1. Marcus & Millichap Los Angeles Market Trends The Most Informative Overview of the Real Estate Market 2011

2. * Through July Sources:Marcus & Millichap Research Services, BLS Total Monthly Employment Change United States

3. * Forecast Sources:Marcus & Millichap Research Services, BLS Economic Weakness Expected Into Late 2011 Risk Levels Remain Elevated

4. * Through June Sources:Marcus & Millichap Research Services, BLS The Fed Has Pulled All Stops -Inflation Focus Unlikely to Emerge Until Sustainable Growth is Achieved

5. * Forecast Sources:Marcus & Millichap Research Services, BLS Total Nonfarm Employment Change Los Angeles vs. United States

6. * Through June Sources:Marcus & Millichap Research Services, BLS Total Monthly Employment Change Los Angeles

7. Sources:Marcus & Millichap Research Services, BLS Los Angeles Sector Employment Year-over-Year Absolute Growth

8. Sources:Marcus & Millichap Research Services, BLS Unemployment Rate Los Angeles vs. United States

9. * Forecast Sources:Marcus & Millichap Research Services, BLS Renter Demographics Los Angeles

10. * Forecast Sources:Marcus & Millichap Research Services, BLS New Housing Permits Los Angeles

11. * Mortgage payment amortized over 30 yrs at 4.5%, Est. Tax/Insurance assuming 20% down payment Sources:Marcus & Millichap Research Services, Reis Housing Affordability Gap Los Angeles vs United States

12. * Forecast Sources:Marcus & Millichap Research Services, Reis Apartment Supply Los Angeles vs. United States

13. * Forecast Sources:Marcus & Millichap Research Services, Reis Apartment Demand Los Angeles vs. United States

14. Sources:Marcus & Millichap Research Services, Reis Apartment Metro Vacancy Ranking 2Q 2011

15. Sources:Marcus & Millichap Research Services, Reis Apartment Vacancy by Class Los Angeles

16. Sources:Marcus & Millichap Research Services, Reis Apartment Vacancy Ranking by Submarket Los Angeles

17. * Forecast Sources:Marcus & Millichap Research Services, Reis Apartment Asking Rent Trends Los Angeles vs. United States

18. * Forecast Sources:Marcus & Millichap Research Services, Reis Apartment Effective Rent Trends Los Angeles vs. United States

19. Sources:Marcus & Millichap Research Services, Reis Apartment Metro Effective Rent Growth Ranking 2Q 2011

20. Sources:Marcus & Millichap Research Services, Reis Apartment Effective Rent Ranking by Submarket Los Angeles

21. Includes sales $500,000 and greater, *Trailing-12 month period Sources:Marcus & Millichap Research Services, Costar Group, Inc., Real Capital Analytics Median Sales Price Apartment

22. Includes sales $500,000 and greater, *Trailing-12 month period Sources:Marcus & Millichap Research Services, Costar Group, Inc., Real Capital Analytics Average Cap Rate Apartment