P Ittsb U Rg H

Demographics & Economics Last Previous Metro Trend Analysis Population Unemployment Rate (June 2008) Quarter Year h Pittsburgh MSA 2.4 million Pittsburgh2 5.2% Office Pittsburgh Growth1 -0.26% Pennsylvania2 5.3% Size-Weighted Average PPSF   g 1 2 National Growth 1.23% National 5.5% Industrial Household Income & Value Size-Weighted Average PPF   Per Capita Income $27,536 2008 Households 997,681 Retail 1-year Job Growth 0.40% Household Growth -0.13% Size-Weighted Average PPSF   1-Year Job Additions 4,400 Median Home Price $130,764 Major Employers Weighted Average Cap Rate =  University of Pittsburgh Medical Center Health System Apartment Highmark Inc. Size-Weighted Average PPU   University of Pittsburgh Hotel Mellon Financial Corp. Size-Weighted Average PPU   The PNC Financial Service Group Inc. * Sources: Bureau of Labor Statistics, NAR, STDB Online. Metro Cap Rate Comparison Current Quarter “Home Price Analysis Report for Pittsburgh Region – 2007” ©2007 NATIONAL ASSOCIATION OF REAL- Pittsbur TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form Office (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted. Vs. East Region  Noteworthy Transactions Vs. Nation  Sale Date Sale Price Sq. Ft./Units PPSF/PPU Industrial Office Vs. East Region  144 N. Main St. 6-08 $15,200,000 82,889 $183 Vs. Nation  Industrial Retail Cranberry Corporate Ctr. 4-08 $18,800,000 215,000 $87 321 Todd Rd. 4-08 $1,197,500 23,102 $52 Vs. East Region = Retail Vs. Nation  Raceway Plaza 5-08 $11,000,000 127,792 $86 Hotel Walgreens 4-08 $6,900,000 14,490 $86 Vs. East Region  Apartment Vs. Nation 

The New Kenmawr 5-08 $26,000,000 209 $124,402 *Comparison of current quarter weighted average capitalization rates. Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Source: RERC. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Cranberry Town Center Office N 775,000 2009-2010 5000 Town Center Way-Southpointe II Office N 120,000 2009 Dick’s Sporting Goods Office N 670,000 2009 Westinghouse Electric Corporation Office N 775,000 2009 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 53 Quarterly Pittsburgh Transaction Breakdown (7/1/07 - 6/30/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $40 $40 $26 $9 – Size Weighted Avg. ($ per sf/unit) $51 $31 $94 $21,137 – Price Weighted Avg. ($ per sf/unit) $60 $48 $184 $26,456 – Pittsburgh Median ($ per sf/unit) $53 $36 $76 $32,115 – > $5 Million Volume (Mil) $150 $59 $69 – $167 Size Weighted Avg. ($ per sf/unit) $70 $47 $159 – $150,596 Price Weighted Avg. ($ per sf/unit) $93 $55 $300 – $173,053 Median ($ per sf/unit) $57 $55 $393 – $190,980 All Transactions Volume (Mil) $190 $100 $95 $58 $167 Size Weighted Avg. ($ per sf/unit) $65 $39 $134 $62,940 $150,596 Price Weighted Avg. ($ per sf/unit) $86 $52 $269 $93,030 $173,053 Median ($ per sf/unit) $53 $44 $108 $34,388 $190,980 Capitalization Rates (All Transactions) Weighted Average (%) 9.0 9.7 6.7 – 9.1 Median (%) 7.0 6.7 6.6 – 8.6 Source: RERC.