office Omaha Growth1 1.37% Nebraska2 3.2% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $28,096 2007 Households 327,000 Retail 1-year Job Growth – Household Growth 1.47% Size-Weighted Average PPSF   1-year Job Additions – Median Home Price $135,634 Major Employers Apartment First Data Resources Inc. Size-Weighted Average PPU  

Mutual of Omaha Insurance Co. Source: RERC.

Omaha Con Agra Foods Inc. Union Pacific Railroad Co. Oriental Trading Co. Inc. Sources: Bureau of Labor Statistics, NAR, STDB Online. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Industrial 10101 J. St. 2-08 $415,000 7,440 $56 Retail 2340 Paul St. 2-08 $1,100,000 10,442 $105 14304 W. Maple Road 3-08 $8,300,000 70,032 $119 Apartment Brandeis Lofts 3-08 $15,400,000 140 $110,000 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Midtown Crossing at Mixed Use N 1,000,000 2009 Turner Park ACI Worldwide Office N 160,000 N/A Coventry Insurance Office N 90,000 N/A Aksarben Village Office N 154,000 N/A Ameriprise Office N 86,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 123 Quarterly Omaha Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $19 $35 $53 $18 – Size Weighted Avg. ($ per sf/unit) $58 $42 $82 $49,624 – Price Weighted Avg. ($ per sf/unit) $91 $60 $219 $59,847 – Omaha Median ($ per sf/unit) $56 $47 $109 $42,500 – > $5 Million Volume (Mil) $170 – – $178 – Size Weighted Avg. ($ per sf/unit) $92 – – $72,362 – Price Weighted Avg. ($ per sf/unit) $131 – – $80,428 – Median ($ per sf/unit) $101 – – $78,788 – All Transactions Volume (Mil) $190 $64 $65 $197 – Size Weighted Avg. ($ per sf/unit) $87 $45 $88 $69,386 – Price Weighted Avg. ($ per sf/unit) $126 $70 $202 $78,502 – Median ($ per sf/unit) $84 $49 $111 $45,619 – Capitalization Rates (All Transactions) Weighted Average (%) – – – – – Median (%) – – – – – Source: RERC.

Historical Median Price per Square Foot Footnotes: (12 month trailing) – RETAIL 1This large spike was due to three property sales, each for over $500/sf. 1 Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 124 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year St. Louis MSA 2.8 million St. Louis2 6.4% Office St. Louis Growth1 0.77% Missouri2 6.1% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $28,844 2007 Households 1.1 million Retail 1-year Job Growth 1.30% Household Growth 0.85% Size-Weighted Average PPSF   1-year Job Additions 18,000 Median Home Price $148,988 Major Employers Apartment St. Louis University Size-Weighted Average PPU   U.S. Post Office Hotel

St. Louis Anheuser-Busch Co. Inc. Size-Weighted Average PPU   ABM Industries Weighted Average Cap Rate  – A. G. Edwards & Sons Inc. * Sources: Bureau of Labor Statistics, NAR, STDB Online. Metro Cap Rate Comparison Current Quarter “Home Price Analysis Report for St. Louis Region – 2007” ©2007 NATIONAL ASSOCIATION OF REAL- TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form Hotel (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. vs. Midwest Region  Noteworthy Transactions vs. Nation  Sale Date Sale Price Sq. Ft./Units PPSF/PPU *Comparison of current quarter weighted average capitalization rates. Source: RERC. Office Old Town Executive 1-08 $33,700,000 185,973 $181 Offices United Health 2-08 $31,800,000 188,500 $169 Industrial 1203 Ambassador Blvd. 2-08 $1,660,000 33,245 $50 Keefe Supply Co. 3-08 $8,300,000 171,637 $48 Retail 31-35 N. Gore 2-08 $1,700,000 11,000 $155 Hilltop Plaza 2-08 $23,200,000 302,921 $77 Apartment Village Green 1-08 $20,000,000 252 $79,365 The Vinnings of Bordeaux 3-08 $8,300,000 93 $89,247 Hotel Adams Mark 2-08 $71,000,000 910 $78,022 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery 75,000 sf & Lemp Brewery Complex Mixed Use R 2012 400 Units University Center Mixed Use N 115,880 2008 6177 Delmar Blvd. Hotel N 124 2009 Villa Lighting Warehouse Industrial N 206,288 2009 Wal-Mart Supercenter Retail R 190,617 2008 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 125 Quarterly St. Louis Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $58 $144 $102 $42 $20 Size Weighted Avg. ($ per sf/unit) $83 $49 $113 $31,803 $46,106 Price Weighted Avg. ($ per sf/unit) $126 $76 $163 $38,717 $48,961 St. Louis Median ($ per sf/unit) $87 $56 $107 $35,750 $50,000 > $5 Million Volume (Mil) $1,390 $344 $888 $137 $280 Size Weighted Avg. ($ per sf/unit) $134 $54 $196 $61,941 $97,318 Price Weighted Avg. ($ per sf/unit) $157 $69 $210 $67,617 $118,163 Median ($ per sf/unit) $152 $53 $161 $68,512 $80,886 All Transactions Volume (Mil) $1,448 $488 $990 $179 $301 Size Weighted Avg. ($ per sf/unit) $131 $52 $182 $50,666 $90,493 Price Weighted Avg. ($ per sf/unit) $156 $71 $206 $60,830 $113,464 Median ($ per sf/unit) $124 $54 $111 $37,042 $72,059 Capitalization Rates (All Transactions) Weighted Average (%) – – – – 9.4 Median (%) – – – – 8.9 Source: RERC.

Historical Median Price per Unit (12 month trailing) – APARTMENT

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 126 Quarterly Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (March 2008) Quarter Year Toledo MSA 667,000 Toledo2 7.2% Office Toledo Growth1 0.15% Ohio2 6.1% Size-Weighted Average PPSF   1 2 National Growth 1.30% National 5.2% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $26,105 2007 Households 267,000 Retail 1-year Job Growth – Household Growth 0.30% Size-Weighted Average PPSF   1-year Job Additions – Median Home Price $119,364 Major Employers Apartment St. Vincent Mercy Medical Center Size-Weighted Average PPU   Toledo Toledo Hospital Hotel Bowling Green State University Size-Weighted Average PPU  – Daimler Chrysler Corp. Source: RERC. University of Toledo Sources: Bureau of Labor Statistics, NAR, STDB Online. “Home Price Analysis Report for Toledo Region – 2007” ©2007 NATIONAL ASSOCIATION OF REAL- 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 (2007-2012). 2Rates are non-seasonally adjusted. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office 3242 Executive Parkway 2-08 $1,550,000 16,380 $95 1730 Holloway Road 1-08 $6,700,000 8,741 $767 Retail Toledo Neighborhood 1-08 $2,250,000 85,829 $26 Center Apartment University Enclave 2-08 $12,700,000 120 $105,833 The Cloisters 3-08 $24,800,000 506 $49,012 Hotel Studio 6 1-08 $5,800,000 96 $60,417 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Fed Ex Hub- Industrial N 400,000 2009 Perrysburg Township GM Powertrain Industrial N 400,000 2009 Facility Menards Retail N 240,000 2008 Bass Pro Shop Retail N 150,000 2008 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 127 Quarterly Toledo Transaction Breakdown (4/1/07 - 3/31/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $17 $13 $24 $17 $14 Size Weighted Avg. ($ per sf/unit) $75 $36 $81 $34,636 $36,921 Price Weighted Avg. ($ per sf/unit) $86 $45 $126 $37,151 $39,740 Toledo Median ($ per sf/unit) $74 $32 $81 $31,568 $39,441 > $5 Million Volume (Mil) $101 – – $80 – Size Weighted Avg. ($ per sf/unit) $66 – – $68,535 – Price Weighted Avg. ($ per sf/unit) $111 – – $76,241 – Median ($ per sf/unit) $94 – – $68,097 – All Transactions Volume (Mil) $118 $13 $24 $96 $40 Size Weighted Avg. ($ per sf/unit) $67 $36 $81 $58,687 $49,177 Price Weighted Avg. ($ per sf/unit) $108 $45 $126 $69,539 $53,475 Median ($ per sf/unit) $74 $32 $81 $41,735 $49,176 Capitalization Rates (All Transactions) Weighted Average (%) – – – – – Median (%) – – – – – Source: RERC.

Historical Median Price per Square Foot (12 month trailing) – OFFICE

Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.

Historical Median Price per Unit Footnotes: (12 month trailing) – APARTMENT 1A two-part property sold for $105,804/unit, more than twice the 1 median price, contributing to this quarterly increase.