Attachment 6: Appendix H

251 KEARNY STREET, 6TH FLOOR SAN FRANCISCO, CALIFORNIA 94108 PHONE 415.397.5490 FAX 415.397.5496

130 NEWPORT CENTER DRIVE, SUITE 230 NEWPORT BEACH, CALIFORNIA 92660 PHONE 949.717.6450 FAX 949.717.6444

77 SUMMER STREET, 7TH FLOOR BOSTON, MASSACHUSETTS 02110

PHONE 617.451.1100 FAX 617.451.1171

MARKET ANALYSIS AND PRODUCT PROGRAM FINAL REPORT PREPARED FOR: RECOMMENDATIONS FOR MOSAIC DISTRICT IN MARCH 8, 2011 STONE & YOUNGBERG, LLC MERRIFIELD, VIRGINIA Executive Summary The Concord Group

To: Stone & Youngberg, LLC From: The Concord Group Date: March 8, 2011 Re: Market Analysis and Product Program Recommendations for the Mosaic District Development in Merrifield, Virginia.

I. Overview

Edens and Avant (“E & A”) is developing the Mosaic District, a 31.3 acre property (the “Site”) in Merrifield, Virginia. The Site is located 12 miles west of Washington D.C. in Fairfax County. The Site is planned for a mix of mid- to high-density residential, retail, hotel and office.

The Concord Group (“TCG”) completed market analyses and product program recommendations for each product type planned for the Site. The following report and exhibit package outlines TCG methodologies and summarizes key conclusions relative to market conditions and revenue and absorption potential for the Site.

TCG believes the Site represents an attractive mixed-use development opportunity. Fairfax County is among the highest income counties in the United States and its real estate market is chronically undersupplied across sectors.

II. Site Summary

The Site is a 31.3 acre infill redevelopment site located in the southwest quadrant of Lee Highway and Gallows Road in Merrifield, Virginia. The following table represents the Site’s planned mix of uses.

Overall Program Use SF Units Rooms Retail 504,100 -- -- Multifamily 900,018 853 - - Townhomes 218,994 114 -- Office 65,000 -- -- Hotel 205,000 -- 300

Total 1,893,112 967 300

III. Methodology

TCG completed the scope of work illustrated below, with corresponding Exhibit package locations:

Exhibit Pkg. Scope of Work Section Exhibit 1. Analyzed current and historical economic and demographic I All conditions in the local and regional market 2. Evaluated current and future supply and demand conditions for each II-VI All land use and surveyed selected competitive product 3. Visited and assessed the Site in its regional context of competitive VII 1-3 alternatives 4. Positioned each land use against the current competitive market VII 4-8 5. Forecasted absorption by parcel and land use VII 9 The Concord Group

IV. Regional Socio-Economic Analysis

The following section summarizes regional and local economic performance, as exhibited in Section I of the attached package. ƒ The Washington, DC metropolitan area has been more resilient than the United States as a whole during the economic downturn, and forecasts suggest that the area will experience significant employment growth in the next few years. o 1.6% employment decline from peak in DC metro area vs. 5.3% decline in United States o DC metro area employment projected to grow on average 2.0% per year in 2011 through 2013, adding 144,000 new jobs during that time. ƒ Fairfax County is consistently among the highest income counties in the United States. Per 2010 estimates, expanded Fairfax County (including Fairfax City and Falls Church) has the second highest median income in the United States, trailing only neighboring Loudoun County. ƒ Fairfax County is a highly supply-constrained real estate market, with very few opportunities to develop large-scale mixed use infill projects like the one planned for the Site.

V. Current Real Estate Market Conditions

Sections II through VI of the attached Exhibit package provide details on the for-sale, apartment, office, retail, and hotel markets. The following section summarizes current market performance for each.

For-Sale Residential

The Residential Market Area (“RMA”, defined as the I-66 corridor from Reston to Falls Church and the I-495 corridor from Annandale to McLean) has experienced a significant decline in new home sales volume along with the national market downturn, but maintains strong underlying demand for new housing. The following summarizes market conditions in the Site’s market area.

Volume: ƒ Estimated 2010 RMA attached and detached new home sales of 395 represent a 77% decline from 2005 peak and a 20% decrease from 2009; 2009 RMA sales volume of 491 homes was down 11% from 2008 sales volume of 553. ƒ Average per project absorption in the RMA is approximately two units per month, but new home supply is very constrained. ƒ Attached product comprises 92% of total new home sales in the RMA, based on 2005 through 2010 sales data.

Price: ƒ Median townhome and condominium home price for new construction in the RMA was $577,000 in the 10 month period ending October 2010, up 8% from $532,152 during the full year 2009. ƒ Median single family home price for new construction in the RMA was $1,414,215 in the 10 month period ending October 2010, up 28% from $1,108,024 during the full year 2009. ƒ Best comparables’ net pricing: o New Home Sales (less attractive locations than Site) ƒ Main Street Residences (Townhome): $864,990 @ $264 PSF ƒ Kendall Square (Townhome): $579,240 @ $246 PSF o Resales ƒ Providence Park (Townhome): $587,450 @ $322 PSF ƒ Metro Place at Dunn Loring (Townhome): $578,500 @ $296 PSF

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Supply and Demand: ƒ TCG estimates demand potential for approximately 900 income-qualified (home price over $240k) new units per year in the RMA. Normalized structural demand for 900 units annually is projected to be reached in 2013 as the housing market recovers. o Normalized annual demand for 900 new homes per year represents approximately half (52%) of peak absorption levels (1,733 sales in 2005) and less than 10% of total (new and resale) annual home sales in the RMA. ƒ There are approximately 800 units remaining in actively selling projects in the RMA. Even at current depressed absorption levels, that represents a healthy two year supply. ƒ The Site is located in a very supply constrained region. Future competition of scale for the Site is the Metrowest project in Fairfax, Virginia, which has been approved for development. While the project will provide a mixture of townhome and condominium product, with 280 condominium units planned and 340 townhome units planned, it is further west of Washington DC, and possesses a lighter and less robust retail component. Other planned and proposed residential projects likely to be delivered in a similar timeframe as that of the Site are small-scale and will enter the market at a staggered pace. Additionally, planning is underway at the County level for the transformation of Tysons Corner into a transit oriented mixed use node which would include several thousand new residential units. However, this initiative is still in the planning stages and will not represent significant competition during the Site’s sales/absorption period.

Although near-term expectations in sales volume and prices are tempered, the long-term outlook remains positive. The for-sale residential product planned at the Site (in a mixed-use setting) will be able to capture a significant share of demand over that period.

For-Rent Residential

The Residential Market Area (“RMA” defined identically as the For-Sale Residential area) is a supply constrained rental market. The RMA is expected to experience moderate population growth over the next 5 years. Traditionally, this area has a low vacancy rate (4.1%) and although the current vacancy (9%) is over double the normalized rate, this can be attributed to the 1,037 units delivered in 2010. Additionally, given the absorption of the new supply of units at 20 per month per new project, a return to historical vacancy levels is likely.

Market Performance: ƒ 3Q10 average rents for Class A product were $1,587 per month, up 3.4% from Year End 2009. ƒ Vacancy rates have climbed to 9.0%, up 3.0% nominally from 2009. As mentioned, the sudden spike is directly related to the 1,037 units delivered in 2010. ƒ Apartment communities comparable to those planned at the Site are experiencing 96% occupancy net of the deliveries in lease-up and, for the most part, have ceased offering concessions. ƒ Best comparables: o Vantage at Merrifield ($2.52/sf/mo) o Carmel Vienna Metro ($2.11/sf/mo)

Supply and Demand: ƒ Deliveries for Class A product from 1995 - 3Q10 averaged 293 per year, but have increased since 2007 and, including deliveries planned at the Site, are projected to increase in coming years to meet the robust demand in the market. ƒ Given an income qualification of $1,250+/month in rent, combined factors of household growth, household turnover, and apartment building obsolescence yield demand for 625 income-qualified units annually in the RMA. With annual deliveries at 293 per year, the RMA is chronically under-supplied.

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ƒ Including the Site, there are approximately 4,000 potential future rental apartment units in the planning pipeline. Based on approval and permitting status, TCG projects that approximately 500 of these units will be delivered per year over the next five years – an amount still below annual demand potential.

Office

The Competitive Market Area’s (“CMA”, defined as the I-66 corridor from Fairfax to Falls Church and the I- 495 corridor from Annandale to McLean) near-term prospects are challenging. There are currently 1.7 million square feet of excess space as vacancy has spiked to 14% from normalized levels of 11%. The medium to long-term office market outlook is strong as the county will continue to offer excellent infrastructure, lower occupancy costs relative to Washington DC, proximity to Washington DC, and an educated labor pool.

Market Performance: ƒ The CMA office lease rates have remained relatively high, with 3Q10 asking rents at $28.93 per square foot gross, rising 1.4% from 3Q09. ƒ Published vacancies in the CMA average 14.3%, while Fairfax County vacancies are higher, at 15.3%, representing the more challenging situation of the Western portion of Fairfax County. ƒ Highest rent buildings are those nearest the Metro stations or arterial highways. Good tenants are willing to pay a premium for proximity to transportation. ƒ Recent lease transactions in best comparable properties have the following estimated annual rents: o 2941 Fairview Park: $39.50 PSF o MetroPlace/Dunn Loring: $35.00 PSF o 3190 Fairview Park: $34.00 PSF o Williams Plaza I: $30.00 PSF o Willow Oaks I: $29.80 PSF

Supply and Demand: ƒ Projected job growth coupled with limited office space deliveries will result in lower vacancy rates and upward pressure on lease rates in the medium-term. ƒ The near-term office market outlook for the CMA is challenging, as the area is currently experiencing oversupply in office space. However, the CMA’s projected job growth coupled with limited office space delivery make the market attractive from a medium or long-term perspective. Projected demand is 750,000 square feet annually over the next 5 years. With 1.7 million square feet in excess space, it is reasonable to expect the market to return to equilibrium in 2.5 years; at this point the market can begin to take on new office space delivery.

Retail

The Regional Trade Area (“RTA”) ranges approximately 6 miles to the west, 3 miles to the east, 2 miles to the north and 3 miles to the south of the Site – based on the location of existing Target stores and other major retail nodes. The RTA is an undersupplied retail market but has nonetheless experienced a 26% drop in lease rates from the peak in 2007. Vacancy rates have remained stable at 4.7%, and the RTA has outperformed in occupancy relative to the Washington DC metro area.

Market Performance: ƒ Asking lease rates for retail space in the RTA are at $27.45 per square foot, dropping 2.7% over the past year. ƒ Published retail vacancy in the RTA rose from 4.4% in 2009 to 4.7% in 3Q10.

Supply and Demand: ƒ Based on consumer spending patterns, the RTA has over a 1 million square foot demand gap in department, clothing and accessory stores that the area will be delivering.

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ƒ The RTA currently has 278,900 square feet in the development pipeline (excluding the Site) and the Site is expected to deliver 481,000 square feet supporting the assumption that the area will continue to remain undersupplied. ƒ Tysons Corner, 3.5 miles north of the Site, is an established office and regional mall. Tysons Corner, with significant traffic issues and an aging mall complex, is planning an extensive redevelopment effort that over 30 years will include extensive office and retail development. The great majority of this new development will begin after the Site is completed. The Site, a less congested film, restaurant, supermarket and boutique driven mixed use concept with a Target anchor, will likely have deeper penetration and repeat visits from nearby consumers than a tangentially competitive large department store driven complex. TCG does not believe the Tyson's Corner growth will negatively impact the Site.

Relatively strong regional performance and undersupply in certain key categories suggest that retail at the Site will fare well, already anchored by major tenant Target and aided in the future by surrounding residential neighborhoods.

Hotel

Hotel occupancy and rates have declined in the Competitive Market Area (“CMA”, defined along the I-66 corridor from Fairfax to Tysons Corner) along with the national market downturn. Although there are near- term challenges, medium and long-term performance expectations are strong due to increasing business development, improving hotel sector dynamics, and undersupply of quality hospitality product in the area.

Market Performance: ƒ Average daily rate (“ADR”) in the CMA has dropped 14.6% to $122 in 2010 from $143 in 2007. ƒ Average occupancy has dropped 9.3% to 68% in 2010 from 75% in 2005. ƒ Average occupancy in the CMA is in line with the Washington DC metro area but is priced at a 14% discount. ƒ Best comparables’ occupancy and ADR o Courtyard Marriott Dunn Loring (80% and $153) o Marriott Fairview Park (65% and $174) o Homewood Suites Falls Church (70% and $166) o Marriott Tysons Corner (75% and $181) o Westin Tysons Corner (75% and $171)

Supply and Demand: ƒ Based on historical data, annual supply growth expectations (total rooms) are 0.9% over the next four years. ƒ Demand is anticipated to grow by an annual average of 3.4% over the next four years ƒ Based on demand growing at a greater pace than supply, and assuming 65% average occupancy for “healthy” hotel markets, the CMA is projected to be undersupplied in hotel rooms over the next 4 years, beginning with an projected undersupply of 401 rooms in 2011 and increasing to an undersupply of 867 rooms by 2014. ƒ The hotel development pipeline in the hotel market area is limited, consisting of only two projects: a 110-room Hilton Garden in Falls Church and a 180-room hotel in City Center South Falls Church. ƒ Unique hotels surrounded by quality retail and restaurants are noticeably absent from the CMA.

The opportunity for differentiated hotel development in Merrifield is positive, given a lack of similar hotel product and the long-term growth potential of Merrifield’s redevelopment.

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VI. Site Evaluation

The Site is approximately 12 miles west of Washington D.C., and is located on 31.3 acres of flat redevelopment land. Surrounding land uses include a mix of retail, office, residential, light industrial, and municipal/institutional. A comprehensive plan – of which Mosaic is a central component – is in place in Fairfax County to transform the area into a transit-oriented, pedestrian-friendly, mixed-use neighborhood. The site is easily accessible by automobile (locally via Gallows Road and Lee Highway and regionally via I-495 and I-66) and by rail (via Dunn Loring Metro station).

A

I

D C E

H

G

B

Mosaic F J

A Dunn Loring Metro Station F Vantage (apartments) B Home Depot G Providence Park (resale townhomes) C Courtyard Hotel H Halstead Phase B (apartment & retail - under construction) D Halstead (resale condo) I Metro Place & Westbriar Plaza (resale condo) E Wilton House (resale condo) J USPS

Each land use at the Site was evaluated on a scale from 1-5 for different characteristics such as access, surrounding land uses, and proximity to services. With 1 being poor, 3 representing the average of market competition, and 5 being excellent, the Site scored at 4.0, or “very good” ranking. The Site’s major strengths include its location relative to the interstate and public light rail, which provides convenient access to Washington D.C. as well as the surrounding suburbs of Northern Virginia. The Site’s main drawback is the industrial land uses in the immediate vicinity. However, a master plan is in place to fully redevelop the surrounding area with uses commensurate with those planned for the Mosaic District.

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VII. Positioning Strategy

The following section addresses the price/rent positioning at the Site. Further detail can be found in section VII.

For-Sale Residential

TCG recommends market rate pricing for Mosaic District townhomes at $550,000 ($286/sf). The lack of directly comparable product in the local area and the planned mix of uses at the Site make Mosaic townhouses more attractive than comparables. However, the current downturn in the housing market has caused the planned supply of competitive product to dwindle significantly from normalized levels. Therefore, it is expected that when the Mosaic product comes online for sale in 2012, the supply of competing new product will be constrained, thus allowing for the achievement of recommended base pricing.

The best comparables for new townhome product in the RMA are Main Street Residences and Kendall Square. The average net price for these townhomes is $255 per square foot (indicated by $264 per square foot at Main Street Residences and $246 at Kendall Square). Providence Park and Metro Place at Dunn Loring are the comparable resale products which are priced at $322 per square foot and $296 per square foot respectively. Main Street and Kendall Square have struggled in the past year with slow sales, although base pricing has remained relatively constant (incentives in the form of closing costs have been offered). The rationale for positioning Mosaic above Main Street Residences and Kendall Square is that Mosaic offers a superior product in amenities offered and location in a diverse mixed-use development. Pricing in line with or slightly below Providence Park and Metro Place is conservative due to slower current market conditions and leaves Mosaic with potential upside.

The Site will also offer Affordable and Workforce units representing 12% of the total for-sale program mix. These units are positioned at an average of $185/sf.

For-Rent Residential

TCG recommends market rate Mosaic District residential rents to be positioned at $2.22 per square foot per month for apartment spec level and $2.51 per square foot per month for condominium spec level. The rationale for delineating apartment and condominium spec levels is that some current comparables are fractured condominium deals and it is expected that some current product deliveries will convert to condominiums when the for-sale residential market demand picks up. The Vantage at Merrifield is immediately adjacent to the Mosaic site, and provides a conservative comparison for achievable rents at Mosaic. The Vantage has performed well with current occupancy at 97% and average net rent at $2.52. Lofts at Park Crest provide another condominium spec level comparable with strong performance at 98% occupancy and average net rent at $2.79. Carmel Vienna Metro apartments are the best and most proximate apartment spec level comparable for Mosaic. Carmel Vienna Metro has performed well with 95% occupancy and an average net rent of $2.11. Pearson Square Falls Church is the next best comparable for the apartment spec level product. Pearson Square is 97% occupied and, while priced below recommendations at $2.03, has no access to the metro. TCG rent positioning recommendations are supported through the performance of aforementioned comparables.

The Site will also offer Affordable and Workforce units representing 12% of the total for-sale program mix. Workforce product will represent 7% of the total units and be priced at $1,717 per month ($1.84/sf). The remaining 5% of below market rate units are positioned as Affordable to households earning: i) at/below 65% of Area Median Income (“AMI”), or ii) at/below 50% of AMI. These units are positioned at an average of $1,191 per month ($1.27/sf) and $917 per month ($0.98/sf), respectively.

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Office

Recommended rents for Mosaic District office are $35.00 per square foot which are positioned in the upper range of the Merrifield submarket but generally below the Class A product in Reston Town Center and Tysons Corner. The top-of-the-market key competitive building in Merrifield is 2941 Fairview Park (effective rent of $39.50). In Reston Town Center the upper-end competitive property is SOMA, located at 11950 Democracy Drive ($44.00). In Tysons Corner, the key comparable is Greensboro Corporate Center I ($40.00). Office space at Mosaic District will benefit from master plan orientation and proximity to the Metro station, differentiating itself from the comps, thereby supporting recommend pricing.

Retail

Currently, E&A has executed deals on 235,300 square feet to tenants (including 168,900 square feet to Target). Executed leases on the non-Target spaces range from $21.82/sf to $53.00/sf. For remaining retail square footage, TCG recommends $40/sf for anchor space and $50/sf for non-anchor space. The lack of diverse and attractive retail in Merrifield allows Mosaic to create a differentiated high-end product unique to the Merrifield area. This drives the rationale for pricing. The top of the local market for typical Class B and C retail space is in the low $30s per square foot, and Mosaic conservatively can be at a $10 to $20 per square foot premium to that in the near term, with upside potential as available space at the Site decreases. Class A product at Tysons I and the Galleria and garners rents up to $125.00 per square foot for prime space. Rent at the Mosaic District is in line with lower half of Reston Town Center, which is an established retail node yet serves as a suburban lifestyle center with no current Metro access. The recommended pricing is supported by executed leases at the Site but it is important to note that certain key tenants, Mom’s and Black’s, were signed with favorable terms to seed the retail component. With the base level retail in place, expectation for higher rents is supportable.

Hotel

TCG projects achievable average daily rates (ADR) of $180 per night. Hotel positioning assumes 3- to 4-star product with the Hotel Sierra flag. The hotel market area lacks the differentiated product of Hotel Sierra. Comparable hotels in the area include the Courtyard by Marriott Dunn Loring Fairfax (80% average occupancy and $153 ADR), the Homewood Suites Falls Church (70% and $166), the Marriott Tysons Corner (75% and $181), and the Westin Tysons Corner (75% and $171). The Mosaic District hotel will be higher quality and more accessible to the amenities the Site has planned. Additionally, the product offering is differentiated from the standard hotel product the area currently offers. The recommendations are supported assuming a strong operator and normalized market occupancy.

VIII. Projected Site Absorption

The following section addresses the projected absorption at the Site. Backup can be found in Exhibit VII-9.

TCG projected both current and normalized absorption rates at the Site. Normalized projected absorption rates were benchmarked against the performance of key comps over the total sales or lease-up period of the project and were considered in the context of analog large-scale, mixed-use communities around the country. Current projected absorption rates consider market recovery, the performance of key comps over the past year, and also take into account the larger magnitude (and market share) of the planned product at the Site.

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For-Sale

Projected for-sale residential absorption for the Site is 3 units per month in the near term and 4 units per month under normalized conditions. Currently, 3 units per month reflects the higher end of the market yet more comparable product has absorption rates near two units per month. The uniqueness of the mixed-use product offering garners a market premium and limited new home supply is expected to come online. Deliveries at the Site begin in late 2011 and, after a TCG-projected 2013 for-sale market recovery, absorption ramps up from 3 units sold per month to 4 units sold per month.

For-Rent Residential

Standard projected apartment unit absorption at the subject is 20 units per month, with slightly slower absorption (15 units per month) for two rental buildings built to condominium specifications and delivered simultaneously in 2014 (Parcels C & E). This absorption pace is in line with absorption at comparable properties currently in lease-up in the market area.

Office

Office space at the Site is anticipated to lease up in a one year period. The projections assume moderate employment growth, net positive absorption in 2011, and the 2-year burn off (i.e., absorption) of excess vacant space. In the context of market alternatives, the Site will have a unique advantage given the building quality, location and planned mixed-use environment. With only 1.6 million square feet in the development pipeline, no anticipated deliveries in 2011 or 2012, and nothing under construction, the projected one year lease-up period of 65,000 square feet of office space at the Site is supportable.

Retail

The retail components at the Site are generally expected to lease-up in approximately one-year after their respective building deliveries. Total retail space will amount to roughly 504,100 square feet, 235,300 square feet of which is under executed deals by tenants including Target, multiple restaurants, an upscale grocery, and a theater. Deliveries are planned to occur from October 2012 to February 2015, with absorption averaging approximately 125,000 square feet per year over four years, which is well supported by a retail gap analysis.

Hotel

The two hotels at the Site are projected to be stabilized two to three years after opening upon delivery in 2012 and 2014, a standard stabilization period for a successful hotel. The hotels will be able to gain traction from office uses at the Site, those planned at Metrowest, and existing space in major nearby office nodes like Tysons Corner. Additionally, the strong performance of the competitive set, at 74% average occupancy, is representative of the strong opportunity for hotel development in Merrifield. Lastly, the product type differentiation of the hotel at the Site will further enhance the competitive advantage of performance.

IX. Conclusion

TCG believes the Site presents an attractive development opportunity. The proposed phasing schedule will mitigate the impact of near-term market conditions. TCG’s pricing/rent recommendations and projected absorption schedules are achievable and supportable, given the Site’s excellent location, access to transit, master-planned orientation and proximity to Washington D.C. metropolitan area employment nodes and cultural centers.

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LIST OF EXHIBITS

I. Metro Area Summary 1. Regional Location Map and Subject Site 2. Regional Economic Indicators – Employment Summary 3. Regional Economic Indicators – Home Sales and Prices 4. Demographic Outlook

II. For-Sale Residential Market 1. For-Sale Residential Market Area 2. For-Sale Residential Submarket Performance 3. Historical Sales Trends 4. Current Inventory 5. Competitive For-Sale Residential Communities Map 6. Selected Local Residential Resales 7. For-Sale Residential Demand Projection 8. Future For-Sale Development

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III. For-Sale Residential Market 1. Apartment Market Area 2. Apartment Submarket Performance 3. Apartment Historical Trends 4. Current Inventory of Comparable Rental Communities 5. Annual Demand Potential for New Apartment Units 6. Future For-Rent Development Data

IV. Office Market 1. Office Market Area 2. Office Submarket Performance 3. Office Macro Trends 4. Selected Competitive Office Space 5. Office Demand 6. Future Office Development

V. Retail Market 1. Retail Market Area 2. Retail Submarket Performance 3. Retail Macro Trends 4. Selected Competitive Retail Space

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5. Retail Gap Analysis 6. Future Retail Development

VI. Hotel Market 1. Hotel Market Area 2. Hotel Submarket Performance 3. Hotel Macro Trends 4. Selected Competitive Hotels 5. Hotel Demand 6. Future Hotel Development

VII. Site Specific Analysis 1. Local Area Map 2. Site Map 3. Site Evaluation 4. For-Sale Residential Positioning 5. Apartment Rent Positioning 6. Office Lease Rate Positioning 7. Retail Lease Rate Positioning 8. Hotel Room Rate Positioning 9. Absorption Schedule

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The Concord Group EXHIBIT I-1

REGIONAL LOCATION MAP & SUBJECT SITE FAIRFAX COUNTY 1/, VIRGINIA 2010

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MMontclair BennsvilleBennsville 07406.01 SummMap: Sheet1 1 of 3 THE CONCORD GROUP EXHIBIT I-1

REGIONAL LOCATION MAP & SUBJECT SITE FAIRFAX COUNTY 1/, VIRGINIA 2010 TysonsTysons CornerCorner TysonsTysons CornerCorner PimmitPimmit HillsHills

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07406.01 SummMap: Sheet1 2 of 3 THE CONCORD GROUP EXHIBIT I-1

REGIONAL LOCATION MAP & SUBJECT SITE FAIRFAX COUNTY 1/, VIRGINIA 2010

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07406.01 SummMap: Sheet1 3 of 3 THE CONCORD GROUP EXHIBIT I-2

REGIONAL ECONOMIC INDICATORS - EMPLOYMENT SUMMARY WASHINGTON, DC-VA-MD-WV METRO AND EXPANDED FAIRFAX COUNTY 1995 - 2015

Employment (in 000s) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011f 2012f 2013f 2014f 2015f

Expanded Fairfax County 1/

PS&T Svcs. 2/ 89.4 103.5 115.6 118.5 114.5 120.5 130.5 143.1 149.0 155.1 161.2 162.7 160.2 162.6 168.5 174.9 179.3 182.5 Annual % ∆ 13.8% 15.8% 11.6% 2.5% -3.4% 5.3% 8.3% 9.7% 4.1% 4.0% 4.0% 0.9% -1.5% 1.5% 3.6% 3.8% 2.5% 1.7% % of Total 17.5% 19.4% 20.3% 20.7% 20.6% 21.3% 22.4% 23.7% 24.4% 25.0% 26.0% 27.0% 26.8% 27.1% 27.3% 27.6% 27.7% 27.8% Government 69.7 70.2 71.6 72.0 74.4 76.2 77.6 79.8 81.4 83.4 84.3 84.4 82.8 80.7 81.5 82.5 83.6 84.1 Annual % ∆ 1.5% 0.7% 1.9% 0.6% 3.3% 2.4% 1.8% 2.9% 2.0% 2.4% 1.1% 0.2% -1.9% -2.6% 1.0% 1.2% 1.4% 0.6% % of Total 13.6% 13.1% 12.6% 12.5% 13.3% 13.5% 13.3% 13.2% 13.3% 13.5% 13.6% 14.0% 13.8% 13.4% 13.2% 13.0% 12.9% 12.8% Other Sectors 352.5 360.3 381.3 383.2 368.3 368.0 373.5 380.3 381.3 380.6 373.6 356.3 355.3 357.3 366.0 377.3 384.9 389.0 Annual % ∆ 3.7% 2.2% 5.8% 0.5% -3.9% -0.1% 1.5% 1.8% 0.2% -0.2% -1.8% -4.6% -0.3% 0.6% 2.4% 3.1% 2.0% 1.1% Total 511.6 534.1 568.5 573.7 557.2 564.7 581.6 603.3 611.7 619.0 619.1 603.4 598.3 600.6 616.0 634.7 647.8 655.6 Annual % ∆ 5.0% 4.4% 6.4% 0.9% -2.9% 1.4% 3.0% 3.7% 1.4% 1.2% 0.0% -2.5% -0.8% 0.4% 2.6% 3.0% 2.1% 1.2%

Washington, DC-VA-MD-WV Metro

PS&T Svcs. 2/ 239.9 260.1 283.2 294.2 292.2 307.9 328.8 348.6 359.2 369.6 380.2 381.5 377.9 384.7 396.6 410.7 421.7 429.5 Annual % ∆ 6.7% 8.4% 8.9% 3.9% -0.7% 5.4% 6.8% 6.0% 3.1% 2.9% 2.9% 0.4% -1.0% 1.8% 3.1% 3.6% 2.7% 1.9% % of Total 12.2% 12.8% 13.3% 13.6% 13.4% 13.8% 14.3% 14.8% 15.0% 15.3% 15.6% 16.0% 15.8% 15.9% 16.1% 16.2% 16.2% 16.3% Government 475.2 478.4 483.2 488.6 501.7 523.1 529.8 538.7 546.8 550.6 561.4 573.3 570.3 558.5 566.1 576.3 586.7 592.2 Annual % ∆ -0.7% 0.7% 1.0% 1.1% 2.7% 4.3% 1.3% 1.7% 1.5% 0.7% 2.0% 2.1% -0.5% -2.1% 1.3% 1.8% 1.8% 0.9% % of Total 24.2% 23.5% 22.7% 22.5% 23.1% 23.5% 23.1% 22.9% 22.9% 22.8% 23.1% 24.0% 23.8% 23.2% 22.9% 22.7% 22.6% 22.5% Other Sectors 1,249.7 1,296.8 1,365.9 1,386.9 1,381.4 1,399.6 1,437.6 1,460.9 1,484.6 1,493.4 1,487.6 1,435.6 1,446.8 1,469.0 1,505.3 1,551.8 1,588.1 1,610.6 Annual % ∆ 3.6% 3.8% 5.3% 1.5% -0.4% 1.3% 2.7% 1.6% 1.6% 0.6% -0.4% -3.5% 0.8% 1.5% 2.5% 3.1% 2.3% 1.4% Total 1,964.7 2,035.3 2,132.4 2,169.7 2,175.3 2,230.6 2,296.1 2,348.2 2,390.6 2,413.6 2,429.2 2,390.4 2,394.9 2,412.2 2,468.0 2,538.8 2,596.6 2,632.2 Annual % ∆ 2.9% 3.6% 4.8% 1.7% 0.3% 2.5% 2.9% 2.3% 1.8% 1.0% 0.6% -1.6% 0.2% 0.7% 2.3% 2.9% 2.3% 1.4%

United States

Total Nonfarm 125,922.9 128,991.7 131,793.6 131,829.9 130,340.4 129,996.0 131,419.2 133,694.1 136,085.7 137,588.3 136,776.6 130,910.8 130,261.5 131,455.2 134,270.5 138,913.4 142,585.4 144,380.0 Annual % ∆ 2.6% 2.4% 2.2% 0.0% -1.1% -0.3% 1.1% 1.7% 1.8% 1.1% -0.6% -4.3% -0.5% 0.9% 2.1% 3.5% 2.6% 1.3%

1/ Including Fairfax City and Falls Church 2/ Professional, Scientific, & Technical Services

07406.01 EconIndicators: Emp THE CONCORD GROUP EXHIBIT I-3

REGIONAL ECONOMIC INDICATORS - HOME SALES AND PRICES WASHINGTON, DC-VA-MD-WV METRO AND EXPANDED FAIRFAX COUNTY 1995 - 2010

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e

Expanded Fairfax County 1/ New Sales 860 1,207 1,821 2,888 2,751 3,054 3,073 4,017 4,071 4,066 3,686 3,271 3,383 4,349 4,342 3,142 1,767 791 794 712 Annual % ∆ 40% 51% 59% -5% 11% 1% 31% 1% 0% -9% -11% 3% 29% 0% -28% -44% -55% 0% -10% New as % of Total 5% 7% 10% 15% 18% 19% 19% 21% 21% 18% 17% 14% 13% 15% 17% 17% 12% 7% 7% 6% Area as % of Metro 24% 26% 29% 28% 23% 23% 22% 20% 17% 17% 15% 14% 13% 15% 14% 12% 9% 6% 7% 6% Median Price ($) 232,530 227,847 225,463 234,324 246,174 253,529 270,812 291,490 302,282 372,524 436,545 512,192 504,739 526,529 620,051 500,335 549,878 557,238 540,992 587,380 Annual % ∆ -2% -1% 4% 5% 3% 7% 8% 4% 23% 17% 17% -1% 4% 18% -19% 10% 1% -3% 9%

Existing Sales - Attached 7,420 7,774 7,403 7,079 5,448 5,331 5,109 6,028 7,021 9,595 10,271 11,499 12,842 13,685 12,053 8,540 6,555 4,711 4,560 4,610 Annual % ∆ -7% 5% -5% -4% -23% -2% -4% 18% 16% 37% 7% 12% 12% 7% -12% -29% -23% -28% -3% 1% Sales - Detached 8,010 9,385 9,651 9,275 7,473 7,658 8,041 9,272 8,627 8,909 7,900 8,687 10,232 10,665 9,788 6,970 6,127 5,259 5,381 5,761 Annual % ∆ 7% 17% 3% -4% -19% 2% 5% 15% -7% 3% -11% 10% 18% 4% -8% -29% -12% -14% 2% 7% Total 15,430 17,159 17,054 16,354 12,921 12,989 13,150 15,300 15,648 18,504 18,171 20,186 23,074 24,350 21,841 15,510 12,682 9,970 9,941 10,371 Annual % ∆ -1% 11% -1% -4% -21% 1% 1% 16% 2% 18% -2% 11% 14% 6% -10% -29% -18% -21% 0% 4%

Median Price ($) 173,365 177,295 182,282 184,713 182,151 184,375 189,524 191,859 196,154 205,578 226,643 263,229 306,227 376,383 469,845 473,728 460,739 416,094 389,889 428,025 Annual % ∆ 2% 2% 3% 1% -1% 1% 3% 1% 2% 5% 10% 16% 16% 23% 25% 1% -3% -10% -6% 10%

Washington, DC-VA-MD-WV Metro

New Sales 3,625 4,723 6,364 10,167 12,157 13,393 13,839 20,450 24,524 23,985 24,612 23,651 25,274 28,238 30,943 26,132 20,048 12,484 12,146 11,333 Annual % ∆ 30% 35% 60% 20% 10% 3% 48% 20% -2% 3% -4% 7% 12% 10% -16% -23% -38% -3% -7% Median Price ($) 177,464 170,721 182,371 187,839 184,151 190,751 196,230 194,898 204,519 225,171 264,080 311,052 359,998 423,517 511,265 518,794 479,149 430,024 377,058 380,608 Annual % ∆ -2% -4% 7% 3% -2% 4% 3% -1% 5% 10% 17% 18% 16% 18% 21% 1% -8% -10% -12% 1%

Existing Sales - Attached 20,437 21,352 21,714 20,036 15,322 15,736 14,746 16,650 20,408 26,514 31,104 34,412 38,551 43,990 41,195 30,466 23,367 14,957 15,843 15,280 Annual % ∆ -11% 4% 2% -8% -24% 3% -6% 13% 23% 30% 17% 11% 12% 14% -6% -26% -23% -36% 6% -4% Sales - Detached 24,614 28,904 31,214 31,013 26,573 29,137 28,139 30,900 32,468 33,262 34,763 38,792 42,682 49,871 48,238 36,528 27,901 19,089 21,209 20,949 Annual % ∆ -4% 17% 8% -1% -14% 10% -3% 10% 5% 2% 5% 12% 10% 17% -3% -24% -24% -32% 11% -1% Total 45,051 50,256 52,928 51,049 41,895 44,873 42,885 47,550 52,876 59,776 65,867 73,204 81,233 93,861 89,433 66,994 51,268 34,046 37,051 36,229 Annual % ∆ -7% 12% 5% -4% -18% 7% -4% 11% 11% 13% 10% 11% 11% 16% -5% -25% -23% -34% 9% -2%

Median Price ($) 139,714 144,735 146,896 147,389 145,513 147,904 152,203 157,423 158,516 165,745 178,267 207,018 247,779 299,673 375,051 383,019 380,973 350,508 310,651 314,167 Annual % ∆ 2% 4% 1% 0% -1% 2% 3% 3% 1% 5% 8% 16% 20% 21% 25% 2% -1% -8% -11% 1%

1/ Including Fairfax City and Falls Church Sources: First American; Hanley-Wood; NVAR

07406.01 EconIndicators: SalesPrices THE CONCORD GROUP EXHIBIT I-4

DEMOGRAPHIC OUTLOOK WASHINGTON, DC-VA-MD-WV METRO AND EXPANDED FAIRFAX COUNTY 1/ 2010 - 2015

2010 2015 5-Year Annual Change Current Household Income Range # Cum. # Cum. Change # Cum. % % of HH

Expanded Fairfax County 1/

$0 - 50,000 68,361 397,793 59,794 406,345 -8,567 -1,713 1,710 -2.6% 17.2% 50,000 - 75,000 59,269 329,432 54,523 346,551 -4,746 -949 3,424 -1.7% 14.9% 75,000 - 100,000 60,601 270,163 56,250 292,028 -4,351 -870 4,373 -1.5% 15.2% 100,000 - 125,000 50,928 209,562 51,015 235,778 87 17 5,243 0.0% 12.8% 125,000 - 150,000 40,945 158,634 42,647 184,763 1,702 340 5,226 0.8% 10.3% 150,000 - 200,000 55,275 117,689 58,703 142,116 3,428 686 4,885 1.2% 13.9% 200,000 - 500,000 52,035 62,414 67,810 83,413 15,775 3,155 4,200 5.4% 13.1% 500,000 + 10,379 10,379 15,603 15,603 5,224 1,045 1,045 8.5% 2.6% 397,793 -- 406,345 -- 8,552 1,710 -- 0.4% 100.0%

Washington, DC-VA-MD-WV Metro

$0 - 50000 531,646 2,044,883 481,632 2,143,878 -50,014 -10,003 19,799 -2.0% 26.0% 50000 - 75000 351,083 1,513,237 339,760 1,662,246 -11,323 -2,265 29,802 -0.7% 17.2% 75000 - 100000 318,014 1,162,154 310,071 1,322,486 -7,943 -1,589 32,066 -0.5% 15.6% 100000 - 125000 240,948 844,140 260,741 1,012,415 19,793 3,959 33,655 1.6% 11.8% 125000 - 150000 179,459 603,192 201,114 751,674 21,655 4,331 29,696 2.3% 8.8% 150000 - 200000 212,182 423,733 246,243 550,560 34,061 6,812 25,365 3.0% 10.4% 200000 - 500000 175,536 211,551 248,039 304,317 72,503 14,501 18,553 7.2% 8.6% 500000 + 36,015 36,015 56,278 56,278 20,263 4,053 4,053 9.3% 1.8% 2,044,883 -- 2,143,878 -- 98,995 19,799 -- 0.9% 100.0%

1/ Includes Fairfax County, Falls Church city, and Fairfax city.

Source: Claritas

07406.01 Demo: Summ THE CONCORD GROUP II. FOR-SALE RESIDENTIAL MARKET

The Concord Group EXHIBIT II-1

FOR-SALE RESIDENTIAL MARKET AREA FAIRFAX COUNTY, VIRGINIA 2010 RockvilleRockville FairlandFairland LeesburgLeesburg Muni/GodfMuni/Godf rey rey FieldField

d 112 d d GGlll d d elee d d R l R l R Rockville eee d lll R R EE en d Rockville RRaannddoo eenn EEE RR Raananndlllpphh RRdd nnn RR EE RRaannddoolollpplhph h RR Rddd RR R Re R Re e R d e e dd R ddd dd d d s s s s d d d e e d d e d d d e u CalvertonCalverton u u CalvertonCalverton s s u R CalvertonCalverton SouthSouth LaurelLaurel s R R R SouthSouth LaurelLaurel 621 s so R R SouthSouth LaurelLaurel R R R o o l 15 o u u l l l l u WheatonWheaton GlenmontGlenmont l l u MontroseMontrose RdRd l l l l u l l WheatonWheaton GlenmontGlenmont i h MontroseMontrose RdRd l l h h WheatonWheaton GlenmontGlenmont MontroseMontrose RdRd il il il o h y o i i o i y i i o og yyy g g yy h h g wyy h M h h M M M BeltsvilleBeltsville w n M M BeltsvilleBeltsville n n i M M M BeltsvilleBeltsville ww n w g k g ww i i k 190 g ww g gti 650 kkk t t 295 LOUDOUNLOUDOUN t ddd kk GGlleleennn RRR p p p LOUDOUNLOUDOUN n n kPk lleleennn RRRddd p p p LOUDOUNLOUDOUN n GG ddd p p p e nnn RRR inin GGllleee e e PPP i PP ti ti e sP PP t t t e e e m m m s e e m m m s e m s m m 197 642 ses e sss e e WheatonWheaton e e e eee e e e e e Wheaton e Wheaton e ed e eee e M NorthNorth BethesdaBethesda WheatonWheaton e e Me M NorthNorth BethesdaBethesda M ddd NorthNorth BethesdaBethesda d K K K ad ddd K K K K K K aaa y ac MyMy a BB M a eee y aa BBBaaaccc M M cc BBeeaeacachhh M M sc eee hch cc aaaccc hM M Miililll l R R e ccc hhh M Mililill ddd e e R lR R e sss iililll l Rddd y y sas Rddd y sss y y n aa n n a i a e e n a i i aaa e i C e e WhiteWhite OakOak d d d WhiteWhite OakOak d d d 270 WhiteWhite OakOak CC d d d R R R n n 28 C P CC R R n CC R R R in iPn P C P 659 i i i R R R R R R R R R R i i i i i P P 267 iv iv iv P v v P P v v v a a a a a a e ie e a a a e e AdelphiAdelphi SterlingSterling e ve e AdelphiAdelphi 95 WWW SilverSilver SpringSpring AdelphiAdelphi SterlingSterling c c c WWW SilverSilver SpringSpring SterlingSterling c c c r r r WWW c c c r e r SilverSilver SpringSpring 637 r r r PotomacPotomac PotomacPotomac

e e e PotomacPotomac e e e e e BrB B 193 e aaa B B aaa B B B n G n n G aaa n n n GG n n r n GGrr LangleyLangley ParkPark B eee e e e rrr l l l ee LangleyLangley ParkPark e e e eee l r l r l r LangleyLangley ParkPark e e e e e e eee lklk e lk eennn e e e kkk eeennntt e e t e BethesdaBethesda kkk nnrrr GreenbeltGreenbelt n n n n BethesdatBethesdat eee e tr n r 734 n GreenbeltGreenbelt eee BethesdatBethesdatt eree n e n n rrr e GreenbeltGreenbelt eee ee S S S eeee e e e eRR S S S eee d d R S S S d R R n ddd r r r d d RR d d d d d r r r d r d r d r d

d TakomaTakoma ParkPark dd ddd d TakomaTakoma ParkPark ddd RRR R R R TakomaTakoma ParkPark R RRR R R R R RRR R R ChillumChillum ll l R R ChillumChillum llll l ChillumChillum iilillll ddd R iilill ddd d dRd CollegeCollege ParkPark 7 d d d iii dd CollegeCollege ParkPark H H d d CollegeCollege ParkPark d d ddd d RReeeddd RR CCll 188 606 267 CllCaaarrlrlaaa r rB aBaa a aBrrrtttooo 50 HerndonHerndon aa Brrtataoorrntntnoo P nPnk k kPwwkkyywy NewNew CarrolltonCarrolltonCollegeCollege ParkParkLanhamLanham GlennGlenn DaleDale HerndonHerndon kyywyy NewNew CarrolltonCarrolltonCollegeCollege ParkParkLanhamLanham 564 CCC CC ResRes ton ton ooCo ResRes ton ton 396 nnn HyattsvilleHyattsville SaarinenSaarinen CirCir nono HyattsvilleHyattsville 50 SaarinenSaarinen CirCir nnn enene Freew cecec WashingtonWashington DullesDulles InternationalInternational cctett WolfWolf TrapTrap ttcicii EastEast RiverdaleRiverdale 615 WolfWolf TrapTrap icitctc EastEast RiverdaleRiverdale ccutiuiu 50 uucic LanhamLanham SeabrookSeabrook tutut LanhamLanham SeabrookSeabrook McleanMclean A A McleanMclean A tAt 50 H H H A H H H v H v H A 705 H 495 vAvA eev FreewFree waa u u u evv FreewFree waa u u u eev u u u e n n e n eN n N n n e n n n N FFF NN FFF te te te N 295 FFF t t t NN t t t WWN e e e W ooo e e e TysonsTysons CornerCorner WWW 1 r r r TysonsTysons CornerCorner WW 7100 r r r W x r r xx r xxx 620 xxx

M M M M M M MMM M M M

ill ill ill ddd iii ill ill ill ddd ililil ill ill ill lll ll l RRR ll l 120 RRR R RRR RRR R R RRR R R R RRR R R R nn d n d d d nn LLL dd d ininn LLLoooggg dd d d 295 i d d d i i in LLLooogggmm dd d ViennaVienna i i i ooogggmmiililll l R Rddd 28 ViennaVienna 21 aaa iilillllRR d tatata R Rddd t t t nnn IdylwoodIdylwoodIdylwood 66 95 nnn OaktonOakton IdylwoodIdylwoodIdylwood uuu OaktonOakton uuu OaktonOakton ooo HH StSt NENE ooo WWW HH StSt NENE WWW WWW L L L L L L MMM L L L 332 MMM KetteringKettering o o o KetteringKettering o o o WalkerWalker MillMill KetteringKettering o o o WalkerWalker MillMill O O O OO WalkerWalker MillMill O WashingtonWashington g OOO WashingtonWashington g g g g g WashingtonWashington g g g dddd x x x dd m R m m RR x x x m m m R R x x x R m m m eeee R s ssee usss R u R R uss RRR uuu i i i ArlingtonArlington ooo RRR ouu i i i ArlingtonArlington ooo il il il ArlingtonArlington HHoo l l l HHH ll ll ll ChantChantillyillyilly H l l l e d e d d e l t l l tt ChantChantillyillyilly d d t d iiieee ti d d t ChantChantillyillyilly d MerrifieldMerrifield i eet R R R MerrifieldMerrifield hhhtit R R R MerrifieldMerrifield hhiii R R R 659 66 WWhhh 15 d d d d d d 295 CoralCoral HillsHills d d d JefJefferson f erson 244 CoralCoral HillsHills BraddockBraddock RdRd JefJefferson f erson Forestville 234 Subject Site 218 Forestville FairfaxFairfax Forestville MDMD CentrevilleCentreville 123 Bailey'SBailey'S CrossroadsCrossroads 7100 651 HillcrestHillcrest HeightsHeights GreaterGreater UpperUpper MarlboroMarlboro AnnandaleAnnandale GreaterGreaterMMMaaa UpperUpper MarlboroMarlboro 66 66 28 AnnandaleAnnandale 210 aaararrllblrbblooo 66 SuitlandSuitland oboororrooor BBrrraaddddooccckkk RRddd Lincolnia AlexandriaAlexandria o o P P Piikikk BBrrraaddddoo Lincolnia AlexandriaAlexandria iikkieikekeee 4 GuineaGuinea RdRd AndrewsAndrews AfAf b b 301 FairfaxFairfax StationStation AndrewsAndrews AfAf b b FairfaxFairfax StationStationWestWest SpringfieldSpringfield 495 95 WestWest SpringfieldSpringfield 301 ChapelChapel RdRd RoseRose HillHill Rddd CampCamp SpringsSprings BeulahBeulah StSt eeerrr R R CampCamp SpringsSprings 15 LLL SpringfieldSpringfield BeulahBeulah StSt llmlmeee iininn BullBull RunRun ddd OxonOxonaaallmlm HillHill ntttooo nnn R Rddd POxonPPOxon HillHill oto r r r tooonnn ooo r r r fttooo onnn r r ifiifooo nnnn r CCllilliiliftfiftftftftt 223 RosaryvilleRosaryville H HH DDD CC BurkeBurke H H DDD BurkeBurke Market Areas RosaryvilleRosaryville HH H D D D ClintonClinton H BurkeBurke aaa Franconia ClintonClinton aaa nnn GrovetonGroveton alll ininin GrovetonGroveton lllll i i i GrovetonGroveton lllll ll Rl RR i i i RR RR www ddd www ddd ddd FranconiaFranconia d ddd Franconia ddd Franconia 382 ooo ooo ddddd WashingtonWashington ExecutivExecutiv e/Hy e/Hy de de FieldField Rdd B B B WashingtonWashington ExecutivExecutiv e/Hy e/Hy de de FieldField RR dRd B B B B B B WashingtonWashington ExecutivExecutiv e/Hy e/Hy de de FieldField GGG RR G d R 602 215 GGG rrrdddr rod e e e rd e ooo d e e r e e FriendlyFriendly FFF oFoorr HHH e HyblaHybla ValleyValley FriendlyFriendly F u s HH u u HyblaHybla ValleyValley H u F u sss FF u HyblaHybla ValleyValley ttteeetsess aaa u u u Blue line delineates residential market area. 1/ taeee aaam l l l t l aaa m l l t la la ManassasManassas att mm la a a ManassasManassas Y mm a a Y a a a ManassasManassasYYaa ppp a ppp h h h FortFort WashingtonWashington ttt Rd Hooes Rd Hooes Rd Hooes h h h FortFort WashingtonWashington ttt Rd Hooes Rd Hooes Rd Hooes h h h FortFort WashingtonWashington tttooo Rd Hooes Rd Hooes Rd Hooes 1 ooo nnn nnn nnn S S S S S S R RR S S S dd t t t dd t t t ddd NewingtonNewington t t t FortFort HuntHunt 605 Yellow line delineates Rosslyn/Ballston381 submarket - ManassasManassas Regional/HarryRegional/Harry PP DavDav is is FieldField 210 DavDav ison ison AafAaf analogueBBB location not directly comparable to subject BBB eee MountMount VernonVernon rrr MountMount VernonVernon rrr LortonLorton yyy 1 LortonLorton site. R R R BBB RRR rrr ddd ddd 667 riisis RRddd isisis llylyy RR d 373 ttt 234 aaadddllylyy dddd tototo oooaaaddd Rdd www HHooo RR R R AA www HH n R RR AAA nonn ddde R R R ttototo eee ddd LakeLake RidgeRidge ssststt nnn ddd LakeLake RidgeRidge95 gsgss 228 RRR igngg Red line delineates Expanded Fairfax County RRRddd ininin 301 ddd vvivivii dd iivivv ddd iLiiv dRd LLL R Scale Legend LLL RRR DaleDale CityCity R R DaleDale CityCity (comprised n of Fairfax County, Fairfax City, and Falls nnn nwnn AAdd w AAdddeeennn woww dddeeennn RRddd wtww nnn RRddd ooo tototo Mile(s) tett l Church).eee lelele 234 ldl l CHARLESCHARLES 229 ddd CHARLESCHARLES dddd ddid ididid 28 WoodbridgeWoodbridge i i i 0 24 WoodbridgeWoodbridge M 95 MMM MMM 925 382

The residential market area represents both the source of majority of demand for new homes at the subject site and the area of competitive supply to the Site. Comprised ofWaldorfWaldorf zip codes: 22003 (Annandale); 22213, 22207, and 22205 (Arlington); 22027 (DunnL Loring); 22031 and 22030 (Fairfax); 22046, 22044, 22043, 22042, and 22041 (Fall Church); 22067 (Greenway); 22102 and 22101 (McLean); 22124 (Oakton); 22151 (Springfield); 22182, 22181, and 22180 (Vienna).

07406.01 FS Resi - Map: Summ THE CONCORD GROUP EXHIBIT II-2

FOR-SALE RESIDENTIAL SUBMARKET PERFORMANCE EXPANDED FAIRFAX COUNTY, VIRGINIA 2010

Residential Market Area Expanded Fairfax County Washington, DC-VA-MD-WV Metro

2010 Demographics Total Population 384,908 1,085,598 5,438,913 % DC Metro 7.1% 20.0% 100.0%

Total Households 143,304 397,793 2,044,883 5-Year Projected CAGR 0.3% 0.4% 0.9%

Average Household Size 2.6 2.7 2.6

Median Household Income $105,217 $105,236 $85,983 5-Year Projected CAGR 1.9% 2.0% 2.1%

New For-Sale Residential Market Factors - 2010

New Home Sales - Attached 364 (3) 488 (3) 5,592 (3) Y/Y % Change -18.0% -15.7% -18.9%

New Home Sales - Detached 31 (3) 224 (3) 5,741 (3) Y/Y % Change -34.8% 4.2% 9.3%

New Home Sales - Total 395 (3) 712 (3) 11,333 (3) Y/Y % Change -19.6% -10.3% -6.7%

Median New Home Price - Attached $577,000 $424,774 $388,862 Premium/(Discount) to DC Metro 48.4% 9.2% n/a Y/Y % Change 8.4% 1.7% 4.7%

Median New Home Price - Detached $1,414,215 $803,556 $475,620 Premium/(Discount) to DC Metro 197.3% 68.9% n/a Y/Y % Change 27.6% 7.1% -5.6%

(1) Full-year estimate based on first three quarters.

Sources: Claritas, Hanley-Wood, NVAR

07406.01 FS Resi - SbmktTrends2: Current THE CONCORD GROUP EXHIBIT II-3

HISTORICAL SALES TRENDS WASHINGTON DC METRO AREA AND EXPANDED FAIRFAX COUNTY 2000 - 3Q2010 2010 Average 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD Proj. 2000-10 2005-10 Residential Market Area New Home Sales Attached Sales Volume ------1,575 1,099 646 488 444 273 364 -- 769 Y/Y% Change ------30% -41% -24% -9% n/a -18% -- -- Median Sale Price ($) ------437,650 413,000 467,000 520,250 532,152 577,000 -- -- 491,175 Y/Y% Change ------6% 13% 11% 2% 8% -- -- 6% Detached Sales Volume ------158 76 48 65 47 23 31 -- 71 Y/Y% Change ------52% -37% 35% -28% n/a -35% -- Median Sale Price ($) ------1,028,727 1,305,209 1,367,919 928,793 1,108,024 1,414,215 -- -- 1,192,148 Y/Y% Change ------27% 5% -32% 19% 28% -- -- 7% Total (Attached + Detached) Sales Volume ------1,733 1,175 694 553 491 296 395 -- 840 Y/Y% Change ------32% -41% -20% -11% n/a -20% -- -- % of Expanded Fairfax ------40% 37% 39% 70% 62% 55% 55% -- 31% % of DC Metro ------6% 4% 3% 4% 4% 3% 3% -- 4%

Expanded Fairfax County (1) New Home Sales Attached Sales Volume ------3,296 2,588 1,444 544 579 366 488 -- 1,490 Y/Y% Change ------21% -44% -62% 6% n/a -16% -- -- Median Sale Price ($) ------420,243 376,988 384,829 431,129 417,877 424,774 -- -- 409,307 Y/Y% Change ------10% 2% 12% -3% 2% -- -- 0% Detached Sales Volume ------1,046 554 323 247 215 168 224 -- 435 Y/Y% Change ------47% -42% -24% -13% n/a 4% -- -- Median Sale Price ($) ------793,450 866,675 827,113 800,000 750,425 803,556 -- -- 806,870 Y/Y% Change ------9% -5% -3% -6% 7% -- -- 0% Total (Attached + Detached) Sales Volume 4,066 3,686 3,271 3,383 4,349 4,342 3,142 1,767 791 794 534 712 2,739 2,739 Y/Y% Change -- -9% -11% 3% 29% 0% -28% -44% -55% 0% n/a -10% -- -- Existing Home Sales Total (Attached + Detached) Sales Volume 18,504 18,171 20,186 23,074 24,350 21,841 15,510 12,682 9,970 9,941 7,778 10,371 16,546 12,954 Y/Y% Change -- -2% 11% 14% 6% -10% -29% -18% -21% 0% n/a 4% -- -- Median Sale Price ($) 205,578 226,643 263,229 306,227 376,383 469,845 473,728 460,739 416,094 389,889 428,025 -- 365,125 439,720 Y/Y% Change -- 10% 16% 16% 23% 25% 1% -3% -10% -6% 10% 8% -2%

New Home Sales as % of Total 18% 17% 14% 13% 15% 17% 17% 12% 7% 7% 6% 6% 14% 17% 07406.01 FS Resi - SbmktTrends2: Historical 1 of 2 THE CONCORD GROUP EXHIBIT II-3

HISTORICAL SALES TRENDS WASHINGTON DC METRO AREA AND EXPANDED FAIRFAX COUNTY 2000 - 3Q2010 2010 Average 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD Proj. 2000-10 2005-10

Washington, DC-VA-MD-WV Metro

Attached Sales Volume ------15,945 14,467 12,022 7,206 6,893 4,194 5,592 -- 10,354 Y/Y% Change ------9% -17% -40% -4% n/a -19% -- -- Median Sale Price ($) ------418,401 410,978 411,745 413,420 371,463 388,862 -- 402,478 Y/Y% Change ------2% 0% 0% -10% 5% -- -2% Detached Sales Volume ------14,998 11,665 8,026 5,278 5,253 4,306 5,741 -- 8,494 Y/Y% Change ------22% -31% -34% 0% n/a 9% -- -- Median Sale Price ($) ------644,176 686,947 663,489 591,792 503,629 475,620 -- 594,276 Y/Y% Change ------7% -3% -11% -15% -6% -- -6% Total (Attached + Detached) 527,834 534,167 512,528 488,832 428,623 432,812 Sales Volume 23,985 24,612 23,651 25,274 28,238 30,943 26,132 20,048 12,484 12,146 8,500 11,333 21,456 18,848 Y/Y% Change 3% -4% 7% 12% 10% -16% -23% -38% -3% n/a -7% -- --

Existing Home Sales Total (Attached + Detached) Sales Volume 59,776 65,867 73,204 81,233 93,861 89,433 66,994 51,268 34,046 37,051 27,172 36,229 61,810 50,994 Y/Y% Change -- 10% 11% 11% 16% -5% -25% -23% -34% 9% n/a -2% -- -- Median Sale Price ($) 165,745 178,267 207,018 247,779 299,673 375,051 383,019 380,973 350,508 310,651 314,167 -- 292,077 352,395 Y/Y% Change -- 8% 16% 20% 21% 25% 2% -1% -8% -11% 1% -- 7% -4%

(1) Larger than actual Residential Market Area for subject site. See map on Exhibit II-1. Expanded Fairfax shown here to provide additional context prior to 2005. Data not available prior to 2005 for specific Residential Market Area as defined by TCG. Sources: Hanley-Wood, First American, NVAR

07406.01 FS Resi - SbmktTrends2: Historical 2 of 2 THE CONCORD GROUP EXHIBIT II-4

CURRENT INVENTORY RESIDENTIAL MARKET AREA 2010

Units No. of Currently Avg Average Price Absorption Project City/Area Builder/Developer Stories Available Total Size Total $/sf (du/mo.)

Townhome Main Street Residences Fairfax City Courtland Homes TH 7 36 3,279 $ 864,990 $ 264 0.3 Huntington Reserve Alexandria KB Home TH 71 85 2,062 $ 507,990 $ 246 1.6 Mc Shay at Madison Lane Fairfax City McShay Communities TH 0 10 2,300 $ 565,500 $ 246 0.6 Kendall Square Fairfax City Stanley Martin Companies Inc TH 3 73 2,358 $ 579,240 $ 246 1.8 Subotal / Weighted Average: 4 Projects 81 204 2,178 541,481 $ 249 1.4

Mid-Rise Spectrum Fairfax City Waterford Development Condo 189 189 853 $ 389,900 $ 457 0.0 Elan Condominium at East Market Fair Lakes Bush Companies Condo 18 208 1,097 $ 369,650 $ 337 3.3 Four Winds at Oakton Oakton Orion Residential LLC Condo 216 440 956 $ 218,709 $ 229 3.6 Subotal / Weighted Average: 3 Projects 423 837 916 301,622 $ 329 2.7

High-Rise One Park Crest Tysons Corner West Group Management LLC Condo 215 335 897 $ 617,400 $ 689 2.0 Midtown Alexandria Alexandria Kettler Condo 56 368 921 $ 339,263 $ 368 4.6 Subotal / Weighted Average: 2 Projects 271 703 902 559,925 $ 621 3.3

Total / Weighted Average: 9 Projects 775 1,744 1,043 417,014 $ 400 2.8

Sources: Hanley-Wood; TCG EXHIBIT II-5

COMPETITIVE FOR-SALE RESIDENTIAL COMMUNITIES MAP RESIDENTIAL MARKET AREA 2010 BrookmontBrookmont FriendshipFriendship VillageVillage HerndonHerndon Brookmont FriendshipFriendship VillageVillage

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Subject Site ElanElan CondominiumCondominium atat EastEast MarketMarket 237 MantuaManMantua tua 66 MantuaMantua

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ll C C l C lnlnn C C C llln C C nn C BB nnn BraddockBraddock RdRd 651 BBB iii BraddockBraddock RdRd h h aaa n n n h ii 7100 BraddockBraddock RdRd iaia n n n h h h aaa aaa n n n h h aaa h aaa a a L L L a R L ccc R R L L a R a a R a a ccc L L L ccc RRR a p p r r r p kkk r r r R R R p d d R R R p p d kkk d r r r p p d kkk R R R p l ddd e ll e e e e 295 e lll e ii e e e e e lliili e e e e e i cc u u u e ci i u u iccc u l l ccc k k k u u u l k k k l l l k k k l l kkk s s s l R R kkk s s s

R kkk a a a s s s R R R a a a R R R a a a s s s s s s RRR s s s RRR u u u d d RRR u u u AlexandriaAlexandria d e e e d u u u AlexandriaAlexandria d d AlexandriaAlexandria e e e d d d e e e d ddd LincolniaLincolnia 400 Q Q Q LincolniaLincolnia l l l Q Q Q l l l Q Q Q l l l

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l l l d B d B d R R R BB R R R Brrr R R R rrr N N N a N N rrraaa N JJJaaannn a N aaaddd N N JJJaaannnnnneeeyyysss L LL ddd R RdRd aaannnnnneeeyyysss L LLnnn d d d dddddd yyysss L LLnnn d d d ddd nnn d d d dddoooccc ckcckcckkkk R RdRd ccckkk RR BBrrraaadddddooocckkk RRddd ooooc 236 RRddd BBrrraaaddddddooccckk RRddd BBrrraaadddddooocckkk RR dddodod ZZZiiioo d dddockdd Rd 395 iioionnn D Drrr raddockrara R DDrrr RRR BraBBraddBBraddockB Rd RR rrr RRR BraBradBrad Raam 1 ooo mm 123 ddddd ooo pp Sideburn Rd Sideburn Rd Sideburn Rd dd pp Sideburn Rd Sideburn Rd Sideburn Rd d lll Sideburn Rd Sideburn Rd Sideburn Rd d lll RR RRR lllillili EEiisiseee e R RR ininin EEiiissseeennnhhhooowweeerrr AAvvveee keee nnn nhhhooowweeerrrr AAvvvveee 236 ddd kkk ggg RRddd aaaakkk aaa RR LL LLaaa R R R nnneeeaaa eee L LL RRR uuuiininn keeee ddd GGuuuiii rrrkkekrk ddd NorthNorth SpringfieldSpringfield GG Buuuurrr MidtownMidtown AlexandriaAlexandria BBB MidtownMidtown AlexandriaAlexandriaHuntingtonHuntington Scale Legend FairfaxFairf ax StationStation HuntingtonHuntington oonnniiaiiaa RRddd e e onaaa e ccconniii p e e oo p e nnnccc nnn pp e e e 95 FFrrraannncccooo mm v v rr m v FF m v v v RRaamm v v v 241 A A RR A A A RR A A A A Mile(s )

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A A liiftoniftonfton A

A A A WestWest SpringfieldSpringfield

07406.01 FS CompMap: Dem The Concord Group EXHIBIT II-6

SELECTED LOCAL RESIDENTIAL RESALES COMPETITIVE MARKET AREA NOVEMBER 2010

Property / Type / Sale Price Location Year Built Unit Bed / Bath Size (sf) Total Per SF Sale Date

Townhomes

Providence Park Townhomes 2822 Claudia Ct 3 / 3.5 1,876 $615,000 $328 5/17/2010 Hartland Rd & Providence Forest Dr 1998 8050 Yarmouth Forest Pl 3 / 3.5 1,741 564,999 325 9/30/2010 Vienna 2810 Laura Gae Cir 3 / 3.5 1,756 565,000 322 2/22/2010 8077 Sebon Dr 3 / 3.5 1,741 560,000 322 5/14/2010 2831 Grace Forest Pl 3 / 3.0 1,909 612,000 321 10/22/2010 2823 Charles Dunn Dr 3 / 3.0 1,925 607,700 316 7/1/2010 Average (6 Sales): 1,825 587,450 322

Metro Place At Dunn Loring Townhomes 2729 Manhattan Pl 4 / 2.5 1,586 $528,000 $333 8/27/2010 Park Tower Dr & Manhattan Pl 2001 2765 Manhattan Pl 4 / 3.5 2,424 629,000 259 7/30/2010 Vienna Average (5 Sales): 2,005 578,500 296

Lakeford Townhomes 7945 Yancey Dr 3 / 3.5 1,792 $515,000 $287 4/27/2010 Yancey Dr & Fairview Park Dr 1985 7956 Yancey Dr 3 / 3.5 2,324 470,000 202 12/2/2009 Falls Church Average (2 Sales): 2,058 492,500 245

Dunn Loring Village Townhomes 2832 Andiron Ln 3 / 2.5 1,288 $380,000 $295 10/22/2010 Hilltop Rd & Andiron Ln 1980 2807 Knollside Ln 3 / 3.0 1,585 414,000 261 9/30/2010 Vienna 2755 Knollside Ln 3 / 3.0 2,014 425,000 211 8/25/2010 2755 Knollside Ln 3 / 3.0 1,882 414,000 220 5/27/2010 2755 Knollside Ln 3 / 3.0 1,652 410,000 248 4/21/2010 8649 Dellway Ln 3 / 3.0 2,545 435,000 171 4/5/2010 8649 Dellway Ln 4 / 3.5 2,300 414,000 180 2/26/2010 Average (6 Sales): 1,895 413,143 227

07406.01 FS Resi - RecComps: LocalResales 1 of 3 THE CONCORD GROUP EXHIBIT II-6

SELECTED LOCAL RESIDENTIAL RESALES COMPETITIVE MARKET AREA NOVEMBER 2010

Property / Type / Sale Price Location Year Built Unit Bed / Bath Size (sf) Total Per SF Sale Date

Flats

Wilton House Flats (14 story) Unit 1405 1 / 1.0 719 $259,000 $360 8/5/2010 2726 Gallows Rd 2005 Unit 1211 2 / 2.0 969 325,000 335 6/30/2010 Vienna Unit 810 1 / 1.0 797 265,000 332 4/16/2010 Unit 611 2 / 2.0 970 321,900 332 5/4/2010 Unit 1011 2 / 2.0 969 305,000 315 12/30/2009 Unit 402 0 / 1.0 543 166,188 306 5/28/2010 Unit 802 0 / 1.0 543 155,000 285 10/28/2010 Unit 1304 1 / 1.0 1,050 288,000 274 10/22/2010 Unit 808 2 / 2.0 1,224 309,000 252 10/7/2010 Average (9 Sales): 865 266,010 310

Westbriar Plaza Flats (5 story) 2710 Bellforest Ct #201 1 / 1.5 899 $273,000 $304 5/27/2010 Gallows Rd & Park Tower Dr 2000-2004 2710 Bellforest Ct #302 2 / 2.0 1,058 320,000 302 5/6/2010 Vienna 2701 Bellforest Ct #204 2 / 2.0 1,185 343,000 289 5/12/2010 8183 Carnegie Hall Ct #409 2 / 3.0 1,126 325,000 289 5/28/2010 2700 Belleforest Ct #103 2 / 2.5 1,246 340,000 273 10/6/2010 8183 Carnegie Hall Ct #307 2 / 2.0 1,148 310,000 270 10/14/2010 2701 Belleforest Ct #403 3 / 3.0 1,366 310,000 227 10/4/2010 2653 Park Tower Dr #109 2 / 2.5 1,590 355,000 223 9/17/2010 2651 Park Tower Dr #110 2 / 2.5 1,590 350,000 220 8/24/2010 2665 Manhattan Pl #108 2 / 2.5 1,710 367,000 215 7/6/2010 Average (10 Sales): 1,292 329,300 261

Halstead At The Metro Flats (5 story) Unit 419 1 / 1.0 835 $292,000 $350 5/28/2010 2665 Prosperity Ave 2006 Unit 347 1 / 1.0 695 235,000 338 6/30/2010 Fairfax Unit 134 1 / 1.0 704 220,000 313 8/13/2010 Unit 436 1 / 1.0 827 255,000 308 11/12/2010 Unit 455 2 / 1.0 998 307,000 308 6/8/2010 Unit 223 2 / 2.0 1,105 333,500 302 7/12/2010 Unit 444 1 / 1.0 898 270,000 301 10/29/2010 Unit 323 2 / 2.0 1,105 330,000 299 5/21/2010 Unit 122 2 / 2.0 1,150 326,500 284 9/27/2010 Average (9 Sales): 924 285,444 311

07406.01 FS Resi - RecComps: LocalResales 2 of 3 THE CONCORD GROUP EXHIBIT II-6

SELECTED LOCAL RESIDENTIAL RESALES COMPETITIVE MARKET AREA NOVEMBER 2010

A - Providence Park D - Dunn Loring Village B - Westbriar Plaza & Metro Place at Dunn Loring E - Wilton House C - Lakeford F - Halstead at the Metro

B

F E

D A

C

Mosaic

07406.01 FS Resi - RecComps: LocalResales 3 of 3 THE CONCORD GROUP EXHIBIT II-7

FOR-SALE RESIDENTIAL DEMAND PROJECTION RESIDENTIAL MARKET AREA 2011 THROUGH 2015

Home Buyer New Home Demand Pool /2 Pool /4 Buyer Pool /5 Income Affordable Existing Households /3 New Buy vs. Rent % Buy Demand Share of Range Home Price /1 Num. Turnover Moving HHs Total Percent Total New Total Share Over Qual.

$0 - $25,000 $0 - $100,000 9,580 10% 958 -155 803 15% 120 10% 12 1% 1,042 25,000 - 35,000 100,000 - 130,000 5,720 10% 572 -152 420 25% 105 10% 11 1% 1,030 35,000 - 50,000 130,000 - 170,000 10,623 10% 1,062 -292 770 35% 270 10% 27 3% 1,019 50,000 - 75,000 170,000 - 240,000 21,380 10% 2,138 -368 1,770 50% 885 10% 89 8% 992 75,000 - 100,000 240,000 - 330,000 20,768 10% 2,077 -260 1,817 60% 1,090 10% 109 10% 904 12% 100,000 - 125,000 330,000 - 420,000 17,161 10% 1,716 -1 1,716 70% 1,201 10% 120 12% 795 13% 125,000 - 150,000 420,000 - 510,000 13,807 10% 1,381 85 1,466 80% 1,172 10% 117 11% 675 13% 150,000 - 200,000 510,000 - 680,000 19,011 10% 1,901 169 2,070 90% 1,863 10% 186 18% 557 21% 200,000 + 680,000 + 25,254 10% 2,525 1,380 3,906 95% 3,711 10% 371 36% 371 41% Total: 143,304 10% 14,330 406 14,737 71% 10,417 10% 1,042 100% 100% $240K+: 96,001 10% 9,600 1,374 10,974 82% 9,037 10% 904

Footnotes: /1 Assumes range of 25-33% of income applied to housing, with 30-year fixed mortgage rate of 6.0%, 20% down, $100 HOA and 2.0% tax rate /2 New and existing households - Claritas /3 Turnover - American Community Survey (2009) /4 Ownership - American Community Survey (2009) /5 % Buy New - DataQuick

07406.01 FS Demand: Dem The Concord Group EXHIBIT II-8

FUTURE FOR-SALE DEVELOPMENT RESIDENTIAL MARKET AREA 2011 THROUGH 2015

City Project Builder/Developer Location Type Units Status

McLean Park Crest Penrose / Donohoe Park Run Dr & Westpark Dr Condo 534 Under Const. Fairfax Metrowest (Sec 4) Pulte Homes Lee Hwy & Fairlee Dr Condo 280 Approved Fairfax Metrowest (Sec 1) Pulte Lee Hwy & Fairlee Dr TH 218 Approved Fairfax Metrowest (Sec 3) Pulte Lee Hwy & Fairlee Dr TH 122 Approved Falls Church The Gateway Akridge 500-520 North Washington Condo 160 Proposed McLean Elm Street Townhomes JBG/EYA Fleetwood Rd & Elm St TH 49 Proposed

Under Const. 534 Approved 620 Proposed 209 Total 1,363

07406.01 FS Demand: P&P 1 of 2 THE CONCORD GROUP EXHIBIT II-8

FUTURE FOR-SALE DEVELOPMENT RESIDENTIAL MARKET AREA 2011 THROUGH 2015

I. Overview by Status

Under Construction 534 Subject Site 114 Approved 620 Proposed 209 Total 1,477

II. Supply Projection and Timing Project Market Timeline 2011 2012 2013 2014 2015 Completion Future Future Future Future Future Likelihood Total Timing Units Timing Units Timing Units Timing Units Timing Units

Under Construction 100% 534 100% 534 0% 0 0% 0 0% 0 0% 0 Subject Site 100% 114 11% 12 32% 36 32% 36 26% 30 0% 0 Approved 75% 465 0% 0 25% 116 25% 116 25% 116 25% 116 Proposed 50% 105 0% 0 10% 10 25% 26 25% 26 25% 26

Total 1,218 546 163 178 172 142

07406.01 FS Demand: P&P Flow 2 of 2 THE CONCORD GROUP III. APARTMENT MARKET

The Concord Group EXHIBIT III-1

APARTMENT MARKET AREA FAIRFAX COUNTY, VIRGINIA 2010 SouthSouth KensingtonKensington F F F F F F ddd F F F ggg D D D ggg ernwood Rd ernwood Rd ernwood Rd ernwood

R R R PotomPotom ac ac Rd ernwood Rd ernwood Rd ernwood R R R PotomPotom ac ac Rd ernwood Rd ernwood Rd ernwood R R R PotomPotom ac ac CheChevyvyvy ChaseChase VieVieww l l l ChChevyevyevy ChChaseasease ViViewewew l l l ll ll ll ChevyChevy ChaseChase ViewView l l l l l l

189

o o o

o o NorthNorth ChevyChevy ChaseChase o 625 637 o o o NorthNorth ChevyChevy ChaseChase n n n ForestForest GlenGlen n n n n n n ForestForest GlenGlen

Market Areas K K K K K K K K K d d SilverSilver SpringSpring

SilverSilver SpringSpring d d d SilverSilver SpringSpring d d 267 y y y d d y y y ly ly ly R l l l R nnn ll ll ll LLLnnn l l l 495 RR r R rrLLLn l l l nn R R aaarrr LLL

R R dddaaarrr AAdededel SterlingSterling Seneca Seneca Seneca e AAdededel o o o eedddaaa Seneca Seneca Seneca e GreatGreat FallsFalls AAdededel SterlingSterling o o o Ceeeddd Seneca Seneca Seneca GreatGreat FallsFalls C SterlingSterling o o o e l GreatGreat FallsFalls C Cee e e e ccchhh WW C C e e nn Brrraanchh WW l B cc elele l n rrrooolllll Brrraan chhh WW D l D l aarrr l l BB ncc D H H H CC rolll arann a roo r l r D l l arrrr lB B DD H H l H CCaarroroollll DDD H H H CCaarrr a a a a a aaa v a a a a LOUDOUNLOUDOUN a aaalll AdelphiAdelphi LOUDOUNLOUDOUN v v v lllee AdelphiAdelphi LOUDOUNLOUDOUN v v llelee vgv v PotomacPotomac eee g PotomacPotomac g 187 g D DD g g PotomacPotomac D 772 gng g DDD i 193 1/ n n n rrr Red line delineates residential market area. n n rrr inrinin rrr i i i i i r r r r r r pr r p p p p p CabinCabin JohnJohn 846 pSp p CabinCabin JohnJohn S SS S S SSS yyy yyy www 190 ChevyChevyChevChev Chase yChase y ChaseChase SectionSection FivFiv e e kkk BethesdaBethesda ChevChev y y ChaseChase SectionSection FivFiv e e LLaa PPP BethesdaBethesda Blue line delineates Rosslyn/Ballston submarket - P P P C nnn CC ooonn Cooo ttotoo ooololvlvv sss llvlvvliininn ststst iinvinni n Martin'SMartin'S AdditionsAdditions TakomaTakoma ParkPark eee RR ChevyChevy ChaseChase Martin'SMartin'S AdditionsAdditions 13th St NW St NW 13th St 13th 606 uu ChevyChevy ChaseChase NW St 13th Univv 13th St NW St NW 13th St 13th analogue location not directly comparable to Ru NW St 13th Uni UniUnivv 13th St NW y RR uu ChevChevy y ChaseChaseChevy Chevy SectionSection ChaseChase ThreeThree 13th13th St NW St NW UniUnivv yy RRR uununn ddd ChevChevy y ChaseChase SectionSection ThreeThree C yypp n RR RRR C pppxx R Rddd R RR OOO xxExE 228 dddd nnn Olldldd ChevChev y y ChaseChase VillageVillage subject Esite.llEtt ttotoo ddl ld ChevChev y y ChaseChase VillageVillage lltlutut l sssttt DdDD GlenGlen EchoEcho Hunter Mill Rd lttu Hunter Mill Rd Hunter Mill Rd lllss oo C Hunter Mill Rd Mill Hunter ll HerndonHerndon Rd Rd Mill Mill Hunter Hunter llslss oDo GlenGlen EchoEcho C Hunter Mill Rd Mill Rd Hunter Mill Hunter uuuaa HerndonHerndon Rd Mill Hunter lll ooDmm GlenGlen EchoEcho C aaaruru www moom r rBrBaa ooo miininn BrookmontBrookmont BBtt TTT nniiiinoioo rtrtt ss T iionooinionn SomersetSomerset rrrsssiir HHiiirrrssttt BB nno nDn DD HyHy atts atts vvv iHirir HHiirrirrssttt t B Brrrraauullttltlt EExxppyy RestonReston DD FriendshipFriendship VillageVillage HyHy atts atts vvv HH uullttlt EExxppyy RestonReston DrDrr FriendshipFriendship VillageVillage H rr Hy atts 657 193 6 MountMount RainieRaini er McleanMclean WashingtonWashington DullesDulles InternationalInternational FFF McleanMclean McleanMclean WashingtonWashington DullesDulles InternationalInternational McleanMclean WashingtonWashington DullesDulles InternationalInternational ooo McleanMclean ooo xxx HHiirirrs CC MMM Hiiririrrssttt t BBBrrr CCC iii WolfWolf TrapTrap B BBrrrraauulltltt aaa ililill WolfWolf TrapTrap uulltltlt t EExxpp aaa 29 ll l l xxppyy nnn Cotta gg R RR aaa CottagCottaCotta gg 0 ddd aaall Cottag ddd H H H ll H H H CC ll H H H h ll l CCChhheehessestttseeetrrerbbbrrr R RR u u u tesetrebbrrbroooooo R u r u bbroor kkk u boo u u u rr 16thNW St 16thNW St ooroooko kRkRddd 16thNW St 16thNW St 16thNW St kkoR R ddd 16thNW St 16th St NW St 16th Rk d dd NW St NW 16th St 16th n n n ddR ddd n n d ddd n nn n BeBeBe t t t BeBeBe 7100 te te NNN tee tetee tee NNN uuu PimmitPimmit HillsHills NNN MM StSt NWNW 1 r r r uuu PimmitPimmit HillsHills WW r r u PimmitPimmit HillsHills W r uu W r r r W lll W ll l llalaa M M M aaa 50 M M aaa M M M hhh ddd 50 i i i RRddd i i R i R il il il R RR R ll R ll RdRdRd yyy R ll lll lll lll RdRdRd bbbyyy FolkstoneFolkstone DrDr rrrbbb FolkstoneFolkstone DrDr ddd iirirrbbb FolkstoneFolkstone DrDr iirirr R R R KKiii R R KK R R R N NENE KK 120 ttt NNWW d d d NNN TysonsTysons CornerCorner MM SS NNWW d d TysonsTysons CornerCorner MM SSttt WW d dd d E TysonsTysons CornerCorner MM SSttt NN EEE HH StSt NENE 50 28 HH StSt NENE

FFF FFF FFF Garf ield Inaugural Arch ooo ooo xxx x

MMM

MMM

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iii

SSS iiill 66

SSS iilill

SSS llll tttrrr l l l RR ViennaVienna DunnDunn LoringLoring rrreeeaaa RRR ViennaVienna DunnDunn LoringLoring aaamm ddd OaktonOakton 495 WashingtonWashington WWW OaktonOakton WWW WWW n n n WalneyWalney RdRd n n n WalneyWalney RdRd n n n IdyIdyIdylw lw lw ood ood ood L L L IdyIdyIdylw lw lw ood ood ood L L L IdyIdyIdylw lw lw ood ood ood L L L

110

O O O OOO r r r OOO r r r r r r W W W W W W W a W W a a xxx a a a a a a 395 xxx xxx ArlingtonArlington d d d ArlingtonArlington d d d ArlingtonArlington 295 a a a d d d a a a R R R a a a RRR RRR e e e l l l e e e ChantillyChantilly e e e l l l 28 ln ln ln ChantillyChantilly n n n ChantillyChantilly dd d n n n ddd ddd 66 C C C d d C C C d d d d e e e C C C e 29 e e JeffersonJefferson d d e e e JeffersonJefferson SevenSeven CornersCorners R R R y y y R R y y y y y y R R

7

R R R e e e R R R e e R R R e e FallsFalls ChurchChurch

e FallsFalls ChurchChurch e e e d d d

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T T T T T T T

r r r r MerrifMerrifield ield r r r MerrifMerrifield ield r MerrifMerrifield ield a a a a a Subject Site la lla l l l l l l 66 VAVA p VAVA p p p p p p p p o o o 650 o o Ronald Reagan1 Washington o o o 237 P 236 P P P P P P P P Ronald Reagan Washington NN RonaldRonald ReaganReagan WashingtonWashington NN RonaldRonald ReaganReagan WashingtonWashington NN 244 WWW WWW

WW aaa Bailey'SBailey'S CrossroadsCrossroads a a Bailey'SBailey'S CrossroadsCrossroads CentrevilleCentreville aa Bailey'SBailey'S CrossroadsCrossroads a LakeLake BarcroftBarcroft CentrevilleCentreville kk k a LakeLake BarcroftBarcroft FairfaxFairfax k k FairfaxFairfax k k LakeLake BarcroftBarcroft HiHi eee HiHi k e e Hi k Hi e e e MantuaMantuaf fef f f MantuaMantuaf f MantuaMantuaieieie ie ie i fi f FairfFairf ax ax ee BBrrraaadddddd FairfFairf ax ax iei rr ld r l aaa ooo ld BB ddd ccc e rrraaaddddooo kkk RR ld dddddoooccckkk RRddd l ld d MantuaMantua RR d ddd l ld MantuaMantua dl MantuaMantua C Cd C C BBrrraaad CC BBrrraaaddddooccckkk dddddoo RRddd 651 CC 7100 BBrrraaadddddooccckkk RRddd C R h R h ddd h 395 hh AnnandaleAnnandale MarlowMarlow HH ee hha Marlow H ee aa Marlow H h AnnandaleAnnandale a AnnandaleAnnandale aa papap pp pp 28 eepe 29 BB ee 66 BB l el el 123 BB l Re rrraaa l Rl R rrr RRR a l R aa l R aaadddddd l R d d d ddd AlexandriaAlexandria d d d o AlexandriaAlexandria d d d dddoo ooo ddd AlexandriaAlexandria ooocc d c d ccckk d BBrrraaadddddoooccckkk RRdd AlexandriaAlAlexandria e x a n d r i a k d ooo d ddd R R R BBrrraaadd kkk RRdd kk d ccc AlexandriaAlAlexandria e x a n d r i a R R R ZZZ kk BBrrraaadddddooo R R R kk R ZZZ R ZZZiioioonn RRddd n n n ooonn dd n n n ddd n n n n nn D Drrr o o o rr o o o r

o o o rrr LincolniaLincolnia t t t LincolniaLincolnia 1 t t t LincolniaLincolnia ft f t f t dd f f f RRdd Marlow H i f if if llll l Rd i i i aaalll l Rd il l i l i sssaaalll l R R l l l dddsss lll l l l EEdddsssaaa 236

C C C

C C C 66 C C C GuineaGuinea RdRd YorkshireYorkshire NorthNorth SpringfieldSpringfield LincolniaLincolnia OxonOxon HHii

YorkshireYorkshire NorthNorth SpringfieldSpringfield OxonOxon HHii

NorthNorth SpringfieldSpringfield OxonOxon HHii

ForestForest HeightsHeights CC 210 SudleySudley CChhaappeell l R Rdd 7100 BurkeBurke BurkeBurke OOO OOO xxx FairfFairfax ax StationStation BelleBelle HavenHaven xxx FairfFairfax ax StationStation BelleBelle HavenHaven ooo CliftonClifton ooo CliftonClifton RRR nnn RRR HuntingtonHuntington nnn

WestWest SpringfieldSpringfieldo HuntingtonHuntington Scale Legend WestWest SpringfieldSpringfieldooo HuntingtonHuntington H H H ooo HHH YorkshireYorkshire lllllll H YorkshireYorkshire FAIRFAXFAIRFAX llllllll i FAIRFAXFAIRFAX iiin i i i FAIRFAXFAIRFAX liininn ililil iin inn lllilll ggg l ll l ddd ggg R lR R R Rdd RR R ttononon R R R RR ttt R Mile(s) llilififtfttononon RRR SpringfieldSpringfield ttt ddd iiittt SpringfieldSpringfield d d Cllilififf BurBur k k e e ddd SpringfieldSpringfield ddd CClll BurBur k k e e ddd SSS d C SSt 400 LochLoch LomondLomond hhh LochLoch LomondLomond aaa GrovetonGroveton 95 llalaa GrovetonGroveton RosRos e e HillHill 0 24 uuu FriendlFriendlyyy eee BBB GrovetonGroveton FranconiaFranconiaBBB The residential market area represents both the source of majority of demand for new rental apartment homes at the subject site and the area of competitive supply to the Site. Comprised of zip codes: 22003 (Annandale); 22213, 22207, and 22205 (Arlington); 22027 (DunnL Loring); 22031 and 22030 (Fairfax); 22046,HyblaHybla 22044, ValleyValley 22043, 22042, and 22041 (Fall Church); 22067 (Greenway); 22102 and 22101 (McLean); 22124 (Oakton); 22151 (Springfield); 22182, 22181, and 22180 (Vienna).

07406.01 AptMap: Sheet1 THE CONCORD GROUP EXHIBIT III-2

APARTMENT SUBMARKET PERFORMANCE NORTHERN VIRGINIA AND DISTRICT OF COLUMBIA 2010

Market Area Rosslyn/Ballston DC / Northern VA

2010 Demographics Total Population 384,908 115,891 2,901,659 % DC/NoVa 13.3% 4.0% 100.0%

Total Households 143,304 53,743 1,120,457 5-Year Projected CAGR (1) 0.3% 1.0% 1.1%

Average Household Size 2.6 2.1 2.5

Median Household Income $105,217 $104,836 $89,473 5-Year Projected CAGR (1) 1.9% 2.7% 2.2%

Rental Housing Market Renter Households 48,723 27,946 392,160 % Total Households 34% 52% 35% % DC/NoVa 12.4% 7.1% 100.0%

3Q10 Rental Market Factors (Class A) Inventory (Units) 8,472 10,534 110,573 LTM % Change 13.9% 3.9% 1.6% % DC/NoVa 7.7% 9.5% 100.0%

Vacancy Rate 9.9% 5.3% 5.5%

Average Asking Rent ($) $1,560 $2,045 $1,652 LTM % Change -1.2% 0.9% 3.2%

3Q10 Rental Market Factors (Class B & C) Inventory (Units) 14,130 5,694 137,216 LTM % Change 0.0% -7.4% -0.2% % DC/NoVa 10.3% 4.1% 100.0%

Vacancy Rate 5.2% 3.3% 5.4%

Average Asking Rent ($) $1,391 $1,419 $1,153 LTM % Change 2.1% 3.1% 0.0%

07406.01 Apt.SbmktTrends: Current THE CONCORD GROUP EXHIBIT III-3

APARTMENT HISTORICAL TRENDS NORTHERN VIRGINIA AND DISTRICT OF COLUMBIA 1995 - 2010 1995-3Q10 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 3Q2010 Average Market Area Class A Inventory (Units) 5,733 5,733 6,643 7,267 7,467 7,467 7,889 7,387 7,387 6,799 6,498 6,062 6,562 7,189 7,435 8,472 6,999 % Change NA 0.0% 15.9% 9.4% 2.8% 0.0% 5.7% -6.4% 0.0% -8.0% -4.4% -6.7% 8.2% 9.6% 3.4% 13.9% 2.7% % of DC/NoVa 8.3% 8.2% 9.2% 9.7% 9.6% 9.2% 9.1% 8.0% 7.8% 7.1% 7.0% 6.4% 6.5% 6.9% 6.8% 7.7% 7.8% Vacancy Rate (%) 3.8% 4.3% 4.0% 1.9% 1.8% 0.5% 5.3% 5.0% 4.0% 3.2% 2.5% 5.4% 4.3% 6.4% 6.0% 9.0% 4.1% Vacant Units 218 246 267 137 136 38 417 370 294 219 164 327 262 411 403 646 285 Deliveries 0 0 910 624 200 0 422 0 0 46 0 0 500 627 246 1,037 293 Asking Rent ($) $913 $942 $993 $1,048 $1,173 $1,352 $1,417 $1,392 $1,402 $1,423 $1,460 $1,543 $1,569 $1,591 $1,535 $1,587 $1,334 % Change NA 3.2% 5.4% 5.5% 11.9% 15.3% 4.8% -1.8% 0.7% 1.5% 2.6% 5.7% 1.7% 1.4% -3.5% 3.4% 3.8%

Class B & C Inventory (Units) 14,249 14,249 14,249 14,249 14,249 14,249 14,249 14,249 14,249 14,139 14,081 13,905 14,130 14,130 14,130 14,130 14,180 % Change 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.8% -0.4% -1.2% 1.6% 0.0% 0.0% 0.0% -0.1% % of DC/NoVa 10.5% 10.4% 10.4% 10.4% 10.3% 10.3% 10.3% 10.2% 10.2% 10.2% 10.3% 10.2% 10.3% 10.3% 10.3% 10.3% 10.3% Vacancy Rate (%) 2.9% 2.8% 2.9% 1.6% 1.3% 0.4% 3.2% 5.1% 5.0% 4.0% 3.6% 3.6% 4.0% 4.6% 5.3% 4.6% 3.4% Vacant Units 408 399 407 231 186 57 458 722 710 570 511 503 563 657 752 649 486 Deliveries 000000000000000 0 0 Asking Rent ($) $775 $782 $810 $831 $887 $1,009 $1,097 $1,093 $1,121 $1,156 $1,193 $1,254 $1,313 $1,333 $1,381 $1,425 $1,091 % Change 0.8% 3.6% 2.6% 6.8% 13.7% 8.8% -0.4% 2.5% 3.1% 3.2% 5.1% 4.7% 1.5% 3.6% 3.2% 4.2%

Rosslyn/Ballston Class A Inventory (Units) 4,375 4,693 5,053 5,458 6,022 6,241 6,972 7,850 8,378 8,520 8,439 8,217 8,915 9,286 10,142 10,534 7,443 % Change 7.3% 7.7% 8.0% 10.3% 3.6% 11.7% 12.6% 6.7% 1.7% -1.0% -2.6% 8.5% 4.2% 9.2% 3.9% 6.1% % of DC/NoVa 6.3% 6.7% 7.0% 7.3% 7.7% 7.7% 8.0% 8.5% 8.8% 8.9% 9.1% 8.7% 8.8% 8.9% 9.3% 9.5% 8.3% Vacancy Rate (%) 3.5% 3.7% 3.1% 1.3% 0.9% 0.8% 3.4% 7.1% 5.4% 3.6% 3.5% 3.6% 4.2% 6.7% 6.7% 5.3% 4.2% Vacant Units 152 175 157 71 55 50 236 556 454 308 293 296 372 621 682 559 315 Deliveries 0 318 360 405 564 219 731 878 528 142 151 0 698 371 594 208 392 Asking Rent ($) $1,134 $1,174 $1,223 $1,266 $1,390 $1,583 $1,637 $1,661 $1,721 $1,817 $1,778 $1,884 $2,020 $2,072 $2,025 $2,045 $1,652 % Change 3.5% 4.2% 3.5% 9.8% 13.9% 3.4% 1.5% 3.6% 5.6% -2.1% 6.0% 7.2% 2.6% -2.3% 1.0% 4.1%

Class B & C Inventory (Units) 6,357 6,357 6,357 6,357 6,357 6,357 6,357 6,357 6,357 6,357 6,150 6,150 6,150 6,150 6,150 5,694 6,251 % Change 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -3.3% 0.0% 0.0% 0.0% 0.0% -7.4% -0.7% % of DC/NoVa 4.7% 4.7% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.5% 4.5% 4.5% 4.5% 4.5% 4.1% 4.5% Vacancy Rate (%) 3.7% 3.5% 3.3% 1.5% 0.5% 0.8% 2.8% 3.1% 3.5% 3.1% 3.8% 2.4% 1.8% 3.2% 4.8% 3.3% 2.8% Vacant Units 234 223 208 94 32 51 177 197 224 198 232 149 110 197 297 187 176 Deliveries 000000000000000 0 0 Asking Rent ($) $775 $780 $821 $831 $913 $978 $1,065 $1,082 $1,103 $1,146 $1,211 $1,265 $1,335 $1,355 $1,362 $1,419 $1,090 % Change 0.6% 5.3% 1.2% 9.9% 7.1% 8.9% 1.6% 1.9% 3.9% 5.7% 4.5% 5.5% 1.5% 0.5% 4.2% 4.2%

07406.01 Apt.SbmktTrends: Historical 1 of 2 THE CONCORD GROUP EXHIBIT III-3

APARTMENT HISTORICAL TRENDS NORTHERN VIRGINIA AND DISTRICT OF COLUMBIA 1995 - 2010 1995-3Q10 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 3Q2010 Average

DC / Northern Virginia Class A Inventory (Units) 69,058 70,076 72,256 74,857 78,059 80,975 86,699 91,945 95,108 95,311 93,244 94,787 100,840 104,913 108,818 110,573 89,220 % Change 1.5% 3.1% 3.6% 4.3% 3.7% 7.1% 6.1% 3.4% 0.2% -2.2% 1.7% 6.4% 4.0% 3.7% 1.6% 3.2% Vacancy Rate (%) 3.4% 3.1% 3.1% 1.6% 1.4% 1.2% 4.2% 5.7% 5.6% 6.1% 4.2% 5.1% 6.1% 6.1% 6.3% 5.5% 4.5% Vacant Units 2,325 2,152 2,210 1,227 1,066 973 3,601 5,256 5,331 5,823 3,908 4,812 6,183 6,413 6,845 6,123 4,016 Deliveries 1,118 1,018 2,180 2,601 3,202 2,916 5,724 5,748 3,593 3,077 2,115 2,724 6,053 4,073 3,905 1,755 3,289 Asking Rent ($) $2,086 $2,175 $2,323 $2,506 $2,888 $3,374 $3,770 $4,004 $4,120 $4,202 $4,284 $4,483 $4,938 $5,006 $5,024 $5,210 $3,774 % Change 4.3% 6.8% 7.8% 15.3% 16.8% 11.7% 6.2% 2.9% 2.0% 2.0% 4.6% 10.2% 1.4% 0.4% 3.7% 6.4%

Class B & C Inventory (Units) 135,653 136,567 137,051 137,416 137,706 138,288 138,821 139,100 139,112 139,002 136,696 135,775 137,702 137,531 137,531 137,216 137,573 % Change 0.7% 0.4% 0.3% 0.2% 0.4% 0.4% 0.2% 0.0% -0.1% -1.7% -0.7% 1.4% -0.1% 0.0% -0.2% 0.1% Vacancy Rate (%) 3.9% 3.9% 3.4% 1.8% 1.6% 1.1% 3.1% 4.0% 4.0% 4.1% 3.9% 4.0% 4.7% 4.7% 5.9% 5.4% 3.7% Vacant Units 5,273 5,264 4,704 2,456 2,209 1,575 4,281 5,528 5,602 5,661 5,367 5,407 6,412 6,452 8,137 7,378 5,107 Deliveries 324 914 484 365 290 582 533 279 119 0 0 563 745 65 0 0 334 Asking Rent ($) $1,751 $1,778 $1,839 $1,901 $2,052 $2,237 $2,412 $2,479 $2,541 $2,620 $2,689 $2,809 $3,007 $3,071 $3,082 $3,138 $2,463 % Change 1.6% 3.4% 3.4% 8.0% 9.0% 7.8% 2.8% 2.5% 3.1% 2.6% 4.5% 7.1% 2.1% 0.3% 1.8% 4.0%

United States Class A Vacancy Rate (%) ------3.6% 5.7% 7.3% 7.6% 7.1% 5.7% 5.9% 5.9% 7.1% 8.2% 6.7% 6.4% Asking Rent ($) ------$1,027 $1,045 $1,050 $1,062 $1,080 $1,105 $1,149 $1,195 $1,221 $1,187 $1,198 $1,120 % Change ------1.8% 0.5% 1.1% 1.7% 2.3% 4.0% 4.0% 2.2% -2.8% 0.9% 1.6%

Class B & C Vacancy Rate (%) ------3.0% 4.2% 5.7% 6.5% 6.5% 5.8% 5.8% 5.7% 6.5% 8.1% 7.4% 5.9% Asking Rent ($) ------$724 $753 $762 $771 $786 $806 $835 $870 $889 $872 $877 $813 % Change ------4.0% 1.2% 1.2% 1.9% 2.5% 3.6% 4.2% 2.2% -1.9% 0.6% 2.0%

Source: REIS

07406.01 Apt.SbmktTrends: Historical 2 of 2 THE CONCORD GROUP EXHIBIT III-4

CURRENT INVENTORY OF COMPARABLE RENTAL COMMUNITIES APARTMENT MARKET AREA NOVEMBER 2010

Year Total Occ. Unit Size Gross Rent - Total Gross Rent - $/sf Avg. Avg Net Rent Project City/Area Built Stories Units Rate Min. Max. Avg. Min. Max. Avg. Min. Max. Avg. Conc. /1 Total $/sf

Crescent Falls Church Arlington 2010 5 267 28% 758 2,846 1,370 2,684 6,024 4,120 2.09 3.54 3.01 0 $4,120 $3.01 Lofts at Park Crest McLean 2008 5 131 98% 740 1,610 1,043 1,999 5,255 2,907 1.60 3.31 2.79 0 $2,907 $2.79 Vantage at Merrifield Falls Church 2007 6 270 97% 759 2,076 1,334 1,615 4,300 3,357 2.04 3.57 2.52 0 $3,357 $2.52 Reserve at Tyson's Corner Vienna 2010 4 478 62% 758 1,356 751 1,252 2,640 1,627 1.19 2.24 2.17 0 $1,627 $2.17 Carmel Vienna Metro Fairfax 2008 4 250 95% 629 1,276 909 1,595 2,160 1,920 1.68 2.54 2.11 0 $1,920 $2.11 Pearson Square Falls Church 2007 5 230 97% 839 1,800 1,243 992 3,600 2,521 0.85 2.32 2.03 0 $2,521 $2.03 The Falls at Flint Hill Fairfax 2008 4 246 95% 761 1,602 1,093 1,764 2,583 2,218 1.60 2.48 2.03 92 $2,126 $1.94 Post Tyson's Corner McLean 1990 6 499 96% 648 1,062 816 1,300 1,965 1,523 1.69 2.01 1.87 0 $1,523 $1.87 The Ridgewood Apartments Fairfax 2010 4 292 25% 576 1,324 1,000 1,500 2,465 2,074 1.86 2.60 2.07 346 $1,728 $1.73 Merrill House Apartments Falls Church 1964 5 159 98% 470 1,684 862 1,041 2,621 1,437 1.28 2.21 1.67 0 $1,437 $1.67

Subtotal/Average: 5 2,530 83% 712 1,622 1,007 $1,537 $3,210 $2,276 $1.56 $2.59 $2.20 $9 $2,267 $2.19 Avg. Occupancy of Projects Open 2+ Yrs: 96%

1/ Concession calculated based off the amount of free rent being offered at each property as noted on Appendix A. (i.e., 2 free months rent would would be divided over a 12 month period to arrive at the monthly concession number)

07406.01 Apt RecComps: Inv Table 1 of 2 THE CONCORD GROUP EXHIBIT III-4

CURRENT INVENTORY OF COMPARABLE RENTAL COMMUNITIES APARTMENT MARKET AREA NOVEMBER 2010

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07406.01 Apt RecComps: Map 2 of 2 THE CONCORD GROUP EXHIBIT III-5

ANNUAL DEMAND POTENTIAL FOR NEW APARTMENT UNITS APARTMENT MARKET AREA NOVEMBER 2010

ƒ Based on household growth by income segment, and factoring in home rentership rates, affordability, and existing rental stock obsolescence, TCG forecasts demand for approximately 625 new apartment units above $1,250 monthly rent per year.

Total Households Demand From Existing Households Demand From New Households Household Income to Affordable 5-Year Adjusted Renters Annual Turnover Rent New/Upgrade Annual Renters Income Range Housing Monthly Rent 2010 2015 Change HH Base Percent Total Percent Total Percent Total New HH Percent Total Total $0 - $35,000 35% $0 - $1,020 15,300 13,764 -1,536 13,764 80% 12,240 45% 5,508 1.0% 55 0 80% 0 55 35,000 - 50,000 30% 1,020 - 1,250 10,623 9,163 -1,460 9,163 65% 6,905 45% 3,107 1.0% 31 0 65% 0 31 50,000 - 75,000 30% 1,250 - 1,880 21,380 19,540 -1,840 19,540 50% 10,690 45% 4,811 2.0% 96 0 50% 0 96 75,000 - 100,000 30% 1,880 - 2,500 20,768 19,469 -1,299 19,469 40% 8,307 45% 3,738 2.0% 75 0 40% 0 75 100,000 - 125,000 30% 2,500 - 3,130 17,161 17,158 -3 17,158 30% 5,148 45% 2,317 5.0% 116 0 30% 0 116 125,000 - 150,000 30% 3,130 - 3,750 13,807 14,231 424 13,807 20% 2,761 45% 1,243 7.5% 93 85 20% 17 110 150,000 - 200,000 25% 3,750 - 4,170 19,011 19,855 844 19,011 10% 1,901 45% 855 10.0% 86 169 10% 17 102

Income Qualified 200,000 + 25% 4,170 - 25,254 32,156 6,902 25,254 5% 1,263 45% 568 10.0% 57 1,380 5% 69 126

Total: 143,304 145,336 2,032 137,166 34% 49,216 45% 22,147 2.7% 609 1,634 6% 103 711 Income Qualified: 117,381 122,409 5,028 114,239 26% 30,071 45% 13,532 3.9% 522 1,634 6% 103 625

Demand over: $1,250 625 1,880 529 2,500 454 3,130 338 3,750 228 4,170 126

07406.01 Apt. Demand: Dem Summ THE CONCORD GROUP EXHIBIT III-6

FUTURE FOR-RENT DEVELOPMENT DATA APARTMENT MARKET AREA 2010

City Project Builder/Developer Location Units Status Comments

Fairfax Halstead - Phase B DSF Long Metro III LLC Gallows Rd & Lee Hwy 436 Under Const. McLean Avalon Park Crest AvalonBay Westpark Drive 354 Under Const. Fairfax MetroWest Fairfax Pulte Lee Highway and Fairlee Dr 554 Approved Based on current planned breakdown of rental vs. for-sale Falls Church City Center South Atlantic Realty Companies Washington and Broad 412 Approved Part of +/- 1MM sf mixed-use development on 8.8 acres Fairfax Square 1400 N/A Dorr Ave & Merrifield Ave 327 Approved Groveton The District Redbrick Development Group 2999 Memorial Street 290 Approved Reston N/A RAJ Development New Dominion Pkwy & Explorer St 125 Approved Falls Church Northgate Hekemian 472 N. Washinton 105 Approved Alexandria N/A MHI Huntington Huntington and Foley Street 47 Approved Fairfax Britt Redevelopment MGB Properties III LLC 11091 Fairfax Blvd 300 Proposed Fairfax N/A WPPI Fairfax Ridge Top Road & Gov't Ctr. Pkwy 191 Proposed On +/- 3 acres. May be condo or rental.

Under Const. 790 Approved 1,860 Proposed 491

Total 3,141

07406.01 Apt. Demand: P&P 1 of 2 THE CONCORD GROUP EXHIBIT III-6

FUTURE FOR-RENT DEVELOPMENT DATA APARTMENT MARKET AREA 2010

I. Overview by Status

Under Construction 790 Subject Site 853 Approved 1,860 Proposed 491 Total 3,994

II. Supply Projection and Timing Project Market Timeline 2011 2012 2013 2014 2015 2016 Completion Future Future Future Future Future Future Likelihood Total Timing Units Timing Units Timing Units Timing Units Timing Units Timing Units

Under Construction 100% 790 60% 474 40% 316 0% 0 0% 0 0% 0 0% 0 Subject Site 100% 853 0% 0 0% 0 0% 0 49% 420 46% 391 5% 42 Approved 75% 1,395 0% 0 20% 279 20% 279 15% 209 15% 209 15% 209 Proposed 50% 246 0% 0 10% 25 15% 37 15% 37 15% 37 15% 37

3,284 474 620 316 666 637 288

07406.01 Apt. Demand: P&P Flow 2 of 2 THE CONCORD GROUP IV. OFFICE MARKET

The Concord Group EXHIBIT IV-1

OFFICE MARKET AREA FAIRFAX COUNTY, VIRGINIA 2010 NorthNorth ChevyChevy ChaseChase

SterlingSterling ChevyChevy ChaseChase

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BurkeBurke RoseRose HillHill 07406.01 OfficeMap: Summ THE CONCORD GROUP EXHIBIT IV-2

OFFICE SUBMARKET PERFORMANCE WASHINGTON, DC METRO AREA AND EXPANDED FAIRFAX COUNTY, VIRGINIA 2010

Washington, DC-VA-MD-WV Office Market Area Expanded Fairfax County Metropolitan Area

Demographics

Total Population 349,662 1,085,598 5,438,913

Total Households 130,443 397,793 2,044,883 5-Year Projected CAGR 0.2% 0.4% 0.9%

Average Household Size 2.7 2.7 2.6

Median Household Income $101,608 $105,236 $85,983 5-Year Projected CAGR 2.0% 2.0% 2.1%

3Q2010 Office Market Factors

Rentable Building Area (SF) 52,004,314 117,277,488 464,875,513 LTM % Change 0.6% 0.9% 1.2%

LTM Deliveries (SF) 307,700 1,022,200 5,652,494

LTM Net Absorption (SF) (477,419) 229,960 4,881,890

Vacancy Rate 14.3% 15.3% 13.2%

Vacant Stock (SF) 7,454,851 17,894,773 61,278,604

Asking Rent $28.93 $27.54 $33.60 LTM % Change 1.4% -1.0% 2.4%

Sources: Claritas; CoStar

07406.01 OfficePerf: Summ THE CONCORD GROUP EXHIBIT IV-3

OFFICE MACRO TRENDS WASHINGTON, DC METRO AREA AND EXPANDED FAIRFAX COUNTY, VIRGINIA 2000 THROUGH 2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1-3Q 2010 Average Office Market Area RBA 44,891,307 48,104,983 49,838,445 50,152,693 50,043,754 50,043,754 50,443,468 50,440,708 51,312,025 51,973,744 51,941,394 49,926,025 Annual % Change 7.2% 3.6% 0.6% -0.2% 0.0% 0.8% 0.0% 1.7% 1.3% -0.1% 1.5% Deliveries 926,187 3,213,676 1,816,462 314,248 42,592 0 410,230 126,197 888,051 661,719 12,700 782,517 Net Absorption 928,164 (1,024,775) 61,722 6,059 1,045,522 1,828,805 798,813 (462,249) (659,981) (67,576) (431,745) 188,164 Vacancy Rate 3.3% 11.9% 14.8% 15.4% 13.1% 9.4% 8.6% 9.5% 12.3% 13.6% 14.3% 11.6% Vacant Stock 1,490,339 5,728,790 7,400,530 7,708,719 6,554,258 4,725,453 4,326,354 4,785,843 6,317,141 7,046,436 7,445,831 5,775,427 Normalized Vacancy 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% Normalized Vacant Stock 4,938,044 5,291,548 5,482,229 5,516,796 5,504,813 5,504,813 5,548,781 5,548,478 5,644,323 5,717,112 5,713,553 5,491,863 Excess Vacant Space (3,447,705) 437,242 1,918,301 2,191,923 1,049,445 (779,360) (1,222,427) (762,635) 672,818 1,329,324 1,732,278 283,564 Asking Rents $30.59 $31.24 $27.42 $24.99 $24.05 $26.70 $27.42 $30.00 $30.41 $28.59 $28.90 $28.21 Annual % Change 2.1% -12.2% -8.9% -3.8% 11.0% 2.7% 9.4% 1.4% -6.0% 1.1% -0.6%

Expanded Fairfax County RBA 94,717,308 99,940,833 104,954,418 105,433,173 106,137,075 106,700,870 109,083,470 111,694,126 115,326,427 116,677,875 117,143,842 107,982,674 Annual % Change 5.5% 5.0% 0.5% 0.7% 0.5% 2.2% 2.4% 3.3% 1.2% 0.4% 2.2% Deliveries 5,836,621 5,223,525 5,096,585 478,755 855,433 563,795 2,376,516 2,991,137 3,649,035 1,351,448 537,700 2,694,005 Net Absorption 4,746,251 (3,649,227) 506,064 1,363,443 4,322,878 3,999,904 2,523,414 475,794 (238,221) 97,580 178,835 1,332,718 Vacancy Rate 5.4% 14.0% 17.6% 16.7% 13.1% 9.8% 9.5% 11.2% 14.2% 15.1% 15.3% 13.0% Vacant Stock 5,074,235 13,951,280 18,456,176 17,571,488 13,921,520 10,485,411 10,327,997 12,462,859 16,333,381 17,587,249 17,874,381 14,004,180 Asking Rents $28.71 $29.05 $25.58 $23.54 $23.26 $25.52 $27.52 $29.71 $29.75 $27.89 $27.55 $27.10 Annual % Change 1.2% -11.9% -8.0% -1.2% 9.7% 7.8% 8.0% 0.1% -6.3% -1.2% -0.4%

Washington, DC-VA-MD-WV Metro RBA 378,683,588 393,379,852 404,408,727 408,937,194 415,597,015 422,435,973 433,586,634 443,939,159 452,947,916 460,359,580 464,582,049 425,350,699 Annual % Change 3.9% 2.8% 1.1% 1.6% 1.6% 2.6% 2.4% 2.0% 1.6% 0.9% 2.1% Deliveries 11,768,682 14,843,614 12,252,270 5,597,715 7,228,441 7,244,712 11,880,924 11,195,688 9,819,791 7,883,192 4,602,559 9,703,962 Net Absorption 10,341,976 (2,818,079) 2,145,857 6,877,705 10,211,121 13,290,702 8,935,424 3,732,446 1,122,566 (657,472) 3,976,139 5,317,059 Vacancy Rate 5.9% 10.1% 12.0% 11.3% 10.3% 8.6% 8.9% 10.1% 11.7% 13.2% 13.2% 10.6% Vacant Stock 22,183,118 39,701,754 48,582,284 46,237,729 42,655,437 36,213,545 38,420,732 45,040,811 52,928,846 60,993,590 61,239,920 44,927,070 Asking Rents $29.26 $30.29 $29.11 $28.56 $28.92 $30.10 $31.29 $33.24 $34.09 $33.05 $33.53 $31.04 Annual % Change 3.5% -3.9% -1.9% 1.3% 4.1% 3.9% 6.2% 2.6% -3.1% 1.5% 1.4%

United States Vacancy Rate ------13.1% 12.5% 11.3% 10.7% 10.8% 11.5% 13.0% 13.6% 12.1% Asking Rents ------$21.80 $21.79 $22.21 $23.40 $24.89 $25.27 $24.08 $23.12 $23.32 Annual % Change ------0.0% 1.9% 5.3% 6.4% 1.5% -4.7% -4.0% 0.9%

Source: CoStar

07406.01 OfficePerf: Trend THE CONCORD GROUP EXHIBIT IV-4

SELECTED COMPETITIVE OFFICE SPACE OFFICE MARKET AREA AND ANALOGUE NORTHERN VIRGINIA LOCATIONS 12 MONTHS THROUGH NOVEMBER 2010 Lease Year Date SF Rent Map Name Address City Submarket Stories Class Built RBA (sf) Tenant Signed Floor Leased ($/sf/yr) Merrifield 8 2941 Fairview Park 2941 Fairview Park Dr Falls Church Merrifield 15 A 2001 335,704 DEI Consulting May-10 6 1,200 39.50 16 MetroPlace/Dunn Loring 2600 Park Tower Dr Merrifield Merrifield 10 A 1999 237,227 N/A May-10 1 17,648 35.00 17 3190 Fairview Park 3190 Fairview Park Dr Falls Church Merrifield 10 A 1990 231,928 N/A Jul-10 2 7,552 34.00 22 Williams Plaza 1 3040 Williams Dr Fairfax Merrifield 6 B 1987 126,000 N/A Jul-10 1 10,495 30.00 23 Willow Oaks 1 8260 Willow Oaks Corp. Dr. Fairfax Merrifield 8 B 1987 182,469 N/A May-10 3 6,793 29.80 Merrifield Average: 10 1993 222,666 8,738 33.66

Tysons Corner 4 Greensboro Corp. Ctr. 1 8401 Greensboro Dr McLean Tysons Corner 10 A 2001 209,151 Primatics Fin. Jan-10 3 4,000 41.00 20 8280 Greensboro Dr 8280 Greensboro Dr McLean Tysons Corner 9 A 1985 209,000 Monster Gov't… Jul-10 9 22,080 32.70 25 East Building 7600 Leesburg Pike Falls Church Tysons Corner 4 B 1987 106,000 SCSC Dec-09 3 2,746 29.00 Tysons Corner Average: 8 1991 174,717 9,609 34.23

Reston 2 SOMA at RTC - A 1875 Explorer St Reston Reston 10 A 2008 260,000 Lane McVicker Dec-09 5 1,307 46.00 7 SOMA at RTC - B 11950 Democracy Dr Reston Reston 6 A 2008 125,100 Fujitsu America Aug-10 2 9,516 40.00 12 One Freedom Sq. - RTC 11951 Freedom Dr Reston Reston 18 A 2000 420,537 RW Baird Jul-10 10 10,000 37.35 19 RTC - SW Block 1820 Discovery Dr Reston Reston 3 A 1990 44,504 Learning Tree Dec-09 2,3 44,488 33.00 24 The Campus at Sunrise 11130 Sunrise Valley Dr Reston Reston 3 B 1987 67,288 BRS Labs Aug-10 2 1,194 29.75 Reston Average: 8 1999 183,486 13,301 37.22

Other Submarkets 26 Annandale Financial Ctr. 7010 Little River Tpke Annandale Annandale 4 B 1988 64,000 N/A Jul-10 1 2,402 23.50 5 The Regent 950 N Glebe Rd Arlington Ballston 12 A 2007 247,436 HPTI Jul-10 5 5,614 40.00 10 Arlington Plaza 2000 N 15th St Arlington Clarendon/Courthouse 11 A 1985 193,657 MSI Mar-10 5 5,592 38.50 3 Crystal Park Four 2345 Crystal Dr Arlington Crystal City 12 A 1988 502,900 Smart Global May-10 5 18,487 41.90 15 Potomac Gateway North 2800 Crystal Dr Arlington Crystal City 10 A 1990 177,473 Surescripts Oct-10 8 8,448 35.00 18 Crystal Park Two 2121 Crystal Dr Arlington Crystal City 12 A 1985 570,000 US Gov't Mar-10 5,6,8 66,312 33.00 6 Carlyle Overlook 2318 Mill Rd Alexandria Eisenhower Ave Corr. 14 A 2008 250,000 CPA Global Jun-10 12 24,647 40.00 21 Centerpointe One 4050 Legato Rd Fairfax Fairfax Center 11 A 1987 214,652 ASM Research Jun-10 2,8-11 90,774 31.00 1 Time Life Building 2000 Duke St Alexandria Old Town Alexandria 5 A 1997 156,123 Motley Fool Jul-10 5 30,925 46.00 9 330 John Carlyle St 330 John Carlyle St Alexandria Old Town Alexandria 6 A 2001 79,000 Gov't Rtrmnt… Mar-10 6 5,131 39.00 11 Station Center 1700 Diagonal Rd Alexandria Old Town Alexandria 7 A 1988 70,309 Clark & Brody Jan-10 5 3,016 38.26 13 Carlyle Center 1925 Ballenger Ave Alexandria Old Town Alexandria 5 A 2006 176,101 US Gov't Jun-10 5 22,138 36.50 14 Ames Center Building 1820 N Fort Myer Dr Arlington Rosslyn 13 A 1983 161,787 Serco Inc. Jun-10 5 14,116 36.10 Other Submarkets Average: 9 1993 220,264 22,892 36.83

All Submarkets Average: 9 1994 200,283 13,635 35.49

07406.01 OfficeRecComps: Comps 1 of 2 THE CONCORD GROUP EXHIBIT IV-4

SELECTED COMPETITIVE OFFICE SPACE OFFICE MARKET AREA AND ANALOGUE NORTHERN VIRGINIA LOCATIONS

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r WolfWolf TrapTrap

r r r WolfWolf TrapTrapTT r r WolfWolf TrapTrapTTT WW ppp r r TTT WW CCC ppp e WW CC e e e e t e OO 193 te te te OO t t O CC t t t Olll oCoo mmm n Oldldd oo mmm n n n l d o n n ld n n n ddl nnn aaa u l dDD noo aaa u d u u DD nno u u D u u u o FFF yyy oDoom nnn HHH FFF yyy H momMcleanMclean nnn HHH H H McleanMclean H mo oo H H mMcleanMclean o H ooo www H H miininn enene xxx kkk iinnniiii ee www xx x kkk iiinoinoo cecec www M MM PPP ininon eee MMM P P P no nD nD tctct eee Dn iii iii D i c n c n c ililill nnn Drrr icictt NNN lll l ooo rr rr uiuiu NNN R RR ttotoo r ucuc RRR sststt 44 HH ttt ddd sss 44 HiHirirrssttt tut u ddd eee WolfWolf TrapTrap iiHrrsiirrtts BBtt rrraa AA eee WolfWolf TrapTrap Bt rrBarruualltlutt EE AtAt RRR llttu lEltt xExppy A RRR 2424 xEpxypy vAvA y vvee eevv G v G G e e G NeN Gee N eGe NN FFF oeoe WNNW 16th St NW St NW 16th St 16th NW St 16th NW St 16th NW St 16th FFF W NW St 16th 16th St NW St NW 16th St NW 16th St 16th 16thNW St 16thNW St ero WW 16thNW St 16thNW St 16thNW St 16thNW St oo roeo NW St NW 16th St NW 16th St 16th ooo CCChhheeesss rgogor WW xxx LLL 309 ChCheehessestttseseetrrerbbbrrrooo grereg xx x LLLaaaww eetrrebbrrrrbrooorroookkok kRkRddd egrge aaawwyyy H H H kkoR R g e H k MMM wwyyyeee H R d dd H H R MMM yyyeeerrrsss H dd d eW MMM eeerrrsss R Rddd H Wee W iii ddd u u u W 29 iii ddd u u W ililil u u u 7100 llll u aW l n n n a l l n n aa n n n sa RRR n sa RRR t s RRR t t t t ass te te e has ddd e t e hs ddd e e t h ddd e PimmitPimmit HillsHills sh e PimmitPimmit HillsHills ishh r r r PimmitPimmit Hills267Hills i r r ihn r r n r nhii r hinn in M M M g n M M gi M M gi M ng M 2020 ntggo i i i 2020 i o i 2020 gtt il il l ogt l i l too ll ll i l no

l dd l d l not l l l ddd nt l RRddd on l n R R o R R R yyy R R d R R yyy dd n R M R bbbyy d R iirirrbbby Mnn R KKiirirrbbb dldlvv Mn M d d d L Kiii ddl d K d LL vvv M FolkstoneFolkstone DrDr d d LL KK llvl e FolkstoneFolkstone DrDr d LLL lvBvB e FolkstoneFolkstone DrDr d aaLawww TysonsTysons CornerCorner B gBgBl l B 120 eMmee wwawwyyy rrrgugug rr BBg meeem Garf ield InauguralMM StSt NWArchNW yyyeeye uuubbrru mom MM SSttt NNWW MM StSt NWNW VVV rrersss sssbbbssu rooi VVVaaa sr sR RR miimaasms ioaorrii aaa DunnDunn LoringLoring lml irraa llelee Rddd DunnDunn LoringLoring llllliliaiiailalli lari iaPall FFF n RRR dN NN 495 iililll Pal FFF nnnn RRRddd NN NWW Wii lPl kP FF ooo uuuu ddd WW WW k PP FFllalaaltttl oooxxx uu W wkk aaltataltlilitciclckkk xxx RR RR kwk iictcliikckck k BB M t R R wyw kBB Brrraaarnnn MMM ltltllt IdylwoodIdylwoodIdylwood wyy 39 aarnanacncnchhh iii uuulll IdylwoodIdylwoodIdylwood yy ccnhhcchh ililil ucuu h lll ll l iciciic 2525 ifi 2525 R RR fffifii 2525 RRR ffiff d iififf ddd Di PP 1414 DDD PPaaa 1414 aaarrrkkk S S 243 S Sttt ViennaVienna OakOak ton ton 123 FallsFalls ChurchChurch 66 1010 WashingtonWashington 0 OakOak ton ton 111000ththth 10 S10Sttt N N

IdylwIdylwIdylw ood ood ood 39 IdylwIdylwIdylw ood ood ood

WWW 110 WWW W W W W W JJJeee W r W r W rm JJeJeemaaa O O O W JJJeeerrmmrmaannntttooo ArlingtonArlington O OO rrrmmaaanantntootwwnnn R ArlingtonArlington OOO nnntttooowownwn n RR ddd ArlingtonArlington nnn R dRddd a a a x a a xx a a a 55 xxx xx a 1616 55 x p p p 1616 29 55 p p 1616

p p p 338 ChantillyChantilly R R R p RRR 66 ChantillyChantilly l l l RRR ChantillyChantilly l l le le e 88

e l e 88

e e l 88

ddd e ddd e SS ddd s s s tt t SS s s tt SS s s SSt t s SStt s ddd SS nnnddd SevenSeven CornersCorners 2nnnddd M M 2 M 2 SevenSeven CornersCorners M n M nn SevenSeven CornersCorners 222 M M 222 M M

i i i i i 50 il il l l i l ll l ll i l l l OldOld LeeLee HwyHwy l l l OldOld LeeLee HwyHwy l OldOld LeeLee HwyHwy l R R R R R R R R R d d d d d 50 MerrifieldMerrifield d d MerrifieldMerrifield d MerrifieldMerrifield d

JeffersonJefferson FFFaaaiairirr i iL rLrL aLaakakkekekesess s sPP Pkkkwkwkwyyyyy 2222 JeffersonJefferson LakeLake BarcroftBarcroft 2222 244 2222

MantuaMantua Subject Site

MantuaMantua 120 SSS SSS 650 SS 7 l l l 237 lelee 66 elel 2121 eeeee 2121 d e e 2121 d ee 33 ee 33 ddd ppp dRd 236 2323 pp R 2323 p pp 2323 yypy pp RRR yy mm R R p y p y aammp R R 1717 aamm 1717 y RRaa 1717 RR H HH R te H R HHH H teatete H tetete ooo Bailey'SBailey'S CrossroadsCrossroads oo Bailey'SBailey'S CrossroadsCrossroads aaa oo Bailey'SBailey'S CrossroadsCrossroads aaa l lol G llll l CC l l lo CC GGG lolloll CC G G G oolo y wowow WWW w W yyy WW ww 1515 SSS yey ww 1515 SSS y 236 WW w ddd yy 1515 SSS 9 W e erlee R RR eee a a a 1818 RdRdRd R i a RR 1818 RdRdRd

a a 1818 RR R rlrlrl RR rl rl a a R l l l l l irlirlirl a l k k k ddd lll ihi lll i i i k d l l l k k ddd l l l h ekeke d hh FairfFairf ax ax e k d h h eee 1 FairfFairf ax ax e e e hShh FairfFairf ax ax eee e e e f f ef SSS f L sss S S f f LL sss SSS i i i LLL sss i f f 244 LLL ie ief i sss e ii sss B e ie i iiin sss Brrraaadd ie iininn dd e BBrrraaadddoooccck e nn dd e n l n l BBrrraaaddddoooccckkk RRddd uuu 29 dd l dddoooccckk RRddd ccc uuu kkk ld ld RR c uuu ddd l c d c l l c d c d c ld d d ooo d ooo RRR o RRR C C R ll RR C l l C C lnnn C llln C C nnln BraddockBraddock RdRd C niii BraddockBraddock RdRd 651 h h i i BraddockBraddock RdRd h iiaiaa h h a n 7100 ai n n h aaa n n n h h a n h AnnandaleAnnandale n n a a a AnnandaleAnnandale R RR a a AnnandaleAnnandale R L L L a R R L L L a a RR R L L L p pa p p p ddd r r r p dd r r r p p ddd r r r e ep d e e e e e e e e e e e e e e e l l e l l l k k k l k k k Rl Rl k k k R l R R R a a a R R a a a R a a a d d d u u u d d d u u u d d u u u d

Q Q Q AlexandriaAlexandria Q Q Q AlexandriaAlexandria BB Q Q Q AlexandriaAlexandria BB BBrrr d d d rrraaa d d d rrraaa JJJaa d a d d aaaddd nnnnnneeeyyys N ss d N N JJJaannnne L LLnnn N e d N d N JJJaaannnnnn yyysss L Lnn dddddd N N N eeeyyysss L LLnnn R R R dddooo R R R ooo R R R oooccc ccc ccckkk BBrrraaddddooccckkk RRdd n n n kkk rr ddddooccckkk RRdd n ra n aa n RR BB dooccckkk RRdd n d n n RRddd BBrrraadd o o o ddd o o o ZZ ddd o o o ZZiii ForestFores t t t ZZoioo Forest t t t iiooo Forest ft ft n tf iioioonn f f t f nnn D i f if if nnn D 2626 ForestFores t i i i DD 2626 ddd Fores t l i li li DDrrr ddd l l l 2626 rrr RRR d l R l l rrr RR Rdd RRR EEdddsssaaallll l RRddd aaallll l R R C C R C aaalllllRddd sssaaa C C C ooo RRddd ssaaa C s C C dd ooo dddsss 123 ddd lll EEddd 236 RR RdRd llllll EE R R lililin eee e R ininin kekee ggg akakk ggg aLaa R 1111 400 LLL a R R R 1111 eee e L LL RRR 395 LincolniaLincolnia 1111 kkkrekee ddd NorthNorth SpringfieldSpringfield Scale Legend rrrkkk NorthNorth SpringfieldSpringfield bbb GuineaGuinea RdRd uuururrk HuntingtonHuntington bbb GuineaGuinea RdRd Buuu HuntingtonHuntington 111 BBB 111 BBB

t t ititit i i it 9 Mile(s) ddd xxx iiaiaiaa R RRdddd xxx cccoooonnnniiaiaa EE BurkeBurke raaannncccooonnn EEE BurkeBurke 95 FFrrraaannnccc 11 241 99 E 0 12 395 66 1 PRINCEPRINCE PRINCEG GG EE FranconiaFranconia RampRamp FairfaxFairfax StationStationWestWest SpringfieldSpringfield

07406.01 OfficeMap: CompMap 2 of 2 THE CONCORD GROUP EXHIBIT IV-5

OFFICE DEMAND EXPANDED FAIRFAX COUNTY AND OFFICE MARKET AREA 2011 THROUGH 2016

Job Growth / Loss (000s) (1) % Office SF Per Potential Office Demand (000s SF) Industry 2011 2012 2013 2014 2015 2016 Using (2) Job (3) 2011 2012 2013 2014 2015 2016

Natural Resources & Mining 0.0 0.0 0.0 0.0 0.0 0.0 5% 275 -0.4 0.0 -0.1 0.0 0.0 0.0 Construction 0.7 2.1 2.5 1.0 0.2 0.0 15% 280 31.5 88.7 106.3 40.5 10.5 -0.7 Manufacturing 0.0 0.2 0.2 0.1 0.0 0.0 15% 250 0.9 6.2 7.0 4.8 1.8 -0.1 Wholesale Trade 0.2 0.3 0.4 0.3 0.2 0.1 10% 250 4.2 8.5 10.7 7.1 4.3 2.0 Retail Trade 0.5 0.8 1.0 0.5 0.2 -0.1 10% 280 14.0 22.0 28.6 14.6 4.9 -3.5 Trans., Warehousing, & Util. 0.0 0.0 0.0 0.0 -0.1 -0.1 10% 280 0.6 -0.5 1.0 -0.5 -2.4 -3.4 Information -1.1 -0.8 -0.6 -0.2 -0.4 -0.5 90% 320 -315.0 -237.5 -177.6 -56.4 -105.9 -155.3 Financial Activities -0.2 0.3 0.4 0.3 0.1 0.0 75% 320 -49.6 64.5 96.5 72.8 29.9 -5.1 Professional & Business Services 2.9 8.6 10.1 6.6 4.6 3.6 90% 320 831.3 2483.1 2916.6 1898.6 1334.1 1044.4 Education & Health Services 0.1 1.1 1.4 1.5 1.1 0.8 35% 320 8.3 123.2 158.5 172.1 123.7 86.9 Leisure & Hospitality 1.1 1.8 1.8 1.5 1.1 0.9 20% 320 70.8 115.1 113.5 97.0 70.0 55.4 Other Services 0.1 0.3 0.5 0.3 0.1 0.0 75% 320 32.9 70.6 122.9 76.9 28.0 5.2 Government -2.1 0.8 0.9 1.1 0.5 0.1 40% 320 -271.0 101.2 120.4 145.9 61.3 8.3

Annual Change 2.2 15.4 18.7 13.1 7.7 4.6 Expanded Fairfax Co. (4) 358.6 2,845.0 3,504.2 2,473.4 1,560.3 1,034.2 Total Non-Farm (000s) 600.6 616.0 634.7 647.8 655.6 660.2 Market Area Capture (5) 35% 35% 35% 35% 35% 35% Annual % Change 0.4% 2.6% 3.0% 2.1% 1.2% 0.7%

Mkt. Area Demand - Annual 125.5 995.8 1226.5 865.7 546.1 362.0 Mkt. Area Demand - Cumulative 125.5 1121.3 2347.8 3213.5 3759.6 4121.5 Trailing 5-Year Annual Average ------751.9 799.2

(1) Source: Moody's (2) TCG Estimates (3) Per ULI & CoStar (4) Including Fairfax City and Falls Church (5) Based on market area share of Expanded Fairfax County office inventory

07406.01 OfficeDemand: Summ THE CONCORD GROUP EXHIBIT IV-6

FUTURE OFFICE DEVELOPMENT OFFICE MARKET AREA 2010

City Project Name Builder/Developer Location Sq. Ft. Status

McLean Spring Hill Station - Ph. I Georgelas Group Spring Hill Rd. & Lewinsville Rd. 600,000 Approved McLean Tysons II - Parcel H Lerner Tysons Blvd. & Galleria Dr. 472,000 Approved Fairfax MetroWest Pulte Lee Highway and Fairlee Dr 300,000 Approved Alexandria N/A Kingstowne King Center Drive 113,500 Approved Falls Church City Center South Atlantic Realty Companies S. Washington St. & W. Broad St. 90,000 Approved McLean N/A Bo Hwan Suk 5873, 5885 and 5901 Old Centreville Rd 29,103 Approved Herndon un-named WRIT Dulles Station 2300 Dulles Sation Boulevard 360,996 Proposed McLean Hanover Building West Mac Associates 8101 Jones Branch Dr 241,000 Proposed Falls Church The Gateway Akridge 500-520 North Washington 75,000 Proposed Falls Church The Palatium Pirouz Khanmalek Lee and Park Ave 48,246 Proposed Falls Church Northgate Hekemian 472 North Washington 14,015 Proposed

Under Const. 0 Approved 1,604,603 Proposed 739,257 Total 2,343,860

07406.01 OfficeDemand:P&P 1 of 2 THE CONCORD GROUP EXHIBIT IV-6

FUTURE OFFICE DEVELOPMENT OFFICE MARKET AREA 2010

I. Overview by Status

Under Construction 0 Subject Site 65,000 Approved 1,604,603 Proposed 739,257 Total 2,408,860

II. Overview by Status

2011 2012 2013 2014 2015 Completion Future Future Future Future Future Likelihood Total Timing Sq. Ft. Timing Sq. Ft. Timing Sq. Ft. Timing Sq. Ft. Timing Sq. Ft.

Under Construction 100% 0 60% 0 40% 0 0% 0 0% 0 0% 0 Subject Site 100% 65,000 0% 0 0% 0 100% 65,000 0% 0 0% 0 Approved 75% 1,203,452 0% 0 0% 0 25% 300,863 25% 300,863 25% 300,863 Proposed 50% 369,629 0% 0 0% 0 25% 92,407 25% 92,407 25% 92,407

Total 1,638,081 0 0 458,270 393,270 393,270

07406.01 OfficeDemand:P&P Flow 2 of 2 THE CONCORD GROUP V. RETAIL MARKET

The Concord Group EXHIBIT V-1

RETAIL MARKET AREA FAIRFAX COUNTY 1/, VIRGINIA 2010

FriendshipFriendship VillageVillage

606 RR GlenGlen EchoEcho SomersetSomerset ChevChev y y ChaseChase VillageVillage RRaamm SomersetSomerset mmp RampRamp Trade Areas ppp RestonReston TownTown CenterCenter OO 495 BrookmontBrookmont TargetTarget OOOllldd BrookmontBrookmont TargetTarget ddd lldd iirirr TargetTarget ddd ddl l d DD iii RRR dDD R R R oDoo C CC ooDmm H m H H mo H H nnn mo H H H nnn Stream Stream Stream H nnn m Stream Stream Stream nnn C CC RestonReston miii Stream Stream Stream enenen 267 RestonReston ooo iininn eee u u u tototo nn i u u ttoto iii u nnn u u tt iinoioo nnn u t iionoo n n n s innn Red Oval = Regional Trade Area n n sss nio n n n lslsls nno ariariari n WolfWolf TrapTrap l l l nD nD CCC ari t t t Dn ariariari t t WolfWolf TrapTrap D CC e D C ari e ari e t t WolfWolf TrapTrap aaa e t e www Drrr aa e e t www aaa e www rD e rr CC S r r r ooCo SSS r r ooo rr o S r o S r o r oo SSS r ooo r

657 M MM T nnn TT O noo M M T O MM TTT OO 193 nno M T O M Olldldd nnn i i i lldd nnn i i dd l il l 7100 il l i l ldDD ll ll i l dDD eee l l l D enn l l D e l oo e l o D l o oD R R R oomm ccc R R mm cee R o R R mo cce R McleanmiMcleanii Blue Circle = Local Trade Area d d d McleaniMcleanninn ttt d d iinn tcc d d 7 nn ttcii iingtonngton Dulles International d iiii i iingtonngton Dulles International d iinoioo icicc iingtonngton Dulles International iionooininon cctt ngton Dulles International nno nDn D uicuicu ngton Dulles International D uuc ngton Dulles International FFF Drrr tt FFF rDr rr tut u ooo r AAt ooxxx HH AtAt xx x HiHirirrssttt AA M MM iirrsiirrtts BBtt rrraa vvA MM MMM Bt rrBarruualltlutt EE vee MMc iii TysonsTysonsTysonsTysons Corner Corner CornerCorner CenterCenterllttu lEltt xExppxy Note: See page 2 for map ofeevv local ccclll illillill TysonsTysons CornerCorner pxypy G e e llelee llll GG NeN eeaaa R RR Gee NN aaarrr eG NN rrreee ddd GGG oeoe WWN eeennn GGG oerro W nn eo trade area. W 16th16th St16th NW St NW St NW nnn rrr ro W 16th16th St16th NW St NW St NW r W 16th16th St16th NW St NW St NW RRR rreree gogor RRRddd eeeaa CCChhheehesssttt regreg ddd LLLaaa aaa 309 hCheehssestttseseettrrerbbbrrrbrooooookkk erg g e LLLaaaww H H H at bbrrrbroo RR e H o aaawwyyy H tt ooroook kk ddd W wwyyyeeerrrsss H H H tt tt kko Rk dRddd Wee eeerrrsss R Rddd H F t F F d W R Rddd u u u FFF W u u F a u ddd u u aaa aW u aa n n n aa aa n n a sa n n n lall sa n lll ass t t t llll has t t llslss h te te te sls hs e e sssl e e e sh t s ishh e hn r r r S SS in r r S S nhii r r r SS hin n S in S r g ttt ngi M M M t t gi M M tt ng M M 123 tt ntgg M TysonsTysons GalleriaGalleria tgo M TysonsTysons GalleriaGalleria ogtt i i i ogt i i too il il l no l l PimmitPimmit HillsHills not ll ill l PimmitPimmit HillsHills nt l il PimmitPimmit HillsHills onn l ll o R l R R R n l M R R l R Mn R Mn FolkstoneFolkstone DrDr R n M FolkstoneFolkstone DrDr d d d e FolkstoneFolkstone DrDr d d eM d d eMee d 120 m d meeem MM SSttt NNWW MM StSt NWNW ViennaVienna om MM SSttt NNWW VVV ViennaVienna roo VVVaaa roioaorri aaa ari llelee DunnDunn LoringLoring irlrai ai 50 eee RRR DunnDunn LoringLoring la iPaall 28 RRRddd IdylwIdylwIdylw ood ood ood lPlk P PP IdylwIdylwIdylw ood ood ood Pwkkkwk wkyw yyyy FF 29 Garf ield Inaugural Archy FFF ooo oooxxx PP ddd xxx PPaaa ddd M MM aaarrr 29 RR MMM rrrkkk RRR i kkk S S iilill S Sttt yy y llllll 243 ttt yyy ll l R RR eee RRR FallsFalls ChurchChurch 66 110 WashingtoWashingto n eee ddd OakOak ton ton FallsFalls ChurchChurch 10th10th StSt NN WashingtoWashingto n lnlnn ddd OakOak ton ton 10th10th StSt NN lnlnln aa 495 aaa MerrifieldMerrifield WWW MerrifieldMerrifield WWW WW 66 WW WWW 66 W W W W W W W W W BBlllaakkkee O O O BBlllaakkk LLnn OOO BBlllaa ee LLnn OOO kkkee LLnn ArlingtonArlington a a a ArlingtonArlington a a ArlingtonArlington a a a xxx a xxx p p p xxx p p p p p W W W p W W W

W W W 395 R R l l l 27 R l l ChantillyChantilly RRR le le e RRR ChantillyChantilly e l e ChantillyChantilly e e l e TargetTarget e a a a TargetTarget ddd s s s a a a TargetTarget ddd s s 28 a a a dd s s d s s l l l l l l 66

nl nl nl M M M n n n M M n n n M M 50 M M e e e e e e e e e i i i i i il il l y y y l i l y y y ll ll i l OldOld LeeLee HwyHwy y y y l l l OldOld LeeLee HwyHwy

l l l OldOld LeeLee HwyHwy l l R R R R R R R R

R R R R R R R R R R d d d 50 d d d d d

d d d d d d d d d d

LakeLake BarcroftBarcroft

LakeLake BarcroftBarcroft

JeffersonJeffersonLakeLake BarcroftBarcroft

Subject Site

29 MantuaMantua FashionFashion CentreCentre atat PentagonPentagon CityCity MantuaMantua FashionFashion CentreCentre atat PentagonPentagon CityCity BraddockBraddock RdRd MantuaMantua BraddockBraddock RdRd d d d FairfFairf ax ax d d d FairfFairf ax ax d FairfFairf ax ax LakeLake BarcroftBarcroft d d TargetTarget 650 LakeLake BarcroftBarcroft R R TargetTarget LakeLake BarcroftBarcroft R TargetTarget 237

R R R R

R R d d Bailey'SBailey'S CrossroadsCrossroads ddd Bailey'SBailey'S CrossroadsCrossroads d w w dd Bailey'SBailey'S CrossroadsCrossroads w w w w 236 w R wow R CrystalCrystal CityCity ShopsShops o CrystalCrystal CityCity ShopsShops l R R R CrystalCrystal CityCity ShopsShops o o ol R R o l o 29 lo lo ll e l l e ll ll l eee l l et e l el eet e t t t f t t e e fe t t e e a fe fe f a f f aaa f gf a a g aa

g g g G CentrevilleCentreville g g g g 123 CentrevilleCentreville n CentrevilleCentreville n GGG i G G n n in G G G WWW n n W in rin i y WW pp i ri ddd p WW ddd ppp i i W y d ppp r tr r yy TargetTarget dd r tr y y TargetTarget r r yyy TargetTarget t t t t t eelee a a a RRR t t a RRR mmm S l rl l a a R R R mmm S le le a a l l lele l mmm S S S r ri rle k kak l l l S S r r k llllll k k S S i i i l l l aaa iriri ekeke l l l aaa h ir e k 1 e e eee hhh e e eee hhh f f ef L eee S f LLL RRR f f LL s RRR i i i LLL sss RRR SSS i f f i sss f i ie ie 244 i S S i SSS e iinnn sss BB e ie i iininn sss rrr ie aaa s s BBrrraaaddddddooo e e nnn s BBrrraaaddddddoooccckkk l l e ccc R l dddddd ccckkk Rddd ccc uuu ooo RR ld ld ccc d cc uuu dd l c kkk d R uu R u ddd d ld l ooo ld d d ooo d oo

lll RRR C C l RRR C lnlnn RRR ll C C n C nnln C C n BraddockBraddock RdRd 651 C iii BraddockBraddock RdRd h h iiaiaa 7100 BraddockBraddock RdRd h aia h h aaa h a h h AnnandaleAnnandale a ah RR a AnnandaleAnnandale R R a a AnnandaleAnnandale a RRR a a 66 p pa p ddd p p d p ddd p p d e ep e e e e e e l l e l l l l Rl Rl R l R R R Icon = Retail Type R R R d d d LincolniaLincolnia d d LincolniaLincolnia d LincolniaLincolnia d d BBB d AlexandriaAlexandria d d d rrr AlexandriaAlexandria d d d rrraaa d d d rrraaa aaadddddd JJJaaannnneeyyysss LLnn R R R ddd nnnneeyyysss nn R R R dddooo LLnn R R R oo o oooccckkk n n n CCC kkk ddddooccckkk RRdd n n n CCC kkk BBrrraa ooccckkk RRdd n n n CCC RR BBrrraaddddooccckkk RRdd 236 o o o RRddd o o o ZZ ddd o o o aaa ZZi d t t t aaa ZZiiooo dd t t t aaa iioioo ddd tf tf tf iii nnn dd f f f sss ooonnn ddd fi fi fi s nnn D D d ddd i i i ss DD ddd RR l i l i l i sss DDrrr RR RRddd RR l l l ttt rrr R ll R R RR l l l ttt rrr RRR RRR lll l R R ddd tltltl RR RRR EEdddsss aaallll l aa ddd lelele EEdddsssaaalllll R Rddd sssaaal aamm C C C e e aaa sssaaalll R Rddd dddsss mm C C C eee aaa ooo ll l R R dddsss Mall mm RRR C C C a ooo ddd E RRR e aa ooo EEddd pp C C C eee lll EE pp CC C eee llllll yyy C ininin lilili aaa rrr iininn ininin 236 aaa rrr uuu nnn aaa eree uuu ggg www eeee ggg www CCC eee GGG CCC eeee GGG R R R ddd ooo kkk FairfaxFairfax StationStation RRR rrdrdd ooomm kkk FairfaxFairfax StationStation 95 rrr mm k ddd NorthNorth SpringfieldSpringfield OOO ppp OOO tttooo ooonnn 95 R RR HuntingtonHuntington ddd Lifestyle Center HuntingtonHuntington pp e e e pp e e e mmpp e e e RoseRose HillHill mm v v v RoseRose HillHill aamm v v v YYorkshireorkshireorkshire RRaa v v v RR A A A RR A A A TargetTarget A A A TargetTarget TargetTarget t t t

t t t t t t RRR s s s RRR s s s RRR s s s r r r 1 r r r r r r ooo 400 7100 e e e 28 e e e sss CChhhaaapppeee e e e 395 ssse YorkshireYorkshire hhh pppeeell l R R h h h eee YorkshireYorkshire aaappp ll l R Rddd h h h ee YorkshireYorkshire eeell l R Rddd h h h eee BurkeBurke H HH BurkeBurke m m m m m m m m m Target F F F iii F F F ililil F F F ChapelChapel RdRd A A A ililil A A A lll ChapelChapel RdRd A A A l ChapelChapel RdRd l l l o o o 123 l l l or or or D DD or or or ManassasManassas ParkPark d dd DDD r r r ManassasManassas ParkPark d d rrr t t t ddd ddd rrr BelleBellet t t HavenHaven dd dvv rrr BelleBellet t t HavenHaven Rdd dv BelleBelle HavenHaven l d vvl RR R vl H H H v H lll RosRos e e HillHill H H R H H CliftonClifton eee e R R BBB lBlBvv RosRos e e HillHill H CliftonClifton eke B untuntunt eee eB B untuntunt kakk ee e untuntunt Scale Legend aLaakkk WestWest SpringfieldSpringfield nnneneen MM e e L LL WestWest SpringfieldSpringfield wowwwnwn MM e e RRR twwo e ke RRR oo o R t R R kreee RRR to k o R k tot R R s R k o R r k tt R uuururrkkk ooo sgssgtts u d d Bu ggg d l d Clarendon/Courthouse/Rosslynd uuu ll gng d BBB llll iggn d d d irii Mile(s) BBB lllilininn iKininni iaiiaa nnnggg KKKiiK ddd SpringfieldSpringfieldggg 95 KK A AA nnn R Rddd BurBur k k e e SpringfieldSpringfield R RR vvv tttooonnn BurBur k k e e ddd TargetTarget LLLooo eee llilififtfttooo ddd TargetTarget LLLoooccckkhkkhkhhheeeeee 0 12 CCllli kheeeeeeddd BBllvlvvddd GrovetonGroveton FortFort HuntHunt

FranconiaFranconia 1/ Including Fairfax City and Falls Church

07406.01 RetailMap: Sheet1 1 of 2 THE CONCORD GROUP EXHIBIT V-1

RETAIL MARKET AREA FAIRFAX COUNTY 1/, VIRGINIA 2010

PimmitPimmit HillsHills WWoollflff PimmitPimmit HillsHills oollflflftftftrtrtrraraappp C CCrrrrereeeekkk eekk GiantGiant FoodFood ViennaVienna TraderTrader Joe'sJoe's 267 TraderTrader Joe'sJoe's WholeWhole FoodsFoods RRdd Whole FoodsWhole Foods ccoocckk RR Whole Foods HHaayycc IdylwoodIdylwoodIdylwood GrGrGrillillill &&& WineWineWine BarBarBar

495

Magruder'sMagruder's IdylwIdylwIdylw ood ood ood DunnDunn LoringLoring GGG GGG r rreree eree aaa aaaa ttt tt t t 66 F F F RRdd FaFaa eevvee RR GiantGiant FoodFood aaa SShhrrreevv GiantGiant FoodFood lall Rdd SShh llllll 243 rrreevvee RRdd lsllsls SShhrrreevvee s s SS S SS SS SS ttt tttt ddd RRR 7 sss www RRR ooo TTrrriii llllll TTrrriiippppss aaa lll ppppss RRuu aaa aaa RRuunn mmm aaa G ppp GGG

23 ttt SSS

ttt 66 sss eee WWW

FallsFalls ChurchChurch VAVA 495

66 29 MerrifieldMerrifield SafewaySafeway

29 Magruder'sMagruder's 5 SeaSea PearlPearl RestauranRestauran ttt HH MartMart BB SeaSea PearlPearl RestauranRestauran ttt Subject Site

BB

lllaaa kkkeee eee LLL LLLnnn 29412941 RestaurantRestaurant

JeffersonJefferson 50 JeffersonJefferson d 50 ddd GreatGreat WallWall R RR GreatGreat WallWall R RR 237 eele 29 llelee SafewaySafeway aaa SafewaySafeway ddaaa eeee ddd vee HHH nnn vvvv HHH nnn A aaa AAA ooo aaa A A ooo nnn l l l nnn y l l l GiantGiant FoodFood yyyy mmm GiantGiant FoodFood nn ytyy mmm GiantGiant FoodFood nnn itiitiitt mmm nnn rrririi 650 AAA rrrr eee AAA eee eee eee sss Lakee p sss Lakee pppp pp s RRR ssss RRR ooo ooo uuu rrrr uuu nnn PPP nnn Icon = Retail Type

LakeLak ddd R RR R RR lelele aaalelele Grocery daa MantuaMantua ndnndnnddd Scale Legend aaan nnn nnnn Feet AAA 495 Restaurant (Upscale) 0 2000 4000

1/ Including Fairfax City and Falls Church

07406.01 RetailMap: Sheet1 2 of 2 THE CONCORD GROUP EXHIBIT V-2

RETAIL SUBMARKET PERFORMANCE WASHINGTON, DC METRO AREA AND FAIRFAX COUNTY, VIRGINIA 2010

Local Trade Area Regional Trade Area Expanded Fairfax County Washington, DC-VA-MD-WV Metro

Demographics Total Population 30,746 196,527 1,085,598 5,438,913 Total Households 11,717 71,151 397,793 2,044,883 5-Year Projected CAGR 0.7% 0.3% 0.4% 0.9% Average Household Size 2.6 2.7 2.7 2.6 Median Household Income $88,611 $99,634 $105,236 $85,983 5-Year Projected CAGR 1.7% 2.0% 2.0% 2.1%

3Q2010 Retail Market Factors Rentable Building Area (SF) 981,185 7,083,807 45,832,115 250,464,292 LTM % Change 0.0% 0.0% 0.8% 1.1% LTM Deliveries (SF) 0 0 365,217 2,819,345 LTM Net Absorption (SF) (17,473) (34,868) 224,822 1,967,118 Vacancy Rate 4.1% 4.7% 4.6% 5.6% Vacant Stock (SF) 40,572 332,838 2,095,458 13,944,911 Asking Rent $21.21 $27.45 $27.88 $23.28 LTM % Change -27.5% -2.7% 0.5% -3.0%

Sources: CoStar; Claritas

07406.01 RetailPerf: Summ THE CONCORD GROUP EXHIBIT V-3

RETAIL MACRO TRENDS WASHINGTON, DC METRO AREA AND FAIRFAX COUNTY, VIRGINIA 2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1-3Q 2010 Average

Local Trade Area RBA 931,929 931,929 931,929 946,319 946,319 946,319 946,319 1,008,979 1,008,979 981,185 981,185 1,056,139 Annual % Change n/a 0.0% 0.0% 1.5% 0.0% 0.0% 0.0% 6.6% 0.0% -2.8% 0.0% 0.5% Deliveries 0 0 0 14,390 0 0 0 62,660 0 0 0 7,903 Net Absorption ------800 53,230 (1,259) (37,646) (17,531) (507) Vacancy Rate ------0.3% 1.2% 1.3% 2.3% 4.1% 1.8% Vacant Stock ------2,500 11,930 13,189 23,041 40,572 18,246 Asking Rents ------$19.22 $32.43 $36.25 $30.79 $21.92 $28.12 Annual % Change ------68.7% 11.8% -15.1% -28.8% 2.8%

Regional Trade Area RBA 6,838,228 6,838,228 6,845,373 6,859,763 6,859,763 6,859,763 6,859,763 7,142,994 7,127,387 7,104,969 7,083,807 7,642,004 Annual % Change n/a 0.0% 0.1% 0.2% 0.0% 0.0% 0.0% 4.1% -0.2% -0.3% -0.3% 0.4% Deliveries 8,531 0 7,145 14,390 0 0 0 283,231 29,676 5,376 0 35,728 Net Absorption ------(10,737) 147,389 (57,841) (36,173) (39,721) 614 Vacancy Rate ------1.8% 3.6% 4.2% 4.4% 4.7% 3.7% Vacant Stock ------122,448 258,290 300,524 314,279 332,838 265,676 Asking Rents ------$30.41 $33.01 $30.27 $28.05 $26.28 $29.60 Annual % Change ------8.6% -8.3% -7.4% -6.3% -3.0%

Expanded Fairfax County RBA 40,239,398 40,664,091 40,967,956 42,067,373 42,606,913 44,157,343 44,815,319 45,296,645 45,290,517 45,530,793 45,716,927 47,735,328 Annual % Change 1.1% 0.7% 2.7% 1.3% 3.6% 1.5% 1.1% 0.0% 0.5% 0.4% 1.3% Deliveries 424,693 303,865 1,099,417 539,540 1,550,430 309,383 485,022 39,155 221,635 225,078 533,151 Net Absorption 293,420 377,842 1,406,206 628,023 1,435,838 29,855 290,312 (269,883) (401,685) 120,289 401,048 Vacancy Rate 2.7% 3.0% 2.8% 2.0% 1.7% 1.9% 2.1% 2.5% 3.1% 4.4% 4.6% 3.3% Vacant Stock 1,073,396 1,204,669 1,130,692 823,904 735,421 850,013 927,617 1,118,631 1,382,386 2,024,347 2,090,192 1,336,127 Asking Rents $22.49 $23.64 $24.44 $25.15 $26.51 $28.05 $29.68 $29.38 $27.40 $27.65 $27.87 $29.23 Annual % Change 5.1% 3.4% 2.9% 5.4% 5.8% 5.8% -1.0% -6.7% 0.9% 0.8% 2.2%

Washington, DC-VA-MD-WV Metro RBA 212,154,993 214,885,033 217,289,749 223,323,340 225,912,518 231,047,275 233,143,436 239,170,910 244,559,338 246,769,917 248,138,102 253,639,461 Annual % Change 1.3% 1.1% 2.8% 1.2% 2.3% 0.9% 2.6% 2.3% 0.9% 0.6% 1.6% Deliveries 2,730,040 2,404,716 6,033,590 2,589,178 5,134,757 4,245,334 6,123,652 5,694,570 2,646,598 1,895,148 4,051,034 Net Absorption 2,009,833 2,838,447 6,657,413 3,073,779 5,375,718 3,291,959 4,739,548 3,178,205 (637,892) 1,104,253 3,244,232 Vacancy Rate 3.6% 3.9% 3.6% 3.3% 3.0% 2.8% 3.1% 3.5% 4.4% 5.5% 5.6% 4.4% Vacant Stock 7,598,323 8,318,531 7,884,800 7,260,977 6,776,377 6,535,415 7,137,819 8,467,216 10,707,411 13,557,334 13,815,397 9,805,960 Asking Rents $18.84 $19.67 $20.16 $20.70 $21.52 $22.82 $23.97 $26.16 $24.73 $23.89 $23.33 $24.58 Annual % Change 4.4% 2.5% 2.7% 4.0% 6.0% 5.0% 9.2% -5.5% -3.4% -2.3% 2.2%

United States Vacancy Rate ------# -- -- 6.1% 6.0% 6.3% 7.4% 7.5% 6.7% Asking Rents ------$16.45 $17.08 $17.45 $16.91 $16.00 $16.78 Annual % Change ------3.9% 2.1% -3.1% -5.4% -0.6%

Sources: CoStar; REIS

07406.01 RetailPerf: Trend THE CONCORD GROUP EXHIBIT V-4

SELECTED COMPETITIVE RETAIL SPACE REGIONAL TRADE AREA AND ANALOGUE LOCATIONS 2010

NorthNorth ChevyChevy ChaseChase PotomacPotomac

RRR RRR R i i i

625 190 i viv ivi v GG Key Major Retail NodesSterlingSterling 7 vvi v GGrerere evee eee SterlingSterling e e rerere ChevyChevy ChaseChase S S S 189 eeenn eee S S eeenntretretre ChevyChevy ChaseChase S S S nntretretre ChevyChevy ChaseChase rer r tretretre S eee r r eee 29 rr r RR p p p eee RR p p dd r RR p p p dd BBB p B B 355 r r r BBB r r r r r BeBe the the s s dda a B i i i BeBe the the s s dda a 28 i r i eee BeBe the the s s dda a i n i n in W WW e e n n W WW eee ChevChev y y ChaseChase SectionSection FivFiv e e n in n W WW ChevChev y y ChaseChase SectionSection FivFiv e e 193 e 320 n n ChevChev y y ChaseChase SectionSection FivFiv e e nn g g g n n 495 g g nnn g g g n d g a a a dd v v v a a a d d 228 v ddd 6 v a a a v v v d 7100 v l l l a a a l l l R RR a a lk lk lk R R a a a k k k RR ChevyChevy ChaseChase k k k 384 a ChevyChevy ChaseChase R l l l e e e ChevyChevy ChaseChase R l l e e e 846 l e l e l e e e e ddd MM A = Reston Town Center e e M d d M e e e M l dd MMM r r r e r r r d r r r

d

R R R aa a R R aa 191 4905-49094905-4909 FairmontFairmont AveAve R R a R R a R aa 4905-49094905-4909 FairmontFairmont AveAve R R R c 4905-49094905-4909 FairmontFairmont AveAve R cc R R R R ccc

d d d aaa

d d a d d d a

d d d d d aaaa d d d d rrr CabinCabin JohnJohn d rrrttt CabinCabin JohnJohn B = Tysons I / Tysons II trthtthh CabinCabin JohnJohn hhhhuuu 410 ChevChev y y ChaseChase SectionSection ThreeThreeTakoma ParPa uuuurrr ChevChev y y ChaseChase SectionSection ThreeThreeTakoma Par rr r rB BB E NorthNorth PointPoint VillageVillage CenterCenter BB BBlll C = Georgetown NorthNorth PointPoint VillageVillage CenterCenter llvllvlv BethesdaBethesda CornerCorner vddd BethesdaBethesda CornerCorner 606 ddd 191 Takoma Pa rr GlenGlen EchoEcho SomersetSomerset ChevChev y y ChaseChase VillageVillage D =267 Friendship Heights FriendshipFriendship VillageVillage 2 E = Bethesda Row OO S S S S S S O HerndonHerndon S S S O HH HerndonHerndon Olldldd WWW H t t t dd W H t t t ddl H iii t t t ld rrr r r r d i r H r r r DD N ii sss r r r DD NNN rrsiirr e e e D NN ssi ttt e e e N N rtsts BB e e e DoDoo 495 2 Btt a a a Bt a a a omm e rrr a a a o ee Brraa ddd mm eee arr mmm ddd m aruu mmm iii vvv ua l mmm RRR iininn vvv lulttt RRR nni lltt l l ininiioo D ltEtE iioo AAA d d d o Et d o AAA d oi E d d i AAA x d d Expp nnn ononn McleanMcl ean xx nnn nn McleanMcl ean BrookmontBrookmont E px n n BrookmontBrookmont E R R R pxyy A R nD BrookmontBrookmont E E E R o D R o R yp o eee E E R R D yypy ooo eee E E to t t oto D eree y t y t DD rrr y l t l HHiiirrr l l tt Drrr rr N ss l l l HHi ttt BBrrraa r irir N rsii l i uu l l l l HHrrts Btt Br lllttt EE sss rr ii N N N iirr l l i N N arr l sirtts Bt rBr ualut lltt xxppy y sss i E i ii r i l il i N N auallutt Expxypy ReRe s s toton n lslsls rr lEt i i xEpxyp ReRe s s toton n i ll l r i i y ReRe s s toton n ll l h hhh d hh d d d www d d M M M www d d d M M www CC sss M M C sss

C sss R oo C o C

o R R R oo r o r r r o o CC p R R r r p R R R p r C ppp r r t d p p d p 657 TTT d d d ooo TTT d d o t t t e e e 193 e TTT d d oo t t e ee t t t te te t t n t tt onon mmm t t n o n n n R n mmm R m n n R R R n mm n n n n R R

n nn e n R R n n l nn a n n n a e a e e l l l nnn aa a e e l l l n a aa e e e l l l l nn u uu u l i l g u u i l i l li u u u n n g g g i i ee e r n g g i i i e H ee HHH g g g HH r r r H H r r H H H H ee r r r H H H a H H cecc H H H H H c H H H cc a a a McleanMclean a a a a a McleanMclean ctct www tc S s t www s s s t www t S S S s l s iii FFF sl l s l s i S S FFF l l l icitctc ee S S S l l e FFF l l ct eee l l 123 cc e ooo l l l ii ee 28 ooo d a uccuu ooo dd a a a u ddd a a uu NNN xxx Rdd WolfWolf TrapTrap HH a a a uu NNN xxx R R R HHiirirrss B tutt Hir B B B t i B nR iirrsirrttt BB B tt B nn n sirts B B MMM iiooiinono tts Btt Brrraarruu AtAt tatatiioitoti rrarualultltt l ltEtE AA iliill ttataattta tt lEt Exxpxpy G AA ililll SS StStaa pxypy WWW GG vv l l l rrr rSrS WWW GGee vvv RRR tteteettrere WW ee evev tnnee eoo e dd nnnttn eee oe ee ddd nuu eee oeo e ddd uuunnu e oror NN HHHuu sses rooggr NN H tstt grrg NN ddd ts CC r ddd tmmm CCChh gee WW ddd mtm Chhheeesss eg W LLLaaa mmtm Cheheeesesstststeeteerrrbbbrrro eg e WWW H o LLLaaaww H H tteetebrbbrroooo e WW aaawwyy H H H m rrbbr orookkk e RRR oo rbr oo R W W H H o R ww eee H B oorook e y R y R kk y R oo dd yyeeerrrsss R R R ooo kok kR Rddd W W eeerrsss RR Rd W rrrsss l l l d RRdd l l l rorr W RR u u u or W llllll r dd u u W u l l l rr dd u u u ee a l l l eere aaa 7100 n n n r eee a n n s ee a n e ell n n n l s e laleala sass t t t BBB n aa sh t t l t BBB nnn hs te et et BBB nenne l hshh e e nann e a h e e e n eee ssnsn nn hi 1 eee sss 267 ihn r r r eee sss dndd nhii r r n nin r d n r r r uuu i uuu ooo dd nin uuu ooo gi ooo d d gnn M M M lll d ggg M M lll M aaa SS g M M S M llalaa S gt aaa GGG SS tgogtt hhh GGG SS otoo i i i hhh tStt tto i i h t i n i l i l i l tt ont l l o l n l l l l l tt d onn l l RRR dd l t lR lR l R RR ddd n RRR TysonsTysons CornerCorner n d R R R dd TysonsTysons CornerCorner vvvlldvdv Mn MM R d R l M M MM FolkstoneFolkstone DrDr R dd llvl M MM FolkstoneFolkstone DrDr ddd PimmitPimmit HillsHills BBB BlBlvv M Me aaa d PimmitPimmit HillsHills d d B 120 e aaasss d d N NN d ggBB e sss d d d NNN gggrr g ee ssssss N Capitol St NW St NW St N Capitol N Capitol g em ss NW St N Capitol N Capitol St NW St NWN Capitol St N Capitol rrrgr mee s NW St N Capitol N Capitol St St NW N Capitol EEE uuururug mem MM SSttt NNWW A AA St NW N Capitol St NW N Capitol VVV bsbsbubub mooo GarfMM SCS ieldttt NN Inaugural Arch vvveee VVVaaa msssbs oroirr ee aaa mm i llelee aaaiimaa irariri eee RRR 495 iililllililailalli aiailia a 28 RRRddd Wiill alPl l l P P eee ddd DunnDunn LoringLoring WWW P PkPkk AAAvvveee kwkkw ddd AAA wwyyy llalaannnddd FFF yyy rrryyyllalaa FFF aaarrr ooo aaa oooxxx MM ddd xxx ViennaVienna PP ddd 50 M MM ViennaVienna PPaaarrr 29 RRR MMM rrrkkk RR R iii S S

i SSttt

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yyy lll t yyy lllll l 243 ttt ee ll R RR eee RRR 66 110 WashingtonWashington nnn ddd IdylwIdyIdylw lw ood ood ood 1100ttthh SSttt NN WashingtonWashington lnlnln ddd OaktonOakton IdylwIdyIdylw lw ood ood ood 1100ttthh SSttt NN

lll OaktonOakton

aaa 495 FallsFalls ChurchChurch aaa FallsFalls ChurchChurch 237 WWW WWW

BBlllaakkeee LLnn

BBlllaakkeee LLnn

L Lnn

PenderPender VillageVillage CenterCenter 66 ArlingtonArlington 395 ChantillyChantilly PenderPender VillageVillage CenterCenter 29 295

ChantillyChantilly

28 SleepySleepy HollowHollow CenterCenter

MerrifMerrifield ield SevenSeven CornersCorners 50

7

50 50

JeffersonJefferson

JeffersonJefferson JeffersonJefferson

FairFair LakesLakes PromenadePromenade Subject Site FairFair LakesLakes PromenadePromenade LakeLake BarcroftBarcroft MantuaMantua MantuaMantua 66 GrandGrand CommonsCommons @@ FairfaxFairfax Crnr.Crnr. SSS GrandGrand CommonsCommons @@ FairfaxFairfax Crnr.Crnr. SS d d d GrandGrand CommonsCommons @@ FairfaxFairfax Crnr.Crnr. S d d d d l l l d d MantuaMantua l l MantuaMantua lellee MantuaMantua e le R R ee R 650 e 1 R R R e R eee

R R e e dd eee Bailey'SBailey'S CrossroadsCrossroads d d e Bailey'SBailey'S CrossroadsCrossroads ddd 236 ppp Bailey'SBailey'S CrossroadsCrossroads w w dd p p

pp w p

w w w R p

R w yy w w RR R y vvv o R y vvv R yy o R yy AAvvv o o o R l y AA o o l aaa AA lo lo l l aaa l l ee mm l e aaa l ll l eee H H H aamm l l et H bbbaamm HH l l eet HH aaabbbaa e t t t H llalaabbb e t t lll e e e AAaaa f t t AAlll e fe a oo fe fe f a o AA f f aaa oo CentrevilleCentreville f f a a oo CentrevilleCentreville g aa o g CentrevilleCentreville g g g l l l l g g G Bailey'sBailey's CrossroadsCrossroads llll l g g G l l Bailey'sBailey's CrossroadsCrossroads 123 l n GG G WWW lolol o Bailey'sBailey's CrossroadsCrossroads GG l l n W o n in n GG WW ool n n oo i WW o in in i FairfFairf ax ax W i i y w r FairfFairf ax ax ww y i i r yy FairfFairf ax ax w r r r y ww r r y y ww t yy w BB r r t a a a e BBrrr t t t e a t BBaaa t eel e a a 120 rrr t t rrraaadd e el a a a aaaddddd lelel k k k RRR S l dddddooo r l S l l r k R dddooocc S S S RR rrir k k ooockk S S r k k RR c ri R cckk RR S S iriri e eke kk i i e RR ddd ddd i i e e RRddd h e e d ddd h e dddd LL hhh f f f d L hhh f LLL f f L i fi fi

S i i f ii

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C C llnlnn C nln CC C n BraddockBraddock RdRd 651 C C nnn 7100 BraddockBraddock RdRd C AnnandaleAnnandale iiaiiaa h h aa h aaa h h h h h h R RR a a a RRR a a R a R a a a p p ddd p dd p p p ddd p p p e e e e e e e e e l l l 210 l l l l l R Rl R RR R AlexandriaAlexandria R R AlexandriaAlexandria BB R AlexandriaAlexandria BB d d BB d rr d r d d rrraaa d d rrraaaddd d JJJaa ddddd JJJaannnneeyyss L LLnnn ddoooccc yyss L LLnnn CCooo ccckkk RR BBrrraaddddoooccckkk RRdd ooomm ZZiiiooo RRddd BBrrraadd 236 ppptttoo iioioonn D D ddd RR Forest ForestHeights Heights tttoonnn R R D Drrr EEddsss llll l R Rddd RRaa ForestForest HeightsHeights R Rddd EEddsssaaallll l R Rddd LincolniaLincolnia dddsssaaalllll aamm 1 123 d LincolniaLincolnia EEddd ppp Scale Legend dddd EE RR RR e R RR keee akkk 395 YorkshireYorkshire GuineaGuinea RdRd Laaa NorthNorth SpringfieldSpringfield YorkshireYorkshireMile( s ) GuineaGuinea RdRd L L L NorthNorth SpringfieldSpringfield eeee krkkkeee 95 urrkrkk 28 7100 uuu HuntingtonHuntington BBB HuntingtonHuntington116-126116-126 KingKing StSt 0 12 BBB RoseRose HillHill 241 116-126116-126 KingKing StSt BurkeBurke 210

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07406.01 Retail CompMap: Dem 2 of 2 The Concord Group EXHIBIT V-4

SELECTED COMPETITIVE RETAIL SPACE REGIONAL TRADE AREA AND ANALOGUE LOCATIONS 2010

I. Lease Transactions Year Lease Built / Date SF Rent / Name Address City Type Class Renov. RBA (sf) Tenant Signed Leased Year

Grand Commons @ Fairfax Crnr. 11940-11950 Grand Commons Ave Fairfax Lifestyle A 2003 285,000 Pinkberry Jan-10 1,146 $50.00 * N/A 116-126 King St Alexandria Mixed A 2001 21,562 Pizzeria Dec-09 3,378 49.00 Pender Village Center 3903 Fair Ridge Dr Fairfax Mixed A 2009 140,139 Wylie Wagg Feb-10 2,059 42.50 * North Point Village Center 1400-1498 Northpoint Village Ctr Reston Neighborhood B/C 1993 134,000 N/A Jul-10 2,500 42.00 Fair Lakes Promenade 12179-12239 Fair Lakes Promenade Dr Fairfax Neighborhood B/C 1995 114,217 Sleepy's Nov-10 5,417 40.00 * Bethesda Corner 7008-7034 Wisconsin Ave Chevy Chase Main Street B/C 1980 40,572 Fedex Kinko Jun-10 6,200 39.00 Bailey's Crossroads 5799-5857 Leesburg Pike Baileys Crssrds Community B/C 2002 166,549 Beauty Salon Jun-10 1,600 38.00 N/A 6670-6678 Arlington Blvd Falls Church Strip B/C n/a 35,000 Beauty Salon Feb-10 1,400 35.04 N/A 4905-4909 Fairmont Ave Bethesda Main Street B/C 2009 3,800 Fresh Grill Jun-10 1,900 34.00 Sleepy Hollow Center 6641-6653 Arlington Blvd Falls Church Strip B/C n/a 11,657 Optometrist Apr-10 1,200 30.19 Jefferson Village Shopping Ctr. 2936 Annandale Rd Falls Church Strip B/C 2008 9,200 Goodwill May-10 9,200 20.73

Average: 2000 87,427 3,273 $38.22

II. Indicative Class A Rents

Bethesda Row $50.00 to $80.00 Other Tysons Corner 50.00 to 80.00 Tysons I / Tysons II 50.00 to 125.00 Georgetown 75.00 to 100.00 Friendship Heights 45.00 to 75.00 Reston Town Center 35.00 to 55.00

*Estimate

07406.01 RetailRecComps: Comps 1 of 2 THE CONCORD GROUP EXHIBIT V-5

RETAIL GAP ANALYSIS REGIONAL RETAIL TRADE AREA AND LOCAL RETAIL TRADE AREA 2010

• Destination Retail: Significant gaps (i.e., opportunity) in "Department Stores" (marked "a") such as Target, "Clothing" (marked "b") and "Cosmetics" (marked "c").

• Local Retail: Significant gaps (i.e., opportunity) in "Pharmacies" (marked "d"), "Food and Beverage Stores" (marked "e"), and "Limited Service Eating" (marked "f").

Demand Supply Gap/ Square Feet Store Type - NAICS Code (Expenditures) (Retail Sales) (Surplus) $/S.F. Gap/(Surplus)

DESTINATION RETAIL - Regional Retail Trade Area

Target Retail Store Types (a) Department Stores Excl Leased Depts-4521 $247,812,063 69,616,996 178,195,067 440 404,989 L (b) Clothing and Clothing Accessories Stores-448 $193,796,080 143,649,992 50,146,088 300 167,154 L (c) Cosmetics, Beauty Supplies, Perfume Stores-44612 $7,284,526 4,447,209 2,837,317 360 7,881 p Office Supplies, Stationery, Gift Stores-4532 $40,193,808 39,212,567 981,241 475 2,066 L Optical Goods Stores-44613 $7,841,421 8,603,787 (762,366) 500 (1,525) L Furniture and Home Furnishings Stores-442 $91,180,581 $107,322,631 ($16,142,050) $325 (49,668) p Electronics and Appliance Stores-443 $93,802,887 169,011,381 (75,208,494) 460 (163,497) p Sporting Goods, Hobby, Book, Music Stores-451 $82,261,196 139,772,761 (57,511,565) 310 (185,521) L Full-Service Restaurants-7221 $174,012,628 259,031,877 (85,019,249) 265 (320,827) L

Non-Target Store Types Motor Vehicle and Parts Dealers-441 $607,172,953 1,245,357,851 (638,184,898) $1,300 (490,911) Building Material, Garden Equip Stores -444 $383,605,378 375,197,273 8,408,105 445 18,895 Other General Merchandise Stores-4529 $233,333,356 83,473,502 149,859,854 350 428,171 l

Total Destination Retail Store Types $2,162,296,877 $2,644,697,827 -$482,400,950 (182,794) Total Target Destination Retail Store Types: (1) $938,185,190 $940,669,201 -$2,484,011 (138,948)

LOCAL-SERVING RETAIL - Local Retail Trade Area

(d) Pharmancies and Drug Stores-44611 $26,187,637 $13,145,739 13,041,898 725 17,989 (e) Food and Beverage Stores-445 $63,947,994 $55,264,106 $8,683,888 $575 15,102 (f) Limited-Service Eating Places-7222 $25,103,211 $17,450,381 7,652,830 580 13,195 Florists-4531 $1,074,578 $1,587,955 (513,377) 130 (3,949) Special Foodservices-7223 $4,913,031 $9,059,757 (4,146,726) 550 (7,540) Other Health and Personal Care Stores-44619 $1,911,987 $7,341,910 (5,429,923) 425 (12,776)

Non-Target Store Types Gasoline Stations With Conv Stores-44711 $29,796,318 $9,832,418 19,963,900 240 83,183 Other Gasoline Stations-44719 $10,630,363 $12,911,919 (2,281,556) 241 (9,467)

Total Local-Serving Retail Store Types $163,565,119 $126,594,185 $36,970,934 95,737 Total Target Local Serving Retail Store Types: (1) $123,138,438 $103,849,848 $19,288,590 22,021

(1) Excludes "Non-Target Store Types" Source: Claritas Retail Report and Dollars & Cents of Shopping Centers/ The SCORE 2006

02058.12 RetailDemand:Model THE CONCORD GROUP EXHIBIT V-6

FUTURE RETAIL DEVELOPMENT REGIONAL TRADE AREA 2010

City Project Name Builder/Developer Location Sq. Ft. Status

Merrifield Halstead - Phase B DSF Long Metro Merrilee Dr. & Gallows Rd. 16,000 Under Const. Falls Church City Center South Atlantic Realty Companies S. Washington St. & W. Broad St. 125,000 Approved Fairfax MetroWest Pulte Lee Highway and Fairlee Dr 125,000 Approved Annandale N/A Velmeir, McLean 8700 Little River Tpk 12,900 Proposed

Under Const. 16,000 Approved 250,000 Proposed 12,900 Total 278,900

02058.12 RetailDemand:P&P THE CONCORD GROUP VI. HOTEL MARKET

The Concord Group EXHIBIT VI-1

HOTEL MARKET AREA WestWest LaurelLaurel FAIRFAX COUNTY, VIRGINIA 2010 NorNor th th PotomPotom ac ac LeesburgLeesburg Muni/GodfMuni/Godf rey reyLeesburgLeesburg FieldField NorNor th th PotomPotom ac ac DarnestownDarnestown RossmoorRossmoor DarnestownDarnestown RossmoorRossmoor 650 182 704 AspenAspen HillHill ColesvilleColesvilleCloverlyCloverly 15 TravilahTravilahd 270 ColesvilleColesvilleCloverlyCloverly TravilahTravilahddd Rddd BaltimoreBaltimoreRockvilleRockville RdRd FairlandFairland R RR BaltimoreBaltimoreRockvilleRockville RdRd FairlandFairland l l ll 7 lllilll 112 ililil GG MMM SugarlandSugarland RunRun GGlll M MM SugarlandSugarland RunRun lleleennn nnn nnn RR eee ddd lelele PPoo 190 GGG d 1 t d d PPPttoommaa GGG d PPoototootmommccc RR GGG d d i d d ootttoommaaccac c RR Riiivvveieevvrrerer d r WheatonWheaton GlenmontGlenmont R 621 R R R WheatonWheaton GlenmontGlenmont R R WheatonWheaton GlenmontGlenmont R R R l ChevyChevy ChaseChase ViewView l ll l ChevyChevy ChaseChase ViewView l l ChevyChevy ChaseChase ViewView l l ill ll l l il il i l i HillandaleHillandalei LOUDOUNLOUDOUN i Hillandalei Hillandalei M

M M M CalvertonCalvCalverton erton M M CalvertonCalvCalverton erton RaRampRa M M M CalvertonCalvCalverton erton RR RampRaRam WheatonWheaton p p p p p p amaampmmp p p p BeltsvilleBeltsvill m m m m NorNor th th BeBe the the s s da da m m m p NorNor th th BeBe the the s s da da Wheaton m m m 642 Wheaton e e e p e pp e e 643 e e e

K K K K K K WhiteWhite OakOak AshburnAshburn K K K WhiteWhite OakOak

BBBeeeaaa KempKemp MillMill BeltsvilleBeltsvill e eeaeaacacchhch h M M Miilillll PotomacPotomac d d d ilil l R R 28 d d d iiill iRl lR PotomacPotomac d l 659 d d GreatGreat FallsFalls ll l R Rdddd PotomacPotom ac d

GreatGreat FallsFalls PotomacPotom ac R R R R R R LangleyLangley ParkPark R R R 267 LangleyLangley ParkPark SterlingSterling SilverSilverLangleyLangley SpringSpring ParkPark

SterlingSterling a a a SilverSilver SpringSpring

a a a ForestForest GlenGlen a a a GreatGreat FallsFalls ForestSilverSilver Glen SpringSpring c c c c c c GreatGreat FallsFalls 637 c c c

e e e CabinCabin JohnJohn e e e CabinCabin JohnJohn ChevyChevy ChaseChase e e e CabinCabin JohnJohn ChevyChevy ChaseChase n n n n n n n n n Forest Glen e e e Forest Glen e e e e e e NorthNorth ChevyChevy ChaseChase S S S S S S S S S ddd SomersetSomerset GrGree lllll l R Rddd SomersetSomerset BeBethesdaBe the the s s da da AdelphiAdelphi Gr H Hiililllll GlenGlen EchoEcho 410 AdelphiAdelphi eeddd H H GlenGlen EchoEcho 187 ee e e

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RR RR CollegeCollege ParkPark CollegeCollege ParkPark 50 OOO BrookmontBrookmont TakomaTakoma ParkPark lOldldd BrookmontBrookmont TakomaTakoma ParkPark ChillumChillum lddd ll d D ChillumChillum 621 DdDD ooo BladensburgBladensburg AlAl d d i ie e 606WashingtonWashington DullesDulles InternationalInternational ReRestonRe s s ton ton oDoDomm BladensburgBladensburg WashingtonWashington DullesDulles International International moomiii HerndonHerndon imninn FriendshipFriendship VillageVillage 211 RiverdaleRiverdale HerndonHerndon ii n FriendshipFriendship VillageVillage RiverdaleRiverdale HerndonHerndon nniionioo FriendshipFriendship VillageVillage RiverdaleRiverdale 50 iioononiinon nno Dn nDD 495 DD rDDrr Cheverly rr rr 615 EasEas t t RivRiv er er dale dale LenahLenah ArAr c c o o l la a WolfWolf TrapTrap McleanMclean EasEas t t RivRiv er er dale dale 705 FairmountFairmount HeightsHeights MountMount RainierRainier TysonsTysons CornerCorner MountMount RainierRainier FFF Cheverly 7100 ooo 29 CheverlyCheverly 620 xxx

xxx

M MM MMM P ddd iii P ddd ililill

llll

l ll

l RRR R RR ViennaVienna R R R RRR ViennaVienna LL RRR HH StSt NENE LLooggmm ddd ViennaVienna HH StSt NENE nnn ooggmmiililll l ddd ininin miililll l R Rddd Garf ield Inaugural Arch i i i ll R Rddd 28 aaa ddd tatata ttt nnn OaktonOakton nnn

OaktonOakton

OaktonOakton uuu Walk uuu uuu ElElEl Seat Pl eee EEE ElElEl SeatSeat PlPl eee ooo SeatSeat PlPl eee ooo l l l IdylwPimmitPimmit ood HillsHills kkk DunnDunn LoringLoring IdyIdylwPimmitPimmit lw ood ood HillsHills kkk DunnDunn LoringLoring IdyIdylwPimmitPimmit lw ood ood HillsHills MMM kkk DunnDunn LoringLoring MMM L L L l l l L L L MMM l l l L L L ilili li i i WWW icicic WWW o o o ccc WWW o o o WashingtonWashington ccc o o o WashingtonWashington kkk WashingtonWashington kkk Walkee g g g kkk Seat Pl WalkWalkee g g g g g WalkWalkee g a a IdyIdy lw lw ood ood a a a a Idy lw ood a a a Idy lw ood m m m R R R m m m RRR m m m RRR l l l l l l ln ln ln n n n n n n ArlingtonArlington uuu ArlingtonArlington i i i uuu 28 i i ArlingtonArlington i uu e e e JeffersonJefferson FallsFalls ChurchChurch il il il e e e JeffersonJefferson FallsFalls ChurchChurch l l l e e e ChantillyChantilly JeffersonJefferson FallsFalls ChurchChurch nnn ll ll ll nn l l n l ChantillyChantilly l l l nnn y y y ChantillyChantilly y y y R R R y y y R R R R R R

66 R R R R 15 R R d d d 659 R R R d d d d d d 295

d d d d d d d d d AAA MerrifMerrifieldMerrif ield ield AAAnnn 234 CoralCoral HillsHills nnn 236 nttt DistrictDistrict HeightsHeights ttt Subject Site ttitioioo SevenSeven CornersCorners iioooccc SevenSeven CornersCorners ccchhh hhh MantuaMantuaBailey'SBailey'S CrossroadsCrossroads R R CentrevilleCentreville Bailey'SBailey'S CrossroadsCrossroadsLakeLake BarcroftBarcroft 120 RR ddd MornMor ddd FairfFairf ax ax Morn 7100 651 TempleTemple HillsHills AnnandaleAnnandale Mor nn 29 Mor nn SuitlandSuitland 66 123 SuitlandSuitland HaymarketHaymarket SuitlandSuitland AlexandriaAlexandria HillcrestHillc rest HeightsHeights EEdd AlexandriaAlexandria HillcrestHillc rest HeightsHeights YorkshireYorkshire VAVA EEddsssaaallll l R Rdd AndrewsAndrews AfbAfb YorkshireYorkshire dd MarlowMarlow HeightsHeights

WestWest GateGate 95

NorthNorth SpringfieldSpringfield

NorthNorth SpringfieldSpringfield LincolniaLincolnia

NorthNorth SpringfieldSpringfield LincolniaLincolnia

WestWest SpringfieldSpringfield LincolniaLincolnia 15 29 WestWest SpringfieldSpringfield 241 ForestForest HeightsHeights CampCamp SpSp rr CliftonClifton ForestForest HeightsHeights FairfaxFairfFairfaxCliftonClifton ax StationStation BucklandBuckland ChapelChapel RdRdFairfaxFairfFairfax ax StationStation

OxonOxonddd HillHill GainesvilleGainesville OxonOxon RR HillHill GainesvilleGainesville BeulahBeulah StRoseRosStRose e HillHill eeerrr R R SpringfieldSpringfield BeulahBeulah StSt llmlmeee LintonLinton HallHall BullBull RunRun ddd HuntingtonHuntington PPaaallmlm LintonLinton HallHall BullBull RunRun tttooonnn R Rddd PPP Camp Sp r iifftft rr r llilififtfttooo r r r 28 CCllilii 223 DDD Franconia DDD BurBur k k e e Franconia ClintClin Clin tt D D D BurBur k k e e FranconiaFranconia Clint Clin tt BurBur k k e e FriendlyFriendly Clint Clin tt nn FriendlyFriendly VVV nnn GrovetonGrove ton VVV ininin GrovetonGrove ton VVV i iininn i i i GrovetonGrove ton BelleBelle HavenHaven nnnttt www BelleBelle HavenHaven ttt HH www LochLoch LomondLomond BelleBelle HavenHaven Washington Ex H H ddd LochLoch LomondLomond HHH ddd ManassasManassas ParkPark Franconia iii ooo ManassasManassas ParkPark ilill ooo iil oo illilll l lR R R o RR dRdddd WashingtonWashington ExEx eee RRR GGG RR R GGG d R 02 ddd GGG rorrdddr ddd FFF oFoorrrdd BristowBristow ttteeetsess s FF HHaH BristowBristow YYaYaatatteee aaammpm ManassasManassas d d YY m d ManassasManassasYY m d d d ManassasManassas pppttt d d d ttto RRR R 1 tttoo RR HyblaHybla ValleyValley ooo RRR 235 ooonn HyblaHybla ValleyValley LintonLinton HallHall nn HyblaHybla ValleyValley LintonLinton HallHall nnn DavDav ison ison AafAaf LintonLinton HallHall R s s s s R s s DavDav ison ison AafAaf 5 R s s RRdRdd s DavDav ison ison AafAaf d e e d e e d e e ManassasManassas Regional/HarryRegional/Harry PP DavisDavDavis is FieldField ddd e e e o o ManassasManassas Regional/HarryRegional/Harry PP DavisDavDavis is FieldField o o o ManassasManassas Regional/HarryRegional/Harry PP DavisDavDavis is FieldField o o o o o o o o o o o

HH HHH HHH FortFort210 WashingtonWashington LakeLake JacksonJackson NewNewLortonLorton ington ington RdRd FortFort HuntHunt FortFort WashingtonWashington uuurnrnrn Scale Legend FortFort HuntHunt BBB eee rrr MountMount VernonVernon rrrr MountMount VernonVernon rryryy Mile(s) 234 yyy LakeLake RidgeRidge FortFort BelvoirBelvoir R R R BrentsvBrentsv ille ille LakeLake RidgeRidge FortFort BelvoirBelvoir RRR DD ddd GreenvGreenv ille ille DDaDDaaaa ddd 667 aaallelee OccoquanOccoquan 373 30 0 24 eee B BB OccoquanOccoquan Lake Jacksonllvlvvddd LortonLorton AccokeekAccokeek dddddd LortonLorton AccokeekAccokeek AAccokeekAccokeekccokeekccokeek CHARLESCHARLES LakeLake RidgeRidge Hotel market area comprised of the following zip codes: Annandale 22003; Burke 22015; Centreville 20120; Clifton 20124; Dunn Loring 22027; FairfaxAccokeek 22030, 22031, 22032, 22033; Fairfax Station 22039; Falls Church 22042, 22043, 22044, 22046; Great Falls 22066; Greenway 22067; McLean 22101, 22102; Oakton 22124; Reston 20190, 20194; Springfield 22151, 22152, 22153; and Vienna 22180, 22181, 22182.

07406.01 Hotel: Map THE CONCORD GROUP EXHIBIT VI-2

HOTEL SUBMARKET PERFORMANCE WASHINGTON, DC METRO AREA AND HOTEL MARKET AREA 2010

Fairfax/Tysons Corner Washington, DC-VA-MD-WV Metro Demographics Total Population 640,648 5,438,913 Total Households 234,323 2,044,883 5-Year Projected CAGR (1) 0.3% 0.9% Average Household Size 2.7 2.6 Median Household Income 115,030 85,983 5-Year Projected CAGR (1) 1.8% 2.1%

2010 Hotel Market Factors Rooms 8,241 102,737 Annual % Change 1.8% 2.4% Occupancy 68% 67% Annual % Change 6.0% 4.0% Average Daily Rate $122 $142 Annual % Change -4.4% -2.2% Revenue Per Available Room $83 $95 Annual % Change 1.3% 1.7%

Source: Smith Travel Research, Claritas, TCG

07406.01 Hotel: Sbmkt THE CONCORD GROUP EXHIBIT VI-3

HOTEL MACRO TRENDS WASHINGTON, DC METRO AREA AND HOTEL MARKET AREA 2001 THROUGH 2010

Average 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 5-YR 10-YR

Fairfax/Tysons Corner Total Rooms 7,449 7,687 7,705 7,679 7,479 8,013 8,058 8,058 8,093 8,241 8,093 7,846 Annual Change - Rooms 685 238 18 -26 -199 534 45 0 35 148 152 148 Annual % Change 10.1% 3.2% 0.2% -0.3% -2.6% 7.1% 0.6% 0.0% 0.4% 1.8% 2.0% 2.0% Average Daily Rate $115 $102 $103 $112 $127 $139 $143 $141 $128 $122 $135 $123 Annual % Change -3.1% -10.8% 1.0% 8.1% 13.8% 9.5% 2.7% -1.4% -9.2% -4.4% -0.8% 0.3% Occupancy 64% 66% 69% 75% 75% 68% 68% 67% 64% 68% 67% 69% Annual % Change -14.9% 3.0% 4.0% 9.3% 0.2% -9.2% -0.1% -1.7% -4.9% 6.0% -2.1% -1.1% Revenue Per Available Room $74 $68 $71 $84 $96 $95 $98 $95 $82 $83 $90 $84 Annual % Change -17.6% -8.1% 5.1% 18.1% 14.1% -0.6% 2.7% -3.1% -13.7% 1.3% -2.9% -0.8%

Washington, DC-VA-MD-WV Metro Total Rooms 85,300 86,467 87,427 88,735 90,143 91,649 92,797 96,335 100,333 102,737 96,770 92,192 Annual Change - Rooms 2,662 1,167 960 1,308 1,408 1,506 1,147 3,538 3,998 2,405 2,519 2,010 Annual % Change 3.2% 1.4% 1.1% 1.5% 1.6% 1.7% 1.3% 3.8% 4.1% 2.4% 2.7% 2.2% Average Daily Rate $113 $111 $111 $119 $131 $142 $150 $153 $145 $142 $146 $132 Annual % Change 0.7% -1.6% -0.2% 6.9% 10.9% 7.7% 5.9% 2.3% -5.4% -2.2% 1.5% 2.4% Occupancy 65% 65% 66% 71% 71% 68% 68% 67% 65% 67% 67% 67% Annual % Change -9.2% 0.0% 1.7% 6.3% 0.9% -4.1% 0.0% -2.0% -3.3% 4.0% -1.1% -0.7% Revenue Per Available Room $74 $72 $74 $84 $94 $97 $102 $103 $94 $95 $98 $89 Annual % Change -8.6% -1.6% 1.5% 13.6% 11.9% 3.3% 5.9% 0.2% -8.5% 1.7% 0.4% 1.7%

Source: Smith Travel Research, TCG

07406.01 Hotel: Trends 1 of 2 THE CONCORD GROUP EXHIBIT VI-3

HOTEL MACRO TRENDS WASHINGTON, DC METRO AREA AND HOTEL MARKET AREA 2001 THROUGH 2010

Hotel Market Trends $180 100%

$160 90% $140

$120 80%

$100 70% $80 Occupancy Rate Average Daily Rate $60 60%

$40 50% $20

$0 40% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Year

Fairfax/Tysons ADR DC Metro ADR Fairfax/Tysons Occupancy DC Metro Occupancy

07406.01 Hotel: Trends 2 of 2 THE CONCORD GROUP EXHIBIT VI-4

SELECTED COMPETITIVE HOTELS HOTEL MARKET AREA NOVEMBER 2010

Avg. Room Rates Occupancy Implied Conf. Property Name Address City Rooms Stars 1/ Low High ADR 3/ Peak Off Avg RevPar Space (sf)

The Ritz-Carlton Tysons Corner 1700 Tysons Blvd Mclean 398 4.5 $169 $364 $253 90% 65% 75% $190 30,000 The Westin Tyson's Corner 7801 Leesburg Pike Falls Church 405 4.0 102 259 171 95% 70% 75% 128 12,000 Hilton Mclean Tysons Corner 7920 Jones Branch Dr Mclean 458 3.5 134 266 190 100% 70% 75% 142 27,000 Marriott Tysons Corner 8028 Leesburg Pike Vienna 392 3.5 89 292 181 95% 70% 75% 136 9,731 Crowne Plaza Hotel Tysons Corner 1960 Chain Bridge Rd Mclean 316 3.5 83 254 160 90% 65% 70% 112 4,500 Sheraton Premiere At Tysons Corner 8661 Leesburg Pike Vienna 443 3.5 96 208 144 100% 70% 80% 116 40,000 Embassy Suites Hotel Tysons Corner 8517 Leesburg Pike Vienna 238 3.5 90 179 128 95% 60% 70% 89 1,700 Marriott Fairview Park 3111 Fairview Park Dr Falls Church 388 3.5 77 289 174 90% 50% 65% 113 17,444 Courtyard By Marriott Tyson's Corner 1960 A Chain Bridge Rd Mclean 229 3.0 89 384 225 100% 70% 75% 169 4,000 Hilton Garden Inn Tysons Corner 8301 Boone Blvd Vienna 149 3.0 139 223 172 95% 70% 75% 129 1,300 Residence Inn By Marriott Tysons Corner 8400 Old Courthouse Rd Vienna 121 3.0 97 209 145 90% 60% 70% 102 270 Homewood Suites Falls Church 8130 Porter Rd Falls Church 107 3.0 126 224 166 90% 65% 70% 116 680 Residence Inn By Marriott Tysons Corner 8616 Westwood Center Dr Vienna 121 3.0 92 224 150 95% 65% 75% 112 270 Residence Inn By Marriott Fairfax Merrifield 8125 Gatehouse Rd Falls Church 159 3.0 79 249 156 90% 50% 75% 117 759 Courtyard By Marriott Dunn Loring Fairfax 2722 Gallows Rd Vienna 197 3.0 79 244 153 97% 70% 80% 123 1,350 Towneplace Suites By Marriott Falls Church 205 Hillwood Ave Falls Church 127 3.0 79 209 137 90% 60% 70% 96 N/A

Weighted Averages 2/ : 4.0/4.5 Star (803 rooms) 402 4.2$ 135 $ 311 $ 212 93% 68% 75%$ 159 20,922 3.0/3.5 Star (3,445 rooms) 246 3.3$ 96 $ 254 $ 166 95% 65% 73%$ 122 12,810 Total 266 3.5$ 104 $ 265 $ 175 95% 65% 74%$ 129 14,343 1/ Hotels.com. See below for details 2/ Room counts are straight averages. 3/ Adjusted for seasonality, weekend/weekday variation, group/bulk discounts, etc.

Hotel Rating Definition: 5 Star – Deluxe: These luxury hotels offer the pinnacle of service and pampering. Pristine surroundings often include manicured landscaping and famed works of art. Guests may expect multilingual concierge and/or butler service extensive pool, spa and fitness facilities, and gourmet restaurants with world-renowned chefs. There is typically a high staff- to-guest ratio. Guestrooms feature ample space, designer linens, and special touches such as fresh flowers, champagne and flat-screen televisions. These hotels most often are located in the most desirable cities or resort destinations 4 Star – Superior: These exclusive properties offer sophisticated interiors and personalized concierge services such as travel arrangements and activity desks. The hotels usually feature opulent restaurants and bars with acclaimed chefs. Sophisticated guest facilities often include equipped fitness and massage centers, and one or more pools. Hotels of this caliber often offer conference facilities with advanced technology and professional event planning Guestrooms include stylish furnishings, wireless high-speed Internet access, stocked minibars and bathrobes 3 Star – First Class: These mid-level hotels most often cater to traveling executives with wireless Internet access, fax and copy services, transportation assistance and conference rooms. Hotels of this caliber usually offer reputable restaurants serving breakfast, lunch and dinner, a pool and a fitness room. Accommodations often include traditional décor with spacious work desks, and signature bedding with pillowtop mattresses. Hotels are usually locate near convention centers or corporate complexes. 2 Star – Moderate: Typical of chain hotels, these properties offer simple, consistent services such as expanded continental breakfasts, high-speed Internet access, and cable televisions with complimentary movie channels. These value-oriented hotels often offer outdoor pools and complimentary toiletries. Guestrooms are usually accessible by exterior entrances 1 Star – Economy: Typical of chain hotels, these properties offer simple, consistent services such as expanded continental breakfasts, high-speed Internet access, and cable televisions with complimentary movie channels. Thes value-oriented hotels often offer outdoor pools and complimentary toiletries. Guestrooms are usually accessible by exterior entrances.

07406.01 Hotel: comps 1 of 2 THE CONCORD GROUP EXHIBIT VI-4

SELECTED COMPETITIVE HOTELS HOTEL MARKET AREA NOVEMBER 2010

RestonReston BethesdaBethesda

BrookmontBrookmont

B B B B B B B B

B WolfWolf TrapTrap a a a WolfWolf TrapTrap a a WolfWolf TrapTrap a a a l al l l l ll ll ll l l ls ls ls 193 s s McleanMclean l ddd s s s McleanMclean d d l McleanMclean dd 495 s

H H H RRR H H RR H H H RR

267 l ll ll H llll l i i i ll lll i i i l il il il ilili l i l i i ll ll ll i i l i l l l l l HHH R R R HH R l R HH R R

R R g d d d ggg d d ggg d d nn d n n d iniinii CCC rirrir CC rrr ppp lll WolfWolf TrapTrap ppp lalCaCa WolfWolf TrapTrap S WolfWolf TrapTrap SheratonSheratonSSS PremierePremiere AtAt TysonsTysons CornerCorner rr SheratonSheratonSSS PremierePremiere AtAt TysonsTysons CornerCorner rrlaala 123 aaa rBr BB SS ResidenceResidence InnInn ByBy MarriottMarriott TysonsTysons CornerCorner BBaa S ResidenceResidence InnInn ByBy MarriottMarriott TysonsTysons CornerCorner F F F nnn ResidenceResidence InnInn ByBy MarriottMarriott TysonsTysons CornerCorner a a a F F F nnSnaaa aa BB F F F n r o o aakkk rr o n o o kk r o a r o o kkaeee rttat o eekddd 123 taa x x kd ttooo x x x d x x dde dd o x eeee dddd oo x d d rr h eennn R r h h d dd h n R nnn h h n RR h nnee B B Rn n nntt h h n n a BB nnn a a n o oo a B n a B a r o o a rr oonn a r Braaa otioti PP a rrB tio P l a tiatio P l aannn titti nn l l l r PP l a l n l l aaatiti l nra t l a t l l n tata l nccc HiltonHilton McleanMclean TysonsTysons CornerCorner l ac tata HiltonHilton McleanMclean TysonsTysons CornerCorner l l k l ccnnhhh tSt HiltonHilton McleanMclean TysonsTysons CornerCorner k k n SSrS S EmbassyEmbassy SuitesSuites HotelHotel TysonsTysons CornerCorner kk hhcc SSr EmbassyEmbassy SuitesSuites HotelHotel TysonsTysons CornerCorner k hc rrer SS PP R R R r EmbassyEmbassy SuitesSuites HotelHotel TysonsTysons CornerCorner P R R R hh tre www h eeerrt w R R R nnnttentene ww nun kk d d d uunnu k d d d HHuHuu yyww d d d HH w H

N N N y N N N yy N N N W W W W W W CourtyardCourtyard ByBy MarriottMarriott Tyson'sTyson's CornerCorner W W W 309 ChChCheeeessssttteteeerrrbrbbrrrooo HiltonHilton GardenGarden InnInn TysonsTysons CornerCorner TheThe Ritz-CarltonRitz-Carlton TysonsTysons CornerCorner tteeterrbbrbbrrrororooooookkkk k R RRdddd LLLaaawwyyyeeerrrsss R Rddd CrowneCrowne PlazaPlaza HotelHotel TysonsTysons CornerCorner ResidenceResidence InnInn ByBy MarriottMarriott TysonsTysons CornerCorner MallMall

MMM CCC iii aaa MarriottMarriott TysonsTysons CornerCorner iilililititt aaannn MarriottMarriott TysonsTysons CornerCorner iititataa nnnaaa KKiiirrrbyby RRddd rryryy aaalll PimmitPimmit HillsHills KKiiirrrbyby RRdd yyy ll l R R R RR RRR ddd ddd FFF d ddd ddd ooo dd oooxxx The Westin Tyson's Corner ddllvv 120 NNN xxx The Westin Tyson's Corner llvlBvBv NNN M MM LLL BBBl l B WW MMM LLLaaLa r Br Bgg WW iii aaawwaw rrrgugug ilillilll wwwwyyy uuubrbr lll ll l yyyeee The Westin Tyson's Corner 267 bbbsusu R RR eeeyrr The Westin Tyson's Corner sssbb RRR rrersss The Westin Tyson's Corner maassm ddd VVV sssr sR RR almlimia dd VVVaaa R RR Rddd ViennaVienna PimmitPimmit HillsHills llllliliaiaialll aaallelee ddd dN NN ViennaVienna iWilill eee RRR NN WNW WW RRRddd WW nn nunn uuuu Ruu 309 RR RR tt lt Rt R lutlltt IdylwIdylwIdylw ood ood ood ucuu IdylwIdylwIdylw ood ood ood 66 66 cciucuu ffifficficc 29 ififiiff Diii DunnDunn LoringLoring DDD DunnDunn LoringLoring nnn LLLnnn FoxFoxFox OakOak ton ton OakOak ton ton L L L FoxFoxFox OakOak ton ton OakOak ton ton rrr 66 aaa ddd M MM 243 eeeddd iillillll Rd RdRd eee iillillll Rd RdRd CCC IdylwIdylwIdylw ood ood ood CC IdylwIdylwIdylw ood ood ood 111000ttthhh SSttt NN FallsFalls ChurchChurch 237 CourtyardCourtyard ByBy MarriottMarriott DunnDunn LoringLoring FairfaxFairfax495 Subject Site nnn BBllvlvvddd WWiililslssooonnn BBllvlvv ArlingtonArlington FallsFalls ChurchChurch ArlingtonArlington BBllalaakkkeee L LLnnn 66 MerrifieldMerrifield FallsFalls ChurchChurch HomewoodHomewood SuitesSuites FallsFalls ChurchChurch TowneplaceTowneplace SuitesSuites ByBy MarriottMarriott FallsFalls ChurchChurch 5

W Ox Rd W Ox Rd W Ox W Ox Rd W Ox W Ox Rd W Ox Rd W Ox W Ox Rd W Ox W Ox Rd W Ox W Ox Rd W Ox Rd W Ox ResidenceResidence InnInn ByBy MarriottMarriott FairfaxFairfax MerrifieldMerrifield JeffersonJefferson 7

50

29

50 SevenSeven CornersCorners 66 MarriottMarriott FairviewFairview ParkPark 244 12 LakeLake BarcroftBarcroft 650 29 FairFair fax fax FairfFairf ax ax SSS FairfFairf ax ax S S FairfFairf ax ax SS S l lSl 237 MantuaMantua lelele MantuaMantua el e 236 MantuaMantua eel e eeee Bailey'SBailey'S CrossroadsCrossroads ee Bailey'SBailey'S CrossroadsCrossroads e Bailey'SBailey'S CrossroadsCrossroads ppep ppp ypypy yy yy MantuaMantua y MantuaMantua H HH HH HH ooo oo oo l lol llll l lololo ool l wowow ww ww w Wakefield Chapel Rd Chapel Rd Chapel Wakefield Wakefield Wakefield Chapel Rd Chapel Wakefield Wakefield Chapel Rd Chapel Rd Chapel Wakefield Wakefield Wakefield Chapel Rd Chapel Wakefield Wakefield Chapel Rd Chapel Wakefield Wakefield Chapel Rd Chapel Rd Chapel Wakefield Wakefield RRR R R RR ddRd dd dd

244

LLL LLLiii Scale Legend ininin AnnandaleAnnandale ccc AnnandaleAnnandale ooo 651 llnlnn nnlniii ddd iiaiaia 395 Feet ddddddoooccckkk RRddd a R RR BBrrraaaddddddoooccckkk R R R ddd 0 3000 6000 123 AlexandriaAlexandria LincolniaLincolnia

07406.01 Hotel: compmap 2 of 2 THE CONCORD GROUP EXHIBIT VI-5

HOTEL DEMAND MARKET AREA 2010

Projections (4) 2002 2003 2004 2005 2006 2006 2008 2009 2010e 2011 2012 2013 2014

Gross Metro Product ($B) 187.491 198.753 210.736 221.004 224.908 229.092 236.093 240.305 254.572 263.045 273.895 283.940 290.620 Annual % Change 6.0% 6.0% 4.9% 1.8% 1.9% 3.1% 1.8% 5.9% 3.3% 4.1% 3.7% 2.4%

Hotel Demand Factors

Supply (Total Rooms) 7,687 7,705 7,679 7,479 8,013 8,058 8,058 8,093 8,241 8,314 8,386 8,459 8,533 Annual % Change 0.2% -0.3% -2.6% 7.1% 0.6% 0.0% 0.4% 1.8% 0.9% 0.9% 0.9% 0.9%

Demand (1) 5,087 5,302 5,774 5,636 5,480 5,507 5,411 5,166 5,618 5,805 6,044 6,266 6,413 Annual % Change 4.2% 8.9% -2.4% -2.8% 0.5% -1.7% -4.5% 8.7% 3.3% 4.1% 3.7% 2.4%

Occupancy 66% 69% 75% 75% 68% 68% 67% 64% 68% 70% 72% 74% 75%

Standard Occupancy (2) 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% Implied "Standard" Demand 4,997 5,008 4,991 4,862 5,209 5,238 5,238 5,261 5,357 5,404 5,451 5,499 5,547

Under/(Over) Supply (3) 90 294 783 774 272 270 174 -95 261 401 593 767 867

(1) Total room nights sold divided by 365. (2) "Healthy" marketwide occupancy level, comfortably above typical "break even" occupancy levels. (3) Actual demand minus "standard" demand implied by a 65% occupancy target. (4) Hotel demand closely tracks changes in gross metro product. In this model, demand forecasts are based on projected change in gross metro product for the metropolitan statistical area. Hotel room supply forecast assumes inventory grows, on average, at the same annual rate as during the prior 8-year period (in this case 0.9%). 2011 - 2014 occupancy forecasts are calculated by dividing the forecasted room demand by the forecasted room supply in each year.

Sources: Moody's Economy.com (gross metro product); STR Global (hotel inventory and occupancy)

07406.01 Hotel: demand THE CONCORD GROUP EXHIBIT VI-6

FUTURE HOTEL DEVELOPMENT HOTEL MARKET AREA 2010

City Project Name Builder/Developer Location Sq. Ft. Status

Falls Church 706 West Broad Street (Hilton Garden) Gosnell-Palmer Hospitality Group 706 West Broad Street 110 Approved Falls Church City Center South Atlantic Realty Companies Intersection of Washington and Broad 180 Approved Alexandria Richmond Highway Hotel 44 Alexandria Associates 6517 Richmond Hwy 100 Proposed

Under Const. 0 Approved 290 Proposed 100 Total 390

07406.01 Hotel: P&P THE CONCORD GROUP VII. SITE SPECIFIC ANALYSIS

The Concord Group EXHIBIT VII-1

LOCAL AREA MAP MOSAIC DISTRICT; MERRIFIELD, VIRGINIA NOVEMBER 2010

A

I

D C E

H

G

B

Mosaic F J

A Dunn Loring Metro Station F Vantage (apartments) B Home Depot G Providence Park (resale townhomes) C Courtyard Hotel H Halstead Phase B (apartment & retail - under construction) D Halstead (resale condo) I Metro Place & Westbriar Plaxa (resale condo) E Wilton House (resale condo) J USPS

07406.01 SiteMap: Aerial THE CONCORD GROUP EXHIBIT VII-2

SITE MAP MOSAIC DISTRICT; MERRIFIELD, VIRGINIA NOVEMBER 2010

I G A

H E C

B F D

Parcel A Parcel B Parcel C Parcel D Parcel E Parcel F Parcel G Parcel H Parcel I Use SF Rooms SF SF Units SF SF Units SF Units SF Units Rooms SF Units SF Units Retail 54,100 -- 236,600 35,000 -- 73,400 35,000 -- 30,000 -- 20,000 -- -- 20,000 ------Multifamily ------135,658 127 -- 135,658 128 81,872 76 ------546,830 522 -- -- Townhomes ------92,208 48 ------126,786 66 Office 65,000 ------Hotel 100,000 150 ------105,000 -- 150 ------

Total219,100 219,100150 236,600 236,600 170170,658,658127 7373,400,400 170170,658,658128 111,872 111,87276 217217,208,20848 150 566,830 566,830522 126,786 126,786 66

Map Source: Edens & Avant retailer package Note: Square footage represents gross. 07406.01 SiteMap: Site THE CONCORD GROUP EXHIBIT VII-3

SITE EVALUATION MOSAIC DISTRICT; FAIRFAX COUNTY, VIRGINIA NOVEMBER 2010

Residential Commercial Element For-Sale For-Rent Retail Office Hotel Average Comments

Local Area 4.0 4.0 4.5 3.5 3.5 3.9 ƒ Merrifield / Dunn-Loring area transitioning from semi-industrial to mixed-use transit oriented character. ƒ Greater Fairfax area is a very high income, supply constrained market.

Access/Visibility 4.0 4.0 4.0 3.5 3.5 3.8 ƒ Excellent access via rail transit and automobile

Site 5.0 5.0 5.0 5.0 5.0 5.0 ƒ Large parcel is rare and excellent opportunity for mixed-use place-making Characteristics in infill location in otherwise highly supply-constrained market

Surrounding 3.5 3.5 3.5 3.0 3.5 3.4 ƒ Attractive mix of uses within master plan represent attractive and Land Uses mutually supportive surroundings for each component use. ƒ Outside of parcel boundaries is "mixed bag" of uses ranging from new residential and commercial development to existing light industrial.

Proximity to 4.0 4.0 n/a 3.5 3.5 3.8 ƒ Central location with access to Tysons Corner, Arlington, and other Services major service nodes. ƒ Extensive list of urban services/amenities to be included within site.

Overall Rating: 4.1 4.1 4.3 3.7 3.8 4.0

Note: Ratings on 1 - 5 scale, with 5 = major competitive advantage, 3 = parity, and 1 = major disadvantage.

07406.01 SiteEval: Summ THE CONCORD GROUP EXHIBIT VII-4

FOR-SALE RESIDENTIAL POSITIONING RESIDENTIAL MARKET AREA NOVEMBER 2010

Square Average Market Rate Affordable/Workforce (1) Total Absorption Parcels Product Type Footage Unit Size Units Price $/SF Units Price $/SF Units Price $/SF Delivery Near-Term Normalized

G&I Townhome 218,994 1,921 100 $550,000 $286 14 $355,385 $185 114 $526,646 $274 2011 3.0 4.0

$$1,000,0001,000,000 Color Code $900,000 Red = Townhome Blue = Mid-Rise $800,000 Green = Highrise

$700,000 Icon Code

$600,000 Solid = New Product Hollow = Local Resales

$500,000

$400,000

$300,000

$200,000

$100,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Kendall Square (TH) Main Street Residences (TH) Mc Shay At Madison Lane (TH) Spectrum (Condo) Elan Condominium At East Market (Condo) Four Winds At Oakton (Condo) Huntington Reserve (TH) Midtown Alexandria (Condo) One Park Crest (Condo) TCG Market Rate Recommended Positioning Providence Park (TH; 1998) Metro Place At Dunn Loring (TH; 2001) Lakeford (TH; 1985) Dunn Loring Village (TH; 1980) Wilton House (Condo; 2005) Westbriar Plaza (Condo; 2002-04) Halstead At The Metro (Condo; 2006)

Note: Figures in parentheses indicate product type and, for resales, year built. (1) Affordable and Workforce units represent 12% of the total mix

07406.01 FS Resi - RecComps: Recs THE CONCORD GROUP EXHIBIT VII-5

APARTMENT RENT POSITIONING APARTMENT MARKET AREA NOVEMBER 2010

Market Workforce Affordable 65% Affordable 50% Total Average Average Rent Average Rent Average Rent Average Rent Average Rent Monthly Parcels Product Type Gross SF Unit Size Units Total $/SF Units Total $/SF Units Total $/SF Units Total $/SF Units Total $/SF Delivery Absorption H MidRise - Apt Spec 546,830 935 459 2,075 2.22 37 1,717 1.84 17 1,191 1.27 9 917 0.98 522 2,001 2.14 2014 20 C MidRise - Condo Spec 135,658 935 112 2,350 2.51 9 1,717 1.84 4 1,191 1.27 2 917 0.98 127 2,243 2.40 2014 15 E MidRise - Condo Spec 135,658 935 113 2,350 2.51 9 1,717 1.84 4 1,191 1.27 2 917 0.98 128 2,243 2.40 2014 15 F MidRise - Condo Spec 81,872 935 67 2,350 2.51 5 1,717 1.84 3 1,191 1.27 1 917 0.98 76 2,243 2.40 2015 20 900,018 935 751 2,182 2.33 60 1,717 1.84 28 1,191 1.27 14 917 0.98 853 2,095 2.24

$4,250 $4,000 $3,750 $3,500 $3,250 $3,000 $2,750 $2,500

ctive Rent ctive $2$2,250,250 e

Effective Rent Effective $2,000 $1,750 $1,500 $1,250 $1,000 $750 250 500 750 1,000 1,250 1,500 1,750 2,000 Unit Size (sf)

TCG Recommendations Market Rate (Apt Spec) TCG Recommendations Market Rate (Condo Spec) Vantage at Merrifield (2007; 97%) Carmel Vienna Metro (2008; 95%)

Pearson Square (2007; 97%) Reserve at Tyson's Corner (2010; 62%) Crescent Falls Church (2010; 28%) The Falls at Flint Hill (2008; 95%)

Lofts at Park Crest (2008; 98%) The Ridgewood Apartments (2010; 25%) Merrill House Apartments (1964; 98%) Post Tyson's Corner (1990; 96%)

Note: Figures in parentheses indicate year built and occupancy, respectively.

07406.01 Apt RecComps: RS The Concord Group EXHIBIT VII-6

RECOMMENDED OFFICE LEASE RATE POSITIONING VS. SELECTED COMPARABLES OFFICE MARKET AREA AND ANALOGUE LOCATIONS NOVEMBER 2010

Average Rent Parcel GLA (sf) ($/sf/yr FS) A 65,000 $35.00

MOSAIC 2941 Fairview Park Color = Submarket MetroPlace/Dunn Loring Red: Merrifield 3190 Fairview Park Blue: Tysons Corner Williams Plaza 1 Yellow: Reston Willow Oaks 1 Grey: Old Town Alexandria Greensboro Corp. Ctr. 1 Green: Rosslyn/Ballston/Clarendon/Court. White: Other 8280 Greensboro Dr East Building SOMA at RTC - A SOMA at RTC - B One Freedom Sq. - RTC RTC - SW Block The Campus at Sunrise Annandale Financial Ctr. The Regent Arlington Plaza Crystal Park Four Potomac Gateway North Crystal Park Two Carlyle Overlook Centerpointe One Time Life Building 330 John Carlyle St Station Center Carlyle Center Ames Center Building

$20 $25 $30 $35 $40 $45 $50 $55 Yearly Lease ($/sf) (FS)

07406.01 OfficeRecComps: Recs THE CONCORD GROUP EXHIBIT VII-7

RECOMMENDED RETAIL LEASE RATE POSITIONING VS. SELECTED COMPARABLES REGIONAL TRADE AREA AND ANALOGUE LOCATIONS NOVEMBER 2010

Achievable lease rates summarized below. Estimated annual overall absorption is approximately 125,000 square feet (including Target) per year on average over four years.

Mosaic - Parcel A Lease Mosaic - Parcel B Rate Mosaic - Parcel C Tenant SF (NNN) Delivery Mosaic - Parcel D

Parcel A Mosaic - Parcel E Grocery, Restaurant, Other 51,300 41.11 Oct-12 Mosaic - Parcel F Mosaic - Parcel G Parcel B Mosaic - Parcel H Apparel, Other 54,600 50.10 Oct-12 Reston Town Center Target 168,900 N/A Oct-12 Friendship Heights Georgetown Parcel C Tysons I / Tysons II TBD - Anchor 35,000 40.00 Jun-14 Other Tysons Corner Parcel D Bethesda Row Restaurant, Theater, Other 69,100 32.71 Oct-12 Jefferson Village Shopping Ctr. Sleepy Hollow Center Parcel E 4905-4909 Fairmont Ave TBD - Anchor 35,000 40.00 Jun-14 6670-6678 Arlington Blvd Parcel F Bailey's Crossroads Legend TBD 27,100 50.00 Feb-15 Bethesda Corner Red = Mosaic Fair Lakes Promenade Parcel G North Point Village Center TBD 20,000 50.00 Jan-14 Blue = Indicative Ranges Pender Village Center Yellow = Comp Transactions Parcel H 116-126 King St TBD 20,000 50.00 Jan-14 Grand Commons @ Fairfax Crnr.

$10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130 Yearly Lease ($/sf) (NNN)

07406.01 RetailRecComps: Recs THE CONCORD GROUP EXHIBIT VII-8

RECOMMENDED HOTEL ROOM RATE POSITIONING VS. SELECTED COMPARABLES HOTEL MARKET AREA NOVEMBER 2010

Average Parcel Sq. Ft. Rooms Rate Low Rate High Daily Rate A & G 205,000 300 $130.00 $230.00 $180.00

MOSAIC Legend Towneplace Suites By Marriott Falls Church ($137) Red = 4.0 / 4.5 Star Courtyard By Marriott Dunn Loring Fairfax ($153) Blue = 3.0 / 3.5 Star Residence Inn By Marriott Fairfax Merrifield ($156)

Residence Inn By Marriott Tysons Corner ($150)

Homewood Suites Falls Church ($166)

Residence Inn By Marriott Tysons Corner ($145)

Hilton Garden Inn Tysons Corner ($172)

Courtyard By Marriott Tyson's Corner ($225)

Marriott Fairview Park ($174)

Embassy Suites Hotel Tysons Corner ($128)

Sheraton Premiere At Tysons Corner ($144)

Crowne Plaza Hotel Tysons Corner ($160)

Marriott Tysons Corner ($181)

Hilton Mclean Tysons Corner ($190)

The Westin Tyson's Corner ($171)

The Ritz-Carlton Tysons Corner ($253)

$0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 $375 $400 $425 $450 $475 $500

Note: Figure in parentheses next to hotel name indicates average room rate. Room Rate

07406.01 Hotel: Recs THE CONCORD GROUP EXHIBIT VII-9

ABSORPTION SCHEDULE MOSAIC DISTRICT; FAIRFAX COUNTY, VIRGINIA 2010

Asset Type / Pre-Executed Parcel Description Units Delivery Leases/Sales 2011 2012 2013 2014 2015 2016

Residential - For Sale G&I Townhome 114 du Sep-11 -- 12 36 48 18 -- --

Residential - For Rent C MidRise - Condo Spec 127 du Jun-14 ------90 37 -- E MidRise - Condo Spec 128 du Jun-14 ------90 38 -- F MidRise - Condo Spec 76 du Feb-15 ------76 -- H MidRise - Apt Spec 522 du Jan-14 ------240 240 42 853 du ------420 391 42

Retail A Grocery, Restaurant, Other 54,100 sf Oct-12 18,000 18,000 36,100 ------B Target 168,900 sf Oct-12 168,900 168,900 ------B Apparel, Other 67,700 sf Oct-12 1,800 1,800 65,900 ------C TBD - Anchor 35,000 sf Jun-14 ------35,000 -- -- D Restaurant, Theater, Other 73,400 sf Oct-12 46,600 46,600 26,800 ------E TBD - Anchor 35,000 sf Jun-14 ------35,000 -- -- F TBD - Other 30,000 sf Feb-15 ------30,000 -- G TBD - Other 20,000 sf Jan-14 ------20,000 -- -- H TBD - Other 20,000 sf Jan-14 ------20,000 -- -- 504,100 sf 235,300 235,300 128,800 110,000 30,000 --

Office A 65,000 sf Jul-13 -- -- 65,000 ------

Hotel A Hotel Sierra 150 keys Oct-12 150 150 ------G Hotel (TBD) 150 keys Jan-14 ------150 -- -- 300 keys

07406.01 Absorption: Summ THE CONCORD GROUP