Portfolio Summary

Total Investments as of 12/30/11 - $9 billion

Development Joint Ventures
Portfolio Size: $5.1 billion

• $4.5 billion in residential development
• $600 million in commercial development

Sponsor Level Development
Portfolio Size: $1.3 billion in residential/commercial development

Acquisition/Asset Management of Existing Buildings
Portfolio Size: $2.6 billion

• $360 million in apartment communities and a hotel
• $2.2 billion in office, retail, industrial and mixed-use buildings

Current Asset Management Portfolio - $6.6 billion

• of which $2.1 million represents third party asset management