The Mark Company Standard Monthly Reports

October 2012 Contents Executive Summary Currently Selling Developments Resale Developments Pipeline Report TMC Disclaimer

Notes 1) Currently Selling is defined as a new construction residential project selling for the first time or a project in which units have never been lived in as owner-occupied.

2) Resale is defined as a residential unit that has been sold at least once before and has previously been lived in.

3) This report covers Currently Selling residential developments with 20+ Market Rate units and Resale residential developments with 50+ Market Rate units located in Districts 7, 8 and 9.

4) Assume that projects located in the Currently Selling section are actively selling units unless noted otherwise.

5) Date On Market refers to the date the Sales Center opened.

6) Average Absorption is calculated from Date On Market through the first of the month prior to the date of the report. It accounts for units both in contract and closed.

7) Average Price/SF is calculated using only units where both square footage and price are known. Average Price/SF is defined as the average price divided by the average square footage. Averages are weighted averages.

8) Developments are considered Sold Out once the last Market Rate unit has closed OR there have been six months without a closing, all units are in contract and the Sales Center is closed (e.g. there is no active marketing). At that point, projects will be moved to the Resale section and tracked for resale closings.

9) Market Rate Units Available in the Pipeline Report refers to the estimated number of Market Rate units available for sale at the development (e.g. not in contract or closed).

10) Marketing to Commence in the Pipeline Report refers to the date that the Sales Center is expected to open for projects that are Currently Under Construction.

11) Completion Date in the Pipeline Report refers to the expected date of completion for a project that is Approved and/or Under Review.

11) Below Market Rate units are omitted from the new construction and resale closings.

Standard Monthly Reports - San Francisco - October 2012 Executive Summary

Currently Selling Summary - August Closings

Size # of Average Average Unit Type Range Price Range $/SF Sales Size (SF) Price (SF) Studio / Junior One Bedroom 2 447 341 - 552 $359,000 $359,000 $1,053 One Bedroom 45 937 400 - 1,145 $612,477 $312,000 - $751,000 $653 Two Bedroom 80 1,351 818 - 2,129 $996,689 $385,000 - $2,750,000 $743 Three (or more) Bedroom 10 1,798 1,263 - 2,706 $1,711,100 $469,000 - $3,600,000 $952 Other (Unknown Type) 2 n/a n/a $603,000 $555,000 - $651,000 n/a All Types 139 1234 341 - 2,706 $913,596 $312,000 - $3,600,000 $745

Resale Summary (Districts 7, 8, 9) - August Closings

Size # of Average Average Unit Type Range Price Range $/SF Sales Size (SF) Price (SF) Studio / Junior One Bedroom 1 n/a n/a $450,000 $450,000 n/a One Bedroom 25 814 495 - 1,532 $633,304 $275,100 - $930,000 $782 Two Bedroom 22 1,290 993 - 2,176 $1,085,973 $520,000 - $3,100,000 $842 Three (or more) Bedroom 3 1,729 1,362 - 2,391 $1,558,000 $1,040,000 - $2,079,000 $901 Other (Unknown Type) 0 n/a n/a n/a n/a n/a All Types 51 1,107 495 - 2,391 $879,373 $275,100 - $3,100,000 $829

Pipeline Summary

Currently Under Under Conceptual Product Type Approved Selling Construction Review Planning Condominium 249 350 28,001 2,784 3,558 Affordable - 793 2,402 4,132 472 Rental - 3,606 4,298 1,083 850 Condominium - On Hold 198 0 285 0 0 Rental - On Hold - 0 0 0 0 All Types 249 4,749 34,986 7,999 4,880

Standard Monthly Reports - San Francisco - October 2012 Currently Selling The following section contains sales information and updates for actively selling developments with 20+ Market Rate units.

Project List* 299 Valencia 5800 Third 788 Minna 829 Folsom 901 Bush Blu Candlestick Cove Candlestick Heights Fairmont Heritage Place, Ghirardelli Square Esprit Park Madrone Millennium Tower Millwheel One Hawthorne The Artani

* Sorted in alphabetical order

Standard Monthly Reports - San Francisco - October 2012 Date Closed 8/9/2012 8/1/2012 8/17/2012 8/17/2012 8/15/2012 8/13/2012 0 available $785 $795 $825 $769 $752 $928 $/SF $1,073

Developer JS Sullivan Development Fees HOA Average Unknown Absorption Average 44 units/month Last Six Months Price/SF units) $862 (31 2012 Price Closing $656,167 $775,000 $759,000 $750,000 $525,000 $429,000 $699,000 August 2012 August 5 in contract SF 818 975 795 987 930 400 660 2/2 2/2 2/2 1/1 2/2 1/1 Type 31 closed Averages: 202 204 505 302 506 303 Unit Address Street 299 Valencia Units Total 44 (36 Market Rate) Date on Market April 2012 Closings Commenced June 2012 Sales status through Closed sales during (All Units In Contract) have passed without a closing reported. space and floor-to-ceiling windows. Residents have space and floor-to-ceiling windows. and community room. access to a rooftop deck put all units into contract during presales. 299 Valencia from the Currently Selling project will be removed The or six months section once all units have closed escrow 299 Valencia 299 Valencia easy offers in the Mission District, 299Located Valencia finest restaurants. San Francisco’s access to some of open floor plans with stainless building features The and white steel appliances, CaesarStone countertops oak hardwood floors. Some homes also include outdoor Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 8/2/2012 8/2/2012 8/27/2012 8/27/2012 8/15/2012 8/31/2012 8/21/2012 8/23/2012 8/22/2012 8/30/2012 27 available 27 $370 $357 $375 $381 $458 $426 $395 $393 $404 $466 $386 $/SF

Developer Holliday Development Fees HOA Average $336 - $481/month Absorption Average 8 units/month Last Six Months Price/SF $386 (39units) 2012 Price $419,000 $410,000 Closing $312,000 $473,000 $405,100 $335,000 $385,000 $380,000 $469,000 $399,000 $469,000 August 2012 August 22 in contract SF 816 732 732 1,011 1,016 1,016 1,312 1,025 1,263 1,269 1,086 1/1 1/1 3/2 3/2 2/2 2/2 2/2 2/2 1/1 3/2 Type 71 closed Averages: 1116 1118 Unit 2318 2212 1220 Address 5800 Street Third Units Total Rate) Market (120 137 Date on Market July 2010 Closings Commenced November 2010 2324 2224 2308 2408 2406 Sales status through Closed sales during September 2012: dated Average Size: 1,010 - 1,221 SF - 1,221 Size: 1,010 Average - $379 Starting List Price/SF: $314 Bedroom Three - $539,000 $479,000 Starting List Price: Size: 1,263 - 1,560Average SF Starting List Price/SF: $345 - $379 Starting List Price: $329,000 Starting List Price: - 889SF Size: 816 Average - $403 Starting List Price/SF: $370 Bedroom Two $383,000Starting List Price: dog washing station. project is FHAThe approved. list prices Available One Bedroom residents in the coming years. one-, two- and three- homes range between The bedroom floor plans in both flat and townhome outdoor space. configurations. Many homes include lounge and Amenities include a large courtyard, bike 5800 Third easy generously-sized homes at 5800 offer The Third highways Mission Bay, access to public transportation, Easy grocery store and cafe. & and an onsite Fresh newest Carroll Station is touted as the City’s neighborhoodnew to welcome 1,000 and is expected Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING 2012. August 0 available Developer Hart Richie Fees HOA Average $338/month+ Absorption Average 2 units/month Last Six Months Price/SF $693 units) (3 2 in contract 16 closed Address Street Minna 788 Units Total Rate) Market 20 (18 Date on Market July 2011 Closings Commenced August 2011 There were no closings reported during no closings reported were There Sales status 2012 August through (All Units In Contract) escrow or six months have passed without a closing escrow or six months have passed without reported. is pre-wired for solar power and Smart-Home residents to use their phone or a that allows technology things as lighting and heating. website to control such all market-rate units were in contract As of April 2012, project will be removed from the Minna. The at 788 have closed Currently Selling section once all units seating. flooring, gas- Interior finishes include wide plank oak burning fireplaces with stone surrounds, Sozo Design CaesarStone cabinetry, and bathroom kitchen home Each countertops and stainless steel appliances. 788 Minna South located in San Franciso’s Minna is centrally 788 of Market neighborhood. is within walking building The shopping and public restaurants, distance to nightlife, to a wind- transportation. Residents have access and built-in protected garden terrace with landscaping Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING 10 available 10 Developer Mando FORMA, LLC/Walid Fees HOA Average $460 $583/month - Absorption Average 1 unit/month Last Six Months Price/SF $908 (5 units) 0 in contract 59 closed Address Street 829 Folsom Units Total 69 Date on Market January 2009 Closings Commenced May 2010 Sales status 2012 August through during August 2012. closings reported were There September 2012: dated Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco One Bedroom $629,000 Starting List Price: SF Size: 502 - 921 Average Bedroom/Plus Two $900,000s - mid $771,000 Starting List Price: SF - 1,163 Size: 897 Average Available list prices Available One Bedroom $600,000s low Starting List Price: Size: 486 SFAverage - 557 parking, an entertainment lounge, landscaped courtyard parking, an entertainment lounge, landscaped Green and a rooftop terrace with modern furnishings. glazing elements include high-performance, low-e costs, low- windows to reduce heating and cooling paint and flooring, Energy Star- emitting and non-toxic lighting fixtures. rated appliances and energy-efficient Interior finishes include bay windows with dramatic Interior finishes include bay windows polished granite views, wood, carpet and marble flooring, by slab countertops and stainless steel appliances and Bosch. Thermador and secured Community amenities include private 829 Folsom in the lively is situated stories tall, 829 Folsom nine At South Market neighborhood, of to restaurants, close by renowned entertainment and retail options. Designed firm FORMA, the state-of-the-art building encompasses window wall system. and a floor-to-ceiling technology CURRENTLY SELLING Date Closed 8/28/2012 0 available $/SF $1,053 $1,053

Developer Mike Cassidy Fees HOA Average ~$300/month Absorption Average <1 unit/month Last Six Months Price/SF $1,053 (1 unit) 2012 Price Closing $359,000 $359,000 August 0 in contract SF 341 341 0/1 Type 33 closed Averages: 506 Unit Address Bush Street 901 Units Total 38 (33 Market Rate) Date on Market July 2008 Closings Commenced October 2008 Sales status 2012 August through Closed sales during (Sold Out) 901 Bush is sold out and will be removed from the 901 report. month’s Currently Selling section of next Interior finishes feature custom white cabinetry, custom white cabinetry, feature Interior finishes and hardwood flooring, stainless steel appliances include a private CaesarStone countertops. Select units All rooftop deck. terrace. Amenities include a lobby and homes include onsite deeded storage. 901 Bush The San Francisco. Bush is located in downtown 901 apartment-to-condominium development is an 38conversion featuring homes with studio, one- and two-bedroom floor plans. Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 8/21/2012 1 available $/SF $1,030 $1,030

Developer Malcolm Properties; Urban Lennar Fees HOA Average $650 - 900/month Absorption Average 2 units/month Last Six Months Price/SF $1,030 unit) (1 2012 Price Closing $2,650,000 $2,650,000 August 1 in contract SF 2,573 2,573 3/2.5 Type closed 112 Averages: PHF Unit Address Street Folsom 631 Units Total 114 Date on Market May 2008 Closings Commenced May 2009 Sales status 2012 August through Closed sales during Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco penthouse listed for $2,590,000. doorman, concierge services, lobby and carousel parking doorman, concierge services, lobby and are two finish options for for all residents. There are no There penthouse and non-penthouse homes. the finishes beyond opportunities to upgrade or change that. at Blu is a three-level final available home The to 2,700 square feet for a penthouse. Penthouses boast Penthouses for a penthouse. square feet to 2,700 glass-walled solariums. and private roof decks hardwood European cabinetry, feature Interior finishes appliances Viking kitchen and and carpet flooring, Bosch a full-time and granite countertops. Amenities include Blu located in the condominium tower Blu is a 21-story South Market neighborhood. of by Handel Designed residences and 114 features the development Architects, homes condominium high. The feet 214 is approximately for a two-bedroom range in size from 950 square feet CURRENTLY SELLING Date Closed 8/31/2012 8/24/2012 40 available n/a n/a $395 $/SF

Developer Properties Signature Fees HOA Average $448 - $575/month Absorption Average <1 unit/month Last Six Months Price/SF n/a (8 units) 2012 Price Closing $651,000 $603,000 $555,000 August n/a n/a SF n/a 33 in contract n/a n/a Type Averages: Unit 59 closed Address Executive Park 101 Boulevard Units Total Market Rate) (132 140 Date on Market October 2007 Closings Commenced October 2008 122 Emerald Cove 122 110 Diamond Cove 110 Sales status 2012 August through Closed sales during Interior appointments include Whirlpool stainless steel Interior appointments include Whirlpool natural appliances, granite slab countertops, Shaker-style feature fixtures. Homes cabinetry and Kohler beech homes are priced Available two-car garages. attached $550,000. from approximately Candlestick Cove Candlestick to the San Francisco Cove is located next Candlestick at the south end of and Bayview Park Executive Park development consists of 140 the Bayview District. The floor plans. condominiums with five different Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING 198 available Owner Holliday Development Fees HOA Average Unknown Absorption Average n/a Last Six Months Price/SF n/a 0 in contract 0 closed Address Avenue 859 Jamestown Units Total 198 Date on Market June 2011 Closings Commenced TBD Sales status 2012 August through (On Hold) As of April 2012, 13 homes had been released and four homes 13 As of April 2012, Heights is currently of them were reserved. Candlestick on hold. Interior finishes include Frigidaire stainless steel Interior finishes include laminate flooring appliances, granite countertops, wood Residents have access to washer/dryers. and Bosch areas, a landscaped courtyard space with seating setting. community garden and secluded hillside Candlestick Heights Candlestick from the $300,000s, Heights offers Priced Candlestick in an urban and convenient setting. well-designed homes feature floor plans one-, two- and three-bedroom The private outside space and walk-in closets. Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 8/9/2012 8/1/2012 8/10/2012 8/10/2012 8/10/2012 8/31/2012 0 available $717 $701 $743 $707 $620 $664 $589 $/SF

Developer BUILD, Inc. Fees HOA Average $500/month ~$350 - Absorption Average 2 units/month Last Six Months Price/SF $622 (53 units) 2012 Price $877,000 Closing $695,000 $620,000 $585,000 $599,000 $590,000 $899,000 August 5 in contract SF 835 835 835 835 1,414 1,047 1,527 2/2 1/1.5 1/1.5 1/1.5 2/2.5 1/1.5 Type 137 closed 137 Averages: 455 352 562 560 465 468 Unit Address 900 Minnesota Street Units Total 142 Date on Market October 2007 Closings Commenced November 2008 Sales status 2012 August through Closed sales during (All Units In Contract) Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco All homes are in contract at Esprit Park. The project will The All homes are in contract at Esprit Park. section once all be removed from the Currently Selling have passed units have closed escrow or six months without a closing reported. Esprit Park Central is located in San Francisco’s Esprit Park include waxed concrete, area. Interior finishes Waterfront bamboo and Berber carpet flooring, Liebherr stainless steel gas ranges, steel refrigerators, Bertazzoni stainless countertops. hand-crafted wood cabinetry and granite CURRENTLY SELLING 310 available 310 Developer LLC JMA Ventures, Fees HOA Average $620 - 904/month Absorption Average 4 fractional sales/month Last Six Months Price/SF Information Unavailable 1 in contract 209 closed Address Street 900 North Point Units Total shares) 52 (520 fractional Date on Market 2007 February Closings Commenced August 2008 Sales status 2012 August through technology for home entertainment, ‘wet space’ in the for home entertainment, technology the kitchens. master bathroom and dining islands in are available from the high opportunities Fractional $100,000s. and waiters, housekeeping, childcare and storage for and waiters, housekeeping, childcare include an Owners’ personal belongings. Other amenities Entertainment Deck Social community kitchen, Lounge, and driver service within two miles. wine homes feature one-, two- and three-bedroom The the latest refrigerators and built-in espresso machines, chain of hotels. chain factory has been renovated seven-story chocolate The fine dining and into a bustling European-style plaza with Services entertainment. Amenities include an Owner private chefs team, personal shoppers, valet service, Fairmont Heritage Square Fairmont Place, Ghirardelli consists of Heritage Place, Ghirardelli Square Fairmont condominiums. Buyers own one 52 fractional ownership deeded interest tenth of their home through an individual access to their in the project and will have 35 days of in the Fairmont respective home or another hotel room Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING 83 available units/month Developer Bosa Development Corporation Fees HOA Average - $899/month $678 Absorption Average 22 Last Six Months Price/SF $692 (96 units) August 2012 s) 150 in contract 96 closed Address Basin Way 345 China Units Total 329 Date on Market September 2011 Closings Commenced August 2012 One Bedroom (35 units) $645,926 Price: Average Size: 989Average SF Price/SF: $652 Average unit Bedroom (61 Two $962,982 Price: Average Size: 1,367 SFAverage Price/SF: $710 Average Sales status through during Madrone at closings of volume high the to Due by unit type: below is a breakdown August 2012, Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco Average Size: 1,141 - 1,928 SF Size: 1,141 Average Starting List Price/SF: $626 - $962 Townhome $899,000+Starting List Price: Size: 1,625 - 1,649Average SF Starting List Price/SF: $553+ Starting List Price: $574,000 - $799,000 $574,000 Starting List Price: SF Size: 934 - 1,195 Average - $669 Starting List Price/SF: $615 Bedroom Two - $1,855,000 $714,000 Starting List Price: slab countertops, Bosch dishwashers, European-inspired slab countertops, Bosch Whirlpool and oak or maple hardwood flooring cabinetry, washer and dryers. September 2012: list prices dated Available One Bedroom The one-, two- and two-bedroom plus floor plans are one-, two- and two-bedroom The and modern. designed to be spacious, comfortable spa, sundeck, Amenities include an outdoor pool and screening room and center, fitness entertaining kitchen, Interior finishes include CaesarStone attended lobby. Madrone on San homes executed Madrone delivers beautifully of in the heart Located south waterfront. Francisco’s easy access to some of the Madrone offers Mission Bay, and attractions, as well as public finest restaurants city’s transportation and freeways. CURRENTLY SELLING Date Closed 8/6/2012 8/3/2012 8/1/2012 8/1/2012 8/27/2012 8/14/2012 8/16/2012 8/31/2012 8/31/2012 8/23/2012 60 available $919 $772 $786 $937 $/SF $1,018 $1,070 $1,292 $1,096 $1,330 $1,309 $1,088 units/month

Developer Partners Millennium Fees HOA Average - $1,750/month $774 Absorption Average 6 Last Six Months Price/SF $1,098 (86 units) 2012 Price Closing $979,000 $2,011,900 $3,541,000 $2,750,000 $1,975,000 $1,450,000 $1,500,000 $1,650,000 $1,044,000 $3,600,000 $1,630,000 August 21 in contract SF 1,517 2,129 2,706 2,706 1,136 1,601 1,601 1,835 1,845 1,845 1,268 2/3 3/3 3/2 3/2 3/3 2/3 2/3 2/2 2/2 2/2 Type 338 closed Averages: 8F 7E 6G 31F 26F 25F 53A 50A 38A 46B Unit Address Mission Street 301 Units Total 419 Date on Market November 2007 Closings Commenced April 2009 Sales status 2012 August through Closed sales during One bedrooms are sold out. fitness center run by Sports Club/LA, private lounge with Interior dining area and ground-level retail space. or Berber carpet flooring, feature hardwood finishes or brown quartzite marble cabinetry, Studio Becker appliances by Sub-Zero, Wolfe, countertops and kitchen Miele, GE, homes are priced and U-Line. Available Bosch 26 and above.from $1.65 million and located on floors consists of three collections of residences: The City The consists of three collections of residences: Grand Residences. and The Residences Residences, The homeowners lobby, own elevator, collection has its Each association and selection of finishes. pool and spa, Amenities include an outdoor garden, Millennium Tower the heart of San is located in Millennium Tower South only of Market District. Residents are Francisco’s Building, Ferry Embarcadero, steps away from The Buena Gardens and Chinatown, the SFMoMA, Yerba homes and 419 features project Union Square. The Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 8/3/2012 0 available $634 $634 $/SF

Developer R Group The Fees HOA Average Unknown Absorption Average 32 units/month Last Six Months Price/SF units) (28 $561 2012 Price Closing $804,000 $804,000 August 4 in contract SF 1,269 1,269 3/2.5 Type 28 closed Averages: 301 Unit Address Street Indiana 1301 Units Total 32 Date on Market May 2012 Closings Commenced June 2012 Sales status 2012 August through Closed sales during (All Units In Contract) stainless steel appliances by Frigidaire. Millwheel South from the $500,000s, Priced units put all into contract during presales. Millwheel South neighborhood, in the Dogpatch Millwheel SouthLocated two- and three-bedroom homes. consists of 32 one-, Millwheel South views of downtown or the Bay, Featuring washer and dryers, private residences include Bosch countertops and balconies or patios, Chroma Quartz slab Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Developer Pacific Jackson LLC Hawthorne, Fees HOA Average $720/month ~$500 - Absorption Average Information Unavailable Last Six Months Price/SF Information Unavailable Address Place One Hawthorne Units Total 165 Date on Market January 2010 Closings Commenced July 2010 lobby, fitness center and furnished rooftop deck with deck fitness center and furnished rooftop lobby, barbeque, dining and lounge facilities. and transportation options. represents smart new 25-story building The rare residential sophisticated living at its best and is a neighborhood.opportunity in a dynamic and desirable amenities includes an attended generous array of The One Hawthorne to the vibrant SouthA beautiful addition of Market neighborhood, One Hawthorne is a boutique central The collection of luxury condominium residences. access to a location provides homeowners with easy shopping, parks range of cultural activities, restaurants, Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 8/14/2012 8/15/2012 8/10/2012 5 available $/SF $1,178 $1,216 $1,000 $1,467

Developer Associates Urban West Fees HOA Average - $1,000/month $675 Absorption Average 5 units/month Last Six Months Price/SF (6 units) $1,162 2012 Price Closing $1,975,000 $1,933,667 $1,526,000 $2,300,000 August 10 in contract 10 SF 1,677 1,590 1,526 1,568 2/2 2/2 2/2 Type 375 closed 375 Averages: Unit 5502 5904 5803 Address Street 425 First Units Total 390 II: (Phase 299) Date on Market June 2006 Closings Commenced 2008 February Closed sales during Sales status 2012 August through Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco The developer is offering a 3.0 percent broker developer is offering The Available cooperation rate and actively negotiating. million. homes are priced from $850,000 to $2.55 with catering kitchen, valet parking, full-size swimming valet with catering kitchen, a fireplace. pool and outdoor barbeque area with Phase IIThe tower consists of 299 units and began It is anticipated that the units construction in July 2012. to be will be for rent. Construction is expected completed in summer 2014. The homes feature hardwood flooring, Italian cabinetry homes feature The stainless Sub-Zero refrigerators, Bosch from Del Tongo, facilities. steel appliances and in-home laundry concierge, high- Amenities include a 24-hour doorman, hospitality room speed Internet access, fitness center, One Rincon Hill one of the 50-stories tall, One Rincon Hill is over At west of the Mississippi tallest residential developments project include one-, two- and three- The River. expansive bedroom homes. Many of the homes have views of downtown and the water. CURRENTLY SELLING Date Closed 8/9/2012 1 available $721 $721 $/SF

Developer Unknown Fees HOA Average $388 $450/month - Absorption Average 2 units/month Last Six Months Price/SF (3 units) $712 2012 Price Closing $745,000 $745,000 August 2 in contract SF 1,033 1,033 2/2 Type 49 closed Averages: 206 Unit Address Avenue Ness Van 818 Units Total 52 Date on Market April 2010 Closings Commenced April 2010 Sales status 2012 August through Closed sales during City Hall and Twin Peaks. City Hall and Twin there was one home remaining and As of July 2012, priced at $749,000. Interior finishes include hardwood flooring, white oak Interior finishes include hardwood flooring, and CaesarStone countertops and walnut cabinetry, appliances. Common areas feature and Viking Bosch and Phillip Hau. Williamson original artwork from Leslie with panoramic Residents have access to a rooftop deck Building, Financial District, views of the Transamerica The ArtaniThe one year as being on the market for approximately After in Located in April 2010. Artani re-launched rentals, The the Civic Center neighborhood, the homes are and available in one- and two-bedroom configurations freeways. provide easy access to downtown and Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco CURRENTLY SELLING Resales The following section contains closed resale information for sold out projects in Districts 7, 8 and 9 with 50+ units.

District 7 District 9 1817 Street 101 Valencia Street Union 2200 Pacific Avenue 140 South Van Ness Watermark Broadway Towers 170 Off Third Victoria Mews Jackson Towers 175 Bluxome Yerba Buena Lofts Pacific Place 18th & Arkansas Pacific Heights Towers 199 New Montgomery The Marina Chateau 200 Brannan 200 Townsend District 8 235 Berry 1 Daniel Burnham Court 255 Berry 1101 Lombard Street 88 Townsend 1080 Chestnut Street Arterra 1101 Green Street Baycrest 1170 Sacramento Street Bluxome Place 1177 California Street BridgeView 1200 Gough Street Clocktower Lofts 1200 California Street Four Seasons Residences 1201 California Street Franklin Square 1650 Jackson Street Hawthorne Place 1776 Sacramento Street Hills Plaza 733 Front Millennium Tower 900 Bush Street Mint Collection 999 Green Street Museum Parc Book Concern Building One Hawthorne En Ville One Rincon Hill Fontana Towers Oriental Warehouse Golden Gateway Commons Park Terrace at Mission Bay Landmark Condominiums Potrero Court Mandarin Towers Potrero Square Lofts North Beach Malt House Portside Opera Plaza Second Street Towers Parc Telegraph Shipley Square Pine Terrace Sierra Heights Post International Soma Grand Telegraph Landing St. Regis Residences The Artani Towers at Embarcadero South The Clay The Beacon The Comstock The Brannan The Crown Tower The Heublein Building The Hamilton The Marquee The Lansing The Royal Towers The Metropolitan The Sutterfield The Mullen Buildings Villa North Beach The Palms The Potrero

Standard Monthly Reports - San Francisco - October 2012 n/a n/a $/SF $772 $745 $735 $669 Average Average 3/7/2012 8/7/2012 5/7/2012 3/9/2012 6/8/2012 7/18/2012 7/13/2012 8/31/2012 8/21/2012 4/24/2012 6/30/2012 Closing Date n/a $3,200,000 Price Range $275,000 - $482,000 $275,000 $525,000 - $585,000 $525,000 - $275,000 - $3,200,000 $275,000 $552,000 - $1,600,000$552,000 - n/a n/a n/a n/a $/SF $771 $578 $792 $631 $752 $669 $1,013 n/a Average Average $917,200 $367,333 $555,000 $908,909 $3,200,000 Closing Price $810,000 $775,000 $275,000 $345,000 $525,000 $552,000 $585,000 $849,000 $482,000 $3,200,000 $1,600,000 Closing Price n/a n/a 785 476 - 547 476 716 - 1,072 716 476 - 1,072 476 n/a n/a n/a n/a 716 476 476 785 547 Size Range (SF)Size Range 1,072 1,030 Size (SF) n/a n/a 729 3/4 785 2/2 1/1 0/1 2/2 0/1 0/1 1/1 2/2 500 939 (SF) Type 2/1.5 2/1.5 Average Size Average (March 2012 - August 2012) 2012 (March 314 11 C 704 708 Unit 504 204 10C 605 408 409 1007 2 5 1 0 3 11 # of Sales The Marina Chateau The Jackson Towers Jackson Place Pacific Place Pacific Place Pacific Marina Chateau The Development California 1817 2200 Pacific 2200 Pacific Broadway Towers Broadway Towers Three (or more) Bedroom Three Other (Unknown) All Types Closing Details - District 7 Unit Type Bedroom One Studio / Jr. One Bedroom Bedroom Two Resale Summary - District 7 District - Summary Resale Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES n/a $/SF $674 $679 $798 $632 $685 Average Average 3/7/2012 3/9/2012 3/6/2012 3/5/2012 3/6/2012 3/2/2012 5/9/2012 5/2/2012 8/6/2012 8/3/2012 8/3/2012 5/17/2012 7/12/2012 3/27/2012 3/12/2012 4/12/2012 3/14/2012 6/12/2012 6/15/2012 4/18/2012 3/13/2012 8/10/2012 4/10/2012 8/31/2012 5/31/2012 6/21/2012 8/21/2012 8/21/2012 8/20/2012 6/20/2012 4/26/2012 5/25/2012 4/20/2012 8/29/2012 8/29/2012 3/30/2012 Closing Date n/a Price Range n/a n/a n/a n/a $574 $/SF $918 $617 $612 $773 $672 $753 $759 $790 $547 $881 $459 $293 $444 $835 $584 $556 $926 $650 $628 $559 $583 $692 $682 $602 $430 $685 $484 $366 $660 $608 $1,071 $185,000 - $459,000 $185,000 $254,750 - $1,200,000 $254,750 $296,000 $2,195,000 - $185,000 - $2,600,000 $185,000 $865,000 - $2,600,000 n/a Average Average $307,580 $692,660 $526,032 $1,018,897 $1,440,571 $410,000 Closing Price $910,000 $455,750 $975,000 $700,000 $750,000 $425,000 $459,000 $420,000 $525,000 $450,000 $525,000 $459,000 $532,000 $638,000 $440,000 $400,000 $546,000 $930,000 $539,000 $530,000 $665,000 $630,000 $689,000 $460,000 $480,000 $1,077,000 $1095,000 $1,370,703 $1,725,000 $1,075,000 $2,100,000 $1,920,000 $1,550,000 $1,900,000 $1,800,000 Closing Price n/a (SF) 511 n/a n/a n/a 770 74 9 732 795 789 750 750 550 550 923 953 823 937 823 900 930 1,712 1,745 1,745 1,745 1,100 1,807 1,961 1,961 1,961 1,500 1,500 1,544 2,052 1,059 1,598 1,399 252 - 550 Size Range Size Range 252 - 2,100 428 - 2,100 556 - 1,278 Size (SF) 1,266 - 1,920 2.5 0/1 0/1 2/2 1/1 2/2 2/2 0/1 2/2 1/1 1/1 2/2 1/1 2/2 2/2 2/2 1/1 1/1 1/1 1/1 2/2 1/1 1/1 1/1 2/2 2/2 1/1 1/1 1/1 3/2 Type 2/2.5 2/2.5 1/1.5 2/2.5 2/2.5 2/2.5 n/a 801 991 444 (SF) 1,583 1,430 (March 2012 - August 2012) 2012 (March Average Size Average 2A 2A 7C 9B 7D 2 11 6 11 718 814 815 11 B 19E 19E 702 703 331 301 Unit 14B 18B 10A 902 22B 1414 113 2 24W 1212 1216 1610 1001 1007 1432 1608 514 W 210W 609W 406W 7 0 63 27 48 145 # of Sales 1200 Gough 1200 Gough 1200 Gough 1200 Gough 1200 1177 California Street 1177 California Street 1177 California Street 1177 California Street 1177 Gough 1200 1170 Sacramento Street 1170 Sacramento Street 1170 California Street 1177 California Street 1177 California Street 1177 1080 Chestnut Street (co-op) 1080 Green Street 1101 Green Street 1101 Green Street 1101 Sacramento Street 1170 Sacramento Street 1170 101 Lombard Street Lombard 101 Street Lombard 101 Street Lombard 101 Street Lombard 101 Chestnut Street (co-op) 1080 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court Street Lombard 101 Street Lombard 101 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court Other (Unknown) All Types Closing Details - District 8 Development Unit Type Bedroom One Studio / Jr. One Bedroom Bedroom Two (or more) Bedroom Three Resale Summary - District 8 District - Summary Resale Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 6/7/2012 8/7/2012 5/8/2012 8/6/2012 8/3/2012 6/6/2012 3/9/2012 4/9/2012 5/8/2012 7/17/2012 7/16/2012 7/13/2012 7/13/2012 7/13/2012 7/13/2012 7/13/2012 7/13/2012 7/10/2012 7/25/2012 7/20/2012 8/14/2012 6/14/2012 4/16/2012 7/30/2012 5/18/2012 4/19/2012 4/19/2012 8/31/2012 8/31/2012 8/21/2012 6/28/2012 6/22/2012 6/25/2012 4/25/2012 8/20/2012 6/20/2012 5/25/2012 5/22/2012 4/24/2012 3/22/2012 6/29/2012 8/23/2012 3/29/2012 3/30/2012 5/30/2012 Closing Date Closing n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a $ 8 11 $ 6 11 $712 $/SF $74 6 $773 $579 $74 6 $787 $778 $670 $672 $765 $737 $601 $790 $758 $709 $891 $897 $697 $944 $650 $526 $626 $833 $635 $983 $692 $836 $600 $866 $498 $1,407 $515,000 $815,000 $210,000 $185,000 $610,000 $475,000 $785,000 $785,000 $700,000 $376,600 $790,000 $325,000 $520,000 $232,500 $245,000 $295,000 $250,000 $925,000 $458,000 $235,000 $500,000 $650,000 $650,000 $445,000 $296,000 $300,000 $405,000 $549,000 $465,500 $890,000 $890,000 $660,000 $480,000 $1,162,000 $1,150,000 $1,195,000 $2,195,000 $1,180,000 $1,275,000 $1,034,000 $2,500,000 $1,300,000 $1,339,000 $1,365,000 $1,230,000 Closing Price Closing n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 701 875 875 831 261 261 652 428 252 820 832 632 835 967 885 800 980 389 406 890 1,471 1,471 2,100 1,103 1,650 1,294 1,602 1,362 1,095 1,362 1,602 1,065 1,560 Size (SF) 0/1 0/1 0/1 2/2 2/2 3/2 1/1 2/2 2/2 1/1 0/1 0/1 0/1 0/1 0/1 2/2 2/2 2/1 0/1 2/2 1/1 1/1 1/1 1/1 1/1 1/1 2/2 1/2 3/3 2/1 0/1 1/1 1/1 1/1 1/1 2/2 1/1 2/2 2/2 1/1 1/1 2/2 Type 2/2.5 2/2.5 2/2.5 (continued)

1 14 12 15 33 42 46 30 111 411 113 412 413 312 212 213 701 501 704 703 801 901 801 601 507 Unit 807 907 204 205 504 405 509 305 206 405 303 402 406 906 406 408 1202 1503 1004 2201 Golden Gateway Commons Golden Gateway Commons Landmark Condominiums Golden Gateway Commons Golden Gateway Commons Golden Gateway Commons Golden Gateway Commons Golden Gateway Commons Fontana Towers Fontana Towers Fontana Towers Fontana Towers Fontana Towers Fontana Towers Fontana Book Concern Building Book Concern Building Book Concern Building Towers Fontana Towers Fontana 999 Green Book Concern Building Book Concern Building Book Concern Building Book Concern Building 77 Van Ness Van 77 Ness Van 77 Bush Street 901 Bush Street 901 900 Bush Street 900 Bush Street 1776 Sacramento Street 1776 Front 733 Front 733 Front 733 Front 733 1650 Jackson Street Jackson 1650 Street Jackson 1650 Street Jackson 1650 Street Jackson 1650 Sacramento Street 1776 Sacramento Street 1776 Development Street California 1201 Street California 1201 Street California 1201 Street California 1201 Closing DetailsClosing 8 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 8/7/2012 5/4/2012 8/9/2012 3/5/2012 6/5/2012 6/6/2012 4/6/2012 4/2/2012 7/11/2012 7/27/2012 8/17/2012 4/17/2012 7/18/2012 7/13/2012 4/27/2012 3/27/2012 4/27/2012 7/25/2012 7/24/2012 6/27/2012 3/14/2012 5/15/2012 5/15/2012 4/19/2012 8/10/2012 8/10/2012 8/31/2012 8/31/2012 8/21/2012 5/21/2012 5/21/2012 4/24/2012 5/25/2012 4/26/2012 6/22/2012 4/20/2012 6/22/2012 6/26/2012 4/20/2012 3/23/2012 8/28/2012 8/24/2012 8/20/2012 6/22/2012 8/30/2012 3/30/2012 Closing Date Closing n/a n/a n/a n/a $ 517 $ 512 $741 $741 $417 $713 $/SF $747 $701 $721 $721 $679 $765 $704 $760 $526 $458 $622 $625 $653 $626 $625 $552 $625 $528 $532 $554 $554 $420 $455 $939 $599 $604 $803 $560 $530 $548 $599 $493 $446 $680 $660 $468 $317,000 $757,000 $418,000 $715,000 $407,000 $314,000 $315,500 $337,000 $745,000 $745,000 $579,000 $254,750 $785,000 $765,000 $372,000 $734,333 $375,000 $375,000 $375,000 $525,000 $320,000 $835,000 $550,000 $295,000 $250,000 $450,000 $520,000 $350,000 $354,000 $350,000 $965,000 $440,000 $900,000 $600,000 $385,000 $365,000 $536,000 $260,000 $239,000 $660,000 $390,000 $490,000 $490,000 $306,500 $1,150,000 $1,200,000 Closing Price Closing n/a n/a n/a n/a 710 818 616 616 470 781 575 724 793 677 677 708 755 391 556 450 450 650 450 834 556 964 840 395 682 680 490 608 666 1,016 1,615 1,192 1,278 1,835 1,033 1,263 1,033 1,263 1,296 1,382 1,403 1,286 Size (SF) 1/2 2/2 1/1 0/1 0/1 2/2 1/1 1/1 1/2 1/1 1/1 1/1 0/1 0/1 0/1 1/1 0/1 1/1 1/1 2/2 2/2 2/3 1/1 1/1 1/1 0/1 1/1 1/1 2/2 1/1 1/1 0/1 1/1 1/1 1/1 1/1 1/1 1/2 2/2 1/1 2/2 1/1 2/2 Type 2/2.5 3/2.5 2/1.5 (continued)

12 72 75 62 511 7 11 151 214 615 615 641 941 501 703 703 531 901 601 Unit 15B 807 407 607 203 203 642 628 328 443 632 550 852 224 206 639 604 239 1411 1412 312F 1001 14 02 1304 1409 1006 V504 V302 The Clay Hill The (co-op) Comstock The (co-op) Comstock The (co-op) Comstock The Symphony Towers Landing Telegraph Landing Telegraph Artani The Artani The Pine Terrace International Post International Post International Post Symphony Towers Symphony Towers Pine Terrace Pine Terrace Pine Terrace Pine Terrace Pine Terrace Parc Telegraph Parc Telegraph Parc Telegraph Parc Telegraph Parc Pine Terrace Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Telegraph Parc Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Development Mandarin Tower House Malt North Beach Opera Plaza Opera Plaza Closing DetailsClosing 8 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 5/9/2012 3/9/2012 8/8/2012 5/9/2012 5/3/2012 7/11/2012 7/27/2012 3/16/2012 3/16/2012 6/15/2012 4/10/2012 4/10/2012 8/31/2012 8/31/2012 3/22/2012 3/30/2012 8/30/2012 3/30/2012 Closing Date Closing n/a n/a $/SF $613 $479 $577 $709 $481 $952 $344 $632 $595 $594 $546 $348 $348 $662 $640 $1,354 $415,000 $897,000 $670,000 $284,000 $325,000 $329,000 $250,000 $329,000 $625,000 $800,000 $300,000 $249,000 $530,000 $339,000 $865,000 $1,130,000 $1,245,000 $2,600,000 Closing Price Closing n/a n/a 801 520 520 520 945 945 520 945 840 530 989 1,410 1,128 1,920 1,900 1,266 Size (SF) 1/1 0/1 2/2 3/2 3/2 0/1 0/1 0/1 1/1 1/1 0/1 1/1 1/1 2/3 2/2 3/3 1/1 1/1 Type (continued)

9 11 412 703 401 Unit 520 423 205 508 905 302 608 808 1704 1700 14 03 1005 1006 2003 The Sutterfield The North Beach Villa North Beach Villa The Ritz-CarltonThe Residences (co-op) Royal Towers The (co-op) Royal Towers The Sutterfield The Sutterfield The The Hamilton The Hamilton The Hamilton The Hamilton The Hamilton The Marquee The Development (co-op) Crown Towers The (co-op) Crown Towers The Hamilton The Hamilton The Closing DetailsClosing 8 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES n/a $/SF $795 $736 $805 $694 $1,165 Average Average 7/1/2012 5/4/2012 8/1/2012 4/6/2012 8/3/2012 8/8/2012 8/3/2012 8/1/2012 5/9/2012 6/6/2012 6/8/2012 7/12/2012 7/13/2012 5/11/2012 7/10/2012 4/27/2012 6/12/2012 4/12/2012 6/14/2012 3/15/2012 3/15/2012 4/13/2012 8/13/2012 4/19/2012 8/31/2012 8/21/2012 3/26/2012 4/25/2012 8/22/2012 4/23/2012 3/26/2012 6/20/2012 4/30/2012 4/30/2012 5/30/2012 Closing Date n/a Price Range n/a $191,000 - $499,000 $191,000 $ 751 $/SF $916 $471 $970 $870 $777 $705 $724 $735 $732 $725 $754 $798 $691 $607 $861 $622 $855 $833 $593 $593 $534 $859 $862 $665 $540 $506 $508 $530 $680 $669 $668 $698 $906 $520,000 - $3,100,000 $520,000 - $191,000 - $4,350,000 $191,000 $695,000 - $4,350,000 $255,000 - $1,390,000$255,000 - n/a Price $363,071 $829,893 $604,294 $989,599 $2,130,036 Average Closing Average $419,800 $910,000 $570,000 $575,000 $379,000 $361,000 $535,000 $855,000 $625,000 $350,000 $635,000 $650,000 $629,000 $450,000 $425,000 $520,000 $555,000 $542,000 $842,500 $545,000 $585,000 $840,000 $640,000 $930,000 $904,500 $600,000 $840,000 $499,000 $688,603 $1,015,000 $1,175,000 $2,079,000 $1,450,000 $1,262,626 $1,300,000 Closing Price n/a (SF) 410 -734 410 n/a 710 710 734 737 794 737 755 755 752 681 852 834 927 464 464 464 830 860 797 - 2,176 797 Size Range Size Range 410 - 2,573 410 1,151 464 - 1,930 1,010 1,162 1,075 1,105 2,391 2,097 1,000 1,255 1,532 1,520 1,620 1,625 1,525 1,290 1,863 1,338 - 2,573 Size (SF) /21 2/2 1/2 2/2 2/2 2/2 2/2 0/1 2/2 2/2 1/1 1/1 2/2 1/1 2/2 1/1 1/1 3/3 2/2 2/2 1/1 1/1 2/2 1/1 1/1 2/2 0/1 1/1 1/1 1/1 1/1 Type 1/1.5 2/2.5 1/1.5 1/1.5 n/a 513 825 (SF) 1,042 1,245 1,829 (March 2012 - August 2012) 2012 (March Average Size Average 47 22 112 713 410 215 310 144 810 707 130 726 705 705 931 401 106 401 507 Unit 421 320 232 435 304 403 305 208 208 902 539 836 636 609 11 0 7 1002 0 14 14 112 131 271 # of Sales 235 Berry 235 Berry 235 Berry 200 Brannan 200 Brannan 200 Brannan 200 Townsend 200 Townsend 235 Berry 200 Brannan 200 Brannan 200 Brannan 200 Brannan 200 Brannan 199 New Montgomery 199 New Montgomery 199 New Montgomery 199 New Montgomery 199 200 Brannan 170 Off Third 170 Off Third 170 Off Third 170 Off Third 170 Off Third 170 Bluxome 175 170 Off Third 170 Off Third 170 Off Third 170 Off Third 170 Off Third 170 Development Ness South Van 140 Ness South Van 140 Ness South Van 140 Ness South Van 140 Ness South Van 140 Other (Unknown) Closing Details - District 9 Unit Type Bedroom One Studio / Jr. One Bedroom Bedroom Two (or more) Bedroom Three Resale Summary - District 9 District - Summary Resale All Types Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 7/5/2012 4/3/2012 8/3/2012 6/1/2012 8/9/2012 6/1/2012 6/1/2012 6/1/2012 5/8/2012 5/8/2012 4/5/2012 3/2/2012 6/1/2012 8/6/2012 5/11/2012 7/10/2012 4/27/2012 7/24/2012 7/26/2012 3/16/2012 3/15/2012 5/18/2012 4/19/2012 4/19/2012 3/19/2012 8/31/2012 8/21/2012 4/25/2012 6/29/2012 6/20/2012 5/23/2012 3/28/2012 8/23/2012 5/23/2012 5/23/2012 3/22/2012 3/23/2012 8/23/2012 8/20/2012 4/20/2012 3/20/2012 3/30/2012 4/30/2012 8/30/2012 8/30/2012 Closing Date Closing n/a n/a $717 $716 $715 $/SF $915 $617 $818 $819 $771 $773 $74 8 $873 $757 $767 $732 $729 $733 $726 $792 $705 $785 $752 $768 $847 $691 $854 $859 $653 $659 $845 $839 $605 $864 $683 $638 $864 $848 $963 $699 $690 $699 $689 $868 $1,022 $919,750 $857,000 $315,000 $710,000 $910,000 $835,706 $772,000 $470,000 $575,000 $765,000 $379,000 $700,000 $709,000 $799,000 $759,000 $730,000 $790,000 $760,000 $920,000 $420,000 $350,000 $544,000 $295,000 $550,000 $459,000 $622,500 $455,000 $620,000 $420,000 $420,000 $940,000 $640,000 $639,000 $600,000 $530,000 $605,000 $465,000 $599,000 $605,000 $899,000 $660,000 $1,162,500 $1,250,000 $1,049,000 $1,040,000 Closing Price Closing n/a n/a 716 410 719 797 797 976 725 732 597 544 432 427 828 832 858 950 655 856 856 694 538 664 965 693 495 990 990 990 669 968 1,118 1,215 1,120 1,105 1,102 1,433 1,433 1,223 1,223 1,223 1,456 1,290 1,268 Size (SF) 1/1 2/2 2/2 1/1 2/2 2/2 2/2 2/2 3/2 1/1 0/1 2/2 1/1 1/1 1/1 3/2 2/2 2/2 2/2 1/1 1/1 2/2 1/1 2/1 1/1 1/1 1/1 2/2 1/1 0/1 0/1 2/2 2/2 2/2 1/1 2/2 0/1 2/1 1/1 1/1 1/1 1/1 3/3 2/2 Type 2/1.5 (continued)

511 6 11 519 414 416 714 914 312 613 122 125 210 704 1111 108 706 Unit 521 407 923 927 620 920 804 402 904 303 403 908 1114 1410 11 0 5 11 0 9 11 0 9 1313 1201 1704 1601 1207 1507 14 02 1022 1406 2401 2507 2306 Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Baycrest Baycrest Baycrest Baycrest Baycrest Arterra Arterra Baycrest Baycrest Baycrest Baycrest Arterra Arterra Arterra Arterra Arterra 829 Folsom 829 Folsom 88 Townsend 88 Townsend Arterra Arterra Development 235 Berry 255 Berry 255 Berry 255 Berry Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 5/7/2012 7/9/2012 6/6/2012 6/1/2012 6/8/2012 3/5/2012 3/5/2012 8/8/2012 8/1/2012 3/1/2012 8/8/2012 7/27/2012 8/17/2012 7/19/2012 7/19/2012 7/10/2012 7/20/2012 3/27/2012 6/12/2012 8/14/2012 3/14/2012 6/14/2012 6/14/2012 8/15/2012 8/15/2012 6/19/2012 4/19/2012 3/19/2012 8/10/2012 8/10/2012 5/31/2012 6/22/2012 5/24/2012 4/26/2012 4/20/2012 4/25/2012 3/23/2012 5/23/2012 6/29/2012 8/28/2012 6/29/2012 4/20/2012 3/20/2012 8/22/2012 4/30/2012 3/30/2012 Closing Date Closing n/a n/a n/a $/SF $674 $613 $573 $976 $577 $705 $737 $735 $783 $531 $801 $730 $758 $887 $926 $955 $627 $834 $656 $595 $529 $926 $628 $565 $503 $967 $846 $884 $663 $605 $540 $695 $868 $606 $908 $880 $998 $688 $990 $1,157 $1,003 $1,024 $1,068 $512,000 $611,000 $510,000 $616,000 $575,000 $975,000 $700,000 $725,000 $720,000 $780,000 $730,000 $881,000 $529,000 $825,000 $535,000 $500,000 $620,000 $520,000 $450,000 $920,000 $635,000 $650,000 $835,000 $550,000 $650,000 $825,000 $569,000 $560,000 $484,500 $590,000 $580,000 $668,000 $482,300 $390,000 $489,000 $890,000 $508,888 $1,125,000 $1,183,000 $1,189,000 $1,130,000 $1,275,000 $1,250,000 $1,000,000 $6,300,000 $1,900,000 Closing Price Closing n/a n/a n/a 710 710 841 976 725 755 807 807 807 681 837 828 835 833 833 605 605 836 946 830 605 605 666 668 666 1,019 1,733 1,124 1,199 1,278 1,278 1,278 1,278 1,287 1,387 1,244 1,324 1,856 1,054 1,293 1,309 1,309 1,066 Size (SF) 1/1 2/2 1/1 1/1 2/2 1/1 1/1 1/1 2/2 1/1 2/2 2/2 1/1 2/2 1/1 1/1 1/1 1/1 1/1 1/1 2/2 2/2 1/1 2/2 1/1 1/1 1/1 1/1 1/1 2/2 1/1 1/1 0/1 1/1 1/1 1/2 1/2 1/1 1/1 1/1 1/1 Type 1/1.5 1/1.5 1/1.5 1/1.5 1/1.5 (continued)

3D 511 112 116 113 614 801 401 Unit 17C 18C 823 204 454 804 208 800 509 805 806 10H 20H 13 11 12 11 11 0 4 11 0 5 1700 1001 120 8 14 02 1802 1305 1002 2901 C210 3505 2204 2004 3503 2003 2508 3405 4404 2603 4903 C329 C209 One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill Museum Parc Museum Parc Museum Parc Museum Parc One Hawthorne Mint Collection Mint Collection Museum Parc Museum Parc Museum Parc Millennium Tower Millennium Tower Millennium Tower Millennium Tower Mint Collection Mint Collection Hawthorne Place Hills Plaza Hills Plaza Hills Plaza Homes on Esprit Park Clocktower Lofts Clocktower Lofts Clocktower Square Franklin Square Franklin Hawthorne Place Hawthorne Place Development Bridgeview Bridgeview Lofts Clocktower Lofts Clocktower Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 8/7/2012 5/4/2012 5/4/2012 5/9/2012 3/8/2012 3/2/2012 3/2/2012 5/17/2012 5/11/2012 5/11/2012 6/27/2012 7/20/2012 4/27/2012 4/27/2012 4/27/2012 3/27/2012 8/12/2012 4/14/2012 5/16/2012 5/16/2012 5/15/2012 7/30/2012 5/18/2012 5/18/2012 3/13/2012 6/19/2012 3/19/2012 5/31/2012 8/31/2012 8/31/2012 8/21/2012 6/22/2012 6/20/2012 3/23/2012 8/28/2012 8/28/2012 8/28/2012 5/25/2012 5/24/2012 4/26/2012 6/28/2012 8/22/2012 4/30/2012 4/30/2012 Closing Date Closing n/a n/a $ 8 11 $419 $ 751 $/SF $747 $817 $851 $613 $578 $761 $783 $794 $728 $601 $769 $760 $708 $708 $457 $424 $563 $455 $853 $556 $634 $586 $800 $683 $649 $905 $664 $809 $660 $889 $680 $1,711 $1,418 $1,013 $1,101 $1,730 $1,146 $1,492 $1,040 $911,000 $877,000 $715,000 $574,000 $191,000 $275,100 $879,500 $761,000 $720,000 $831,000 $739,000 $755,000 $780,000 $790,000 $255,000 $585,000 $445,000 $425,000 $520,000 $564,000 $650,000 $950,000 $620,000 $435,000 $655,000 $530,000 $695,000 $630,000 $540,000 $830,000 $888,000 $902,400 $888,000 $1,750,000 $1,185,000 $2,875,000 $3,100,000 $1,100,000 $3,025,000 $4,350,000 $1,035,000 $1,435,000 $1,588,000 $1,088,000 Closing Price Closing n/a n/a 818 819 819 764 765 755 755 961 456 652 602 993 649 664 602 808 1,316 1,175 1,101 1,101 1,213 1,792 1,128 1,578 1,278 1,372 1,247 1,097 1,397 2,027 2,542 1,527 2,027 1,527 1,000 1,529 1,048 1,238 1,238 1,885 1,208 1,309 Size (SF) 2/2 1/1 1/1 1/1 1/1 3/3 3/3 2/2 2/2 2/2 2/2 2/2 1/1 1/1 2/2 3/2 2/2 2/2 1/1 1/1 1/1 0/1 1/1 1/1 2/2 1/1 2/2 2/2 2/2 1/1 2/2 1/1 1/1 1/2 2/2 2/2 1/1 1/1 2/2 Type 2/2.5 2/2.5 3/3.5 2/2.5 2/2.5 (continued)

23 112 419 316 614 616 310 156 104 105 705 106 Unit 23F 34F 204 31A 29E 303 404 302 404 206 306 906 409 808 1112 31D 24A 11 0 3 1703 1702 1507 519 N 1604 1303 1905 1009 4207 2208 3306 4608 505N Unknown St. Regis Residences St. Regis Residences St. Regis Residences Soma Grand Soma Grand Soma Grand St. Regis Residences St. Regis Residences St. Regis Residences Shipley Square Sierra Heights Sierra Heights Soma Grand Soma Grand Second Street Towers Shipley Square Shipley Square Shipley Square Shipley Square Potrero Square Lofts Potrero Radiance at Mission Bay Radiance at Mission Bay Radiance at Mission Bay Second Street Towers Portside Court Potrero Court Potrero Court Potrero Square Lofts Potrero Oriental Warehouse Oriental Warehouse Terrace Park Terrace Park Terrace Park Portside One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill Oriental Warehouse Development Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco

RESALES 7/6/2012 7/6/2012 7/5/2012 3/7/2012 7/6/2012 6/1/2012 3/9/2012 5/1/2012 3/9/2012 8/9/2012 8/8/2012 3/2/2012 6/8/2012 5/8/2012 7/11/2012 7/27/2012 7/27/2012 8/17/2012 7/18/2012 7/18/2012 7/13/2012 5/11/2012 5/11/2012 7/20/2012 6/12/2012 8/15/2012 5/18/2012 5/18/2012 5/18/2012 4/19/2012 4/10/2012 8/31/2012 5/25/2012 3/20/2012 8/23/2012 5/25/2012 8/24/2012 6/29/2012 5/29/2012 3/26/2012 6/30/2012 4/30/2012 4/30/2012 4/30/2012 3/30/2012 Closing Date Closing n/a $ 519 $417 $419 $717 $714 $/SF $774 $817 $612 $973 $776 $575 $765 $720 $738 $758 $857 $587 $661 $461 $837 $835 $937 $859 $643 $585 $627 $545 $534 $628 $549 $985 $804 $448 $508 $448 $860 $980 $869 $1,179 $1,074 $2,147 $1,166 $1,477 $1,647 $811,000 $674,000 $910,000 $420,100 $370,000 $790,000 $799,000 $708,000 $635,000 $265,000 $550,000 $320,000 $285,000 $620,000 $323,000 $342,000 $590,000 $885,000 $465,000 $995,000 $939,000 $665,000 $495,000 $665,000 $364,000 $666,000 $1400000 $1,475000 $1,137,000 $1,414,000 $1,120,000 $1,100,000 $1,025,000 $3,500,000 $1,250,000 $1,200,000 $1,450,000 $2,625,000 $1,025,000 $1,300,000 $1,300,000 $1,560,000 $3,800,000 $1,080,000 $1,390,000 Closing Price Closing n/a 715 618 787 991 987 828 592 928 550 820 800 805 805 806 908 868 2176 1,517 1,516 1,412 1,701 1,317 1,318 1,167 1,476 1,476 2,573 1,137 1,104 1,321 1,387 1,397 1,324 1,323 1,594 1,630 1,530 1,930 1,208 1,083 1,686 1,309 1,488 1,060 Size (SF) 3/2 2/2 2/2 1/1 1/1 1/1 2/2 1/1 2/2 3/3 2/2 2/2 2/2 2/2 2/2 2/1 1/2 1/1 2/2 1/1 2/2 0/1 2/2 0/1 1/1 1/1 2/2 1/1 2/2 2/2 1/1 0/1 2/2 2/2 2/2 1/1 1/1 1/1 2/2 2/2 Type 1/1.5 2/2.5 1/1.5 2/1.5 3/3.5 (continued)

F 5J 5F 7E 4A 6B 6C 7D 11 J 9 11 11 F 574 217 873 576 11 G 475 104 737 723 457 Unit 561 15C 28F 407 16D 323 583 585 17G 16G 42E 802 268 665 436 23E 864 31B 10D 406 21C 11 0 5 1007 260 King The Infinity The Infinity The Infinity The The Infinity The Infinity The Infinity The Infinity The Infinity The The Infinity The Infinity The Infinity The Infinity The Infinity The Infinity The The Embarcadero Lofts The Embarcadero Lofts The Heublein Building The Heublein Building The Heublein Building The The Brannan The Brannan The Brannan The Brannan The Brannan The The Beacon The Beacon The Beacon The Beacon The Beacon The Brannan The The Beacon The Beacon The Beacon The Beacon The Beacon The The Beacon The Beacon The Beacon The Beacon The Beacon The Beacon The Development St. Regis Residences Beacon The Beacon The Beacon The Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 7/3/2012 7/5/2012 5/7/2012 3/8/2012 6/8/2012 6/5/2012 3/5/2012 6/6/2012 5/8/2012 5/3/2012 4/6/2012 3/1/2012 3/2/2012 7/17/2012 7/18/2012 7/13/2012 7/13/2012 4/11/2012 4/27/2012 3/27/2012 7/26/2012 4/27/2012 6/14/2012 6/14/2012 6/12/2012 8/16/2012 7/30/2012 5/18/2012 6/13/2012 8/13/2012 4/13/2012 3/13/2012 8/31/2012 3/21/2012 5/21/2012 5/22/2012 4/24/2012 3/23/2012 5/24/2012 4/25/2012 6/22/2012 4/25/2012 3/28/2012 3/23/2012 3/30/2012 Closing Date Closing $714 $713 $719 $917 $/SF $774 $817 $918 $814 $615 $743 $613 $791 $707 $770 $74 9 $672 $795 $700 $631 $799 $789 $752 $752 $788 $756 $847 $835 $659 $854 $835 $837 $824 $695 $904 $805 $903 $960 $960 $489 $809 $968 $1,123 $1,031 $1,029 $1,680 $515,000 $518,000 $716,000 $915,000 $610,000 $672,000 $475,000 $785,000 $675,000 $768,000 $855,000 $455,000 $650,000 $655,000 $445,000 $500,000 $950,000 $835,000 $525,000 $595,000 $850,000 $625,000 $625,000 $650,000 $450,000 $799,999 $530,000 $540,000 $560,000 $685,000 $495,000 $395,000 $640,000 $900,000 $605,000 $865,000 $480,000 $960,000 $688,800 $1,115,000 $1,120,000 $1,100,000 $1,275,000 $2,250,000 $1,230,040 Closing Price Closing 714 714 713 474 913 812 791 841 721 757 709 758 691 807 661 661 824 824 827 629 958 663 983 492 694 993 682 805 488 806 1,111 1,113 1,317 1,167 1,163 1,441 1,193 2,279 1,025 1,209 1,046 1,339 1,065 1,096 1,069 Size (SF) 3/3 1/1 2/2 1/1 0/1 1/1 1/1 1/1 2/2 2/2 2/2 0/1 2/2 2/2 1/1 1/1 2/2 2/2 1/1 2/2 1/1 1/1 1/1 1/1 2/2 1/1 2/2 1/1 0/1 1/1 1/1 2/2 2/2 2/2 1/1 1/1 1/1 2/2 1/1 1/1 1/1 2/2 1/1 1/1 Type 3/2.5 (continued)

6J 5F 9A 3G 410 312 918 814 612 3 51 475 105 702 727 401 375 Unit 204 502 425 526 504 17G 536 509 506 803 404 506 302 609 406 19H 20C 42D 26G 25G 11 0 4 11 0 6 1901 S308 N702 N702 B14D N1205 333 1st Towers at Embarcadero South Towers at Embarcadero South Towers at Embarcadero South Towers The Potrero The Potrero The Potrero The Potrero The Potrero The The Palms The Palms The Palms The Palms The Palms The Potrero The The Montgomery The Mullen Buildings The Mullen Buildings The Palms The Palms The The Montgomery The Montgomery The Montgomery The Montgomery The Montgomery The The Metropolitan The Metropolitan The Metropolitan The Metropolitan The Metropolitan The Montgomery The The Infinity The Lansing The Lansing The Metropolitan The Metropolitan The The Infinity The Infinity The Infinity The Infinity The Infinity The Infinity The Development Infinity The Infinity The Infinity The Infinity The Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES 6/1/2012 8/6/2012 7/20/2012 8/13/2012 4/19/2012 6/20/2012 8/22/2012 4/25/2012 3/30/2012 5/21/2012/ Closing Date Closing n/a n/a $/SF $819 $743 $796 $583 $562 $667 $882 $1,142 $647,000 $700,000 $700,000 $780,000 $450,000 $825,000 $849,000 $695,000 $1,110,000 $1,555,000 Closing Price Closing n/a n/a 801 1,050 1,200 1,050 1,037 1,259 1,037 1,362 Size (SF) 2/2 3/2 1/1 2/2 2/2 2/2 2/2 2/2 Type 1/1.5 1/1.5 (continued)

4B 912 312 11 D 11 G Unit 16G 21G 627 Carolina 609 Carolina 508 Wisconsin Watermark Watermark Watermark Watermark Buena Lofts Yerba Buena Lofts Yerba Development Mews Victoria Mews Victoria Mews Victoria Watermark Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco RESALES San Francisco Pipeline Currently Selling Under Construction Future Approved Under Review Conceptual Planning

Standard Monthly Reports - San Francisco - October 2012 / 329 198 Total Total 0 / 18 0 / 32 1 / 52 0 / 33 0 / 36 1 / 114 0 / 142 10 / 69 / 10 5 / 390 60 / 419 27 / 120 40 / 132 83 198 / 198 198 310 / 520 310 310 / 520 310 249 / 2,051 Total Market Rate Market Total 22 not closed* / 165 Market Rate Available/ Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums/Townhomes Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums/Townhomes Fractional Fractional Condominiums Condominiums Total Fractional Ownership Condominiums: Fractional Total Date on Market May 2012 Spring 2012 September 2011 July 2011 June 2011 September 2010 April 2010 Jan 2010 Jan 2009 July 2008 May 2008 Nov 2007 Oct 2007 Oct 2007 Feb 2007 Feb June 2006 Total Market Rate Condominiums & Townhomes: Total Total Market Rate Condominiums & Townhomes On Hold: Market Rate Condominiums & Townhomes Total Central Waterfront Neighborhood Mission Mission Bay South of Market District 10 District 10 Ctr Ness/Civic Van South of Market South of Market Downtown South of Market South of Market District 10 Central Waterfront Russian Hill Rincon Hill Developer/Owner R Group The JS Development Sullivan Bosa Development Hart Richie Holliday Development Holliday Development Unknown LLC Ventures, Pacific Jackson FORMA Mike Cassidy Malcolm Properties/Lennar Urban Millennium Partners Signature Properties Build, Inc. JMA Ventures, LLC JMA Ventures, Urban West Associates Urban West Millwheel South Candlestick Heights (On Hold) Candlestick 5800 Third Development 299 Valencia Madrone Minna 788 Currently Selling Developments Selling Currently The ArtaniThe One Hawthorne 829 Folsom 901 Bush 901 Blu Millennium Tower Cove Candlestick Esprit Park Fairmont Heritage Place, Ghirardelli Square (Fractionals) One Rincon Hill - Phase I * Exact number of units in contract or available is unknown. * Exact number of units in contract or Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco

SAN FRANCISCO PIPELINE 0 0 73 76 35 63 52 55 82 94 98 39 60 39 88 115 113 418 179 315 147 107 107 120 150 793 100 273 754 350 202 282 299 308 Total Total 4,749 3,606 Units Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Product Product Type Condominiums Condominiums TBD Condominiums Condominiums Affordable Affordable Affordable Affordable Affordable Affordable Affordable Affordable Affordable Rental Rental Rental Rental Summer 2013 2012+ 2013 September 2013 Spring 2013 2013+ 2014 2014+ Late 2013 2014+ 2013+ 2014+ Marketing to Marketing Commence early Presales 2013 2013+ 2013 2014 2013+ 2013+ 2013+ 2012+ 2013+ 2012 Fall 2013 2013 2013 2013+ 2013 2013+ 2013+ 2014 Grand Total Units Under Construction: Grand Total Total Rental Units Under Construction: Total Total Rental Units Under Construction On Hold: Total Total Affordable/Senior Units Under Construction: Total Hayes Valley South Beach Ness/Civic Center Van Mission Bay Mission South Beach South of Market South of Market Mission Bay South Beach South of Market South of Market Neighborhood Nob Hill Eureka Valley/Dolores Heights Downtown Central Waterfront Hayes Valley District 10-Southwest South of Market Tenderloin District 10-Southeast South of Market Hunters Point South Beach Tenderloin Ness/Civic Center Van Nob Hill Mission Dolores South Beach South of Market Total Condominium Units Under Construction (including TBD): Total Total Market Rate Condominium Units Under Construction (including TBD) Market Rate Condominium Units On Hold: Total Emerald Fund AvalonBay Trust Property Essex United Dominion Realty Trust Global Investors Principal Properties Trinity Crescent Heights TNDC John Stewart Co. Mission Housing; Devine & Gong; The Properties KSW Group Prado The City-Core Development Trust Property Essex Partners MacFarlane Martin Building Company Gerding Edlen Urban Housing Group Housing Avant Brier Spiers & Associates Bruce Baumann R Group The LLC Ivy Grove Partners, Housing Authority San Francisco Bridge Housing TBD of San Francisco Foundation Mercy Housing; Providence Center Chinatown Community Development Ridgepoint John Stewart Company; Devine & Gong, The Housing Corporation Non-Profit Bridge Housing Community Housing Partnership; Developer/Owner Oyster Development 185 Channel Street (Mission Bay Parcel 2) One Rincon Hill Phase II Place Apartments Phase II - 1188-1190Trinity Mission Street Market Street & Market Street - 1401-1411 10th Venue (Mission BaySouth Parcel 3) - 1155 4th Venue Street Mission Gardens - 188071 Mission Street, Julian Avenue Rincon Green - 333 Harrison Street 55 9th Street 900 Street (5th & Folsom) Folsom 2001 Market Street; 38 Dolores Street 2001 333 Fremont Street 240-260 5th Street (265 5th Street) 1844 Market Street Street Townsend 166-178 Ness Avenue 1285 Sutter Street, 1251290 Van Hunters View - Phase I Hunters View Essex Street Rene Cazaneve Apartments - 25 Cullen Community - 220 Golden Gate Kelly Mary Helen Rogers Senior Community: Golden Gate Avenue 701 1946 Street Polk Millwheel North - 1275 Indiana Street Millwheel North - 1275 Grove Street) 300 Ivy Street (401 Road Point 63 West Natoma Street 474 Ellis Street 472 6600Street 3rd Common - 150 Otis Street Veterans Development Clay 1754 Ness Avenue, Marlow - 1800 Van Street 1960-1998 Market Street 1461-1465 Pine Street Under Construction Developments Construction Under Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 74 47 47 81 61 67 34 35 52 65 20 23 24 20 22 24 27 28 35 35 45 50 55 82 83 22 23 28 30 36 38 66 40 49 69 69 127 273 675 200 226 230 580 830 406 TBD 8,619 5,677 9,000 Proposed Total Units Total TBD TBD TBD Condo/TH/SFD Affordable Affordable Affordable Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD Product Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums TBD 2020+ 2020+ 2020+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ TBD TBD 2013+ 2013+ 2013+ 2013+ 2020+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ Completion Completion Date 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2014 2013+ TBD 2013+ 2013+ 2012+ 2013+ South of Market District 3-Southwest Island Treasure District 10 District 10 South of Market Hayes Valley Lower Pacific Heights Pacific Lower District 3 District 10 District 10 Tenderloin Mission Bay South Beach South Beach South Beach District 10 Duboce Triangle Downtown District 10 Mission Heights Pacific Ness/Civic Center Van South of Market Mission Mission Dolores District 10 Tenderloin South of Market South of Market Mission Neighborhood Russian Hill South of Market Hayes Valley Cow Hollow Hill Potrero Downtown Nob Hill Mission Financial District South of Market Mission Dolores Hayes Valley Nob Hill Outer Parkside Heights Pacific Lower South Beach South Beach District 10 Overtime Partners, LLC Overtime Partners, TBD AF Evans Gordon Development Group TBD JCN Realty) Development (Shamrock Golub & Company Group Stellar Management; Rockpoint Community Development, LLC T.I. Lennar TBD Interests, LLC Panoramic TBD TBD Speyer Tishman BVHPLennar; Luna Leticia TBD TBD TBD TBD TBD LJ-SF Investment TBD TBD Kieran O’Carroll Partners Franklin Heights Pacific J. Reilly; J. Street Prop; 325 Fremont Robinson TBD Lennar/BVHP 2655 Bush, LLC Mission Development Group Holliday Development Signature Properties Development Partners Presidio Bosa Development JS Development Sullivan LLC Overtime Partners, LLC Filbert, 1501 Mississippi Street Investors 1000 JS Sullivan JS Sullivan JS Sullivan Madison Marquette LLC Jessie Avenue, 570 Bill Lightner DM Development; DDG Partners TBD Developer/Owner LLC Divisadero Hayes, Hunters Point/Naval Shipyard/Candlestick Point Phase I Hunters Point/Naval Point Shipyard/Candlestick Mission Street 5735-3743 42 Harriet Street 1600 Market Street 527 Stevenson Street 527 Ness Avenue 490 South Van between 6/7 (Market Rate portion) - Folsom Block Transbay Beale & Fremont 19th Avenue Park Merced - 3711 Island Treasure 345 6th Street Mission Street 1863-1875 15th Street 1731 5050 Mission Street 245 Hyde Street Street 48 Tehama Hunters Point (Parcel A) - Remaining Phases Hunters Point Market Street 2200, 2210 850 Bush Street One Capitol Avenue 2652 Harrison Street 1622-1650 Broadway One Franklin Street Candlestick Cove (remaining phases) Candlestick Plaza - 1390Fox Market Street (On Hold) Parcel 12 - Mission Bay (NEC) 8 - 1st & Folsom Block (NWC) 8 - 1st & Folsom Block Street Folsom 201 325 Fremont Street (On Hold) Street/2 Colin P Kelly Townsend 72 Phase I (Parcel A) - Section 1 Hunters Point 2655 Bush Street 800 Brotherhood Way 5800 Street - Phase II Third 35 Dolores Street 8Octavia - 8 Octavia Street 1645-1661Avenue Pacific 2800 Sloat Boulevard (On Hold) (Roberts Motel Site) 1581 Bush Street; 1450 Franklin Street 1000-1004 Mississippi Street 1000-1004 Sutter Street 1080 Ness Avenue 1868 Van 15th Street 1501 300 Grant Avenue Avenue Jessie 570 Development Columbus Street 1255-1275 Harrison Street 870 1600 Market Street Ness Avenue Filbert Street, 25591527 Van Future Approved Projects Projects Approved Future Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 74 70 47 75 50 52 83 32 60 90 98 98 113 170 150 150 158 470 134 136 198 100 285 259 320 452 330 348 600 668 2,402 4,298 1,020 28,001 34,986 Proposed Total Units Total Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Product Product Type Affordable Affordable Affordable Affordable Affordable Affordable Affordable Senior Affordable Affordable Affordable Affordable Affordable Affordable Affordable Affordable Rental Rental Total Approved Rental Approved Units: Total Grand Total of Units Approved: Grand Total 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2014+ 2014+ 2014+ 2015+ 2014+ 2015+ Completion Completion Date 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2013+ 2015+ 2013+ 2013+ TBD 2013+ 2013+ 2013+ Total Approved Affordable/Senior Approved Units: Total Central Waterfront South Beach Hayes Valley Mission Bay Mission Bay Mission Bay South Beach Rincon Hill Hill Potrero South Beach District 10 South of Market Neighborhood South of Market Financial District Mission Dolores Balboa Park District 10 Heights Pacific Lower Hayes Valley Tenderloin Addition Western South of Market Mission Bay South of Market Tenderloin Mission Bay Hayes Valley District 10 Tenderloin South Beach Total Approved Market Rate Condominiums and Townhomes (including TBD): Market Rate Condominiums and Townhomes Approved Total Total Approved Market Rate Condominiums and Townhomes (including TBD) On Hold: Market Rate Condominiums and Townhomes Approved Total Jackson Pacific Ventures, LLC; Archstone LLC; Ventures, Pacific Jackson Crescent Heights Archstone OliverMacMillan;United Dominion Realty BVHPLennar; Properties Trinity TNDC TBD Partners Wood TBD Gabriel Ng & Associates Simeon Properties Mission Piers Development, LLC LLC Portland-Pacific, for Children of Henry Wong Trust BRE Properties Equity Residential BRE Properties Chinatown CDC TBD NeighborhoodBernal Heights Center TBD TBD AgeSong TBD TBD TNDC Mercy Housing TBD Developer/Owner TBD - continued 375- - Phase I Hunters Point Plaza Apartments Phase III:Trinity Market Street 1169-1177 Parcel 11 - Mission Bay - Mission Bay Parcel 13 West South Parcel 5 - Mission Bay 340 Fremont Street 45 Lansing Street 16th Street Daggett Place - 1000 Hunters View, remaining phases - 227 West Point Road Point West remaining phases - 227 Hunters View, Street; 180 Jones Street 181 Turk Street Townsend 72 Illinois Street 2121 3rd Street, 740 430 Main Street; 429 Beale Street Street Laguna Street; 555 Fulton 746 1000, 1110, 1190 13 East) 4th Street (Block 1110, 1000, between - Folsom (Affordable Portion) 6/7 Block Transbay Beale & Fremont Housing: 168-186 Family Eddy Street; 238 Eddy & Taylor Street Taylor Parcel 6 - Mission Bay 55 Laguna Street 1075 Le Conte 1075 800 Presidio Avenue 580 Street Senior Housing Hayes Golden Gate Avenue 101-121 Avenue Golden Gate 1100 Mission Street 1036-1040 Development 5th Street 374 235 Broadway 15th Street 1731 50 Avenue Phelan Future Approved Projects Projects Approved Future Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 72 21 56 50 20 24 24 25 26 27 29 32 50 30 69 39 40 40 170 314 175 125 210 14 0 160 180 180 180 220 250 325 393 1,700 1,700 Proposed Total Units Units Total TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD Affordable Affordable Affordable Affordable Affordable Affordable Affordable Affordable Rental Product Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums TBD TBD TBD TBD TBD Downtown District 10 Addition Western Central Richmond Tenderloin Central Waterfront South of Market South of Market Ness/Civic Center Van South of Market Hayes Valley District 10 District 10 South of Market Ness/Civic Center Van Heights Pacific Lower District 10 District 10 Hayes Valley Neighborhood South of Market South of Market South of Market Nob Hill Financial District South Beach South of Market Center Ness/Civic Van South of Market South of Market Marina South of Market Hayes Valley South of Market Ness/Civic Center Van TBD TBD TBD TBD TBD TBD TBD Kennedy/Panoramic Interests Patrick California Mortgage & Realty TBD TBD Properties Shamrock TBD TBD TNDC, Citizens Housing Corporation UrbanCore, LLC Mercy Housing Bridge Housing Build, Inc.; AvalonBay Developer/Owner Spring Capital Group Acre Capital Management Black SKS Investments TBD LLC Partners, Waterfront Pacific TBD Millennium Partners LLC; JMA Ventures, AF Evans Development Realty Fritzi TBD TBD TBD TBD TBD TBD 1654 Sunnydale Avenue Connecticut Street - 1095 Annex & Terrace Potrero Parcel P Hayes Valley 142 Albatross Court Streets Spear & Folsom 1400 Mission Street Street Sutter 2501 1321 Mission Street Ness) 1540 Market Street (Market & Van 16th Street 1006 Octavia Street 102-104 495 Cambridge Street 1301 Divisadero Street 1301 5400 Geary Boulevard; 369 18th Avenue 651 Geary Boulevard 2298 3rd Street 200-214 6th Street 1145 Mission Street 1433 Bush Street 832 Sutter Street Mission Street 2100 41 Tehama Street 41 Tehama Street 452 Tehama 2353 Lombard Street 5th Street 397 Fulton Street 471 The Fairmont Tower - 950 Mason Street Fairmont Tower The Street 8 Washington 75 Howard Street Mission Street 706 Pine & Franklin: 1634-1690 Pine Street Development Street 935 Folsom Montgomery Street Palace Hotel: 2 New The Street 181-185 Fremont Projects Under Review Under Projects Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 35 50 36 88 413 416 181 218 472 120 120 134 100 109 850 200 350 200 200 300 800 399 TBD TBD TBD TBD 7,999 4,132 2,784 3,558 4,880 1,200 1,083 Proposed Proposed Total Units Total Total Units Units Total Condominiums Condominiums Condominiums TBD TBD TBD TBD TBD TBD TBD TBD TBD Affordable Affordable Affordable Rental (Student) Rental Rental Product Product Type Condominiums Condominiums Condominiums Condominiums Product Product Type Rental Rental Rental Total Rental Units Under Review: Total Grand Total of Units Under Review: Grand Total Total Rental Units in Conceptual Planning: Total Grand Total of Units in Conceptual Planning: Grand Total District 4 Mission South Beach Haight Ashbury Glen Park Mission Heights Pacific Lower Inner Sunset South of Market District 10 South of Market District 3 Hill Potrero South of Market Tenderloin South of Market Central Waterfront Central Waterfront Neighborhood Hayes Valley Hayes Valley Russian Hill Ness/Civic Center Van Neighborhood Heights Eureka Valley/Dolores Ness/Civic Center Van South of Market Total Affordable/Senior Housing Units Under Review: Total Total Affordable/Senior Housing Units in Conceptual Planning: Total Total Condominiums and Townhomes Under Review (including TBD): Under and Townhomes Condominiums Total Total Condominiums and Townhomes in Conceptual Planning (including TBD): Condominiums and Townhomes Total Republic Urban Properties Oyster Development TBD TBD TBD TBD TBD TBD TBD Corporation Universal Paragon Crescent Heights TBD Bridge Housing TNDC TNDC Interests Panoramic Archstone Housing Avant Developer/Owner DM Development, LLC; DDG LLC Partners, DM Development, LLC; DDG LLC Partners, Markets Group Property Properties Trumark Developer/Owner City Residential Forest Emerald Fund Archstone - continued Civic Center Residences - 44 McAllister Street 9th Street 104 800 Illinois Street Street Tennessee 1201 Goodwill Site - Mission & Van Ness Avenue Goodwill Site - Mission & Van & Bayshore Site - Leland Avenue Boulevard Lock Schlage 524 Howard Street Street Font 700 11A Transbay Corner) 5th & Howard (SW 1155 Page Street Glen Park Bart Station TOD 1950 Mission Street Japan Center Mixed-Use & Lawton Street 7th Avenue 450 Hayes Street Ness Avenue 2550 Van 1533 Pine Street Street & Wawona - 19th Avenue Arden Woods 2558 Mission Street 160 Street Folsom Conceptual Planning Development 400 Grove Street Development Market Street 2175 Ness (AAA Building) Van 100 3508th & Harrison: 8th Street Projects Under Review Under Projects Standard Monthly Reports - San Francisco - October 2012 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE The Mark Company (TMC) Disclaimer

1. Professional Opinion. With regard to the consulting services, reports, projections, and recommendations to be provided by TMC under the Agreement, whether delivered orally or in writing, the parties acknowledge that the matters on which TMC is consulted [e.g., assessing potential competition, market trends, demographic trends, financing availability, and the like] are not the subject of a predictive science, and are instead subject to unforeseen market variables and conditions. Client therefore understands and acknowledges that TMC’s projections and recommendations as contemplated by the agreement are solely the result of TMC’s considered opinion based on TMC’s assumptions and judgments predicated on past experience in light of the relevant data studied with respect to the market conditions and the proposed project. Consequently, Client specifically agrees (a) that TMC’s projections and recommendations constitute opinions only and do not constitute any representation or assurance of any future market conditions; (b) that any action taken by Client based on any such TMC projections or recommendations is made without any reliance thereon as a representation or assurance as to any future market conditions; and (c) that Client will not hold TMC liable or otherwise responsible for any losses occurring in the event that future market conditions deviate from TMC’s projections and/or recommendations.

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