Property Report. Apartment Wilshire Blvd Los Angeles, CA Contents. Rent Comparables 1. Powered by Reis, inc.

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1 Property Report Apartment Contents 1 Powered by Reis, inc.

2 SUBJECT PROPERTY, Los Angeles, CA -- 05/04/2010 Subject Property Location Address City State Los Angeles CA ZIP Metro Submarket Los Angeles Wilshire/Westlake Latitude Longitude COMPARABLE GROUP MARKET SUMMARY Comparable Group Summary Statistics Comparable Group Summary Statistics LEASE TERMS Expenses and Concessions Submarket Expense Ratio 38.80% Submarket Free Rent (Mo./year) As of 3/31/ Subject Property Statistics Property Type Year Built Size (units) Low Mean Median High Current Asking Rent/Unit $ $1, $1, $1, Current Vacancy Rate 0.0% 4.1% 3.7% 9.6% Property Size (units) Year Built As of 3/31/10 Current Asking Rent/Unit $ $1, $1, **** Unit Size (SF) **** Current Asking Rent/SF $1.98 $1.76 $1.59 **** As of 3/31/10 Apartment Page 2

3 RENT GROWTH COMPARISONS Asking Rent Growth Rates Quarterly Annualized, Los Angeles, CA -- 05/04/2010 1Q2010 4Q2009 YTD 1 Year 3 Year 5 Year Comparable Group -0.3% -3.4% -0.3% -5.8% 1.1% 3.2% Wilshire/Westlake -0.9% -1.9% -0.9% -8.5% 0.2% 2.3% Los Angeles -0.2% -1.1% -0.2% -4.4% 1.0% 2.8% 1. Quarter ending 3/31/10 2. Quarter ending 12/31/09 3. Avg over period ending 3/31/10 4. Avg over period ending 12/31/09 VACANCY RATE COMPARISONS Quarterly 1. Quarter ending 3/31/10 2. Quarter ending 12/31/09 3. Avg over period ending 3/31/10 4. Avg over period ending 12/31/09 COMPARABLE GROUP GROWTH TRENDS Annualized 1Q2010 4Q2009 YTD 1 Year 3 Year 5 Year Comparable Group 4.1% 4.8% 4.1% 3.7% 3.2% 2.6% Wilshire/Westlake 5.4% 5.7% 5.4% 6.2% 5.1% 4.3% Year Los Angeles 5.5% 5.3% 5.5% 4.9% 4.1% 3.8% Qtr Asking Rent (per unit) Asking Rent Pct Change Vacancy Rate Vacancy Change (BPS) $1, % 0.7% $1, % 2.2% $1, % 3.2% $1, % 2.6% $1, % 4.8% $1, % 3.1% $1, % 3.4% $1, % 3.7% $1, % 4.8% $1, % 4.1% -70 Page 3

4 COMPARABLE GROUP LOCATION Map Currently Unavailable, Los Angeles, CA -- 05/04/2010 Page 4

5 COMPARABLE GROUP LISTING, Los Angeles, CA -- 05/04/ Name Belmar Apartments Current Asking Rent/Unit $1, Address 401 S Hoover St Current Vacancy Rate 3.0% City Los Angeles Distance from Subject (miles) 0.52 State CA Property Size (Units) 67 ZIP Floors 3 County Los Angeles Year Built 1972 Current Asking Rent/Unit $ $1, $1, N/A Unit Size (SF) N/A Current Asking Rent/SF $1.89 $1.86 $1.94 N/A Name Esquire Apartments/Fmr:grand Lafayette Apartments Current Asking Rent/Unit $1, Address 274 S La Fayette Park Pl Current Vacancy Rate 5.1% City Los Angeles Distance from Subject (miles) 0.52 State CA Property Size (Units) 117 ZIP Floors 3 County Los Angeles Year Built 1974 Current Asking Rent/Unit N/A $1, $1, N/A Unit Size (SF) N/A N/A Current Asking Rent/SF N/A $2.46 $1.88 N/A Name Bonnie Brae Apts Current Asking Rent/Unit $ Address 930 S Bonnie Brae St Current Vacancy Rate 2.3% City Los Angeles Distance from Subject (miles) 0.60 State CA Property Size (Units) 128 ZIP Floors 3 County Los Angeles Year Built 1975 Submarket Mid-City/West Adams/Pico Heights Class BC Current Asking Rent/Unit $ $1, N/A N/A Unit Size (SF) N/A N/A Current Asking Rent/SF $1.56 $1.64 N/A N/A Page 5

6 COMPARABLE GROUP LISTING, Los Angeles, CA -- 05/04/ Name Emerald Terrace/Fmr Meadow Creek Current Asking Rent/Unit $1, Address 160 S Virgil Ave Current Vacancy Rate 1.0% City Los Angeles Distance from Subject (miles) 0.92 State CA Property Size (Units) 100 ZIP Floors 3 County Los Angeles Year Built 1972 Submarket Wilshire/Westlake Class A Current Asking Rent/Unit $1, $1, $2, N/A Unit Size (SF) N/A Current Asking Rent/SF $2.76 $2.38 $2.05 N/A Name West Gate Current Asking Rent/Unit $1, Address 535 S Alexandria Ave Current Vacancy Rate 9.6% City Los Angeles Distance from Subject (miles) 1.05 State CA Property Size (Units) 115 ZIP Floors 4 County Los Angeles Year Built 1974 Submarket Wilshire/Westlake Class A Current Asking Rent/Unit $ $1, $1, N/A Unit Size (SF) N/A Current Asking Rent/SF $2.24 $1.70 $1.65 N/A Name Ardmore Victoria Apartments Current Asking Rent/Unit $1, Address 414 S Ardmore Ave Current Vacancy Rate 4.5% City Los Angeles Distance from Subject (miles) 1.28 State CA Property Size (Units) 220 ZIP Floors 3 County Los Angeles Year Built 1975 Current Asking Rent/Unit $ $1, $1, N/A Unit Size (SF) N/A Current Asking Rent/SF $1.59 $1.39 $1.44 N/A Page 6

7 COMPARABLE GROUP LISTING, Los Angeles, CA -- 05/04/ Name Park Ardmore/Fmr Ardmore Apts Current Asking Rent/Unit $1, Address 331 S Ardmore Ave Current Vacancy Rate 0.0% City Los Angeles Distance from Subject (miles) 1.34 State CA Property Size (Units) 69 ZIP Floors 4 County Los Angeles Year Built 1975 Current Asking Rent/Unit N/A $1, $1, N/A Unit Size (SF) N/A N/A Current Asking Rent/SF N/A $1.27 $1.40 N/A Name Harvard Apts Current Asking Rent/Unit $1, Address 451 S Harvard Blvd Current Vacancy Rate 3.2% City Los Angeles Distance from Subject (miles) 1.42 State CA Property Size (Units) 156 ZIP Floors 2 County Los Angeles Year Built 1972 Current Asking Rent/Unit $ $1, $1, N/A Unit Size (SF) N/A Current Asking Rent/SF $2.11 $1.99 $1.78 N/A Name *** Current Asking Rent/Unit $ Address 101 N Normandie Ave Current Vacancy Rate 7.9% City Los Angeles Distance from Subject (miles) 1.49 State CA Property Size (Units) 38 ZIP Floors 2 County Los Angeles Year Built 1972 Current Asking Rent/Unit $ $1, N/A N/A Unit Size (SF) N/A N/A Current Asking Rent/SF $2.02 $1.75 N/A N/A Page 7

8 COMPARABLE GROUP LISTING, Los Angeles, CA -- 05/04/ Name Harvard Embassy Towers Current Asking Rent/Unit $1, Address 235 S Harvard Blvd Current Vacancy Rate 4.2% City Los Angeles Distance from Subject (miles) 1.53 State CA Property Size (Units) 48 ZIP Floors 2 County Los Angeles Year Built 1972 Current Asking Rent/Unit N/A $1, $1, N/A Unit Size (SF) N/A N/A Current Asking Rent/SF N/A $1.42 $0.97 N/A Page 8

9 GLOSSARY, Los Angeles, CA -- 05/04/2010 Subject Property Location Address: Street address of the property as defined by the user. City: The city in which the property is located as defined by the user. State: The state in which the property is located as defined by the user. ZIP: ZIP code in which the property is located as defined by the user. Metro: The Metropolitan Statistical Area in which the property is located as defined by its address Submarket: The submarket in which the property is located as defined by its address. Submarkets with insufficient inventory for reporting purposes are excluded. Subject Property Stats Property Type: Primary property use as defined by the user. Year Built: Year of construction as defined by the user. Size: Total number of market rent units in the property. Latitude: Property's latitude based upon street address. Longitude: Property's longitude based upon street address. Comp Group Summary Stats Current Asking Rent: Monthly rent per apartment unit. Current Vacancy Rate: Amount of available units expressed as a percentage of the total units in the property. Property Size: Number of market rent units. Year Built: Average year of completed construction. Low: Minimum value for the selected peer group. Mean: Arithmetic average value for the selected peer group. Median: The 50th percentile value for the selected peer group. High: Maximum value for the selected peer group. Comp Group Summary Stats (by bedroom type) Current Asking Rent/unit: Weighted average monthly rent per apartment unit. Unit Size (SF): Weighted average unit size in square feet. Current Asking Rent/SF: Weighted average monthly rent per square foot. Studio: Studio apartment. 1BR: 1 bedroom apartment. 2BR: 2 bedroom apartment. 3BR: 3 bedroom apartment. Avg. Submarket Lease Terms Submarket Expense Ratio: The average annual cost of operating multifamily buildings in the applicable submarket area. Includes property taxes, energy, janitorial service, insurance, general maintenance and management. Operating expense information is expressed as a percentage of gross potential revenue. Submarket Free Rent: The average free rent concession expressed as the number of months over a twelve-month lease for the applicable submarket. Comp Group Listing Name: Name of peer building. Address: Street address of peer. City: City in which the peer is located. State: The state in which the peer is located. ZIP: ZIP Code in which the peer is located. County: County in which the peer is located. Submarket: Reis defined submarket in which the peer is located. SubID: Reis code for the applicable submarket. Current Asking Rent: Monthly rent per unit for the peer property as of the most recent quarterly update to this peer's record of information Current Vacancy Rate: Amount of available units expressed as a percentage of total units in the property as of the most recent quarterly update to this peer's record of information. Distance from Subject: Distance, in miles, from the peer property to the subject property. Property Size: Number of market rent units in the peer. Page 9

10 GLOSSARY, Los Angeles, CA -- 05/04/2010 Floors: Number of floors in the peer. Year Built: Year in which the peer was built. Class: Reis-defined class category for the peer. Data as of: Reis's most recent quarterly update to this peer's record of information. Current Asking Rent/unit: Weighted average monthly rent per apartment unit for the peer. Unit Size (SF): Weighted average unit size in square feet for the peer. Current Asking Rent/SF: Weighted average monthly rent per square foot for the peer. Studio: Studio apartment. 1BR: 1 bedroom apartment. 2BR: 2 bedroom apartment. 3BR: 3 bedroom apartment. Page 10