1. IRR-Viewpoint 2011 Integra Realty Resources

2. Office Locations & Services Valuation & Counseling Due Diligence Transactional & Litigation Support Specialty Property Expertise Portfolio Valuation Development Incentives

3. Outline Economic Conditions & Capital Markets Commercial Real Estate Market Transactions and Conditions Expectations for 2011 and Beyond

4. Economic Conditions and Capital Markets

5. Positives

6. Real GDP Continues to Grow, But Not Yet to Pre-Recession Level

7. Consumer Sentiment Still Very Low, But Spending is Up Slightly

8. Distressed Situation Improving Slowly… …An End to Extend & Pretend?

9. Home Prices Have Stabilized in 2010-11, But Well-Below Peak Values in 2006

10. REITS Have Outperformed Equity Markets, Multifamily REITS Especially Volatile

11. CMBS Issuance Recovers - Lags Peak By Wide Margin

12. US Positive Leverage US Risk Premium RCAnalytics.com Yields & Spreads Still Make CRE A Relative Buy ….Also a Global Trend

13. Negatives

14. Employment Stabilized at Stubbornly High Rate

15. U.S. Households Delevering

16. Bank Failures Have Subsided After Peaking in 2010 Annual Bank Failures: 2008 – 26 2009 – 140 2010 – 157 2011 (YTD) – 71

17. Maturities Loom – Approx. $350 Billion Annually

18. Commercial Real Estate Transactions

19. Transaction Volume on the Rise – Bid vs. Ask Source: Real Capital Analytics

20. Rebounding US is Primary Driver of Recent Momentum

21. Office Properties

23. Office – CBD The Best, The Worst and The Local Market Top Three Markets By Vacancy… Charlotte, NC – 7.60% New Jersey - Coastal – 9.00% Las Vegas, NV – 9.20% Local Market… Charlotte, NC – 7.60% …and the Bottom Three Markets San Jose, CA – 25.30% Dallas, TX – 26.30% Dayton, OH – 28.00%

24. Office – Suburban The Best, The Worst and The Local Market Top Three Markets By Vacancy… Nashville, TN – 9.69% Pittsburgh, PA – 10.15% Dayton, OH – 11.25% Local Market… Charlotte, NC – 19.94% …and the Bottom Three Markets Las Vegas, NV – 24.44% Detroit, MI – 24.51% Phoenix, AZ – 24.63%

25. Integra Realty Resources Commercial Property Index

26. Office Cap Rates Decrease Slightly in 2010-11

27. Retail Properties

28. Retail Market Cycle

29. Retail The Best, The Worst and The Local Market Top Three Markets By Vacancy… San Francisco, CA – 3.39% Miami, FL – 4.75% Los Angeles, CA – 4.96% Local Market… Charlotte, NC – 9.55% …and the Bottom Three Markets Houston, TX – 16.17% Dayton, OH – 17.57% Providence, RI – 20.00%

30. Integra Realty Resources Commercial Property Index

31. Retail Cap Rates Decrease Slightly in 2010-11

32. Apartment Properties

34. Apartments The Best, The Worst and The Local Market Top Three Markets By Vacancy… New York, NY – 3.30% San Diego, CA – 4.13% San Jose, CA – 4.24% Local Market… Charlotte, NC – 10.29% …and the Bottom Three Markets Columbia, SC – 12.00% Naples, FL – 12.30% Houston, TX – 13.87%

35. Integra Realty Resources Commercial Property Index

36. Multi-family Cap Rates Decrease Through 2010-11

37. Industrial Properties

38. Industrial Market Cycle

39. Industrial The Best, The Worst and The Local Market Top Three Markets By Vacancy… Los Angeles, CA – 5.44% Houston, TX – 6.32% Orange County, CA – 6.81% Local Market… Charlotte, NC – 16.95% …and the Bottom Three Markets Detroit, MI – 18.78% Raleigh, NC – 19.10% Boston, MA – 23.23%

40. Integra Realty Resources Commercial Property Index

41. Industrial Cap Rates Decrease Slightly in 2010-11

42. Secondary Property Types Medical Office –Continues to be one of the strongest in the office sector –Aging baby boomers anticipated to have a positive impact on the medical office industry Senior Housing –Consolidation within the industry has been prevalent in 2011 –It appears occupancy rates bottomed out in 2010 for assisted living and skilled nursing facilities. –Independent living, which is less need-based, is still searching for a floor –The low level of construction is anticipated to result in increasing occupancy levels and rents as the economy recovers. –New capital likely to continue to flow into the sector as REITs, institutional investors and opportunity funds have raised funds that they are seeking to invest in the sector.

43. Secondary Property Types Lodging –Revenue Per Available Room (RevPAR) rebounded 4% after being down 16.7% in 2009, and it is expected to rise another 5.3% in 2011 –Scarce construction financing and sparse development pipeline suggest that the favored brands and locations will regain footing quickly. –Secondary and tertiary properties are likely to remain distressed. –Integra Realty Resources Commercial Property Index for Lodging

44. Secondary Property Types (cont’d.) Gaming –The pain continues for the U.S. Gaming Sector. –The recession, high unemployment, low consumer confidence and expansion of gaming facilities across the U.S. have all hurt Las Vegas and Atlantic City. –The huge international gaming expansion in Asia is further hurting U.S. gaming as Asian high-rollers no-longer have to travel 10,000 miles to the U.S. casinos. –The development pipeline is at a stand-still. –Expect a shake-out of the second-tier and highly-leveraged operators. –High-quality operators are getting down to the business of providing quality amenities, competitive pricing and good old fashioned customer service. Self-Storage –Self-storage has proven to be more resilient than most other property types. –While occupancy is down only 1.2%, the income side has been slower to recover as demonstrated by income being down 5.9%. –The industry’s low default rate and scarcity of quality facilities available for purchase has led investors to become more aggressive in pricing. Thus, the investment market is recovering more rapidly than the operating performance. Green Building –Market demand, current construction projects and societal trends in green building are profoundly affecting current purchase and leasing transactions. –Green buildings have yet to produce increased rental rates; however, they have benefitted from better tenant retention, lower vacancy rates and faster space absorption.

45. A Look Into Remainder of 2011 and Beyond CMBS Began Recovery in Early 2011 but Recently Stalled – Global uncertainty –European debt crisis Constrained New Supply - Assist existing properties as rebound continues - Create demand in the long run Low Interest Rates & New/Recovered CRE Lending Sources are Key for Sustained Recovery

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