MACOMB COUNTY, MICHIGAN MANUFACTURED HOME COMMUNITIES RENT SURVEY FEBRUARY 2014

MACOMB COUNTY, MICHIGAN MANUFACTURED HOME COMMUNITIES RENT SURVEY FEBRUARY 2014

JLT & ASSOCIATES A Real Estate Market Research Company On behalf everyone at JLT & Associates, it is my pleasure to present our February 2014 Manufactured Home Community Rent Survey for Macomb County, Michigan. This survey includes 27 land lease communities consisting of 13,244 homesites. As with all 72 of our market surveys, this report includes detailed research and information about each community including marketing programs, the latest rent statistics and increases, and a variety of other useful management insights. In addition, we include a report that compares 2014 occupancy and average rents to the previous year as well as a report showing average rents and occupancy rates from 1999 to 2014. You'll find an index to the specific sections of this report in the Table of Contents on the following page. For nearly 20 years, countless professionals have trusted JLT & Associates for timely and accurate management reports on land lease manufactured home communities nationwide. We are honored that our surveys are recognized as the industry standard for community market analysis. That reputation now continues as JLT & Associates merges its resources, skills and market research expertise with Datacomp, the industry's oldest and largest national manufactured housing appraisal company, and MHVillage, the premier Internet advertising and marketing website for manufactured homes in land lease communities. Together, we will be using our combined skills, resources and market data to make JLT Rent Surveys even more valuable to you. JLT & Associates is committed to providing exceptional customer service. If you have unique information requirements that you would like to see prepared specifically for your organization, please contact us at reports@jlt-associates.com or (800) 588-5426. We thank you for your confidence and look forward to continuing to serve you in the months and years ahead. Sincerely, Dan Rinzema, CEO 2600 Five Mile Road NE Grand Rapids, MI 49525 Phone (800) 588-5426 Fax (800) 841-8062

MACOMB COUNTY, MICHIGAN MANUFACTURED HOME COMMUNITIES RENT SURVEY - FEBRUARY 2014 TABLE OF CONTENTS I. OVERVIEW Findings and Observations Summary Comparison of February 2014 to February 2013 Historical Recap February 1999 to February 2014 PAGE i Exhibit A Exhibit B Exhibit C II. MACOMB COUNTY COMMUNITIES Alphabetical List 1-2 Ranked by Number of Homesites 3-4 Ranked by Occupancy % 5-6 Ranked by Adjusted Homesite Rent 7-8 Community Specific Information Including Marketing Programs and Rent Increases 9-17 The information contained in this report was obtained from sources deemed to be reliable. However, information of this nature is subject to change at any time without notice. Copyright 2014. Reproduction in any form is prohibited without prior consent.

MACOMB COUNTY, MICHIGAN FINDINGS AND OBSERVATIONS The survey includes 27 land lease communities. 100% are classified as "All Ages" communities. There are 13,244 "All Ages" homesites Only fourteen (14) communities implemented or announced rent increases during the last twelve months. The rent increases ranged from $7 to $20. The average increase was $13. The average adjusted monthly homesite rent in the All Ages communities is $430, an increase of $9 (2%) over February 2013. The occupancy rate in the All Ages communities is 75%, a.7% increase (+68 homesites) over February 2013. Some communities include water, sewer and/or trash removal service(s) in the monthly rent. The following assumptions were used to adjust 2014 and 2013 Macomb County rents in the All Ages communities that include any of these services: Water $32, $32. City of Mount Clemens (586-469-6818) residential water rates, 5,500 gallons per month usage. Sewer $38, $38. City of Mount Clemens residential sewer rate based on water consumption noted above. Trash Removal $12, $12. Included in property taxes, $140 per year 2014. 1 community includes water and trash removal service in the monthly rent. Eighteen (18) include trash removal service. Eight (8) communities include no services in the monthly rent. Only 5 (19%) communities reported occupancy rates of 95% or higher. i

Macomb County Michigan Exhibit A Manufactured Home Communities Rent Survey Summary - February 2014 Average Average # of # of % # of Homesite Communities Homesites Occupied* Occupied Homesites Rent** 55+ 0 0 0 N/A N/A N/A All Ages 27 13,244 9,911 75% 491 $430 Total 27 13,244 9,911 75% 491 $430 *Rent Paying Resident Occupied Homesites **Adjusted For Services Included in Rent

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Comparison of February 2014 to February 2013 Exhibit B # OF AVERAGE SERVICES AVG ADJUSTED HOME OCCUPANCY 2/14* OCCUPANCY 2/13* % RENT** IN RENT RENT % COMMUNITY SITES # % # % INC Feb-14 Feb-13 (2014/2013) Feb-14 Feb-13 INC All Ages Communities Camelot Village 712 562 79% 555 78% 1.3% $408 $388 T - $12, $12 $396 $376 5.3% Carriage Way 798 678 85% 681 85% -0.4% $405 $395 T - $12, $12 $393 $383 2.6% Clinton 1,000 512 51% 523 52% -2.1% $490 $480 T - $12, $12 $478 $468 2.1% Clinton River 132 112 85% 118 89% -5.1% $415 $408 None $415 $396 4.8% Continental 266 77 29% 93 35% -17.2% $400 $400 T - $12, $12 $388 $388 0.0% Dequindre Estates 303 281 93% 288 95% -2.4% $412 $412 None $412 $400 3.0% East Village Estates 708 703 99% 662 94% 6.2% $439 $419 None $439 $419 4.8% Fairchild Lake 345 255 74% 254 74% 0.4% $509 $502 T - $12, $12 $497 $490 1.4% Glenn Wood Village 147 145 99% 146 99% -0.7% $459 $459 None $459 $459 0.0% Lafayette Place 254 174 69% 169 67% 3.0% $474 $466 T - $12, $12 $462 $454 1.8% Meadow Creek 433 242 56% 240 55% 0.8% $426 $426 T - $12, $12 $414 $414 0.0% Park Lane 164 79 48% 84 51% -6.0% $415 $415 T - $12, $12 $403 $403 0.0% Parkway Village 242 155 64% 122 50% 27.0% $295 $295 T - $12, $12 $283 $283 0.0% Quail Run 340 212 62% 226 66% -6.2% $421 $421 T - $12, $12 $409 $409 0.0% Richmond Place 117 99 85% 98 84% 1.0% $455 $446 T - $12, $12 $443 $434 2.1% Riverbrook Estates 390 187 48% 182 47% 2.7% $408 $408 T - $12, $12 $396 $396 0.0% *Rent Paying Resident Occupied Homesites 1 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Comparison of February 2014 to February 2013 Exhibit B # OF AVERAGE SERVICES AVG ADJUSTED HOME OCCUPANCY 2/14* OCCUPANCY 2/13* % RENT** IN RENT RENT % COMMUNITY SITES # % # % INC Feb-14 Feb-13 (2014/2013) Feb-14 Feb-13 INC Rudgate Clinton 667 637 96% 602 90% 5.8% $429 $425 None $429 $425 0.9% Rudgate Manor 933 864 93% 831 89% 4.0% $429 $409 None $429 $409 4.9% Shelby Forest 664 606 91% 587 88% 3.2% $403 $403 T - $12, $12 $391 $391 0.0% Shelby West 644 625 97% 613 95% 2.0% $408 $405 T - $12, $12 $396 $393 0.8% Silver Springs 547 524 96% 478 87% 9.6% $432 $412 None $432 $412 4.9% Springbrook Estates 398 220 55% 209 53% 5.3% $455 $455 W/T - $44, $44 $411 $411 0.0% Sterling Estates 760 648 85% 662 87% -2.1% $459 $449 None $459 $449 2.2% Warren Estates 170 32 19% 31 18% 3.2% $425 $425 T - $12, $12 $413 $413 0.0% Westbridge Manor 1,424 679 48% 785 55% -13.5% $493 $486 T - $12, $12 $481 $474 1.5% Westbrook 388 351 90% 351 90% 0.0% $534 $534 T - $12, $12 $522 $522 0.0% Willow Point 298 252 85% 253 85% -0.4% $361 $350 T - $12, $12 $349 $338 3.3% Total Macomb County 13,244 9,911 75% 9,843 74% 0.7% $439 $431 $430 $421 2.0% *Rent Paying Resident Occupied Homesites 2 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Historical Summary Exhibit C ---------------- All Ages ---------------- Year Rent* Increase % Occupancy 2014 $430 2.14% 75% 2013 $421 1.94% 74% 2012 $413 0.73% 75% 2011 $410 0.00% 76% 2010 $410 0.49% 76% 2009 $408 1.49% 78% 2008 $402 1.77% 80% 2007 $395 0.51% 83% 2006 $393 1.03% 86% 2005 $389 2.64% 89% 2004 $379 1.34% 91% 2003 (1) $374 4.47% 94% 2002 $358 3.77% 94% 2001 $345 3.29% 96% 2000 $334 4.05% 96% 1999 $321 N/A 95% Compounded Annual Increase 1.97% *Net of All Services Included in Rents (1) NOTE: Water, sewer and trash costs included in rents adjusted to market rates effective February 2003

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG All Ages Communities Camelot Village 712 562 79% $408 $408 $408 T - $12 $396 $396 $396 Carriage Way 798 678 85% $405 $435 $405 T - $12 $393 $423 $393 Clinton 1,000 512 51% $481 $513 $490 T - $12 $469 $501 $478 Clinton River 132 112 85% $400 $448 $415 None $400 $448 $415 Continental 266 77 29% $400 $400 $400 T - $12 $388 $388 $388 Dequindre Estates 303 281 93% $410 $425 $412 None $410 $425 $412 East Village Estates 708 703 99% $425 $450 $439 None $425 $450 $439 Fairchild Lake 345 255 74% $502 $522 $509 T - $12 $490 $510 $497 Glenn Wood Village 147 145 99% $459 $459 $459 None $459 $459 $459 Lafayette Place 254 174 69% $474 $474 $474 T - $12 $462 $462 $462 Meadow Creek 433 242 56% $426 $456 $426 T - $12 $414 $444 $414 Park Lane 164 79 48% $415 $415 $415 T - $12 $403 $403 $403 Parkway Village 242 155 64% $295 $295 $295 T - $12 $283 $283 $283 Quail Run 340 212 62% $412 $472 $421 T - $12 $400 $460 $409 *Rent Paying Resident Occupied Homesites 1 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG Richmond Place 117 99 85% $455 $455 $455 T - $12 $443 $443 $443 Riverbrook Estates 390 187 48% $393 $443 $408 T - $12 $381 $431 $396 Rudgate Clinton 667 637 96% $423 $448 $429 None $423 $448 $429 Rudgate Manor 933 864 93% $423 $448 $429 None $423 $448 $429 Shelby Forest 664 606 91% $393 $433 $403 T - $12 $381 $421 $391 Shelby West 644 625 97% $408 $433 $408 T - $12 $396 $421 $396 Silver Springs 547 524 96% $432 $452 $432 None $432 $452 $432 Springbrook Estates 398 220 55% $446 $466 $455 W/T - $44 $402 $422 $411 Sterling Estates 760 648 85% $459 $459 $459 None $459 $459 $459 Warren Estates 170 32 19% $425 $430 $425 T - $12 $413 $418 $413 Westbridge Manor 1,424 679 48% $482 $524 $493 T - $12 $470 $512 $481 Westbrook 388 351 90% $534 $569 $534 T - $12 $522 $557 $522 Willow Point 298 252 85% $361 $361 $361 T - $12 $349 $349 $349 Total Macomb County 13,244 9,911 75% $439 $430 *Rent Paying Resident Occupied Homesites 2 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Ranked by Number of Homesites # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG All Ages Communities Westbridge Manor 1,424 679 48% $482 $524 $493 T - $12 $470 $512 $481 Clinton 1,000 512 51% $481 $513 $490 T - $12 $469 $501 $478 Rudgate Manor 933 864 93% $423 $448 $429 None $423 $448 $429 Carriage Way 798 678 85% $405 $435 $405 T - $12 $393 $423 $393 Sterling Estates 760 648 85% $459 $459 $459 None $459 $459 $459 Camelot Village 712 562 79% $408 $408 $408 T - $12 $396 $396 $396 East Village Estates 708 703 99% $425 $450 $439 None $425 $450 $439 Rudgate Clinton 667 637 96% $423 $448 $429 None $423 $448 $429 Shelby Forest 664 606 91% $393 $433 $403 T - $12 $381 $421 $391 Shelby West 644 625 97% $408 $433 $408 T - $12 $396 $421 $396 Silver Springs 547 524 96% $432 $452 $432 None $432 $452 $432 Meadow Creek 433 242 56% $426 $456 $426 T - $12 $414 $444 $414 Springbrook Estates 398 220 55% $446 $466 $455 W/T - $44 $402 $422 $411 Riverbrook Estates 390 187 48% $393 $443 $408 T - $12 $381 $431 $396 *Rent Paying Resident Occupied Homesites 3 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Ranked by Number of Homesites # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG Westbrook 388 351 90% $534 $569 $534 T - $12 $522 $557 $522 Fairchild Lake 345 255 74% $502 $522 $509 T - $12 $490 $510 $497 Quail Run 340 212 62% $412 $472 $421 T - $12 $400 $460 $409 Dequindre Estates 303 281 93% $410 $425 $412 None $410 $425 $412 Willow Point 298 252 85% $361 $361 $361 T - $12 $349 $349 $349 Continental 266 77 29% $400 $400 $400 T - $12 $388 $388 $388 Lafayette Place 254 174 69% $474 $474 $474 T - $12 $462 $462 $462 Parkway Village 242 155 64% $295 $295 $295 T - $12 $283 $283 $283 Warren Estates 170 32 19% $425 $430 $425 T - $12 $413 $418 $413 Park Lane 164 79 48% $415 $415 $415 T - $12 $403 $403 $403 Glenn Wood Village 147 145 99% $459 $459 $459 None $459 $459 $459 Clinton River 132 112 85% $400 $448 $415 None $400 $448 $415 Richmond Place 117 99 85% $455 $455 $455 T - $12 $443 $443 $443 Total Macomb County 13,244 9,911 75% $439 $430 *Rent Paying Resident Occupied Homesites 4 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Ranked by Occupancy % # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG All Ages Communities East Village Estates 708 703 99% $425 $450 $439 None $425 $450 $439 Glenn Wood Village 147 145 99% $459 $459 $459 None $459 $459 $459 Shelby West 644 625 97% $408 $433 $408 T - $12 $396 $421 $396 Silver Springs 547 524 96% $432 $452 $432 None $432 $452 $432 Rudgate Clinton 667 637 96% $423 $448 $429 None $423 $448 $429 Dequindre Estates 303 281 93% $410 $425 $412 None $410 $425 $412 Rudgate Manor 933 864 93% $423 $448 $429 None $423 $448 $429 Shelby Forest 664 606 91% $393 $433 $403 T - $12 $381 $421 $391 Westbrook 388 351 90% $534 $569 $534 T - $12 $522 $557 $522 Sterling Estates 760 648 85% $459 $459 $459 None $459 $459 $459 Carriage Way 798 678 85% $405 $435 $405 T - $12 $393 $423 $393 Clinton River 132 112 85% $400 $448 $415 None $400 $448 $415 Richmond Place 117 99 85% $455 $455 $455 T - $12 $443 $443 $443 Willow Point 298 252 85% $361 $361 $361 T - $12 $349 $349 $349 *Rent Paying Resident Occupied Homesites 5 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Ranked by Occupancy % # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG Camelot Village 712 562 79% $408 $408 $408 T - $12 $396 $396 $396 Fairchild Lake 345 255 74% $502 $522 $509 T - $12 $490 $510 $497 Lafayette Place 254 174 69% $474 $474 $474 T - $12 $462 $462 $462 Parkway Village 242 155 64% $295 $295 $295 T - $12 $283 $283 $283 Quail Run 340 212 62% $412 $472 $421 T - $12 $400 $460 $409 Meadow Creek 433 242 56% $426 $456 $426 T - $12 $414 $444 $414 Springbrook Estates 398 220 55% $446 $466 $455 W/T - $44 $402 $422 $411 Clinton 1,000 512 51% $481 $513 $490 T - $12 $469 $501 $478 Park Lane 164 79 48% $415 $415 $415 T - $12 $403 $403 $403 Riverbrook Estates 390 187 48% $393 $443 $408 T - $12 $381 $431 $396 Westbridge Manor 1,424 679 48% $482 $524 $493 T - $12 $470 $512 $481 Continental 266 77 29% $400 $400 $400 T - $12 $388 $388 $388 Warren Estates 170 32 19% $425 $430 $425 T - $12 $413 $418 $413 Total Macomb County 13,244 9,911 75% $439 $430 *Rent Paying Resident Occupied Homesites 6 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Ranked by Average Adjusted Homesite Rent # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG All Ages Communities Westbrook 388 351 90% $534 $569 $534 T - $12 $522 $557 $522 Fairchild Lake 345 255 74% $502 $522 $509 T - $12 $490 $510 $497 Westbridge Manor 1,424 679 48% $482 $524 $493 T - $12 $470 $512 $481 Clinton 1,000 512 51% $481 $513 $490 T - $12 $469 $501 $478 Lafayette Place 254 174 69% $474 $474 $474 T - $12 $462 $462 $462 Sterling Estates 760 648 85% $459 $459 $459 None $459 $459 $459 Glenn Wood Village 147 145 99% $459 $459 $459 None $459 $459 $459 Richmond Place 117 99 85% $455 $455 $455 T - $12 $443 $443 $443 East Village Estates 708 703 99% $425 $450 $439 None $425 $450 $439 Silver Springs 547 524 96% $432 $452 $432 None $432 $452 $432 Rudgate Manor 933 864 93% $423 $448 $429 None $423 $448 $429 Rudgate Clinton 667 637 96% $423 $448 $429 None $423 $448 $429 Clinton River 132 112 85% $400 $448 $415 None $400 $448 $415 Meadow Creek 433 242 56% $426 $456 $426 T - $12 $414 $444 $414 *Rent Paying Resident Occupied Homesites 7 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Community Rent Survey - February 2014 Ranked by Average Adjusted Homesite Rent # OF HOME HOME SITES % MONTHLY HOMESITE RENT SERVICES ADJUSTED HOMESITE RENT COMMUNITY SITES OCC* OCC LOW HIGH AVG** IN RENT LOW HIGH AVG Warren Estates 170 32 19% $425 $430 $425 T - $12 $413 $418 $413 Dequindre Estates 303 281 93% $410 $425 $412 None $410 $425 $412 Springbrook Estates 398 220 55% $446 $466 $455 W/T - $44 $402 $422 $411 Quail Run 340 212 62% $412 $472 $421 T - $12 $400 $460 $409 Park Lane 164 79 48% $415 $415 $415 T - $12 $403 $403 $403 Camelot Village 712 562 79% $408 $408 $408 T - $12 $396 $396 $396 Shelby West 644 625 97% $408 $433 $408 T - $12 $396 $421 $396 Riverbrook Estates 390 187 48% $393 $443 $408 T - $12 $381 $431 $396 Carriage Way 798 678 85% $405 $435 $405 T - $12 $393 $423 $393 Shelby Forest 664 606 91% $393 $433 $403 T - $12 $381 $421 $391 Continental 266 77 29% $400 $400 $400 T - $12 $388 $388 $388 Willow Point 298 252 85% $361 $361 $361 T - $12 $349 $349 $349 Parkway Village 242 155 64% $295 $295 $295 T - $12 $283 $283 $283 Total Macomb County 13,244 9,911 75% $439 $430 *Rent Paying Resident Occupied Homesites 8 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Camelot Village TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 712 Vacant Sites - 125 Swimming Pool July 2013 July 2014 1 All Homesites 1 Trash $396 17111 Hall Road Physical Occupancy - 587 Baseball Field 2 2 Mt. Clemens, MI 48044 OCCUPIED:* Repos - 0 Playground 3 3 586-286-0618 562 Inventory Homes - 25 Security Patrol AMOUNT: AMOUNT: 4 4 RV Storage $20 Unknown 5 5 113 Rental Homes $549 - $1,179 79% Lease Purchase Option Program 1 $408 1 $12 water - city Rent does not include $3 tax Financing 5-20 yrs., 9-11.5% 2 2 sewer - city Added $3 to all rents SW - 60% New Home Sales $269 rent for 2 yrs.+ annual increases 3 3 trash - curbside Sun Communities DW - 40% Relocations $199 rent for 3 yrs.+ annual increases 4 4 Plus $5,000 towards moving costs. 5 5 Lawn Mowing $40.00 Carriage Way TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 798 Vacant Sites - 81 Swimming Pool January 2014 January 2015 1 Standard 1 Trash $393 29800 Guilford Circle Physical Occupancy - 717 Playground 2 Premium 2 $403 New Baltimore, MI 48047 OCCUPIED:* Repos - 0 Basketball 3 Premium + 3 $413 586-949-5400 678 Inventory Homes - 39 Horseshoes AMOUNT: AMOUNT: 4 New DW Phase 4 $423 Laundry Room $10 Unknown 5 Average 5 $393 85% Incentives offered on a case by 1 $405 1 $12 water - city case basis 2 $415 2 sewer - city Rent includes $3 tax SW - 60% 3 $425 3 trash - curbside DW - 40% 4 $435 4 5 $405 5 Clinton TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 1,000 Vacant Sites - 448 Swimming Pools - 2 January 2014 January 2015 1 Single Section 1 Trash $469 38129 Delacroix Drive Physical Occupancy - 552 Gym July 2013 2 Multi-Section 2 $491 Clinton Township, MI 48038 OCCUPIED:* Repos - 8 Playground 3 Feature SW 3 $479 586-286-1021 512 Inventory Homes - 32 Basketball AMOUNT: AMOUNT: 4 Feature DW 4 $501 Arcade Center $5 Unknown 5 Average 5 $478 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: RV Storage $5 AMOUNT: VALUE: 154 Rental Homes $549 - $799 51% Rental specials - No security deposit some existing 1 $481 1 $12 water - city Rent does not include $3 tax Free rent thru March 2014 residents pay a 2 $503 2 sewer - city Added $3 to all rents SW - 60% Home Purchase - $150 off the rent lower rent 3 $491 3 trash - curbside At Home in Clinton DW - 40% for one year 4 $513 4 5 $490 5 Market Rents *Rent Paying Resident Occupied Homesites 9 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Clinton River TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 132 Vacant Sites - 12 Swimming Pool November 2013 November 2014 1 Single Section 1 None $410 4125 Riverview Circle Physical Occupancy - 120 Playground 2 Multi-Section 2 $428 Mt. Clemens, MI 48043 OCCUPIED:* Repos - 0 Basketball 3 SW - Water 3 $438 586-463-0809 112 Inventory Homes - 8 River Access AMOUNT: AMOUNT: 4 DW - Water 4 $458 Fishing $7 Unknown 5 5 $415 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Resident pays $8 AMOUNT: VALUE: 26 Rental Homes - $599 - $699 85% Will pay for moving an approved for trash removal 1 $410 1 sewer - city Rent does not include $3 tax home into the community service 2 $428 2 trash - curbside Added $3 to all rents SW - 70% In house financing 3 $438 3 water - city HomeFirst Certified DW - 30% Home purchae - will match up to 4 $458 4 Residents pay $3,500 down payment 5 $415 5 $8.00 for trash removal service Continental TOTAL: SITE ANALYSIS: None DATE: DATE: TYPE: SERVICE: 266 Vacant Sites - 60 September 2012 Unknown 1 All Homesites 1 Trash $388 20785 Schultes Physical Occupancy - 206 2 2 Warren, MI 48091 OCCUPIED:* Repos - 14 3 3 586-757-7412 77 Inventory Homes - 115 AMOUNT: AMOUNT: 4 4 $25 Unknown 5 5 29% Rental home program No increase 1 $400 1 $12 water - city 19 Rental Homes $695 - $890 Handyman specials since 2012 2 2 sewer - city Rent includes $3 tax SW - 100% Rent discounts as needed 3 3 trash - curbside Denmark Management 2 DW Homes 4 4 5 5 Dequindre Estates TOTAL: SITE ANALYSIS: Fishing Lake DATE: DATE: TYPE: SERVICE: 303 Vacant Sites - 16 March 2013 March 2014 1 Standard 1 None $410 48790 Dequindre Road Physical Occupancy - 287 2 Multi-Section 2 $415 Utica, MI 48317 OCCUPIED:* Repos - 1 3 Premium 3 $415 586-739-0150 281 Inventory Homes - 5 AMOUNT: AMOUNT: 4 Lake 4 $425 Resident pays $8 $10 5 Average 5 $412 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: for trash removal Mar-14 AMOUNT: VALUE: 93% In house financing service $420 1 $410 1 water - city 1 Rental Home - $825 Lease to own program $425 2 $415 2 sewer - city Rent includes $3 tax SW - 50% Rental home program $425 3 $415 3 trash - curbside DW - 50% Relocation- Will move single section $435 4 $425 4 Residents pay home for free with a 5 year lease +$5 Corner 5 $412 5 $8.00 for trash +$15 Lake Site removal service *Rent Paying Resident Occupied Homesites 10 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT East Village Estates TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: formerly Rudgate East 708 Vacant Sites - 3 Swimming Pool January 2014 January 2015 1 Single Section 1 None $425 57400 Bedford Blvd. Physical Occupancy - 705 Playgrounds - 2 2 SS Feature 2 $435 Washington Twp., MI 48094 OCCUPIED:* Repos - 0 Basketball 3 Multi-Section 3 $440 586-781-2300 703 Inventory Homes - 2 AMOUNT: AMOUNT: 4 MS Feature 4 $450 $20 Unknown 5 Average 5 $439 44 Rental Homes $699 - $1,199 99% Lease Purchase Option Program Estates Section 1 $425 1 water - city Rent does not include $3 tax Financing 5-20 yrs., 9-11.5% Single-Section $450 2 $435 2 sewer - city Added $3 to all rents SW - 43% New Home Sales $269 rent for 2 yrs.+ annual increases Multi-Section $454 3 $440 3 trash - curbside Sun Communities DW - 57% Relocations $199 rent for 3 yrs.+ annual increases Feature MS $464 4 $450 4 Residents pay Plus $5,000 towards moving costs. Premium MS $469 5 $439 5 $5 for trash removal service Fairchild Lake TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: formerly Chesterfield 345 Vacant Sites - 84 Card Room January 2014 January 2015 1 Single Section 1 Trash $490 49900 Fairchild Road Physical Occupancy - 261 Playground 2 Multi-Section 2 $510 Chesterfield, MI 48051 OCCUPIED:* Repos - 0 Basketball 3 Average 3 $497 586-949-3970 255 Inventory Homes - 6 Lake AMOUNT: AMOUNT: 4 4 Beach $7 Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Volleyball AMOUNT: VALUE: 91 Rental Homes $550 - $825 74% Rental home program - $199 rent Laundry Room +$30 Lakefront 1 $502 1 $12 water - city Rent does not include $3 tax month one +$5 Corner 2 $522 2 sewer - city Added $3 to all rents SW - 60% +$10 Feature 3 $509 3 trash - curbside Matrix Investments DW - 40% 4 4 5 5 Glenn Wood Village TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 147 Vacant Sites - 0 Playground August 2011 Unknown 1 All Homesites 1 None $459 2526 Morrissey Physical Occupancy - 147 Laundry Room 2 2 Warren, MI 48090 OCCUPIED:* Repos - 0 3 3 586-758-2268 145 Inventory Homes - 2 AMOUNT: AMOUNT: 4 4 $10 Unknown 5 5 99% None No increase 1 $459 1 water - city since 2011 2 2 sewer - city Rent includes $3 tax SW - 85% 3 3 trash - curbside Lautrec Community DW - 15% 4 4 Residents pay 5 5 $7.19 for trash removal service *Rent Paying Resident Occupied Homesites 11 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Lafayette Place TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 254 Vacant Sites - 67 Playground November 2013 November 2014 1 All Homesites 1 Trash $462 21155 Warner Physical Occupancy - 187 2 2 Warren, MI 48091 OCCUPIED:* Repos - 2 3 3 586-755-2800 174 Inventory Homes - 11 AMOUNT: AMOUNT: 4 4 Market - $8 Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Existing - $8 on AMOUNT: VALUE: 69% Lease Purchase Option Program anniversary date 1 $474 1 $12 water - city 94 Rental Homes $629 - $829 Financing 5-20 yrs., 9-11.5% 2 2 sewer - city Rent includes $3 tax SW - 92% New Home Sales $269 rent for 2 yrs.+ annual increases 3 3 trash - curbside Sun Communities DW - 8% Relocations $199 rent for 3 yrs.+ annual increases 4 4 Plus $5,000 towards moving costs. 5 5 Market Rent Meadow Creek TOTAL: SITE ANALYSIS: Clubhouse AMOUNT: DATE: TYPE: SERVICE: 433 Vacant Sites - 160 Exercise Room November 2012 Unknown 1 Interior 1 Trash $414 33130 27 Mile Road Physical Occupancy - 273 Swimming Pool 2 Corner 2 $434 New Haven, MI 48048 OCCUPIED:* Repos - 6 Playground 3 Perimeter 3 $444 586-749-9890 242 Inventory Homes - 25 Basketball AMOUNT: AMOUNT: 4 Average 4 $414 $6 Unknown 5 5 56% Home purchase - will match up to No increase 1 $426 1 $12 water - city 170 Rental Homes $679 - $979 $3,500 down payment since 2012 2 $446 2 sewer - city Rent includes $3 tax In house financing 3 $456 3 trash - curbside Brookside Communities DW - 100% Lease purchase option program 4 $426 4 5 5 Park Lane TOTAL: SITE ANALYSIS: None DATE: DATE: TYPE: SERVICE: 164 Vacant Sites - 56 September 2012 Unknown 1 All Homesites 1 Trash $403 3193 East 10 Mile Road Physical Occupancy - 108 2 2 Warren, MI 48091 OCCUPIED:* Repos - 0 3 3 586-755-0660 79 Inventory Homes - 29 AMOUNT: AMOUNT: 4 4 $25 Unknown 5 5 48% Rental home program No increase 1 $415 1 $12 water - city Handyman specials since 2012 2 2 sewer - city Rent includes $3 tax SW - 100% Rent discounts as needed 3 3 trash - curbside Denmark Management 4 4 5 5 *Rent Paying Resident Occupied Homesites 12 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Parkway Village TOTAL: SITE ANALYSIS: None DATE: DATE: TYPE: SERVICE: 242 Vacant Sites - 67 November 2004 Unknown 1 All Homesites 1 Trash $283 23500 South Keystone Physical Occupancy - 175 2 2 Clinton Township, MI 48036 OCCUPIED:* Repos - 0 3 3 586-468-0948 155 Inventory Homes - 20 AMOUNT: AMOUNT: 4 4 $25 Unknown 5 5 64% Various incentives offered during No increase 1 $295 1 $12 water - city the year since 2004 2 2 sewer - city Rent includes $3 tax SW - 99% 3 3 trash - curbside DW - 1% 4 4 5 5 Quail Run TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 340 Vacant Sites - WNR Swimming Pool September 2009 Unknown 1 Single Section 1 Trash $403 33099 Willow Lane Physical Occupancy - WNR Weight Room 2 Multi-Section 2 $423 - $463 New Haven, MI 48062 OCCUPIED:* Repos - WNR Sauna 3 Average 3 $409 586-749-8812 212 Inventory Homes -WNR Basketball AMOUNT: AMOUNT: 4 4 WNR - Would Not Reveal Baseball Field $10 Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Volleyball AMOUNT: VALUE: 35 Rental Homes $549 - $899 62% Would Not Reveal Roller Hockey No increase +$20 Corner 1 $415 1 $12 water - city Rent does not include $3 tax since 2009 +$30 Perimeter 2 $435 - $475 2 sewer - city Added $3 to all rents SW - 40% +$40 Perimeter 3 $421 3 trash - curbside RHP Properties DW - 60% and Lake Site 4 4 5 5 Richmond Place TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 117 Vacant Sites - 17 Playground November 2013 November 2014 1 All Homesites 1 Trash $443 36401 Division Road Physical Occupancy - 100 2 2 Richmond, MI 48062 OCCUPIED:* Repos - 0 3 3 586-727-9580 99 Inventory Homes - 1 AMOUNT: AMOUNT: 4 4 Market - $9 Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Existing - $9 AMOUNT: VALUE: 85% Lease Purchase Option Program anniversary date 1 $455 1 $12 water - city 25 Rental Homes $599 - $849 Financing 5-20 yrs., 9-11.5% 2 2 sewer - city Rent includes $3 tax SW - 77% New Home Sales $269 rent for 2 yrs.+ annual increases 3 3 trash - curbside Sun Communities DW - 23% Relocations $199 rent for 3 yrs.+ annual increases 4 4 Plus $5,000 towards moving costs. 5 5 Market Rent *Rent Paying Resident Occupied Homesites 13 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Riverbrook Estates TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 390 Vacant Sites - 170 Fitness Center November 2012 Unknown 1 Single Section 1 Trash $381 59477 Hardy Lane Physical Occupancy - 220 Swimming Pool 2 Multi-Section 2 $411 New Haven, MI 48048 OCCUPIED:* Repos - 10 Playground 3 MS Corner 3 $431 586-749-3404 187 Inventory Homes - 23 Basketball AMOUNT: AMOUNT: 4 Average 4 $396 586-749-6555 Softball $3 Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: RV Storage AMOUNT: VALUE: 77 Rental Homes $599 - $799 48% Home purchase - Will match up to No increase 1 $393 1 $12 water - city Rent does not include $3 tax $3,500 down payment since 2012 2 $423 2 sewer - city Added $3 to all rents SW - 50% In house financing 3 $443 3 trash - curbside Brookside Communities DW - 50% Lease purchase option program 4 $408 4 5 5 Rudgate Clinton TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 667 Vacant Sites - 18 Swimming Pool January 2014 January 2015 1 Single Section 1 None $423 20475 Foster Drive Physical Occupancy - 649 Playground 2 SS Feature 2 $428 Clinton Township, MI 48036 OCCUPIED:* Repos - 1 Card Room 3 Multi-Section 3 $433 586-463-7460 637 Inventory Homes - 11 Security AMOUNT: AMOUNT: 4 MS Feature 4 $448 $20 Unknown 5 Average 5 $429 64 Rental Homes $749 - $929 96% Lease Purchase Option Program Older Section - 564 sites Estates Section 1 $423 1 water - city Rent does not include $3 tax Financing 5-20 yrs., 9-11.5% Estates Section -103 sites Standard DW $448 2 $428 2 sewer - city Added $3 to all rents SW - 60% New Home Sales $269 rent for 2 yrs.+ annual increases Feature DW $458 3 $433 3 trash - curbside Sun Communities DW - 40% Relocations $199 rent for 3 yrs.+ annual increases Garage - $491 4 $448 4 Residents pay Plus $5,000 towards moving costs. 5 $429 5 $5 for trash removal service Rudgate Manor TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 933 Vacant Sites - 62 Banquet Room January 2014 January 2015 1 Single Section 1 None $423 5150 Rudgate Blvd. Physical Occupancy - 871 Swimming Pool 2 SS Feature 2 $428 Sterling Heights, MI 48310 OCCUPIED:* Repos - 2 Playground 3 Multi-Section 3 $433 586-939-2090 864 Inventory Homes - 5 Basketball AMOUNT: AMOUNT: 4 MS Feature 4 $448 $20 Unknown 5 Average 5 $429 93% Lease Purchase Option Program New Section 1 $423 1 water - city 12 Rental Homes $699 - $800 Financing 5-20 yrs., 9-11.5% Premium SW - $448 2 $428 2 sewer - city Rent includes $3 tax SW - 60% New Home Sales $269 rent for 2 yrs.+ annual increases Premium DW - $458 3 $433 3 trash - curbside Sun Communities DW - 40% Relocations $199 rent for 3 yrs.+ annual increases 4 $448 4 Residents pay Plus $5,000 towards moving costs. 5 $429 5 $5 for trash removal service *Rent Paying Resident Occupied Homesites 14 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Shelby Forest TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 664 Vacant Sites - 44 Fitness Center October 2005 Unknown 1 Standard SW 1 Trash $381 13955 Bronte Drive Physical Occupancy - 620 Swimming Pool 2 Deluxe/End SW 2 $391 - $401 Shelby Township, MI 48315 OCCUPIED:* Repos - 0 Playgrounds - 2 3 Standard DW 3 $401 586-247-1650 606 Inventory Homes - 14 Basketball AMOUNT: AMOUNT: 4 Deluxe/End DW 4 $411 - $421 RV Storage $5 Unknown 5 Average 5 $391 48 Rental Homes $895 - $1,400 91% None No increase Rents based on 1 $393 1 $12 water - city Rent does not include $3 tax since 2005 the size and the 2 $403 - $413 2 sewer - city Added $3 to all rents SW - 43% location of the 3 $413 3 trash - curbside Moceri Company DW - 57% homesite 4 $423 - $433 4 5 $403 5 Shelby West TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 644 Vacant Sites - 2 Swimming Pool January 2009 Unknown 1 Standard 1 Trash $396 12277 Conservation Trail Physical Occupancy - 642 Playground 2 Court/Preserve 2 $411 Utica, MI 48317 OCCUPIED:* Repos - 3 Park 3 Lakes/Premium 3 $421 586-739-3410 625 Inventory Homes - 14 Security AMOUNT: AMOUNT: 4 Average 4 $396 Fishing Lake Residents pay Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Nature Preserve for cable TV AMOUNT: VALUE: 2 Rental Homes - $895 97% In house financing 1 $408 1 $12 water - city Rent does not include $3 tax No increase 2 $423 2 sewer - city Added $3 to all rents since 2009 3 $433 3 trash - curbside DW - 100% 4 $408 4 5 5 Silver Springs TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: formerly Rudgate Silver Springs 547 Vacant Sites - 11 Playground January 2014 January 2015 1 Standard 1 None $432 43600 Park Drive West Physical Occupancy - 536 Basketball 2 Feature 2 $442 Clinton Township, MI 48084 OCCUPIED:* Repos - 4 Security 3 Premium 3 $452 586-783-3474 524 Inventory Homes - 8 AMOUNT: AMOUNT: 4 Average 4 $432 $20 Unknown 5 5 96% Lease Purchase Option Program 1 $432 1 water - city 81 Rental Homes $749 - $1,099 Financing 5-20 yrs., 9-11.5% 2 $442 2 sewer - city Rent includes $3 tax New Home Sales $269 rent for 2 yrs.+ annual increases 3 $452 3 trash - curbside Sun Communities DW - 100% Relocations $199 rent for 3 yrs.+ annual increases 4 $432 4 Residents pay Plus $5,000 towards moving costs. 5 5 $5 for trash removal service *Rent Paying Resident Occupied Homesites 15 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Springbrook Estates TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 398 Vacant Sites - WNR Swimming Pool January 2012 Unknown 1 Single Section 1 Water $405 71400 Old Van Dyke Physical Occupancy - WNR Playground 2 Multi-Section 2 Trash $425 Romeo, MI 48065 OCCUPIED:* Repos - WNR Basketball 3 Average 3 $411 586-752-6507 220 Inventory Homes - WNR RV Storage AMOUNT: AMOUNT: 4 4 WNR - Would Not Reveal $5 Unknown 5 5 26 Rental Homes $559 - $850 55% Would Not Reveal No increase 1 $449 1 $32 water - well Rent does not include $3 tax since 2012 2 $469 2 $12 sewer - city Added $3 to all rents SW - 70% 3 $455 3 trash - curbside RHP Properties DW - 30% 4 4 Residents pay 5 5 $9 for sewer service Sterling Estates TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 760 Vacant Sites - 83 Fitness Center June 2013 June 2014 1 All Homesites 1 None $459 43475 Legrand Physical Occupancy - 677 Sauna 2 2 Sterling Heights, MI 48078 OCCUPIED:* Repos - 0 Swimming Pool 3 3 586-731-7900 648 Inventory Homes - 29 Playground AMOUNT: AMOUNT: 4 4 Basketball $10 Unknown 5 5 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Laundry Room AMOUNT: VALUE: 85% 1 to 6 months free rent based RV Storage 1 $459 1 water - city on the selling price of the home 2 2 sewer - city Rent includes $3 tax SW - 70% 3 3 trash - curbside Lautrec Community DW - 30% 4 4 Residents pay 5 5 $6.18 for trash removal service Warren Estates TOTAL: SITE ANALYSIS: None AMOUNT: DATE: TYPE: SERVICE: 170 Vacant Sites - 132 September 2012 Unknown 1 Single Section 1 Trash $413 3093 E. Ten Mile Road Physical Occupancy - 38 2 Multi-Section 2 $418 Warren, MI 48091 OCCUPIED:* Repos - 0 3 Average 3 $413 586-755-0660 32 Inventory Homes - 6 AMOUNT: AMOUNT: 4 4 $25 Unknown 5 5 19% Rental home program No increase 1 $425 1 $12 water - city 32 Rental Homes $550 - $625 Handyman specials since 2012 2 $430 2 sewer - city Rent includes $3 tax Rent discounts as needed 3 $425 3 trash - curbside Denmark Management SW - 100% 4 4 2 DW Homes 5 5 *Rent Paying Resident Occupied Homesites 16 **The Average Rent is Normally Rent for a Standard Homesite

Macomb County Michigan Manufactured Home Communities Rent Survey - February 2014 SITE ANALYSIS AND LAST NEXT MONTHLY SERVICES ADJUSTED # OF CUSTOMER COMMUNITY RENT RENT HOMESITE IN RENT HOMESITE COMMUNITY HOMESITES INCENTIVES AMENITIES INCREASE INCREASE RENT** & VALUE RENT Westbridge Manor TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: formerly Macomb 1,424 Vacant Sites - 620 Library December 2013 December 2014 1 SW - Phs 1-2 1 Trash $470 45301 Chateau Thierry Blvd. Physical Occupancy - 804 Swimming Pools - 3 2 SW - Phs 3-4 2 $476 Mt. Clemens, MI 48044 OCCUPIED:* Repos - 2 Fitness Center 3 DW - Phs 1-2 3 $499 586-469-2148 679 Inventory Homes - 123 Day Care AMOUNT: AMOUNT: 4 DW - Phs 3-4 4 $512 Gym $7 Unknown 5 Average 5 $481 Type of Community: All Ages % OCCUPIED: CUSTOMER INCENTIVES: Volleyball AMOUNT: VALUE: 248 Rental Homes $500 - $1,049 48% Rental home program - $199 rent Basketball +$5 Corner 1 $482 1 $12 water - city Rent does not include $3 tax for month one Baseball Diamond +$10 Perimeter 2 $488 2 sewer - city Added $3 to all rents SW - 62% Picnic Area 3 $511 3 trash - curbside Matrix Investments DW - 38% Banquet Hall 4 $524 4 2 unrentable sites not in total sites Seniors Room 5 $493 5 Media Center Westbrook TOTAL: SITE ANALYSIS: Share amenities DATE: DATE: TYPE: SERVICE: 388 Vacant Sites - 18 with sister property January 2013 Unknown 1 Standard 1 Trash $522 45013 Catalpa Blvd. Physical Occupancy - 370 Macomb 2 Corner 2 $532 Macomb, MI 48044 OCCUPIED:* Repos - 2 3 Pond/Wooded 3 $542 - $557 586-469-2148 351 Inventory Homes - 17 AMOUNT: AMOUNT: 4 Phase 3 4 $542 $7 Unknown 5 Average 5 $522 110 Rental Homes $899 - $1,299 90% Rental home program - $199 rent No increase 1 $534 1 $12 water - city Rent does not include $3 tax for month one since 2013 2 $544 2 sewer - city Added $3 to all rents 3 $554 - $569 3 trash - curbside Matrix Investments DW - 100% 4 $554 4 5 $534 5 Willow Point TOTAL: SITE ANALYSIS: Clubhouse DATE: DATE: TYPE: SERVICE: 298 Vacant Sites - 40 Playground January 2014 January 2015 1 All Homesites 1 Trash $349 43400 Lenfesty Physical Occupancy - 258 Laundry Room 2 2 Mt. Clemens, MI 48043 OCCUPIED:* Repos - 0 3 3 586-465-0424 252 Inventory Homes - 6 AMOUNT: AMOUNT: 4 4 $11 Unknown 5 5 85% Lease purchase option program +$20 for each 1 $361 1 $12 water - city Various incentives offered vehicle over 2 2 2 sewer - city Rent includes $3 tax SW - 90% throughout the year. 3 3 trash - curbside Inspire Communities DW - 10% 4 4 5 5 *Rent Paying Resident Occupied Homesites 17 **The Average Rent is Normally Rent for a Standard Homesite