BY THE NUMBERS Wall Street fallout shakes real estate investment trusts in and beyond

1. The average annual 2. The average annual 3. The amount of office 4. The percentage drop in returns generated by REITs returns expected from space held by Merrill Lynch value of Brookfield Properties over the past three decades REIT investments at World Financial Center, a shares on September 15 after for investors: over the next year: Brookfield Properties-owned Merrill Lynch was acquired complex: by Bank of America, the REIT’s largest one-day decline in eight years: 13.8% -10% 4.2 million sq. ft. 18%

5. The percentage 6. The percentage that 7. The amount of office 8. The percentage of of Properties’ financial services firms make space Citigroup occupies at SL Green’s net operating New York City office up in SL Green’s office portfo- properties owned by SL Green, income that comes from holdings occupied lio, the largest industry which accounts for 13.4 per- exposure to the Manhattan by financial services represented in it: cent of the REIT’s revenue: office market: tenants: 22% 42% 5 million sq. ft. 86%

9. One analyst’s 10. The percentage drop 11. The dollar value of 12. The average daily dollar forecasted percentage drop in the value of SL Green stock all institutionally owned trading volume for publicly in office rents from their on September 15 after commercial real estate in the traded REITs in July 2008, recent peak for Manhattan, Lehman Brothers went U.S. owned by REITs, compared to $892 million which could hurt the city’s bankrupt, the REIT’s biggest which account for 10 to in July 2003 and office REITs: one-day fall ever: 15 percent of the total: $413 million in July 1998: 20% 20% $600 billion $4.6 billion

13. The percentage decline 14. The percentage drop 15. The amount of space 16. The percentage decline in the Bloomberg REIT index in the Bloomberg REIT that Lehman Brothers could in value of REIT iStar through the first index through the first 17 days be vacating at the Boston Financial’s shares on the three quarters of 2008: of October: Properties-owned 399 Park Avenue, nearly 30 through the first three percent of the tower: quarters of 2008: 2.7% 30.2% 450,000 sq. ft. 90%

17. The percentage fall in 18. The percentage rise in 19. The estimated debt load 20. The debt load of nation- total returns for the FTSE total returns for the FTSE of shopping mall REIT al REIT Equity Office NAREIT Mortgage REIT NAREIT Equity REIT Index, General Growth Properties, Properties at the time of its Index, which tracks 23 publicly which tracks 108 publicly which may have Vornado $39 billion sale last year traded REITs that own mort- traded REITs that own com- Realty Trust as a suitor: to Blackstone Group, gage assets, through the first mercial property, through the believed to be the largest three quarters of 2008: first three quarters of 2008: leveraged buyout ever: 31% 1.8% $27.4 billion $16 billion

Compiled by Linden Lim. Sources: 1) National Association of Real Estate Investment Trusts; 2) Goldman Sachs Group; 3), 4) published reports; 5) RBC Capital Markets; 6), 7) UBS; 8) Stifel, Nicolaus & Co.; 9) JPMorgan Chase; 10) published reports; 11), 12) National Association of Real Estate Investment Trusts; 13), 14) Bloomberg News; 15) Boston Properties; 16) ; 17), 18) National Association of Real Estate Investment Trusts; 19) published reports; 20)

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