Commercial Real Estate Outlook IRR-Viewpoint 2010

Industrial The Best, The Worst and The Local Market Top Three Markets By Vacancy… 1.Los Angeles, CA – 4.92% 2.Orange County, CA – 6.58% 3.Seattle, WA – 6.70% Local Market… 50. Charlotte, NC – 14.26% (3Q 2009);14.70% (1Q 2010-NA ) …and the Bottom Three Markets 54. Austin, TX – 18.40% 55. Boston, MA – 24.76% 56. Louisville, KY – 26.01%

Industrial Market Pricing

Industrial – Overall Capitalization Rates InstitutionalNoninstitutional National Flex 7.50 %-12.0% 9.38% - Average basis points 250 or 11.88% - Average National Warehouse 7.00%-12.0% 8.60% - Average basis points 225 or % -Average Korpacz – Second Quarter 2010 –Investor Survey Realty Rates.com – Second Quarter Investor Survey Industrial %

Apartment The Best, The Worst and The Local Market Top Three Markets By Vacancy… 1.San Francisco, CA – 3.59% 2.Syracuse – 3.94% 3.New York City – 4.80% Local Market… 49. Charlotte – 11.64% (3Q–2009);13.6% (1Q 2010) …and the Bottom Three Markets 54. Phoenix – 12.97% 55. Naples/Ft. Myers – 13.37% 56. Providence – 14.11%

Apartment Market Pricing

Apartment – Overall Capitalization Rates InstitutionalNoninstitutional National Apartment 5.00 %-11.00% 7.68% - Average basis points 161 or 9.29% - Average Korpacz – Second Quarter 2010 –Investor Survey Realty Rates.com – Second Quarter Investor Survey Retail – 9.50% Average

Office Market Cycle

Office – CBD The Best, The Worst and The Local Market Top Three Markets By Vacancy… 1.Charlotte, NC – 6.43% 2.Boise, ID – 8.10% 3.Memphis, TN – 8.70% Local Market… 1. Charlotte, NC – 6.43% (3Q–2009); 12.0% (1Q-2010) …and the Bottom Three Markets 54. San Jose, CA – 23.90% 55. Detroit, MI – 25.00% 56. Dayton, OH – 26.00%

Office – Suburban The Best, The Worst and The Local Market Top Three Markets By Vacancy… 1.Dayton, OH – 10.88% 2.Pittsburgh, PA – 11.09% 3.Los Angeles, CA – 11.30% Local Market… 41. Charlotte, NC – 19.07% (3Q–2009);19.77% (1Q–2010 ) …and the Bottom Three Markets 54. Detroit, MI – 23.89% 55. Phoenix, AZ – 27.41% 56. Hartford, CT – 29.45%

Office Market Pricing

Office – Overall Capitalization Rates InstitutionalNoninstitutional National CBD 6.00 %-10.50% 8.15% - AverageN/A Suburban 6.00%-12.00% 8.60% - Average basis points 141 or % -Average Korpacz – Second Quarter 2010 –Investor Survey Realty Rates.com – Second Quarter Investor Survey Office – 9.48% Average

Retail Market Cycle

Retail The Best, The Worst and The Local Market Top Three Markets By Vacancy… 1.San Francisco, CA – 3.08% 2.Los Angeles, CA – 4.87% 3.San Jose, CA – 5.03% Local Market… 12. Charlotte, NC – 6.77% (3Q–2009); 8.0% (4Q–2009) …and the Bottom Three Markets 54. Providence, RI – 17.00% 55. Dayton, OH – 17.30% 56. Detroit, MI – 17.35%

Retail Market Pricing

Retail – Overall Capitalization Rates InstitutionalNoninstitutional Regional Malls 5.00 %-10.50% 7.93% - Average basis points 279 or 10.72% - Average Power Center 7.50%-10.00% 8.70% - AverageN/A Strip Center 7.00%-11.40% 8.38% - Average basis points 303 or 11.41%- Average Korpacz – Second Quarter 2010 –Investor Survey Realty Rates.com – Second Quarter Investor Survey Retail – 9.50% Average

Recent Development in Capitalization Rates Korpacz Survey data for investment grade property and our analysis are presented in the following table:

Recent Development in Capitalization Rates Korpacz Survey data for non-investment grade property and our analysis are presented in the following table:

Real Estate Listing Sources – For Sale & For Lease Loopnet Edis / (N.C. Department of Commerce Buildings & Sites EDIS) Mecklenburg County Real Estate Lookup (Market Analysis Link) National & Local Brokerage Firms –Apartment Realty Advisors –CB Richard Ellis (CBRE ) –Sperry Van Ness –Lincoln Harris CSG –The Stump Corporation –Marcus & Millichamp –NAIGLOBAL

National Real Estate Surveys IRR.com (Viewpoint – Real Estate Value Trends) Marcus & Millchap.com NAIGLOBAL (Korpacz Real Estate Investor Survey ) ACLI (American Council of Life Insurers) Realty Rates.com (Developer Surveys, Financial Indicators, Market Surveys, Investor Surveys)

Vacancy and Rental Rate Surveys - SUBSCRIPTION Karnes (Office, Retail and Industrial) Real Data (Apartments) REIS

Real Estate Sales - SUBSCRIPTION Costar REIS Real Capital Analytics

Integra Realty Resources Nation’s Largest Valuation and Counseling Firm 59 Offices in 33 states, plus DC and Mexico Over 800 Consultants & Advisors 150+ MAIs company-wide