DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY ( APRIL 30,2012)

DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) BRICKELL 1 5 Brickell East Tower 5 Brickell Ave. 28 32 32 9 1% 4 319 71 313 125 313 111 421 14 3 391 6 326 18 31 4 288 2 5 Brickell West Tower 55 S.E. 6 St. 28 313 313 1% 2 329 5 29 165 279 96 386 17 4 4 3 311 17 295 3 26 3 4 16 Brickell (Avenue on Brickell West Tower) 16 Brickell (Avenue on Brickell East Tower) 15 Brickell Ave. 28 261 261 1% 3 373 156 28 12 361 1 3 373 3 287 9 26 5 188 16 Brickell Ave. 28 39 39 1% 18 216 129 379 12 3 362 2 263 18 26 11 217 5 Asia Brickell Key 9 Brickell Key Blvd. 28 123 114 1 93% 9 9 685 12 725 4 751 12 679 67 738 28 1 946 1 597 13 621 9 558 6 Axis on Brickell South Tower 79 S.W 12 St. 28 352 322 66 91% 3 54 327 69 322 36 316 13 317 84 378 9 2 377 2 321 1 482 2 272 7 Axis on Brickell North Tower 1111 S.W. 1st Ave. 28 366 333 75 91% 33 67 35 77 32 26 264 1 38 78 377 4 2 298 2 295 8 274 2 259 8 Brickell on the River North 31 S.E. 5th St. 26 384 384 1% 8 219 1 32 375 364 6 21 341 1 252 31 242 35 29 9 Brickell on the River South 41 S.E. 5th St. 27 327 327 1% 153 186 157 328 17 331 18 2 33 6 245 19 222 9 24 1 Brickell Station Villas 1 S.W. 1th St. Bank takes 42% loss on Brickell Station Villas short sale - South Florida Business Journal --- Aug. 25, 29. 29 63 % 63 REMS Group Purchased Note - Daily Business Review --- Oct. 2, 29 11 Brickell View West 1723 S.W. 2nd Ave. Currently Being Offered as a Rental 27 88 27 31% 61 27 414 12 Habitat One 171 S.W. 2nd Ave. Currently Being Offered as a Rental 28 25 % 25 13 Icon Brickell Tower I - North 465 & 475 Brickell Ave. HSBC Holdings, LLC and Bank of America Corp took ownership of Icon Brickell - Wall Street Journal - December 17, 29 28 715 715 31 1% 18 545 187 481 351 436 85 543 43 54 54 7 551 1 442 16 434 3 392 14 Icon Brickell Tower II -South 495 Brickell Ave. HSBC Holdings, LLC and Bank of America Corp took ownership of Icon Brickell - Wall Street Journal - December 17, 29 28 561 561 1% 33 291 259 42 259 395 1 46 28 6 558 11 464 8 425 15 Icon Brickell - Viceroy 485 Brickell Ave. 162 Hotel Units; 338 Condo Residences 29 338 338 1% 2 34 318 327 24 5 518 5 398 33 374 23 331 16 Infinity at Brickell Condo 6 S.W. 13th St. Included in ST Residential Portfolio 28 459 452 7 98% 7 3 39 25 268 15 24 43 276 17 333 34 2 396 3 316 9 317 17 Latitude on the River 185 S.W. 7th St. Currently Being Offered as a Rental 27 452 412 24 91% 4 9 175 7 196 23 376 349 353 9 18 33 9 192 37 186 23 193 6/28/212

DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) 18 Lofts on Brickell I 1528 Brickell Ave. 26 24 24 1% 4 427 2 433 1 1 359 1 2 2 215 19 Lofts on Brickell II 165 Biscayne Blvd. 27 24 24 1% 24 431 6 28 2 Los Suenos De Brickell 145 S.W. 11th St. Construction Suspended TBD 64 % 21 Neo Vertika 69 S.W. 1st Ct. 26 443 443 1% 6 295 12 359 425 388 1 15 32 9 23 58 176 46 163 22 One Plaza West Brickell 18 S.W. 1st Ave. Currently Being Offered as a Rental 29 188 % 188 23 Park View Towers 115 S.W. 11 St. Currently Being Offered for Purchase or Rental 27 5 38 76% 12 1 287 37 282 1 2 26 4 165 2 162 3 175 24 Plaza on Brickell - N. Tower 95 Brickell Bay Dr. 28 56 56 1 1% 65 363 66 359 57 387 362 394 31 15 457 24 388 41 337 5 31 25 Plaza on Brickell - S. Tower 951 Brickell Ave. 28 44 44 13 1% 4 316 17 311 31 344 375 355 19 7 43 13 346 3 313 11 289 26 Solaris Condo Brickell Miami 186 S.E. 12th Terr. 26 138 138 1% 1 162 2 165 1 333 17 521 117 396 4 7 314 5 234 15 192 31 178 27 The Emerald Condo Brickell 218 S.E. 14th St. 26 142 142 1% 1 229 6 422 13 694 122 398 7 2 383 4 266 12 223 16 217 28 The Sail on Brickell 17 S.E. 14th St. 26 154 134 1 87% 2 7 218 3 211 9 433 15 418 9 353 4 8 224 18 24 3 232 CENTRAL BUSINESS DISTRICT 29 5 Biscayne 5 Biscayne Blvd. 27 529 513 1% 16 32 4 375 42 293 35 323 118 429 278 41 52 1 417 11 35 32 272 15 283 3 Capital Lofts @ the Security Bldg. 117 N.E. 1st Ave. Foreclosure lawsuit filed over the 45 unsold units -South Florida Business Journal: March 17, 21 28 57 12 21% 45 6 21 6 254 1 166 31 Epic West 2 Biscayne Blvd 28 342 342 5 1% 26 513 138 486 99 442 72 63 2 678 17 3 77 7 53 14 521 7 423 32 Vizcayne South Tower 253 N.E. 2nd St. 33 Vizcayne North Tower 244 Biscayne Blvd. 28 849 573 41 67% 276 89 345 258 284 81 299 81 38 23 363 36 1 473 4 277 1 294 Name Change, formally known as Everglades on the Bay, office actively engaging in sales 34 Flagler First Condominium 11 E. Flagler St. 28 91 87 14 96% 4 9 165 29 154 5 152 3 277 35 Ivy Miami Condominium 9 SW 3rd St. 28 5 497 5 99% 3 7 269 25 271 25 279 219 366 216 377 8 1 192 2 129 1 159 34 11 358 14 268 25 236 3 227 6/28/212

DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) 36 Met 1 Condo downtown 3 S. Biscayne Blvd. 28 447 367 82 82% 8 2 386 13 384 21 313 11 279 148 413 1 1 41 3 3 6 229 2 251 37 Mint Condo Miami River 92 SW 3rd St. Per Office CO Was Received, Closings have started for original buyers. and Pricing not available until Mid February 29 62 581 1 97% 18 91 325 26 39 13 319 21 4 42 6 317 5 289 38 The Loft Downtown II 133 N.E. 2nd Ave. 27 496 496 1% 37 173 6 18 59 282 394 26 16 7 272 13 185 3 172 22 161 Currently Being Offered for Purchase or Rental 39 Wind by Neo 35 S. Miami Ave. 28 486 486 1% 15 266 1 267 192 213 61 242 217 37 2 8 318 1 254 32 239 15 218 MEDIA & ENTERTAINMENT 4 City 24 35 N.E. 24th St. Currently Being Offered for Purchase or Rental Can purchase unit with tenant for investment 27 12 67 5 56% 53 1 246 7 267 5 271 4 259 36 318 12 2 328 4 271 2 283 1 214 41 Opera Tower 175 N. Bayshore Dr. 28 635 266 26 42% 369 1 19 1 347 229 412 7 9 415 4 252 13 221 4 234 Currently Being Offered for Purchase or Rental PARK WEST 42 9 Biscayne 9 Biscayne Blvd. 28 59 59 1% 13 448 18 43 88 424 21 48 47 3 563 5 472 42 442 12 378 43 Marina Blue 888 Biscayne Blvd. 28 516 497 96% 19 11 313 26 32 98 246 362 417 25 8 425 23 39 33 298 22 296 44 Marquis Condos 11 Biscayne Blvd. 29 36 289 5 94% 17 22 46 19 37 18 314 11 515 6 483 12 394 21 327 56 Hotel Rooms; 36 Residences 45 Ten Museum Park 14 Biscayne Blvd. 27 2 2 1% 4 314 8 3 25 471 163 462 8 8 528 5 352 23 282 1 256 WYNWOOD - EDGEWATER 46 Cynergi 27 N. Miami Ave. Hugo Amaya, president of Osaka Air purchased Note - Daily Business Review --- Oct. 2, 29 28 1 4 4% 96 4 469 Currently Being Offered as a Rental ---EWM 47 Edgewater Lofts 22 N.E. 4th Ave. 28 69 69 11 1% 1 23 14 17 27 153 16 313 1 148 1 153 48 Gallery Art 333 N.E. 24th St. 28 176 176 1% 18 187 1 193 58 417 1 2 351 1 281 3 183 3 223 49 Midtown Midblock 325 N.E. 1st St. 27 172 % 172 Currently Being Offered as a Rental 5 Midtown Two (Mid-Rise) 3451 N.E. 1st Ave. 27 62 6 1 97% 2 3 182 3 192 2 148 1 167 12 373 38 41 5 1 315 4 197 51 Midtown Two (Mews Building) 3449 N.E. 1st Ave. 27 14 14 1% 8 429 6 353 1 131 52 Midtown Two (High-Rise) 347 E. Coast Ave. 27 256 256 1% 5 127 3 188 67 364 181 371 6 7 392 7 241 33 155 28 167 6/28/212

DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) 53 Midtown Four 331 N.E. 1st Ave. 27 327 87 27% 24 87 377 6 1 291 3 228 7 183 3 172 Relaunching building May 212. Pricing Not yet Available 54 Moonbay 52 N.E. 29th St. 27 61 61 2 1% 1 157 22 294 36 47 4 3 129 2 15 55 New Wave 725 N.E. 22nd St. 26 78 78 1% 9 322 69 353 1 4 294 1 237 7 196 5 25 56 Onyx on the Bay 665 N.E. 25th St. Hyperion bought Onyx loan before Corus failed - South Florida Business Journal ---September 15, 29 27 118 11 9 86% 17 4 273 1 24 1 275 2 34 57 421 6 3 343 1 23 3 214 3 26 57 Palermo 425 N.E. 3th St. 28 22 1 5% 21 1 361 Currently Being Offered as a Rental 58 Paramount Bay 266 N. Bayshore Dr. Included in ST Residential Portfolio Office will open until August 211 29 346 255 85 74% 91 15 466 65 444 9 2 564 3 364 59 Platinum 48 N.E. 3 St. 26 119 98 4 82% 21 1 249 2 248 1 243 9 349 5 5 38 3 26 8 164 8 29 6 Quantum on the Bay South Quantum on the Bay North 19 N. Bayshore Dr. 28 698 698 1% 34 254 124 26 54 314 36 16 321 22 261 4 285 19 244 61 Star Lofts On The Bay 7 N.E. 25th St. 27 47 47 1% 2 264 1 344 11 365 24 424 8 496 1 27 1 28 2 276 62 The 18 Club 18 N. Bayshore Dr. 27 469 469 1% 1 334 24 321 49 322 75 38 22 419 1 429 1 8 369 13 31 28 274 24 22 TOTAL UNITS BUILT 1752 15484 88% 218 622 346 224 331 2343 292 2213 292 4419 387 1981 42 1137 384 758 268 47 316 295 839 268 485 243 Despite much higher sales figures provided by on-site sales office, our number represents 75% "" due to lack of verifiable sales data in either MLS or Miami-Dade County Tax Records Sources: Integrated Realty Information System (IRIS); Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 6/28/212

AVENTURA DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3, 212) 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) Listing 1 Alaqua 31 NE 185 St. 27 193 193 1% 19 225 11 259 163 3 11 2 286 5 189 19 192 9 216 2 Eastside 3 NE 188 St. 27 39 39 1% 9 338 3 315 2 27 2 176 11 142 4 168 3 33 33 NE 188 St. 27 45 29 64% 16 2 116 9 213 7 229 6 41 5 416 1 2 2 198 1 245 4 Atrium 3131 NE 188 St. 27 192 192 1% 2 253 5 243 25 265 37 31 123 331 15 4 348 6 33 19 247 16 249 5 Artech 295 NE 188 St. 28 232 232 1 1% 8 28 53 35 13 292 141 274 16 586 18 5 355 4 33 8 286 6 Peninsula II - Chinese Drywall 331 NE 183 St. 27 223 223 8 1% 13 33 68 276 22 274 21 243 17 299 74 321 12 2 359 8 35 22 242 8 197 7 Venture East 188 NE 2 Ave 26 38 38 1% 1 155 21 184 36 264 241 297 7 12 25 1 17 28 182 27 166 8 Venture West 2775 NE 187 St. 26 191 191 1% 6 29 15 24 15 33 155 297 5 8 248 11 191 16 152 15 16 9 Uptown Lofts 329 NE 188 St. 26 213 213 1% 1 271 13 331 41 499 149 432 1 5 356 4 225 32 219 24 26 1 Terzetto at Aventura Currently Renting 2865 NE 185 St. 21 62 % TOTALS 1698 162 9 95% 16 23 233 132 262 47 26 232 235 145 327 487 347 545 342 81 38 297 5 236 157 21 14 21 Sources: Integrated Realty Information System (IRIS); Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212

BAL HARBOUR DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3, 212) 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) Listing 1 Harbour House 1275 Collins Ave. 27 457 448 2 98% 9 7 387 48 48 112 416 58 58 221 678 65 7 535 6 368 4 394 36 385 2 St. Regis - North Tower 971 Collins Ave Under Construction Dec. 211 115 75 9 65% 4 43 1,281 23 1,273 St. Regis - Center Tower 971 Collins Ave. Under Construction 24 Hotel Units office says they are 1% sold St. Regis - South Tower 971 Collins Ave. Under Construction Dec. 211 Dec. 211 38 115 38 38 1% 74 2 64% 41 43 1,334 11 1,25 3 1 1,314 TOTAL 725 635 69 88% 9 86 1,38 41 955 48 48 112 416 58 58 221 678 68 8 925 6 368 4 394 36 385 Sources: Integrated Realty Information System (IRIS); Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212

HALLANDALE & HOLLYWOOD DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (26- APRIL 3, 212) NEW CONSTRUCTION PROJECTS BROWARD COUNTY TAX RECORDS 212 211 21 29 28 27 26 25 212 211 21 - Unclosed % HALLANDALE 1 Beach Club III 18 S. Ocean Dr. 27 444 444 1% 14 35 39 37 36 41 355 468 5 1 343 29 323 65 273 49 281 2 Duo East 1755 Hallandale Beach Blvd. 27 199 199 1% 35 211 45 214 119 29 13 5 248 5 29 18 19 11 174 3 Duo West 1745 Hallandale Beach Blvd. 27 199 199 1% 14 196 21 199 164 25 19 6 217 7 21 17 25 11 159 4 Ocean Marine Yacht Club 1945 S. Ocean Dr. 27 283 283 1% 14 273 124 251 137 362 8 411 21 4 361 5 31 14 25 16 26 HOLLYWOOD 5 Diplomat 3535 S. Ocean Dr. 26 135 135 1% 7 317 28 348 5 441 5 485 11 2 52 3 399 19 34 11 294 6 Ocean Palms 311 S. Ocean Dr. 26 24 24 1% 7 313 33 334 23 335 177 365 9 3 427 6 376 25 297 29 39 7 19 Van Buren St. 25 87 87 1% 1 122 86 291 1 137 4 112 11 1 1 113 Regent Park at Young Circle 1919 Van Buren St. 25 166 166 1% 166 3 3 5 117 3 114 7 16 37 18 8 Radius 183 Radius Dr. 27 285 285 1% 74 15 178 237 33 262 13 4 189 5 172 3 136 7 138 9 Trump Hollywood 2711 S. Ocean Dr. BH III, purchased the mortgage on the property for 16 million - South Florida Business Journal - 11/18/21 29 2 19 35 95% 1 25 561 19 493 18 567 3 738 7 1 58 2 489 3 39 1 457 TOTAL 2238 2228 35 97% 1 25 561 19 493 46 381 34 289 478 299 752 333 227 425 252 296 147 4 312 69 271 29 229 182 229 Sources: Integrated Realty Information System (IRIS); Broward County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 1/18/21

MIAMI BEACH---NOW INCLUDING SOUTH BEACH DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (26 -APRIL 3, 212) NEW CONSTRUCTION PROJECTS 212 211 21 29 28 27 26 212 211 21 1 Canyon Ranch North Tower 6899 Collins Ave 2 MIAMI BEACH 176 units purchased and closed on 1/8/29 by FL 681 COLLINS N LLC Canyon Ranch Center Building 3 Canyon Ranch South Tower 6799 Collins Ave 28 units purchased and closed on 1/8/29 by FL 681 COLLINS S LLC 4 Casablanca Villas 6362 Collins Ave 27 units recently sold as a bulk purchase. Per new owner, units will be available for rent only and for sale in 5 years. 5 Cabana 6261 Collins Ave Construction Suspended - Unclosed (%) 681 Collins Ave 28 8 8 1% 23 63 57 818 15 2 71 3 49 19 498 8 419 6 Terra Beach Villas 6 Collins Ave 21 117 117 3 1% 5 292 52 228 57 258 2 1 348 6 291 16 298 7 Mei Condominium 5875 Collins Ave 28 134 134 2 1% 2 581 8 548 21 577 7 587 31 92 14 4 776 5 547 9 519 7 597 8 Fontainebleau III 4391 Collins Ave Remaining (25 units) purchased by BH III on July Condo with option to participate in hotel program 9 Mosaic 381 Collins Ave 26 84 84 1% 2 567 6 675 35 881 41 757 3 2 1,7 3 721 11 574 6 61 1 The Caribbean - North Tower 3737 Collins Ave 28 35 35 1% 2 432 31 48 2 373 11 The Caribbean - South Tower 3737 Collins Ave New York City-based Melohn Properties bought mortgage from Corus Bank (South Florida Business Journal - 12 Eden House 67 Indian Creek Dr Formally Known as Nobe Bay 13 Regatta at Indian Creek 658 Indian Creek Dr 26 52 52 1% 9 335 5 438 7 523 31 38 3 1 547 1 239 1 279 14 63 Nobe 635 Indian Creek Dr Received CO 15 6 Indian Creek 6 Indian Creek Dr 26 34 34 1% 3 26 2 331 3 568 26 563 2 1 48 1 335 1 19 3 26 16 Arte City - The Governor 435 21st St Remaining inventory occupied by tenants. Available for 41 p/ 17 Arte City - Artepark North 2135 Washington Court Under Financial Restructuring 18 Arte City - Artepark South 21 Park Ave Under Financial Restructuring SOUTH BEACH 19 The Perry South Beach 2399 Collins Ave 28 27 185 89% 27 143 143 1% 28 44 44 28 28 21 28 286 68 28 61 286 68 22 21 55 21 21 58 19 17 25% 64 22 7 467 1% 2 168 33 163 9 235 TBD 211 % 4 1% 4 1 1,14 3 75 9 987 11 659 14 711 4 534 2 245 29 496 18 66 199 956 14 2 947 9 713 15 63 618 2 681 7 TBD 98 98 98 1% 43 18 1% 79% 7% 38% 6 422 35 6 12 221 1 227 18 2 462 34 39 26 688 3 2 575 424 62 621 7 19 634 7 857 19 1,53 635 6 389 81 649 24 635 13 1 734 5 6 16 483 1 541 993 498 41 - - - - 1 9 4 2 2 2 453 514 2 424 1 34 1 279 3 575 6 221 9 528 14 2 621 518 34 Goldenrlt Name Change, formally known as Residences above the Gansevoort y@aol.c / Paradiso and 24th and Collins Gansevoort South Beach has 34 hotel rooms, including 86 suites 2 Cipriani South Beach 321 Collins Ave Per sales office groundbreaking date unknown 28 TBD 259 65 4 2% % 4 1,69 7/5/212

MIAMI BEACH---NOW INCLUDING SOUTH BEACH DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (26 -APRIL 3, 212) NEW CONSTRUCTION PROJECTS 212 211 21 29 28 27 26 212 211 21 - Unclosed (%) 21 W South Beach Residences 221 Collins Ave Condo with option to participate in hotel program 22 Boulan South Beach 22 21st Street Name Change, formally known as Parc Place, office actively engaging in sales 29 21 46 297 124 73% 19 9 1,867 6 1,638 6 1,676 44 1,921 38 2 1,795 18 1,439 38 1,417 1 57 39 16 68% 18 2 75 21 451 8 1,2 2 75 21 451 23 Apogee on South Beach 8 S. Pointe Dr 28 67 67 1% 1 1,756 66 1,371 9 2,581 1 2,177 8 1,779 9 1,33 24 Continuum II North 5 S. Pointe Dr 28 211 189 22 9% 22 11 1,134 18 1,134 6 1,43 132 1,31 4 2 1,285 6 1,312 26 1,157 15 1,13 683 25 Capri South Beach 1445 16 St Bulk Buyer Purchased the remaining 46 units for 29.6 million / 436 - Condovultures,com, June 11, 21 26 Ocean House 125 Ocean Dr I Star Property, Formally known as South of Fifth TOTALS 28 58 46 16 79% 12 5 762 6 771 28 28 2 7% 26 1 476 1 1,831 3 726 1 779 6 968 6 5 1,22 6 767 6 783 1 776 3 1 1,529 2946 219 42 51% 36 54 742 251 565 325 74 232 722 656 829 69 652 98 567 189 3 997 85 755 225 653 14 586 Despite much higher sales figures provided by on-site sales office, our number represents 75% "" due to lack of verifiable sales data in either MLS or Miami-Dade County Tax Records * Gansevoort South Beach / Paradiso According to the Miami-Dade County Tax Records the address of this project is 231 Collins Ave., Miami Beach, FL 33139 Sources: Integrated Realty Information System (IRIS); Miami Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212

SUNNY ISLES DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3th, 212 212 211 21 29 28 27 26 212 211 21 (Unclosed) (%) Listing 1 Acqualina 17875 Collins Avenue 188 Condo residences & 97 Condo hotel residences 26 188 188 1% 9 569 34 623 37 653 18 526 17 3 927 4 792 18 736 18 694 2 Jade Beach 171 Collins Avenue 28 248 248 1% 11 512 121 599 116 693 17 4 888 7 72 24 559 11 51 3 Jade Ocean 17121 Collins Avenue 29 256 256 1% 148 74 18 657 16 2 1,117 5 889 11 687 2 66 4 Ocean 4 1721 Collins Avenue 26 283 283 1% 12 372 36 424 177 467 58 469 18 6 539 5 46 28 425 2 371 5 Solis 1571 Collins Avenue Construction Suspended 6 St. Tropez - Tower I 15 Sunny Isles Blvd. 29 72 71 4 99% 1 4 516 8 491 11 435 44 55 4 592 1 494 St. Tropez - Tower II 2 Sunny Isles Blvd. 29 72 71 99% 1 4 457 21 461 31 44 15 493 1 1 518 1 411 St. Tropez - Tower III Will be released in June 211 25 Sunny Isles Blvd. 7 Trump Tower I 161 Collins Avenue 28 271 271 1% 14 369 167 516 19 9 666 7 463 7 492 8 373 8 Trump Tower II 1591 Collins Avenue 28 271 27 1 1% 1 6 548 17 516 151 413 5 51 36 544 11 2 63 1 425 1 38 5 428 9 Trump Tower III 1581 Collins Avenue 21 271 263 3 97% 8 14 534 2 467 19 44 7 2 585 Turnberry Ocean Colony- 1 South Tower Turnberry Ocean Colony - 11 North Tower 13 % 1647 Collins Avenue 27 13 13 1% 17 52 98 741 15 7 9 1 1,96 5 845 9 69 6 683 1651 Collins Avenue 26 13 13 1% 6 58 17 62 16 695 91 564 6 2 984 3 836 7 695 1 591 TOTALS TBD 29 72 48 21 6% 24 11 54 16 59 1 531 2394 2229 65 89% 35 39 512 41 531 331 483 378 493 54 594 245 629 257 52 135 32 756 38 643 115 573 8 539 Acqualina Note: Dade County Property Appraiser reflects the address of 17885 Collins Avenue, while website reflects 17875. units represented exceed condo units listed, as closings did not differentiate between a condo or condo-hotel. Sources: Integrated Realty Information System (IRIS); Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212

SUNRISE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 - April 3, 212) NEW AND/OR UNDER CONSTRUCTION PROJECTS (CONDO CONVERSIONS NOT INCLUDED) BROWARD COUNTY TAX RECORDS 212 211 21 29 28 27 26 212 211 21 Description - Unclosed % 1 Artesia - (See Attached Brochures, Photos & Unit Mix) Multiple Low-rise Condo Bldgs. Villa Flora Villa Alhambra Villa Bari Villa Carrara Villa Biarritz Villa Castille 32 NW 125th Ave 2925 NW 126th Ave 291 NW 126th Ave 2955 NW 126 Ave 29 NW 125th Ave 355 NW 126 Ave Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. 26 52 52 1% 1 8 151 15 195 28 274 6 1 151 2 14 7 143 2 17 27 68 68 1% 1 28 5 141 7 183 55 273 6 2 124 3 13 8 125 1 15 27 66 66 1% 1 21 4 139 11 178 5 27 1 2 147 4 13 7 125 7 133 27 52 52 1% 4 149 28 16 2 283 3 188 2 146 27 66 66 1% 7 162 14 166 45 253 2 3 137 3 13 8 121 27 52 52 1% 1 182 2 137 49 2 1 16 5 176 1 179 Courtyard Villas (2 to 3 Villas per building) Phase I NW 126th Way Townhomes/Villas 29 18 18 1% 18 165 Phase II NW 126th Way Townhomes/Villas 29 18 18 1% 18 188 Phase III NW 126th Way Townhomes/Villas 21 72 72 1% 7 192 65 178 Phase IV - Preconstruction - Summer Club Villas (2 Villas per building) NW 126th Way Townhomes/Villas Summer 211 23 23 11 1% 3 19 9 182 2 215 3 197 6 197 12 19 Phase I NW 125th Way Townhomes/Villas 28-21 86 86 1% 4 194 36 185 26 154 2 156 6 23 2 189 5 179 5 172 Town Villas (2 Villas per building) Phase I NW 125th Way Townhomes/Villas 21 18 18 1% 17 193 1 166 1 196 Terrace Homes (3-5 Villas per building) Phase I NW 125th Way Townhomes/Villas March 211 65 65 22 1% 14 192 29 194 5 216 2 Tao- (See Attached Brochures, Photos & Unit Mix) North Tower 2641 N. Flamingo Rd Condos 26 198 198 1% 114 15 4 211 44 246 7 2 163 2 198 1 195 2 186 South Tower 2681 N. Flamingo Rd Condos 26 198 198 1% 137 152 34 22 27 19 3 27 2 184 1 2 1 337 TOTALS 152 152 33 1% 17 191 38 18 18 192 163 166 144 177 17 27 28 274 42 1 176 21 158 48 17 34 18 Sources: Integrated Realty Information System (IRIS); Broward County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212

PLANTATION DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 -April 3, 212) NEW AND/OR UNDER CONSTRUCTION PROJECTS (CONDO CONVERSIONS NOT INCLUDED) BROWARD COUNTY TAX RECORDS 212 211 21 29 28 27 26 25 212 211 21 Description - Unclosed % 3 VERANDA 51 NW 84TH AVE Condo 27 21 171 12 85% 3 5 189 72 181 11 178 1 127 18 33 52 331 2 3 2 3 148 7 145 4 144 TOTALS 21 171 12 78% 3 5 189 72 181 11 178 1 127 18 33 52 331 2 3 2 3 148 7 145 4 144 Sources: Integrated Realty Information System (IRIS); Broward County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212

FORT LAUDERDALE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 - April 3, 212) NEW CONSTRUCTION PROJECTS BROWARD COUNTY TAX RECORDS 212 211 21 29 28 27 26 25 212 211 21 - Unclosed % FORT LAUDERDALE 4 Lauderdale One 2421 NE 65th Street 25 123 123 1% 4 119 9 28 1 296 7 36 33 357 6 342 2 4 112 1 13 13 12 9 114 5 Lauderdale Tower 29 NE 3th Street 26 18 18 1% 1 147 4 259 29 245 65 271 7 3 214 2 144 12 149 2 125 6 Le Cercle 325 NE 28th Street 25 91 91 1% 1 158 1 189 8 233 6 274 5 291 61 29 2 137 5 131 9 143 7 Porto Venezia 2765 NE 14th Street 28 1 1 1% 1 247 9 217 1 31 FORT LAUDERDALE BEACH Sapphire Condominium 8 North Sapphire Condominium 9 South 2831 N. Ocean Blvd. 29 86 86 1% 32 298 37 269 17 345 2821 N. Ocean Blvd. 29 86 86 1% 17 325 55 292 14 355 1 Symphony Tower One 6 W Las Olas Blvd. 25 151 151 1% 11 233 11 259 11 328 12 417 46 394 6 355 4 2 285 4 235 9 215 2 215 11 Symphony Tower Two 61 W Las Olas Blvd. 26 186 186 1% 13 22 12 219 16 279 19 369 126 297 9 1 278 2 252 3 225 1 226 Fountains on Ocean Blvd - 251 & 259 N. Ocean 12 North Blvd. Fountains on Ocean Blvd - 241 & 249 N. Ocean 13 South Blvd. Ritz Carlton (Castillo Grand 1 North Ft. Lauderdal 14 Residences) Beach Blvd. 28 Condo Residences; 34 Condo Hotel Residences 11 S. Ft. Lauderdale 15 Las Olas Beach Club Beach Blvd. 29 31 31 1% 11 232 6 251 14 312 1 262 3 265 1 261 29 3 3 1% 12 215 7 262 11 329 1 38 1 327 2 28 7 268 26 15 15 1% 4 41 1 419 3 483 142 473 8 3 489 5 43 7 455 16 396 16 The Vue North 211 N. Ocean Blvd. 25 79 79 1% 4 38 11 3 2 46 6 416 12 432 44 382 5 337 1 214 4 221 8 25 17 The Vue South 21 N. Ocean Blvd. 25 79 79 1% 1 336 4 264 3 322 9 457 1 444 52 368 4 1 288 2 225 12 27 1 257 DOWNTOWN FORT LAUDERDALE 18 Nola Lofts 313 NE 2nd Street 25 52 52 1% 1 16 12 143 2 272 5 35 2 324 3 289 1 6 143 7 153 19 Strada 315 315 NE 3rd Avenue 65 Units Purchased by Related FULLY RENTED 27 28 28 1% 1 431 4 599 7 27 117 61 4 52% 56 1 265 3 175 3 264 15 389 35 388 2 Foundry Lofts 411 NW 1st Avenue 28 36 36 1% 3 189 5 233 4 221 4 3 2 374 1 393 3 14 2 28 21 The Mills Loft 41 NW 1st Avenue 27 34 34 1% 4 21 4 22 4 246 4 26 18 372 1 242 2 218 4 178 3 248 22 Avenue Lofts Condo Two 435 N. Andrews Avenue 25 2 2 1% 1 151 1 262 2 357 16 263 2 21 3 161 1 123 6 249 23 Avenue Lofts Condo Three 445 N. Andrews Avenue 25 12 12 1% 1 137 2 245 2 315 2 364 5 266 1 161 1 179 4 193 24 Avenue Lofts Condo Four 444 NW 1st Avenue 26 23 23 1% 1 134 2 327 5 244 15 259 3 156 4 125 1 118 25 Avenue Lofts Condo Five 434 NW 1st Avenue 26 23 23 1% 3 98 2 226 3 297 15 31 3 131 2 176 3 145 26 Coconut Grove Residences 12 Holiday Drive 27 63 63 1% 6 28 18 323 11 434 17 87 11 581 6 1 618 9 342 16 334 74 16 791 - - - 6 1 11 1 1 393 969 244 3 636 1 813 1 13 19 324 4 678 7 158 12 4 3 314 849 16 7/5/212

LAS OLAS - Unclosed % 27 Aria 516 Hendricks Isle 27 12 2 17% FORT LAUDERDALE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 - April 3, 212) 212 NEW CONSTRUCTION PROJECTS 211 BROWARD COUNTY TAX RECORDS 21 29 28 27 26 25 212 211 21 1 2 583 28 Place Des Arts 31 Hendricks Isle 25 1 1 1% 3 189 3 396 4 367 1 276 1 232 2 191 2 229 29 45 Hendricks 45 Hendricks Isle 27 14 14 1% 4 314 1 486 2 354 1 274 4 215 3 The Meritage 4 Hendricks Isle 26 8 8 1% 2 311 6 512 2 1 657 2 221 2 236 31 Las Olas by the River 52 SE 5th Avenue 25 239 239 1% 41 225 22 183 14 195 24 242 33 275 42 374 63 388 6 3 18 7 165 21 151 24 153 32 Nu River Landing 511 SE 5th Avenue 26 49 49 1% 5 177 33 183 19 251 3 353 322 354 12 1 23 19 197 51 183 53 184 33 35 Las Olas Place 35 SE 2nd St. 25 163 163 1% 3 242 17 245 12 295 1 36 17 4 14 326 6 3 245 6 258 1 236 15 239 34 Las Olas Grand 411 N. New River Drive 25 212 212 1% 16 286 18 372 24 49 18 56 136 328 12 3 46 8 347 19 352 13 334 35 Watergarden 347 N. New River Drive 25 314 314 1% 3 274 22 331 34 363 37 426 35 494 183 358 8 2 359 2 335 9 33 4 329 36 Las Olas River House 333 Las Olas Way 25 284 284 1% 2 271 27 277 36 317 27 416 33 493 141 431 1 4 43 14 323 22 281 32 273 37 Sole at Ft. Lauderdale 533 NE 3rd Avenue 25 247 247 1% 2 92 57 91 14 136 35 293 56 33 83 3 4 7 172 7 133 2 17 51 13 38 The Port Condo 1819 SE 17th Street 25 129 129 1% 3 228 1 228 13 248 1 296 21 427 72 361 6 254 3 231 12 215 7 164 39 Waverly at Las Olas 111 N. Federal Highway 25 223 223 1% 5 131 27 138 16 25 19 334 14 336 142 232 4 1 178 11 152 32 129 7 143 TOTALS 3882 3816 4 98% 66 1 265 126 246 24 236 43 25 34 328 582 392 9 378 1256 332 149 6 335 118 256 352 229 385 243 Sources: Integrated Realty Information System (IRIS); Broward County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While Related ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents. 7/5/212