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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(AMENDMENT NO. 1)
(PURSUANT TO SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934)
BERKSHIRE REALTY COMPANY, INC.
(Name of Issuer)
--------------------------------------------------------
BRI ACQUISITION LLC
BERKSHIRE REALTY HOLDINGS, L.P.
BERKSHIRE REALTY COMPANY, INC.
DOUGLAS S. KRUPP
APTCO GEN-PAR, L.L.C.
APTCO HOLDINGS, L.L.C.
(Name of Person(s) Filing Statement)
COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities)
--------------------------------------------------
084710 10 2
(CUSIP Number of Class of Securities)
--------------------------------------------------
SCOTT D. SPELFOGEL, ESQ. DOUGLAS S. KRUPP
BERKSHIRE REALTY COMPANY, INC. BERKSHIRE REALTY HOLDINGS, L.P.
ONE BEACON STREET, SUITE 1550 ONE BEACON STREET, SUITE 1500
BOSTON, MASSACHUSETTS 02108 BOSTON, MASSACHUSETTS 02108
(617) 574-8385 (617) 523-7722
(Name, Address and Telephone Number of Persons Authorized to
Receive Notices and Communications on Behalf of Person(s) Filing Statement)
Copies to:
DAVID E. REDLICK, ESQ. JAMES M. DUBIN, ESQ.
KENNETH A. HOXSIE, ESQ. MICHELE R. JENKINSON, ESQ.
HALE AND DORR LLP PAUL, WEISS, RIFKIND, WHARTON &
60 STATE STREET GARRISON
BOSTON, MASSACHUSETTS 02109 1285 AVENUE OF THE AMERICAS
(617) 526-6000 NEW YORK, NEW YORK 10019
(212) 373-3000
ROBERT A. WEIBLE, ESQ. GREGORY J. RESSA, ESQ.
SUZANNE K. HANSELMAN, ESQ. BRIAN M. STADLER, ESQ.
BAKER & HOSTETLER LLP SIMPSON THACHER & BARTLETT
NATIONAL CITY CENTER 425 LEXINGTON AVENUE
SUITE 3200 NEW YORK, NEW YORK 10017
1900 EAST 9TH STREET (212) 455-2000
CLEVELAND, OHIO 44114
(216) 621-0200
ANTHONY J. COLLETTA, ESQ.
GERALD D. SHEPHERD, ESQ.
SULLIVAN & CROMWELL
125 BROAD STREET
NEW YORK, NEW YORK 10004
(212) 558-4000
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This statement is filed in connection with (check the appropriate box):
a.|X| The filing of solicitation materials or an information statement subject
to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities
Exchange Act of 1934.
b.|_| The filing of a registration statement under the Securities Act of 1933.
c.|_| A tender offer.
d.|_| None of the above.
Check the following box if the soliciting material or information
statement referred to in checking box (a) are preliminary copies: |X|
Calculation of Filing Fee
- --------------------------------------------------------------------------------
Transaction Valuation* Amount of Filing Fee
$536,353,172................................................$107,271
- --------------------------------------------------------------------------------
* This amount is based upon a merger involving the cancellation of
37,360,361 shares of Common Stock at $12.25 cash per share and 2,737,000
shares of Preferred Stock at $28.75 per share. Pursuant to, and as
provided by, Rule 0-11(b)(1), the amount required to be paid with the
filing of this Schedule 13E-3 is $107,271.
|X| Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
Amount previously paid: $105,787 Filing Party: Berkshire Realty Company, Inc.
Form or registration No.: Preliminary Schedule 14A Date Filed: June 23, 1999
Amendment No. 1 to
Preliminary Schedule 14A Date Filed: August 17, 1999
This Rule 13e-3 Transaction Statement on Schedule 13E-3 is being filed
jointly by Berkshire Realty Holdings, L.P., a Delaware limited partnership (the
"Parent"), BRI Acquisition, LLC, a Delaware limited liability company (the
"Acquiror"), Berkshire Realty Company, Inc., a Delaware corporation (the
"Company"), Douglas S. Krupp, Aptco Gen-Par, L.L.C., a Delaware limited
liability company ("Berkshire GP"), and Aptco Holdings, L.L.C., a Delaware
limited liability company ("Berkshire LP"), in connection with the proposed
merger of the Acquiror with and into the Company or, alternatively, the merger
of the Company with and into the Parent (either such structure is hereinafter
referred to as the "Merger"), pursuant to an Agreement and Plan of Merger, dated
as of April 13, 1999 (the "Merger Agreement"), by and among the Company, the
Parent and the Acquiror.
Upon the effectiveness of the Merger (the "Effective Time"), each share of
common stock, par value $.01 per share, of the Company issued and outstanding
immediately prior to the Effective Time will be converted into $12.25 in cash,
and each share of Series 1997-A Convertible Preferred Stock, $.01 par value per
share, issued and outstanding immediately prior to the Effective Time, will be
converted into $28.75, together with 115% of unpaid accrued dividends, in cash.
This Amendment No. 1 to the Schedule 13E-3 is being filed with the
Securities and Exchange Commission concurrently with a revised proxy statement
filed by the Company pursuant to Regulation 14A under the Securities Exchange
Act of 1934, as amended (the "Proxy Statement"). A
Page 2 of 15 Pages
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copy of the Proxy Statement is attached hereto as Exhibit 99.1. The following
cross reference sheet is being supplied pursuant to General Instruction F to
Schedule 13E-3 and shows the location in the Proxy Statement of the information
required to be included in this Amendment No. 1 to Schedule 13E-3. The
information contained in the Proxy Statement, including all appendices thereto,
is expressly incorporated herein by reference and the responses to each item are
qualified in their entirety by reference to the information contained in the
Proxy Statement and the appendices thereto. Capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Proxy Statement.
CROSS REFERENCE SHEET
ITEM NUMBER AND CAPTION IN LOCATION IN THE
SCHEDULE 13E-3 PROXY STATEMENT
- -------------- ---------------
1. Issuer and Class of Security
Subject to the Transaction
(a) "SUMMARY;" and "GENERAL -- The Company"
(b) COVER PAGE, "SUMMARY -- Voting Securities
and Votes Required;" and "INFORMATION
CONCERNING THE SPECIAL MEETING -- Record
Date; Quorum; Outstanding Common Stock
and Preferred Stock Entitled to Vote"
(c) "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION"
(d) "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION"
(e) "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION"
(f) *
2. IDENTITY AND BACKGROUND "SUMMARY;" "GENERAL -- The Parent and the
Acquiror;" "MANAGEMENT OF THE COMPANY;"
"MANAGEMENT OF THE PARENT AND THE
ACQUIROR; GENERAL PARTNERS OF THE
PARENT;" "APPENDIX F;" "APPENDIX G;" AND
"APPENDIX H"
3. PAST CONTACTS, TRANSACTIONS
OR NEGOTIATIONS
(a)(1) "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Interest of
Certain Persons in Matters to be Acted
Upon;" and "CERTAIN RELATIONSHIPS AND
TRANSACTIONS"
Page 3 of 15 Pages
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ITEM NUMBER AND CAPTION IN LOCATION IN THE
SCHEDULE 13E-3 PROXY STATEMENT
- -------------- ---------------
(a)(2) "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Purpose and
Structure of the Merger;" "SPECIAL
FACTORS -- Interests of Certain Persons
in Matters to be Acted Upon;" and
"CERTAIN RELATIONSHIPS AND TRANSACTIONS"
(b) "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Interests of
Certain Persons in Matters to be Acted
Upon;" and "CERTAIN RELATIONSHIPS AND
TRANSACTIONS"
4. TERMS OF THE TRANSACTION
(a) "SUMMARY;" "SPECIAL FACTORS;" and "THE
MERGER"
(b) "SUMMARY;" "SPECIAL FACTORS;" and "THE
MERGER"
5. PLANS OR PROPOSALS OF THE
ISSUER OR AFFILIATE
(a) - (g) "SUMMARY -- Partnership Merger;" "SPECIAL
FACTORS -- Purpose and Structure of the
Merger;" "SPECIAL FACTORS -- Interest of
Certain Persons in Matters to be Acted
Upon;" "SPECIAL FACTORS -- Certain
Consequences of the Merger;" "SPECIAL
FACTORS -- Plans for the Company After
the Merger;" "THE MERGER -- The Merger;"
and "THE MERGER -- Financing; Source of
Funds"
6. SOURCE AND AMOUNT OF FUNDS
OR OTHER CONSIDERATION
(a) - (c) "SUMMARY -- Fairness Opinions;" "SUMMARY
-- Financing; Source of Funds;" "THE
MERGER -- Financing; Source of Funds;"
and "THE MERGER -- Fees and Expenses"
(d) *
Page 4 of 15 Pages
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ITEM NUMBER AND CAPTION IN LOCATION IN THE
SCHEDULE 13E-3 PROXY STATEMENT
- -------------- ---------------
7. PURPOSE(S), ALTERNATIVES,
REASONS AND EFFECTS
(a) - (c) "SUMMARY -- Purpose, Structure and
Effects of the Merger;" "SPECIAL FACTORS
-- Background of the Merger;" "SPECIAL
FACTORS -- Purpose and Structure of the
Merger;" "SPECIAL FACTORS --
Recommendation of the Special Committee
and the Board of Directors; Fairness of
the Merger;" "SPECIAL FACTORS -- Opinions
of the Financial Advisors;" and "SPECIAL
FACTORS -- Position of the Parent, the
Acquiror and Certain Affiliates"
(d) "SUMMARY -- Purpose, Structure and
Effects of the Merger;" "SUMMARY --
Potential Conflicts of Interest of
Officers and Directors of the Company;"
"SUMMARY -- Federal Income Tax
Consequences;" "SPECIAL FACTORS --
Purpose and Structure of the Merger;"
"SPECIAL FACTORS -- Recommendation of the
Special Committee and the Board of
Directors; Fairness of the Merger;"
"SPECIAL FACTORS -- Benefits and
Detriments to Nonaffiliated
Stockholders;" "SPECIAL FACTORS --
Interests of Certain Persons in the
Merger;" "SPECIAL FACTORS -- Certain
Consequences of the Merger;" "SPECIAL
FACTORS -- Plans for the Company After
the Merger;" "SPECIAL FACTORS -- Material
Federal Tax Consequences;" "SPECIAL
FACTORS -- Accounting Treatment;" and
"THE MERGER"
8. FAIRNESS OF THE TRANSACTION
(a) - (f) "SUMMARY -- Recommendation of the Board
of Directors and the Special Committee;"
"INFORMATION CONCERNING THE SPECIAL
MEETING -- Vote Required;" "SPECIAL
FACTORS -- Background of the Merger;"
"SPECIAL FACTORS -- Purpose and Structure
of the Merger;" "SPECIAL FACTORS --
Recommendation of the Special Committee
and the Board of Directors; Fairness of
the Merger;" "SPECIAL FACTORS -- Position
of the Parent, the Acquiror and Certain
Affiliates;" "SPECIAL FACTORS -- Benefits
and Detriments to Nonaffiliated
Stockholders;" "SPECIAL FACTORS --
Opinions of Financial Advisors;" "SPECIAL
FACTORS -- Interests of Certain Persons
in the Merger; "APPENDIX B -- OPINION OF
LAZARD," "APPENDIX C -- OPINION OF
LEHMAN;" and "APPENDIX D -- OPINION OF
PRUDENTIAL SECURITIES"
Page 5 of 15 Pages
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ITEM NUMBER AND CAPTION IN LOCATION IN THE
SCHEDULE 13E-3 PROXY STATEMENT
- -------------- ---------------
9. REPORTS, OPINIONS, APPRAISALS
AND CERTAIN NEGOTIATIONS
(a) - (c) "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS --
Recommendation of the Special Committee
and the Board of Directors; Fairness of
the Merger;" "SPECIAL FACTORS -- Opinions
of the Financial Advisors;" "THE
MERGER -- Financing; Source of Funds;"
"ESTIMATED PROCEEDS PER SHARE IN
LIQUIDATION;" "APPENDIX B -- OPINION OF
LAZARD;" "APPENDIX C -- OPINION OF
LEHMAN;" "APPENDIX D -- OPINION OF
PRUDENTIAL SECURITIES;" "APPENDIX I --
SUMMARY INDEPENDENT APPRAISAL;" and
"APPENDIX J -- SUMMARY PARENT APPRAISAL"
10. INTEREST IN SECURITIES OF THE
ISSUER
(a) "SECURITIES OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT OF THE
COMPANY"
(b) "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION"
11. CONTRACTS, ARRANGEMENTS OR "SUMMARY;" "SPECIAL FACTORS -- Interests
UNDERSTANDINGS WITH RESPECT of Certain Persons in Matters to be Acted
TO THE ISSUER'S SECURITIES Upon;" "THE MERGER;" and "CERTAIN
RELATIONSHIPS AND TRANSACTIONS"
12. PRESENT INTENTION AND
RECOMMENDATION OF CERTAIN
PERSONS WITH REGARD TO THE
TRANSACTION
(a) - (b) "SUMMARY;" "INFORMATION CONCERNING THE
SPECIAL MEETING -- Vote Required;"
"SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Purpose and
Structure of the Merger;" "SPECIAL
FACTORS -- Recommendation of the Special
Committee and the Board of Directors;
Fairness of the Merger;" and "SPECIAL
FACTORS -- Position of the Parent and the
Acquiror"
13. OTHER PROVISIONS OF THE
TRANSACTION
(a) "SUMMARY -- Appraisal Rights;" and "THE
MERGER -- Appraisal Rights"
Page 6 of 15 Pages
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ITEM NUMBER AND CAPTION IN LOCATION IN THE
SCHEDULE 13E-3 PROXY STATEMENT
- -------------- ---------------
(b) *
(c) *
14. FINANCIAL INFORMATION
(a) "SELECTED FINANCIAL DATA OF THE COMPANY;"
and the Consolidated Financial Statements
of the Company included in the Proxy
Statement
(b) *
15. PERSONS AND ASSETS EMPLOYED,
RETAINED OR UTILIZED
(a) "INFORMATION CONCERNING THE SPECIAL
MEETING -- Proxy Solicitation;" "SPECIAL
FACTORS -- Background of the Merger;"
"SPECIAL FACTORS -- Plans for the Company
After the Merger;" and "THE MERGER --
Fees and Expenses"
(b) "INFORMATION CONCERNING THE SPECIAL
MEETING -- Proxy Solicitation;" "SPECIAL
FACTORS -- Opinions of the Financial
Advisors;" "THE MERGER -- Fees and
Expenses;" "APPENDIX B -- OPINION OF
LAZARD;" "APPENDIX C -- OPINION OF
LEHMAN;" and "APPENDIX D -- OPINION OF
PRUDENTIAL SECURITIES"
16. ADDITIONAL INFORMATION The Proxy Statement, including the
Appendices thereto, and the Exhibits
hereto
17. MATERIAL TO BE FILED AS EXHIBITS
(a) - (f) Separately filed with this Schedule
13E-3.
* The Item is inapplicable or the answer thereto is in the negative.
ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a) The information set forth in "SUMMARY;" and "GENERAL -- The Company"
in the Proxy Statement is hereby incorporated herein by reference.
(b) The information set forth on the Cover Page of the Proxy Statement and
in "SUMMARY -- Voting Securities and Vote Required;" and "INFORMATION CONCERNING
THE SPECIAL MEETING -- Record Date; Quorum; Outstanding Common Stock and
Preferred Stock Entitled to Vote" in the Proxy Statement is hereby incorporated
herein by reference.
(c) The information set forth in "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION" in the Proxy Statement is hereby incorporated herein by
reference.
Page 7 of 15 Pages
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(d) The information set forth in "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION" in the Proxy Statement is hereby incorporated herein by
reference.
(e) The information set forth in "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION" in the Proxy Statement is hereby incorporated herein by
reference.
(f) Not applicable.
ITEM 2. IDENTITY AND BACKGROUND.
This Schedule 13E-3 is being filed by the Company, the Acquiror, the
Parent, Douglas S. Krupp, Berkshire GP and Berkshire LP. The Company is the
issuer of the Common Stock which is the subject of the Rule 13e-3 transaction.
The information set forth in "SUMMARY;" "GENERAL -- The Parent and the
Acquiror;" "MANAGEMENT OF THE COMPANY;" "MANAGEMENT OF THE PARENT AND THE
ACQUIROR; GENERAL PARTNERS OF THE PARENT;" "APPENDIX F;" "APPENDIX G;" and
"APPENDIX H" in the Proxy Statement is hereby incorporated herein by reference.
During the last five years, none of the Acquiror, the Parent, Berkshire
GP, Berkshire LP, Douglas S. Krupp, nor any person controlling the Acquiror or
the Parent, nor, to the best of their knowledge, any of the persons set forth in
"MANAGEMENT OF THE COMPANY" and "MANAGEMENT OF THE PARENT AND THE ACQUIROR;
GENERAL PARTNERS OF THE PARENT" in the Proxy Statement has (i) been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree, or final order enjoining further violations of, or prohibiting
activities subject to, federal or state securities laws or finding any violation
of such laws.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a) (1) The information set forth in "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Interest of Certain Persons in Matters to be Acted
Upon;" and "CERTAIN RELATIONSHIPS AND TRANSACTIONS" in the Proxy Statement is
hereby incorporated herein by reference.
(a) (2) The information set forth in "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Purpose and Structure of the Merger;" "SPECIAL
FACTORS -- Interests of Certain Persons in Matters to be Acted Upon;" and
"CERTAIN RELATIONSHIPS AND TRANSACTIONS" in the Proxy Statement is hereby
incorporated herein by reference.
(b) The information set forth in "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Interests of Certain Persons in Matters to be Acted
Upon;" and "CERTAIN RELATIONSHIPS AND TRANSACTIONS" in the Proxy Statement is
hereby incorporated herein by reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in "SUMMARY;" "SPECIAL FACTORS ;" and "THE
MERGER" in the Proxy Statement is hereby incorporated herein by reference.
(b) The information set forth in "SUMMARY;" "SPECIAL FACTORS ;" and "THE
MERGER" in the Proxy Statement is hereby incorporated herein by reference.
Page 8 of 15 Pages
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ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a) - (g) The information set forth in "SUMMARY -- Partnership Merger;"
"SPECIAL FACTORS -- Purpose and Structure of the Merger;" "SPECIAL FACTORS --
Interests of Certain Persons in Matters to be Acted Upon;" "SPECIAL FACTORS --
Certain Consequences of the Merger;" "THE MERGER -- The Merger;" "SPECIAL
FACTORS -- Plans for the Company After the Merger;" and "THE MERGER -- Financing
and Source of Funds" in the Proxy Statement is hereby incorporated herein by
reference.
ITEM 6. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
(a) - (c) The information set forth in "SUMMARY -- Fairness Opinions;"
"SUMMARY -- Financing; Source of Funds;" "THE MERGER -- Financing; Source of
Funds;" and "THE MERGER -- Fees and Expenses" in the Proxy Statement is hereby
incorporated herein by reference.
(d) Not Applicable.
ITEM 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a) - (c) The information set forth in "SUMMARY -- Purpose, Structure
and Effects of the Merger;" "SPECIAL FACTORS -- Background of the Merger;"
"SPECIAL FACTORS -- Purpose and Structure of the Merger;" "SPECIAL FACTORS
- --Recommendation of the Special Committee and the Board of Directors;
Fairness of the Merger;" "SPECIAL FACTORS -- Opinions of the Financial
Advisors;" and "SPECIAL FACTORS -- Position of the Parent, the Acquiror and
Certain Affiliates" in the Proxy Statement is hereby incorporated herein by
reference.
(d) The information set forth in "SUMMARY -- Purpose, Structure and
Effects of the Merger;" "SUMMARY -- Potential Conflicts of Interest of Directors
and Officers of the Company;" "SUMMARY -- Federal Income Tax Consequences;"
"SPECIAL FACTORS -- Purpose and Structure of the Merger;" "SPECIAL FACTORS --
Recommendation of the Special Committee and the Board of Directors; Fairness of
the Merger;" "SPECIAL FACTORS -- Benefits and Detriments to Nonaffiliated
Stockholders;" "SPECIAL FACTORS -- Interests of Certain Persons in the Merger;"
"SPECIAL FACTORS -- Certain Consequences of the Merger;" "SPECIAL FACTORS --
Plans for the Company After the Merger;" "SPECIAL FACTORS -- Material Federal
Tax Consequences;" "SPECIAL FACTORS -- Accounting Treatment;" and "THE MERGER"
in the Proxy Statement is hereby incorporated herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a) - (f) The information set forth in "SUMMARY - Recommendation of the
Board of Directors and the Special Committee;" "INFORMATION CONCERNING THE
SPECIAL MEETING -- Vote Required;" "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Purpose and Structure of the Merger;" "SPECIAL
FACTORS -- Recommendation of the Special Committee and the Board of
Directors; Fairness of the Merger;" "SPECIAL FACTORS -- Position of the
Parent, the Acquiror and Certain Affiliates;" "SPECIAL FACTORS -- Benefits
and Detriments to Nonaffiliated Stockholders;" "SPECIAL FACTORS -- Opinions
of the Financial Advisors;" "SPECIAL FACTORS -- Interest of Certain Persons
in the Merger;" "APPENDIX B -- OPINION OF LAZARD;" APPENDIX C -- OPINION OF
LEHMAN;" and "APPENDIX D -- OPINION OF PRUDENTIAL SECURITIES" in the Proxy
Statement is hereby incorporated herein by reference.
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a) - (c) The information set forth in "SPECIAL FACTORS -- Background of
the Merger;" "SPECIAL FACTORS -- Recommendation of the Special Committee and
Board of Directors; Fairness of the Merger;" "SPECIAL FACTORS -- Opinions of the
Financial Advisors;" "THE MERGER -- Financing; Source of Funds;" "ESTIMATED
PROCEEDS PER SHARE IN LIQUIDATION;"
Page 9 of 15 Pages
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"APPENDIX B -- OPINION OF LAZARD;" "APPENDIX C -- OPINION OF LEHMAN;" and
"APPENDIX D -- OPINION OF PRUDENTIAL SECURITIES;" "APPENDIX I -- SUMMARY
INDEPENDENT APPRAISAL;" and "APPENDIX J -- SUMMARY PARENT APPRAISAL" in the
Proxy Statement is hereby incorporated herein by reference.
ITEM 10. INTEREST IN SECURITIES OF THE ISSUER.
(a) The information set forth in "SECURITIES OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT OF THE COMPANY" in the Proxy Statement is
hereby incorporated herein by reference.
(b) The information set forth in "COMMON STOCK MARKET PRICE INFORMATION;
DIVIDEND INFORMATION" in the Proxy Statement is hereby incorporated herein by
reference.
ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.
The information set forth in "SUMMARY;" "SPECIAL FACTORS -- Interests of
Certain Persons in Matters to be Acted Upon;" "THE MERGER;" and "CERTAIN
RELATIONSHIPS AND TRANSACTIONS" in the Proxy Statement is hereby incorporated
herein by reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO
THE TRANSACTION.
(a) - (b) The information set forth in "SUMMARY;" "INFORMATION CONCERNING
THE SPECIAL MEETING -- Vote Required;" "SPECIAL FACTORS -- Background of the
Merger;" "SPECIAL FACTORS -- Purpose and Structure of the Merger;" "SPECIAL
FACTORS -- Recommendation of the Special Committee and the Board of Directors;
Fairness of the Merger;" and "SPECIAL FACTORS -- Position of the Parent and the
Acquiror" in the Proxy Statement is hereby incorporated herein by reference.
ITEM 13. OTHER PROVISIONS OF THE TRANSACTION.
(a) The information set forth in "SUMMARY -- Appraisal Rights" and "THE
MERGER -- Appraisal Rights" in the Proxy Statement is hereby incorporated herein
by reference.
(b) Not Applicable.
(c) Not Applicable.
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in "SELECTED FINANCIAL DATA OF THE COMPANY"
in the Proxy Statement and the Consolidated Financial Statements of the Company
included in the Proxy Statement are hereby incorporated herein by reference.
(b) Not Applicable.
ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The information set forth in "INFORMATION CONCERNING THE SPECIAL
MEETING -- Proxy Solicitation;" "SPECIAL FACTORS -- Background of the Merger;"
"SPECIAL FACTORS -- Plans for the Company after the Merger;" and "THE MERGER --
Fees and Expenses" in the Proxy Statement is hereby incorporated by reference.
Page 10 of 15 Pages
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(b) The information set forth in "INFORMATION CONCERNING THE SPECIAL
MEETING -- Proxy Solicitation;" "SPECIAL FACTORS -- Opinions of the Financial
Advisors;" "THE MERGER -- Fees and Expenses;" "APPENDIX B - OPINION OF
LAZARD;" "APPENDIX C -- OPINION OF LEHMAN;" and "APPENDIX D -- OPINION OF
PRUDENTIAL SECURITIES" in the Proxy Statement is hereby incorporated by
reference.
ITEM 16. ADDITIONAL INFORMATION.
The information set forth in the Proxy Statement and the Appendices
thereto and the Exhibits hereto is incorporated herein by reference.
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
2.1 -- Agreement and Plan of Merger, dated April 13, 1999, among the
Company, the Parent and the Acquiror, which is incorporated herein
by reference from Appendix A to the Proxy Statement.
99.1 -- Proxy Statement filed by the Company with the Commission on even
date hereof and hereby incorporated by reference.
99.2 -- Letter to Shareholders of the Company from David F. Marshall,
President and Chief Executive Officer of the Company, filed by the
Company with the Commission on even date hereof and hereby
incorporated by reference.
99.3 -- Notice of Special Meeting of the Shareholders of the Company
filed by the Company with the Commission on even date hereof and
hereby incorporated by reference.
99.4 -- Fairness opinion, dated April 13, 1999, of Lazard Freres & Co.
LLC, financial advisor to the Board of Directors, which is
incorporated herein by reference from Appendix B to the Proxy
Statement.
99.5 -- Fairness opinion, dated April 13, 1999 of Lehman Brothers Inc.,
financial advisor to the Board of Directors, which is incorporated
by reference from Appendix C to the Proxy Statement.
99.6 -- Fairness opinion, dated April 13, 1999, of Prudential Securities
Incorporated, financial advisor to the Special Committee, which is
incorporated by reference from Appendix D to the Proxy Statement.
99.7 -- Section 262 of the Delaware General Corporation Law, which is
incorporated by reference from Appendix E to the Proxy Statement.
99.8 -- Debt Commitment Letter, dated April 13, 1999, among the Parent,
Whitehall Street Real Estate Limited Partnership XI and Blackstone
Real Estate Acquisitions III.*
99.9 -- Voting Agreement, dated April 13, 1999, between the Company and
Douglas Krupp.*
99.10 -- Agreement of Limited Partnership of Berkshire Realty Holdings,
L.P., dated April 13, 1999, among Whitehall Street Real Estate
Limited Partnership XI, WXI/BRH Gen- Par, L.L.C., Stone Street Real
Estate Fund 1998, L.P., Bridge Street Real Estate Fund 1998, L.P.,
Stone Street WXI/BRH Corp., BRE/Berkshire LP L.L.C., BRE/Berkshire
GP L.L.C., Aptco Holdings, L.L.C. and Aptco Gen-Par, L.L.C.*
Page 11 of 15 Pages
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99.11 -- Letter Agreement, dated April 13, 1999, among the partners of
Berkshire Realty Holdings, L.P.*
99.12 -- Discussion Materials prepared for the Special Committee by
Prudential Securities Incorporated dated April 13, 1999.
99.13 -- Discussion Materials prepared for the Board of Directors by
Lazard Freres & Co. LLC dated April 13, 1999.
99.14 -- Discussion Materials prepared for the Board of Directors by
Lehman Brothers Inc. dated April 13, 1999.
99.15 -- Summary Independent Appraisal prepared by Cushman & Wakefield,
Inc., which is incorporated by reference from Appendix I to the
Proxy Statement.
99.16 -- Summary Parent Appraisal prepared by Cushman & Wakefield, Inc.,
which is incorporated by reference from Appendix J to the Proxy
Statement.
99.17 Commitment Letter dated July 29, 1999 between Reilly Mortgage
Group, Inc. and the Parent (the "Freddie Mac Commitment Letter").
99.18 Certificate Confirmiing Loan Amount, Interest Rate and Payment
of Fees, delivered pursuant to the Freddie Mac Commitment Letter.
- ----------
* Previously Filed
Page 12 of 15 Pages
<PAGE>
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: August 13, 1999
BRI ACQUISITION LLC
By /s/DOUGLAS S. KRUPP
------------------------------------
DOUGLAS S. KRUPP
Authorized Signatory
BERKSHIRE REALTY HOLDINGS, L.P.
By /s/DOUGLAS S. KRUPP
------------------------------------
DOUGLAS S. KRUPP
Authorized Signatory
BERKSHIRE REALTY COMPANY, INC.
By /s/ DAVID F. MARSHALL
------------------------------------
DAVID F. MARSHALL
President and Chief Executive Officer
APTCO GEN-PAR, L.L.C.
By /s/DOUGLAS S. KRUPP
------------------------------------
DOUGLAS S. KRUPP
Authorized Signatory
APTCO HOLDINGS, L.L.C.
By /s/DOUGLAS S. KRUPP
------------------------------------
DOUGLAS S. KRUPP
Authorized Signatory
DOUGLAS S. KRUPP
By /s/DOUGLAS S. KRUPP
------------------------------------
Page 13 of 15 Pages
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
------ -----------
2.1 -- Agreement and Plan of Merger, dated April 13, 1999, among
the Company, the Parent and the Acquiror, which is
incorporated herein by reference from Appendix A to the Proxy
Statement.
99.1 -- Proxy Statement filed by the Company with the Commission on
even date hereof and hereby incorporated by reference.
99.2 -- Letter to Shareholders of the Company from David F.
Marshall, President and Chief Executive Officer of the
Company, filed by the Company with the Commission on even date
hereof and hereby incorporated by reference.
99.3 -- Notice of Special Meeting of the Shareholders of the
Company filed by the Company with the Commission on even date
hereof and hereby incorporated by reference.
99.4 -- Fairness opinion, dated April 13, 1999, of Lazard Freres &
Co. LLC, financial advisor to the Board of Directors, which is
incorporated herein by reference from Appendix B to the Proxy
Statement.
99.5 -- Fairness opinion, dated April 13, 1999 of Lehman Brothers
Inc., financial advisor to the Board of Directors, which is
incorporated by reference from Appendix C to the Proxy
Statement.
99.6 -- Fairness opinion, dated April 13, 1999, of Prudential
Securities Incorporated, financial advisor to the Special
Committee, which is incorporated by reference from Appendix D
to the Proxy Statement.
99.7 -- Section 262 of the Delaware General Corporation Law, which
is incorporated by reference from Appendix E to the Proxy
Statement.
99.8 -- Debt Commitment Letter, dated April 13, 1999, among the
Parent, Whitehall Street Real Estate Limited Partnership XI
and Blackstone Real Estate Acquisitions III.*
99.9 -- Voting Agreement, dated April 13, 1999, between the Company
and Douglas Krupp.*
99.10 -- Agreement of Limited Partnership of Berkshire Realty
Holdings, L.P., dated April 13, 1999, among Whitehall Street
Real Estate Limited Partnership XI, WXI/BRH Gen-Par, L.L.C.,
Stone Street Real Estate Fund 1998, L.P., Bridge Street Real
Estate Fund 1998, L.P., Stone Street WXI/BRH Corp.,
BRE/Berkshire LP L.L.C., BRE/Berkshire GP L.L.C., Aptco
Holdings, L.L.C. and Aptco Gen-Par, L.L.C.*
99.11 -- Letter Agreement, dated April 13, 1999, among the partners
of Berkshire Realty Holdings, L.P.*
99.12 -- Discussion Materials prepared for the Special Committee by
Prudential Securities Incorporated dated April 13, 1999.
Page 14 of 15 Pages
<PAGE>
99.13 -- Discussion Materials prepared for the Board of Directors by
Lazard Freres & Co. LLC dated April 13, 1999.
99.14 -- Discussion Materials prepared for the Board of Directors by
Lehman Brothers Inc. dated April 13, 1999.
99.15 -- Summary Independent Appraisal prepared by Cushman &
Wakefield, Inc., which is incorporated by reference from
Appendix I to the Proxy Statement.
99.16 -- Summary Parent Appraisal prepared by Cushman & Wakefield,
Inc., which is incorporated by reference from Appendix J to
the Proxy Statement.
99.17 Commitment Letter dated July 29, 1999 between Reilly Mortgage
Group, Inc. and the Parent (the "Freddie Mac Commitment
Letter").
99.18 Certificate Confirming Loan Amount, Interest Rate and Payment
of Fees, delivered pursuant to the Freddie Mac Commitment
Letter.
- ----------
* Previously Filed
Page 15 of 15 Pages
<PAGE>
================================================================================
[PHOTO OMITTED]
REAL ESTATE GROUP
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
Confidential
---------------------------------------------
Presentation to the Special
Committee of the Board of
Directors
April 13, 1999
---------------------------------------------
---------------------------------------------
These materials are not intended to
constitute an opinion or appraisal.
These materials, which are based in part
on information provided by the Company,
are intended solely to accompany
discussion with the Special Committee of
the Board of Directors.
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
[LOGO] Prudential
Securities
TABLE OF CONTENTS
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TABLE OF CONTENTS
Page
----
I. Transaction Overview 3
II. Overview of Berkshire 9
A. Historical Financial Results 10
B. Historical Stock Price Performance 13
C. Transaction Background / Overview 19
III. Valuation Summary 22
A. Methodology 23
B. Implied Valuation 25
C. Relative Performance Rankings 30
Appendix
A. Comparable Company Analysis 34
B. Precedent Transactions Analysis 49
C. Premium Analysis 52
2
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Securities
<PAGE>
[LOGO] Prudential
Securities
SECTION I
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
I. Transaction Overview
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION OVERVIEW
- --------------------------------------------------------------------------------
Synopsis: Berkshire Realty Holdings, L.P.
("Parent") and BRI Acquisition LLC, a
subsidiary of Parent ("Buyer") have
agreed to merge with and into Berkshire
Realty Company, Inc. ("Seller") in a
reverse cash merger (the "Merger").
Seller may merge into Buyer.
Contemporaneously, BRI Acquisition Sub,
LP ("Buyer Operating Partnership") and
BRI OP Limited Partnership ("Seller
Partnership") and Parent will enter into
a Merger Agreement ("Partnership
Merger Agreement"), pursuant to which,
immediately prior to the Merger, Buyer
Operating Partnership will be merged
with and into Seller Partnership as the
surviving entity ("Surviving Operating
Partnership").
Transaction Value: (1) $570.3 million equity transaction value. (2)
$1.26 billion total transaction value. (3)
- --------------------------------------------------------------------------------
(1) Assumes all stockholders and OP unitholders elect cash.
(2) Based on $12.25 per share times 46,553,932 total outstanding
Berkshire shares, units, and options using the treasury stock
method.
(3) Total transaction value includes $610.7 million of indebtedness and
$78.7 million of preferred stock.
4
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION OVERVIEW
- --------------------------------------------------------------------------------
Common Shareholder Consideration: (1) Each share of Seller common stock
will receive $12.25 in cash (the
"Merger Price").
OP Unitholder Consideration: (1) Each Seller OP unitholder will have
the choice of:
(i) $12.25 in cash;
(ii) one Class A Preferred Unit
for each Seller OP unit in
Surviving Operating
Partnership with a cumulative
preferred return of 7.5%
payable out of available cash
which is redeemable at the
current LPs option for
liquidation price ($12.25
plus accrued and unpaid
distributions) after a 5 1/2
year period; or
(iii) one Class B Unit for each
Seller OP unit in the
Surviving Operating
Partnership which rank pari
passu with units received by
management.
Convertible Preferred Consideration: Seller Series A Preferred shares
will be redeemed at the liquidation
preference of 115% of par
($78,688,750) plus accrued
dividends.
- --------------------------------------------------------------------------------
(1) Assumes all stockholders and OP unitholders elect cash. Does not consider
tax consequences to individual stockholders or OP unitholders.
5
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION OVERVIEW
Break-Up Fee / Expenses: The Merger Agreement requires Seller to
pay a $25.0 million break-up fee plus
expenses to Parent and Buyer if certain
terms of the agreement are breached. The
break-up fee is subject to certain
conditions whereby the break-up fee plus
expenses will be greater than $25.0
million if Seller should willfully
breach terms to the agreement. In no
event shall the break-up fee paid by
Seller be greater than $35.5 million
including related break-up expenses.
Parent and Buyer will be required to pay
Seller a break-up fee plus expenses if
certain terms of the agreement are
breached. In no event shall the break-up
fee paid by Parent and Buyer be greater
than $29.5 million including related
break-up expenses.
Significant Issues to Close: o Mutual-Stockholder and
partner merger approval
o Partnership merger shall
have been consummated
o Other standard conditions to
close
6
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION OVERVIEW
------------------------------------------------------------------------
($ in thousands except per share data)
Offer Price per Share $12.25
Shares Outstanding(1) 46,553,932
----------
Implied Equity Purchase Price $570,286
Net Debt (2) $610,699
Convertible Preferred Stock (3) $78,689
----------
Implied Aggregate Purchase Price $1,259,673
==========
------------------------------------------------------------------------
------------------------------------------------------------------------
Results
of Implied
Berkshire Realty Company, Inc. Parameters Operations Multiple
----------------------------------------- ---------- --------
LTM Net Operating Income ("NOI") $103,828 12.lx
LTM FF0 Per Share - Diluted $1.15 10.7x (5)
Projected 1999 FF0 Per Share $1.25 (4) 9.8x (5)
Projected 2000 FF0 Per Share $1.31 (4) 9.4x (5)
------------------------------------------------------------------------
--------------------------------------------------------------------
(1) Includes OP Units and exercise of options using the treasury stock
method.
(2) Adjusted for $38 million of additional Credit Agreement borrowings
subsequent to December 31, 1998
(3) Adjusted to include a 115% pay-out.
(4) Source: First Call.
(5) Multiple of total implied equity purchase price.
7
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION OVERVIEW
- --------------------------------------------------------------------------------
-----------------------------
Offer Price: $12.25
-----------------------------
Closing Offer
Stock Price (1) Premium
--------------- -------
Current Price (April 12, 1999): $11.125 10.1%
Price One Day Prior to Offer
(April 12, 1999): $11.125 10.1%
Price One Month Prior to Offer
(March 12, 1999): $11.438 7.1%
Price Three Months Prior to Offer
(January 12, 1999): $9.438 29.8%
Price Six Months Prior to Offer
(October 12, 1999): $8.750 40.0%
1998 Average Price: $10.924 12.1%
1999 YTD (2) Average Price: $10.184 20.3%
----------------------------
(1) Source: Bloomberg.
(2) YTD= Year-to-date
8
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Securities
<PAGE>
[LOGO] Prudential
Securities
SECTION II
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
II. Overview of Berkshire
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
A. Historical Financial
Results
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
FINANCIAL REVIEW
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
Berkshire Realty Company, Inc.
($ in thousands except per share data)
Years Ended December 31,
-------------------------------------------------------------------
1994 1995 1996 1997 1998
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Revenues $68,470 $74,441 $93,002 $115,499 $182,785
Net Operating Income 36,254 43,118 49,916 64,284 103,828
FF0 (1) 25,707 26,031 28,939 37,720 59,802
FFO-Per Share(1) $1.01 $1.01 $1.04 $1.08 $1.15
Closing Stock Price (2)
52 Week High $12.38 $10.38 $11.00 $12.38 $12.38
52 Week Average $10.40 $9.70 $10.15 $11.12 $10.92
52 Week Low $8.75 $9.00 $9.38 $10.00 $8.69
Annual Growth Rates
Revenues NA 8.7% 24.9% 24.2% 58.3%
Net Operating Income NA 18.9% 15.8% 28.8% 61.5%
FF0 - Per Share NA 0.0% 3.0% 3.8% 6.5%
-------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Basic FFO figures for 1994 -- 1996; Fully-diluted figures for
1997 and 1998.
(2) Source: Stock prices from Bloomberg.
11
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
FINANCIAL REVIEW
- --------------------------------------------------------------------------------
Berkshire Realty Company, Inc. Historical Balance Sheets
($ in thousands)
<TABLE>
<CAPTION>
Years Ended December 31,
----------------------------------------------------------
Assets 1994 1995 1996 1997 1998
- --------------------------------------------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Multifamily apartment communities, net
of accumulated depreciation $298,205 $324,752 $430,937 $715,696 $919,487
Land and construction-in-progress 7,129 2,881 4,036 15,186 10,974
Land held for future development -- 863 2,332 5,818 5,657
Mortgage loan receivables, net of purchase
discounts 7,957 19,965 2,268 2,323 2,376
Investments in unconsolidated joint ventures 43,182 41,690 36,037 15,619 --
Retail centers 61,861 59,708 11,065 -- --
Retail centers held for sale net accumulated
depreciation -- -- 30,556 14,405 --
-------- -------- -------- -------- ----------
Total Real Estate Assets $418,333 $449,859 $517,231 $769,047 $938,494
Cash and cash equivalents $10,492 $11,143 $7,016 $9,859 $12,367
Mortgage-backed securities 13,322 11,576 9,233 7,512 4,937
Note receivable -- -- 1,826 7,500 7,500
Escrows 7,403 3,873 11,096 15,089 16,305
Deferred expenses and other assets 8,657 10,517 10,941 14,932 19,854
Workforce and other intangible assets,
net of accumulated dep. -- -- 12,327 22,481 9,449
-------- -------- -------- -------- ----------
Total Assets $458,207 $486,968 $569,670 $846,420 $1,008,907
======== ======== ======== ======== ==========
Liabilities and Shareholders' Equity
- ---------------------------------------------------
Mortgage notes payable $88,279 $105,201 $149,806 $368,810 $426,236
Credit agreement 79,000 95,140 136,060 12,000 135,100
Repurchase agreement 11,800 10,950 9,300 -- --
Construction loan -- -- -- 317 11,363
Deposits and prepaid rent 2,393 2,044 2,444 4,888 8,310
Accrued taxes, insurance, other liabilities
and accounts payable 8,144 7,846 11,798 17,073 25,219
-------- -------- -------- -------- ----------
Total Liabilities $189,616 $221,180 $309,407 $403,088 $606,228
-------- -------- -------- -------- ----------
Minority Interest in Operating Partnership $ -- $5,000 $36,609 $75,137 $69,661
Shareholders' Equity $268,591 $260,788 $223,654 $368,195 $333,018
-------- -------- -------- -------- ----------
Total Liabilities and Shareholders' Equity $458,207 $486,968 $569,670 $846,420 $1,008,907
======== ======== ======== ======== ==========
</TABLE>
- --------------------------------------------------------------------------------
Source: Berkshire 10-K's.
12
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
B. Historical Stock Price
Performance
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
HISTORICAL STOCK PRICE PERFORMANCE - SINCE IPO
Berkshire Realty Company, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History
BERKSHIRE RLTY INC COM 12-Aug-1999
BRI 08471010 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 248,600 11.4375 10.9375 11.3750
01-Apr-1999 608,400 11.4375 11.0000 11.1875
26-Mar-1999 587,700 11.5000 11.1250 11.2500
19-Mar-1999 510,700 11.5000 11.1875 11.3750
12-Mar-1999 1,783,100 11.5625 10.6250 11.4375
05-Mar-1999 645,500 10.8750 9.4375 10.6875
26-Feb-1999 304,500 9.5625 9.0625 9.5000
19-Feb-1999 388,900 9.4375 9.1250 9.3125
12-Feb-1999 376,200 9.7500 9.1250 9.2500
05-Feb-1999 342,700 9.8750 9.5000 9.6875
29-Jan-1999 251,700 9.8125 9.5000 9.7500
22-Jan-1999 202,200 9.7500 9.3750 9.7500
15-Jan-1999 324,800 9.5000 9.1875 9.4375
08-Jan-1999 441,200 9.6875 9.2500 9.3125
31-Dec-1998 314,200 9.6250 9.1250 9.5000
24-Dec-1998 344,700 9.4375 9.0000 9.3750
18-Dec-1998 258,700 9.5625 9.2500 9.3750
11-Dec-1998 274,800 9.6875 9.1875 9.3750
04-Dec-1998 290,400 9.7500 9.3125 9.6875
27-Nov-1998 328,400 9.7500 9.2500 9.7500
20-Nov-1998 390,700 10.0000 9.3750 9.6250
13-Nov-1998 192,800 10.0625 9.5625 9.9375
06-Nov-1998 283,400 10.1250 9.1250 9.9375
30-Oct-1998 570,900 9.3125 8.7500 9.0000
23-Oct-1998 770,800 9.3750 8.9375 9.2500
16-Oct-1998 399,300 9.0625 8.5625 8.8750
09-Oct-1998 772,800 10.1250 8.1250 9.0000
02-Oct-1998 681,300 10.5000 9.3125 10.0000
25-Sep-1998 344,300 10.4375 9.5000 10.1875
18-Sep-1998 318,400 9.8750 9.0625 9.8750
11-Sep-1998 319,500 10.0000 9.1250 9.3750
04-Sep-1998 656,300 10.1250 9.1875 9.5000
28-Aug-1998 426,800 11.0000 9.9375 10.2500
21-Aug-1998 256,300 11.3125 10.4375 10.5000
14-Aug-1998 335,200 11.2500 10.7500 10.8750
07-Aug-1998 398,300 11.1250 10.5000 11.1250
31-Jul-1998 493,900 11.5625 10.9375 10.9375
24-Jul-1998 296,800 11.6875 11.3125 11.5625
17-Jul-1998 321,400 11.8750 11.4375 11.4375
10-Jul-1998 309,200 12.0000 11.6875 11.8125
02-Jul-1998 279,100 11.8750 10.9375 11.7500
26-Jun-1998 420,000 11.5625 10.7500 11.0000
19-Jun-1998 225,400 11.6250 11.2500 11.3125
12-Jun-1998 315,600 12.0625 11.0625 11.6250
05-Jun-1998 307,300 12.1250 12.0000 12.0625
29-May-1998 438,500 12.1875 11.8125 12.0625
22-May-1998 258,000 12.0000 11.7500 11.8750
15-May-1998 241,400 12.0625 11.7500 11.8750
08-May-1998 402,500 12.3125 11.9375 12.0000
01-May-1998 477,100 12.1875 11.8125 12.1250
24-Apr-1998 839,700 12.3125 11.8125 12.0625
17-Apr-1998 456,300 12.1875 11.8125 11.8750
09-Apr-1998 406,300 12.2500 11.8125 12.1250
03-Apr-1998 786,200 12.1875 11.6875 12.1250
27-Mar-1998 379,600 11.9375 11.6875 11.8750
20-Mar-1998 371,800 11.9375 11.6875 11.8125
13-Mar-1998 522,800 12.1875 11.7500 11.9375
06-Mar-1998 473,600 12.0000 11.4375 11.9375
27-Feb-1998 297,100 11.6250 11.3750 11.5000
20-Feb-1998 290,600 11.8750 11.3750 11.4375
13-Feb-1998 347,800 12.0000 11.6875 11.7500
06-Feb-1998 322,100 11.8750 11.5000 11.8125
30-Jan-1998 439,800 12.0625 11.3750 11.8125
23-Jan-1998 398,700 12.3750 11.8125 11.9375
16-Jan-1998 249,200 12.1250 11.3750 12.0000
09-Jan-1998 346,300 12.1875 11.3750 11.5000
02-Jan-1998 182,300 12.0000 11.3125 11.8125
26-Dec-1997 281,500 11.5000 10.8125 11.3125
19-Dec-1997 332,700 11.6250 11.1250 11.2500
12-Dec-1997 306,600 12.1250 11.3125 11.5000
05-Dec-1997 713,800 12.1875 11.2500 12.0000
28-Nov-1997 315,200 11.3750 10.9375 11.3750
21-Nov-1997 552,000 11.2500 10.9375 11.0625
14-Nov-1997 668,900 11.1250 10.5000 10.9375
07-Nov-1997 5,412,900 11.3125 10.7500 11.0000
31-Oct-1997 323,100 12.1250 10.8750 11.1250
24-Oct-1997 189,700 12.1250 11.7500 11.9375
17-Oct-1997 318,800 12.1250 11.6875 11.7500
10-Oct-1997 188,600 12.3750 11.6875 12.0625
03-Oct-1997 162,700 12.4375 11.9375 12.3125
26-Sep-1997 293,700 12.3750 11.9375 12.2500
19-Sep-1997 304,800 12.1875 11.5000 11.8125
12-Sep-1997 269,400 11.7500 11.3125 11.6875
05-Sep-1997 76,200 11.5000 11.2500 11.4375
29-Aug-1997 219,600 11.5625 11.0625 11.3125
22-Aug-1997 277,700 11.6875 11.1875 11.3750
15-Aug-1997 161,400 11.1250 10.5625 11.0000
08-Aug-1997 186,100 11.5000 10.8125 10.8125
01-Aug-1997 201,000 11.3750 11.1250 11.1875
25-Jul-1997 240,300 11.4375 10.8750 11.3125
18-Jul-1997 270,700 11.0000 10.8125 10.8750
11-Jul-1997 285,000 11.1250 10.6875 10.9375
03-Jul-1997 187,100 10.8750 10.5625 10.8125
27-Jun-1997 244,700 10.8750 10.5000 10.8125
20-Jun-1997 236,200 10.8750 10.6250 10.6250
13-Jun-1997 231,600 10.8750 10.5000 10.8750
06-Jun-1997 296,400 10.7500 10.6250 10.6250
30-May-1997 60,900 10.8750 10.7500 10.7500
23-May-1997 207,700 10.8750 10.5000 10.7500
16-May-1997 279,300 11.0625 10.5000 10.7500
09-May-1997 166,900 11.0000 10.6250 10.7500
02-May-1997 158,300 11.1250 10.7500 10.8750
25-Apr-1997 88,900 11.2500 10.8750 11.0000
18-Apr-1997 163,900 11.1250 10.7500 11.0000
11-Apr-1997 132,200 11.0000 10.7500 10.8750
04-Apr-1997 210,100 11.0000 10.6250 11.0000
27-Mar-1997 154,800 11.3750 11.0000 11.0000
21-Mar-1997 234,800 11.5000 11.1250 11.2500
14-Mar-1997 218,000 11.6250 11.2500 11.3750
07-Mar-1997 580,400 11.7500 11.5000 11.6250
28-Feb-1997 636,100 11.6250 10.3750 11.5000
21-Feb-1997 286,800 10.6250 10.2500 10.5000
14-Feb-1997 236,900 10.6250 10.1250 10.2500
07-Feb-1997 235,600 10.6250 10.2500 10.6250
31-Jan-1997 363,200 10.7500 10.1250 10.3750
24-Jan-1997 212,300 10.7500 10.5000 10.5000
17-Jan-1997 528,000 10.7500 10.1250 10.7500
10-Jan-1997 386,000 10.3750 10.0000 10.2500
03-Jan-1997 400,600 10.1250 9.6250 10.0000
27-Dec-1996 219,800 9.7500 9.3750 9.6250
20-Dec-1996 539,700 9.7500 9.3750 9.3750
13-Dec-1996 421,200 9.6250 9.3750 9.6250
06-Dec-1996 323,300 9.6250 9.2500 9.3750
29-Nov-1996 253,100 9.6250 9.3750 9.3750
22-Nov-1996 513,600 9.6250 9.3750 9.5000
15-Nov-1996 380,700 9.8750 9.3750 9.5000
08-Nov-1996 221,200 9.8750 9.6250 9.8750
01-Nov-1996 2,305,000 10.1250 9.7500 9.7500
25-Oct-1996 275,700 10.2500 9.8750 10.1250
18-Oct-1996 236,100 10.3750 10.0000 10.2500
11-Oct-1996 303,600 10.3750 10.0000 10.2500
04-Oct-1996 325,800 10.1250 9.7500 10.1250
27-Sep-1996 249,800 10.0000 9.7500 9.7500
20-Sep-1996 263,000 9.8750 9.6250 9.8750
13-Sep-1996 341,600 9.8750 9.6250 9.8750
06-Sep-1996 274,700 9.8750 9.5000 9.6250
30-Aug-1996 1,007,100 10.2500 9.6250 9.7500
23-Aug-1996 107,700 10.8750 10.5000 10.6250
16-Aug-1996 133,600 10.8750 10.2500 10.7500
09-Aug-1996 88,100 10.8750 10.3750 10.5000
02-Aug-1996 1,947,300 10.8750 10.5000 10.7500
26-Jul-1996 128,000 10.8750 10.5000 10.7500
19-Jul-1996 111,300 11.0000 10.7500 10.7500
12-Jul-1996 127,100 11.0000 10.7500 10.8750
05-Jul-1996 124,800 11.1250 10.7500 10.7500
28-Jun-1996 176,100 11.1250 10.7500 10.8750
21-Jun-1996 175,000 11.0000 10.6250 10.8750
14-Jun-1996 193,100 11.0000 10.6250 10.7500
07-Jun-1996 200,000 11.1250 10.7500 10.7500
31-May-1996 261,800 11.0000 10.3750 11.0000
24-May-1996 115,300 10.6250 10.3750 10.3750
17-May-1996 175,100 10.8750 10.2500 10.5000
10-May-1996 139,700 10.3750 10.0000 10.2500
03-May-1996 1,616,900 10.6250 10.1250 10.1250
26-Apr-1996 200,700 10.8750 10.1250 10.7500
19-Apr-1996 208,500 10.2500 10.0000 10.2500
12-Apr-1996 146,900 10.1250 9.8750 10.0000
04-Apr-1996 117,600 10.1250 9.8750 9.8750
29-Mar-1996 77,500 10.1250 9.8750 9.8750
22-Mar-1996 140,600 10.2500 9.8750 10.0000
15-Mar-1996 185,500 10.3750 9.8750 10.0000
08-Mar-1996 300,700 10.3750 9.7500 10.0000
01-Mar-1996 150,500 10.0000 9.7500 9.7500
23-Feb-1996 101,200 10.1250 9.8750 9.8750
16-Feb-1996 193,300 10.3750 9.8750 10.1250
09-Feb-1996 162,300 10.1250 9.8750 10.0000
02-Feb-1996 130,800 10.2500 9.8750 9.8750
26-Jan-1996 108,000 10.3750 10.0000 10.1250
19-Jan-1996 142,800 10.3750 10.0000 10.1250
12-Jan-1996 123,800 10.1250 9.7500 10.1250
05-Jan-1996 142,500 10.0000 9.6250 9.7500
29-Dec-1995 141,700 9.7500 9.5000 9.6250
22-Dec-1995 183,600 9.7500 9.5000 9.5000
15-Dec-1995 152,500 9.7500 9.3750 9.5000
08-Dec-1995 278,100 9.7500 9.3750 9.5000
01-Dec-1995 189,500 9.6250 9.2500 9.3750
24-Nov-1995 134,100 9.6250 9.2500 9.3750
17-Nov-1995 208,200 9.8750 9.3750 9.5000
10-Nov-1995 118,000 9.6250 9.3750 9.3750
03-Nov-1995 204,200 9.7500 9.3750 9.3750
27-Oct-1995 130,800 10.1250 9.8750 9.8750
20-Oct-1995 167,900 10.0000 9.7500 9.8750
13-Oct-1995 130,000 10.1250 9.7500 9.8750
06-Oct-1995 143,900 10.1250 9.7500 9.8750
29-Sep-1995 147,100 10.2500 9.8750 9.8750
22-Sep-1995 138,400 10.5000 10.0000 10.2500
15-Sep-1995 128,100 10.6250 10.1250 10.3750
08-Sep-1995 146,800 10.6250 10.0000 10.1250
01-Sep-1995 195,000 10.3750 9.8750 10.1250
25-Aug-1995 82,600 10.0000 9.7500 9.8750
18-Aug-1995 189,600 10.0000 9.5000 9.7500
11-Aug-1995 139,300 9.8750 9.6250 9.6250
04-Aug-1995 181,200 9.8750 9.5000 9.6250
28-Jul-1995 84,800 9.8750 9.6250 9.6250
21-Jul-1995 92,400 9.8750 9.6250 9.6250
14-Jul-1995 126,900 9.8750 9.6250 9.6250
07-Jul-1995 81,100 10.0000 9.6250 9.7500
30-Jun-1995 136,500 10.0000 9.6250 9.8750
23-Jun-1995 174,300 9.8750 9.6250 9.7500
16-Jun-1995 90,600 9.8750 9.6250 9.8750
09-Jun-1995 150,700 10.0000 9.6250 9.6250
02-Jun-1995 97,500 10.0000 9.7500 9.8750
26-May-1995 129,700 10.1250 9.7500 9.8750
19-May-1995 246,200 10.2500 9.6250 10.0000
12-May-1995 153,500 10.0000 9.6250 9.6250
05-May-1995 170,100 9.7500 9.3750 9.6250
28-Apr-1995 1,063,500 9.6250 9.1250 9.3750
21-Apr-1995 112,200 9.7500 9.5000 9.6250
13-Apr-1995 94,800 9.6250 9.3750 9.6250
07-Apr-1995 106,800 9.8750 9.3750 9.3750
31-Mar-1995 105,300 9.6250 9.3750 9.6250
24-Mar-1995 145,100 9.7500 9.3750 9.3750
17-Mar-1995 117,300 9.7500 9.5000 9.7500
10-Mar-1995 108,200 9.8750 9.5000 9.7500
03-Mar-1995 103,200 10.0000 9.7500 9.8750
24-Feb-1995 126,000 10.0000 9.5000 10.0000
17-Feb-1995 146,800 10.0000 9.2500 9.5000
10-Feb-1995 147,600 9.7500 9.2500 9.3750
03-Feb-1995 189,500 9.6250 9.1250 9.5000
27-Jan-1995 281,600 9.7500 8.7500 9.1250
20-Jan-1995 157,700 9.8750 9.5000 9.7500
13-Jan-1995 136,000 10.0000 9.6250 9.7500
06-Jan-1995 170,200 9.8750 9.3750 9.6250
30-Dec-1994 292,500 9.3750 9.0000 9.3750
23-Dec-1994 220,100 9.5000 8.7500 9.0000
16-Dec-1994 303,900 9.5000 8.8750 9.3750
09-Dec-1994 170,300 9.2500 8.7500 8.8750
02-Dec-1994 133,100 9.2500 9.0000 9.1250
25-Nov-1994 148,900 9.3750 8.8750 9.0000
18-Nov-1994 264,800 9.6250 8.7500 9.3750
11-Nov-1994 122,800 9.5000 9.0000 9.0000
04-Nov-1994 1,162,100 9.7500 9.2500 9.2500
28-Oct-1994 197,800 9.8750 9.5000 9.5000
21-Oct-1994 136,100 10.0000 9.6250 9.8750
14-Oct-1994 105,400 9.8750 9.5000 9.6250
07-Oct-1994 136,100 10.0000 9.5000 9.5000
30-Sep-1994 149,600 10.2500 9.8750 9.8750
23-Sep-1994 149,400 10.2500 9.7500 9.8750
16-Sep-1994 113,500 10.2500 10.0000 10.1250
09-Sep-1994 88,600 10.6250 10.1250 10.2500
02-Sep-1994 116,600 10.6250 10.1250 10.5000
26-Aug-1994 132,000 10.3750 10.0000 10.1250
19-Aug-1994 210,300 10.6250 9.8750 10.3750
12-Aug-1994 131,600 10.3750 9.8750 10.0000
05-Aug-1994 217,000 10.3750 10.0000 10.1250
29-Jul-1994 166,200 10.5000 9.8750 10.0000
22-Jul-1994 135,200 10.6250 9.8750 10.1250
15-Jul-1994 113,900 10.7500 10.2500 10.5000
08-Jul-1994 117,700 10.7500 10.3750 10.5000
01-Jul-1994 83,200 10.7500 10.5000 10.6250
24-Jun-1994 85,400 10.8750 10.6250 10.7500
17-Jun-1994 90,900 11.1250 10.7500 10.8750
10-Jun-1994 87,100 11.2500 10.8750 11.0000
03-Jun-1994 75,900 11.2500 10.8750 11.1250
27-May-1994 146,100 11.1250 10.5000 11.0000
20-May-1994 218,600 10.7500 10.3750 10.5000
13-May-1994 102,800 10.5000 10.0000 10.5000
06-May-1994 106,100 10.5000 10.1250 10.2500
29-Apr-1994 397,500 10.6250 10.2500 10.5000
22-Apr-1994 103,700 10.6250 10.1250 10.5000
15-Apr-1994 99,200 10.7500 10.0000 10.5000
08-Apr-1994 109,800 11.0000 10.3750 10.6250
31-Mar-1994 117,800 11.1250 10.5000 10.6250
25-Mar-1994 84,900 11.5000 11.0000 11.0000
18-Mar-1994 111,700 11.5000 11.0000 11.3750
11-Mar-1994 133,800 11.2500 10.7500 10.8750
04-Mar-1994 125,600 11.7500 10.8750 11.1250
25-Feb-1994 153,700 11.8750 11.3750 11.5000
18-Feb-1994 174,700 11.7500 11.1250 11.7500
11-Feb-1994 105,900 11.5000 11.1250 11.5000
04-Feb-1994 150,700 11.8750 11.2500 11.5000
28-Jan-1994 176,000 12.5000 11.6250 11.6250
21-Jan-1994 229,700 12.0000 11.2500 11.7500
14-Jan-1994 138,900 11.2500 10.8750 11.1250
07-Jan-1994 125,900 11.2500 10.7500 11.1250
31-Dec-1993 147,500 11.2500 10.6250 11.0000
23-Dec-1993 244,400 11.3750 10.8750 11.0000
17-Dec-1993 157,000 11.0000 10.5000 10.5000
10-Dec-1993 176,000 11.3750 10.7500 10.8750
03-Dec-1993 223,600 11.3750 11.0000 11.1250
26-Nov-1993 158,500 11.2500 10.8750 11.2500
19-Nov-1993 298,100 11.3750 10.7500 10.7500
12-Nov-1993 397,000 11.5000 11.2500 11.2500
05-Nov-1993 336,100 11.5000 11.1250 11.1250
29-Oct-1993 179,400 11.7500 11.2500 11.2500
22-Oct-1993 125,700 12.1250 11.5000 11.7500
15-Oct-1993 109,500 12.0000 11.6250 11.8750
08-Oct-1993 118,800 11.8750 11.6250 11.6250
01-Oct-1993 149,400 12.0000 11.5000 11.8750
24-Sep-1993 107,000 12.0000 11.6250 11.6250
17-Sep-1993 152,100 12.1250 11.6250 11.8750
10-Sep-1993 93,600 12.1250 11.6250 11.8750
03-Sep-1993 152,400 12.3750 11.7500 12.1250
27-Aug-1993 284,900 12.7500 11.7500 11.8750
20-Aug-1993 247,300 12.5000 12.0000 12.2500
13-Aug-1993 193,800 12.1250 11.7500 12.1250
06-Aug-1993 193,100 12.5000 11.6250 11.7500
30-Jul-1993 529,900 12.6250 11.1250 12.2500
23-Jul-1993 82,200 11.3750 10.5000 10.5000
16-Jul-1993 100,700 11.5000 11.0000 11.2500
09-Jul-1993 70,300 11.1250 10.6250 11.1250
02-Jul-1993 113,400 11.1250 10.6250 10.7500
25-Jun-1993 139,000 11.0000 10.5000 10.7500
18-Jun-1993 95,700 10.7500 10.6250 10.7500
11-Jun-1993 95,800 10.8750 10.3750 10.7500
04-Jun-1993 78,600 10.7500 10.0000 10.7500
28-May-1993 176,800 10.7500 10.0000 10.3750
21-May-1993 114,300 11.3750 10.6250 10.8750
14-May-1993 101,000 10.8750 10.6250 10.6250
07-May-1993 102,900 11.0000 10.7500 10.8750
30-Apr-1993 128,300 11.3750 10.7500 11.0000
23-Apr-1993 127,900 11.8750 11.3750 11.3750
16-Apr-1993 165,300 11.8750 11.3750 11.8750
08-Apr-1993 121,500 11.6250 11.3750 11.5000
02-Apr-1993 414,600 12.1250 11.1250 11.5000
26-Mar-1993 217,900 11.3750 11.0000 11.1250
19-Mar-1993 356,700 11.6250 10.7500 11.3750
12-Mar-1993 249,800 11.1250 10.3750 10.8750
05-Mar-1993 154,800 10.5000 10.1250 10.5000
26-Feb-1993 199,900 10.6250 10.2500 10.3750
19-Feb-1993 262,000 10.7500 10.0000 10.3750
12-Feb-1993 305,800 10.5000 9.6250 10.0000
05-Feb-1993 197,900 9.8750 9.2500 9.6250
29-Jan-1993 139,800 9.6250 8.6250 9.3750
22-Jan-1993 257,600 9.8750 9.1250 9.6250
15-Jan-1993 260,700 9.3750 8.6250 9.2500
08-Jan-1993 139,700 9.0000 8.5000 8.6250
31-Dec-1992 172,600 8.7500 8.1250 8.6250
24-Dec-1992 113,900 8.3750 7.8750 8.1250
18-Dec-1992 125,400 8.3750 8.0000 8.1250
11-Dec-1992 152,900 8.2500 8.0000 8.2500
04-Dec-1992 107,800 8.2500 7.7500 8.0000
27-Nov-1992 80,900 8.1250 7.8750 8.1250
20-Nov-1992 170,500 8.5000 8.0000 8.0000
13-Nov-1992 123,600 8.2500 7.8750 8.0000
06-Nov-1992 92,400 8.2500 7.8750 8.0000
30-Oct-1992 92,500 8.2500 7.7500 8.0000
23-Oct-1992 86,700 8.5000 8.1250 8.1250
16-Oct-1992 81,700 8.5000 8.0000 8.5000
09-Oct-1992 76,300 8.3750 8.0000 8.1250
02-Oct-1992 89,800 8.5000 8.1250 8.3750
25-Sep-1992 108,100 8.6250 8.0000 8.1250
18-Sep-1992 81,000 8.6250 8.2500 8.6250
11-Sep-1992 88,700 8.5000 8.0000 8.5000
04-Sep-1992 103,800 8.6250 8.1250 8.2500
28-Aug-1992 109,200 8.8750 8.5000 8.6250
21-Aug-1992 141,400 8.8750 8.2500 8.6250
14-Aug-1992 102,900 8.5000 7.8750 8.3750
07-Aug-1992 119,900 8.6250 8.0000 8.1250
31-Jul-1992 145,100 8.7500 8.1250 8.5000
24-Jul-1992 98,700 8.5000 8.1250 8.3750
17-Jul-1992 87,700 8.5000 7.8750 8.2500
10-Jul-1992 87,300 8.3750 8.0000 8.1250
02-Jul-1992 123,500 8.3750 7.8750 8.1250
26-Jun-1992 130,600 8.1250 7.7500 7.8750
19-Jun-1992 120,700 8.0000 7.7500 7.8750
12-Jun-1992 120,900 8.1250 7.7500 7.8750
05-Jun-1992 189,100 8.0000 7.6250 7.6250
29-May-1992 114,600 7.8750 7.6250 7.7500
22-May-1992 158,100 8.0000 7.6250 7.6250
15-May-1992 267,100 8.0000 7.3750 8.0000
08-May-1992 144,600 8.0000 7.2500 7.7500
01-May-1992 114,200 8.2500 7.6250 7.6250
24-Apr-1992 139,200 8.5000 8.1250 8.3750
16-Apr-1992 91,500 8.7500 8.1250 8.2500
10-Apr-1992 107,500 8.6250 8.2500 8.5000
03-Apr-1992 156,300 8.8750 8.0000 8.3750
27-Mar-1992 109,500 9.0000 8.6250 8.7500
20-Mar-1992 94,400 9.0000 8.6250 8.7500
13-Mar-1992 96,600 9.1250 8.7500 9.0000
06-Mar-1992 135,800 9.2500 8.6250 9.0000
28-Feb-1992 69,900 9.0000 8.7500 8.8750
21-Feb-1992 175,800 9.1250 8.6250 8.8750
14-Feb-1992 154,100 9.0000 8.6250 8.8750
07-Feb-1992 131,100 9.0000 8.6250 9.0000
31-Jan-1992 136,500 9.0000 8.5000 8.7500
24-Jan-1992 175,500 9.5000 8.8750 9.2500
17-Jan-1992 107,200 9.1250 8.6250 9.0000
10-Jan-1992 146,400 9.1250 8.6250 8.7500
03-Jan-1992 161,300 9.1250 8.2500 9.0000
27-Dec-1991 87,800 8.8750 8.3750 8.3750
20-Dec-1991 220,500 8.8750 8.1250 8.3750
13-Dec-1991 222,300 8.1250 7.5000 8.0000
06-Dec-1991 208,600 8.1250 7.3750 8.0000
29-Nov-1991 177,500 8.6250 7.7500 7.8750
22-Nov-1991 187,200 8.8750 8.2500 8.5000
15-Nov-1991 197,100 8.8750 8.2500 8.7500
08-Nov-1991 107,500 9.0000 8.6250 8.7500
01-Nov-1991 110,300 9.1250 8.7500 8.7500
25-Oct-1991 130,300 9.5000 9.1250 9.3750
18-Oct-1991 125,500 9.5000 9.1250 9.2500
11-Oct-1991 103,600 9.3750 9.0000 9.2500
04-Oct-1991 183,800 9.2500 8.6250 9.1250
27-Sep-1991 155,600 9.3750 8.8750 9.0000
20-Sep-1991 214,700 9.2500 8.6250 9.0000
13-Sep-1991 175,700 9.2500 8.6250 8.7500
06-Sep-1991 136,300 9.2500 8.6250 8.8750
30-Aug-1991 161,900 9.5000 8.8750 9.2500
23-Aug-1991 170,600 9.6250 9.0000 9.5000
16-Aug-1991 139,800 9.8750 9.2500 9.6250
09-Aug-1991 153,200 10.0000 9.5000 9.5000
02-Aug-1991 160,300 10.2500 9.6250 9.7500
26-Jul-1991 177,000 10.2500 8.7500 10.0000
19-Jul-1991 308,000 10.1250 8.7500 9.0000
12-Jul-1991 375,200 11.0000 8.7500 10.2500
05-Jul-1991 158,100 9.7500 8.6250 9.0000
28-Jun-1991 80,500 9.7500 8.3750 9.3750
Weekly Prices: June 28, 1991 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
14
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
HISTORICAL STOCK PRICE PERFORMANCE - LATEST TWELVE MONTHS
Berkshire Realty Company, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History
BERKSHIRE RLTY INC COM 12-Aug-1999
BRI 08471010 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
09-Apr-1999 54,100 11.4375 11.0625 11.3750
08-Apr-1999 81,300 11.2500 10.9375 11.1250
07-Apr-1999 33,800 11.2500 11.0000 11.1250
06-Apr-1999 33,600 11.2500 11.0625 11.0625
05-Apr-1999 45,800 11.3125 11.1250 11.1875
01-Apr-1999 67,100 11.3125 11.0625 11.1875
31-Mar-1999 255,200 11.3750 11.0000 11.1875
30-Mar-1999 192,100 11.4375 11.1875 11.2500
29-Mar-1999 94,000 11.4375 11.1875 11.3125
26-Mar-1999 69,200 11.3125 11.1875 11.2500
25-Mar-1999 100,600 11.3125 11.1250 11.2500
24-Mar-1999 119,200 11.4375 11.1875 11.1875
23-Mar-1999 148,100 11.5000 11.1250 11.4375
22-Mar-1999 150,600 11.5000 11.1250 11.2500
19-Mar-1999 104,600 11.3750 11.2500 11.3750
18-Mar-1999 70,400 11.3750 11.1875 11.3125
17-Mar-1999 96,600 11.4375 11.3125 11.3750
16-Mar-1999 113,500 11.5000 11.3750 11.3750
15-Mar-1999 125,600 11.5000 11.3125 11.5000
12-Mar-1999 206,600 11.5000 11.3125 11.4375
11-Mar-1999 386,400 11.5625 11.3125 11.5000
10-Mar-1999 332,400 11.4375 11.1250 11.4375
09-Mar-1999 562,700 11.4375 10.9375 11.3125
08-Mar-1999 295,000 11.5625 10.6250 11.1875
05-Mar-1999 335,700 10.8750 10.3750 10.6875
04-Mar-1999 84,300 9.8750 9.6250 9.6875
03-Mar-1999 52,600 9.7500 9.6250 9.7500
02-Mar-1999 109,100 9.8125 9.5625 9.7500
01-Mar-1999 63,800 9.6875 9.4375 9.5625
26-Feb-1999 54,300 9.5625 9.3750 9.5000
25-Feb-1999 61,700 9.4375 9.2500 9.4375
24-Feb-1999 32,500 9.4375 9.1875 9.3750
23-Feb-1999 97,300 9.3125 9.0625 9.3125
22-Feb-1999 58,700 9.3125 9.1875 9.2500
19-Feb-1999 142,400 9.3750 9.1250 9.3125
18-Feb-1999 93,100 9.3750 9.1875 9.3125
17-Feb-1999 46,900 9.4375 9.2500 9.3125
16-Feb-1999 106,500 9.4375 9.1250 9.3750
12-Feb-1999 58,000 9.2500 9.1250 9.2500
11-Feb-1999 31,700 9.2500 9.1875 9.2500
10-Feb-1999 156,000 9.5000 9.1875 9.2500
09-Feb-1999 72,300 9.6875 9.4375 9.5625
08-Feb-1999 58,200 9.7500 9.5625 9.6875
05-Feb-1999 117,800 9.8750 9.5625 9.6875
04-Feb-1999 46,300 9.7500 9.5000 9.6250
03-Feb-1999 51,700 9.7500 9.5000 9.7500
02-Feb-1999 49,300 9.6875 9.5000 9.6250
01-Feb-1999 77,600 9.8750 9.5625 9.5625
29-Jan-1999 49,200 9.7500 9.5000 9.7500
28-Jan-1999 86,500 9.8125 9.5625 9.8125
27-Jan-1999 50,700 9.8125 9.5000 9.7500
26-Jan-1999 27,700 9.7500 9.5625 9.6875
25-Jan-1999 37,600 9.7500 9.5625 9.6875
22-Jan-1999 29,900 9.7500 9.5625 9.7500
21-Jan-1999 24,700 9.6875 9.5625 9.5625
20-Jan-1999 61,100 9.7500 9.5625 9.6250
19-Jan-1999 86,500 9.6250 9.3750 9.6250
15-Jan-1999 48,200 9.4375 9.2500 9.4375
14-Jan-1999 143,900 9.4375 9.1875 9.2500
13-Jan-1999 35,300 9.4375 9.2500 9.3750
12-Jan-1999 30,300 9.4375 9.2500 9.4375
11-Jan-1999 67,100 9.5000 9.3125 9.3750
08-Jan-1999 117,000 9.5000 9.2500 9.3125
07-Jan-1999 83,300 9.6250 9.3750 9.5625
06-Jan-1999 84,600 9.6875 9.5000 9.6250
05-Jan-1999 77,500 9.5000 9.2500 9.5000
04-Jan-1999 78,800 9.5625 9.3125 9.3750
31-Dec-1998 121,900 9.6250 9.1875 9.5000
30-Dec-1998 69,600 9.3750 9.1250 9.2500
29-Dec-1998 64,200 9.4375 9.1250 9.2500
28-Dec-1998 58,500 9.5000 9.1875 9.3125
24-Dec-1998 22,700 9.4375 9.3125 9.3750
23-Dec-1998 147,800 9.4375 9.0000 9.4375
22-Dec-1998 101,700 9.1875 9.0000 9.1875
21-Dec-1998 72,500 9.4375 9.0625 9.1875
18-Dec-1998 58,400 9.3750 9.2500 9.3750
17-Dec-1998 28,800 9.5625 9.2500 9.4375
16-Dec-1998 42,600 9.5625 9.3750 9.5625
15-Dec-1998 47,000 9.5000 9.2500 9.5000
14-Dec-1998 81,900 9.4375 9.2500 9.4375
11-Dec-1998 39,200 9.4375 9.1875 9.3750
10-Dec-1998 31,200 9.5000 9.3750 9.4375
09-Dec-1998 77,600 9.5625 9.3125 9.5000
08-Dec-1998 72,200 9.6250 9.5000 9.5000
07-Dec-1998 54,600 9.6875 9.5000 9.6250
04-Dec-1998 50,800 9.7500 9.5625 9.6875
03-Dec-1998 55,500 9.6250 9.5000 9.6250
02-Dec-1998 53,700 9.6875 9.4375 9.6875
01-Dec-1998 45,700 9.5000 9.3125 9.5000
30-Nov-1998 84,700 9.6875 9.4375 9.5000
27-Nov-1998 19,600 9.7500 9.5000 9.7500
25-Nov-1998 85,700 9.6250 9.3750 9.5625
24-Nov-1998 117,300 9.4375 9.2500 9.3750
23-Nov-1998 105,800 9.6875 9.3750 9.4375
20-Nov-1998 71,500 9.6875 9.5000 9.6250
19-Nov-1998 48,000 9.6250 9.3750 9.6250
18-Nov-1998 45,100 9.7500 9.5000 9.6250
17-Nov-1998 44,500 9.7500 9.5000 9.6250
16-Nov-1998 181,600 10.0000 9.5625 9.6250
13-Nov-1998 40,200 9.9375 9.5625 9.9375
12-Nov-1998 41,300 9.8750 9.5625 9.8750
11-Nov-1998 35,600 10.0000 9.7500 9.8750
10-Nov-1998 48,100 10.0000 9.8125 10.0000
09-Nov-1998 27,600 10.0625 9.6875 9.9375
06-Nov-1998 63,000 10.1250 9.9375 9.9375
05-Nov-1998 48,000 9.9375 9.6250 9.8750
04-Nov-1998 49,600 9.6875 9.3750 9.6250
03-Nov-1998 67,200 9.6250 9.3750 9.5625
02-Nov-1998 55,600 9.5000 9.1250 9.5000
30-Oct-1998 97,100 9.0625 8.7500 9.0000
29-Oct-1998 126,400 9.1250 8.8750 9.0000
28-Oct-1998 73,300 9.1250 8.9375 8.9375
27-Oct-1998 135,800 9.2500 9.0625 9.1875
26-Oct-1998 138,300 9.3125 9.0000 9.2500
23-Oct-1998 141,600 9.3750 9.2500 9.2500
22-Oct-1998 115,800 9.2500 9.0000 9.2500
21-Oct-1998 190,400 9.2500 8.9375 9.0625
20-Oct-1998 189,700 9.1875 8.9375 9.0000
19-Oct-1998 133,300 9.1875 8.9375 9.0625
16-Oct-1998 115,400 9.0000 8.7500 8.8750
15-Oct-1998 92,700 9.0625 8.7500 8.9375
14-Oct-1998 95,400 8.8125 8.5625 8.8125
13-Oct-1998 45,700 8.9375 8.6250 8.6875
12-Oct-1998 50,100 9.0000 8.6250 8.7500
09-Oct-1998 166,800 9.0000 8.7500 9.0000
08-Oct-1998 280,300 9.1875 8.1250 9.0000
07-Oct-1998 49,200 9.5625 9.1250 9.3125
06-Oct-1998 152,500 9.6875 9.4375 9.5000
05-Oct-1998 124,000 10.1250 9.5000 9.5000
02-Oct-1998 82,100 10.0000 9.3125 10.0000
01-Oct-1998 503,800 10.4375 9.8125 10.0000
30-Sep-1998 43,800 10.4375 10.2500 10.4375
29-Sep-1998 26,800 10.3125 10.0625 10.2500
28-Sep-1998 24,800 10.5000 10.1250 10.1250
25-Sep-1998 24,400 10.4375 10.0000 10.1875
24-Sep-1998 55,700 10.4375 10.0000 10.0625
23-Sep-1998 77,100 10.3750 10.0000 10.3125
22-Sep-1998 102,600 10.3750 9.7500 10.0625
21-Sep-1998 84,500 9.8750 9.5000 9.6250
18-Sep-1998 71,500 9.8750 9.5625 9.8750
17-Sep-1998 24,900 9.5625 9.3750 9.3750
16-Sep-1998 55,800 9.5625 9.2500 9.5625
15-Sep-1998 81,000 9.3125 9.0625 9.1250
14-Sep-1998 85,200 9.4375 9.0625 9.0625
11-Sep-1998 44,400 9.5625 9.1250 9.3750
10-Sep-1998 76,000 9.4375 9.1250 9.1875
09-Sep-1998 123,500 9.6250 9.3750 9.3750
08-Sep-1998 75,600 10.0000 9.3750 9.6250
04-Sep-1998 103,000 9.7500 9.4375 9.5000
03-Sep-1998 47,500 10.0000 9.5625 9.6250
02-Sep-1998 194,100 10.0625 9.5000 9.9375
01-Sep-1998 198,500 9.6875 9.2500 9.5625
31-Aug-1998 113,200 10.1250 9.1875 9.5000
28-Aug-1998 96,900 10.5000 9.9375 10.2500
27-Aug-1998 41,200 10.5000 10.1250 10.4375
26-Aug-1998 103,700 10.6875 10.3125 10.5000
25-Aug-1998 50,200 10.7500 10.5000 10.5625
24-Aug-1998 134,800 11.0000 10.6875 10.6875
21-Aug-1998 55,100 10.8125 10.4375 10.5000
20-Aug-1998 21,700 10.9375 10.7500 10.8125
19-Aug-1998 64,200 11.2500 10.7500 10.8750
18-Aug-1998 41,800 11.3125 11.1250 11.1250
17-Aug-1998 73,500 11.3125 11.0000 11.1875
14-Aug-1998 46,500 10.9375 10.8125 10.8750
13-Aug-1998 67,100 10.8750 10.7500 10.8750
12-Aug-1998 96,600 11.0000 10.8125 10.9375
11-Aug-1998 36,600 11.1875 10.9375 11.0000
10-Aug-1998 88,400 11.2500 11.0000 11.1875
07-Aug-1998 49,700 11.1250 10.8750 11.1250
06-Aug-1998 34,900 11.0000 10.8125 10.9375
05-Aug-1998 99,700 11.0000 10.5000 11.0000
04-Aug-1998 101,600 10.8750 10.6250 10.6875
03-Aug-1998 112,400 11.0625 10.7500 10.8750
31-Jul-1998 97,700 11.1250 10.9375 10.9375
30-Jul-1998 120,100 11.1875 11.0000 11.0000
29-Jul-1998 72,100 11.4375 10.9375 10.9375
28-Jul-1998 146,700 11.5625 11.3125 11.3750
27-Jul-1998 57,300 11.5625 11.3750 11.5625
24-Jul-1998 70,800 11.6875 11.3125 11.5625
23-Jul-1998 75,200 11.5000 11.3125 11.3125
22-Jul-1998 41,500 11.5625 11.3750 11.4375
21-Jul-1998 60,100 11.5625 11.3750 11.4375
20-Jul-1998 49,200 11.4375 11.3125 11.3750
17-Jul-1998 74,800 11.5625 11.4375 11.4375
16-Jul-1998 119,100 11.6875 11.4375 11.5625
15-Jul-1998 63,800 11.6250 11.4375 11.6250
14-Jul-1998 43,400 11.7500 11.6250 11.6250
13-Jul-1998 20,300 11.8750 11.6875 11.6875
10-Jul-1998 43,000 11.9375 11.7500 11.8125
09-Jul-1998 47,500 12.0000 11.7500 11.9375
08-Jul-1998 35,200 11.9375 11.7500 11.8125
07-Jul-1998 115,900 12.0000 11.8125 11.8750
06-Jul-1998 67,600 12.0000 11.6875 11.8125
02-Jul-1998 28,200 11.8750 11.7500 11.7500
01-Jul-1998 44,800 11.8750 11.7500 11.7500
30-Jun-1998 125,100 11.6875 11.1250 11.6875
29-Jun-1998 81,000 11.1250 10.9375 11.1250
26-Jun-1998 56,700 11.0000 10.7500 11.0000
25-Jun-1998 108,300 11.2500 10.7500 11.0000
24-Jun-1998 156,600 11.4375 11.1250 11.1250
23-Jun-1998 43,300 11.4375 11.2500 11.4375
22-Jun-1998 55,100 11.5625 11.3750 11.4375
19-Jun-1998 59,900 11.5000 11.2500 11.3125
18-Jun-1998 27,000 11.6250 11.3750 11.5000
17-Jun-1998 62,400 11.6250 11.2500 11.4375
16-Jun-1998 25,600 11.5625 11.3750 11.5000
15-Jun-1998 50,500 11.5000 11.3125 11.3750
12-Jun-1998 116,000 11.6875 11.0625 11.6250
11-Jun-1998 62,500 11.6875 11.5000 11.6250
10-Jun-1998 81,100 11.9375 11.6250 11.6875
09-Jun-1998 15,900 12.0000 11.8750 11.9375
08-Jun-1998 40,100 12.0625 12.0000 12.0000
05-Jun-1998 47,800 12.1250 12.0000 12.0625
04-Jun-1998 98,000 12.1250 12.0000 12.0625
03-Jun-1998 34,200 12.1250 12.0000 12.0000
02-Jun-1998 68,200 12.1250 12.0000 12.1250
01-Jun-1998 59,100 12.1250 12.0000 12.1250
29-May-1998 91,000 12.0625 11.8125 12.0625
28-May-1998 55,300 12.0000 11.8125 11.9375
27-May-1998 63,200 12.0625 11.8125 11.8125
26-May-1998 229,000 12.1875 11.9375 12.0000
22-May-1998 56,700 11.8750 11.7500 11.8750
21-May-1998 30,100 11.8750 11.7500 11.7500
20-May-1998 32,000 11.8750 11.7500 11.8125
19-May-1998 54,100 11.9375 11.7500 11.7500
18-May-1998 85,100 12.0000 11.8750 11.8750
15-May-1998 45,800 12.0000 11.8125 11.8750
14-May-1998 74,500 12.0000 11.8750 11.8750
13-May-1998 20,800 11.9375 11.8125 11.8750
12-May-1998 72,400 11.9375 11.7500 11.8750
11-May-1998 27,900 12.0625 11.8750 11.8750
08-May-1998 53,400 12.1250 11.9375 12.0000
07-May-1998 45,000 12.0625 12.0000 12.0000
06-May-1998 47,500 12.1250 12.0000 12.0000
05-May-1998 36,600 12.3125 12.0625 12.0625
04-May-1998 220,000 12.3125 12.1250 12.3125
01-May-1998 51,500 12.1250 12.0000 12.1250
30-Apr-1998 169,000 12.1875 11.9375 12.1875
29-Apr-1998 47,100 11.9375 11.8125 11.8750
28-Apr-1998 168,300 12.1250 11.8750 12.1250
27-Apr-1998 41,200 12.0625 11.8125 12.0000
24-Apr-1998 65,000 12.1250 12.0000 12.0625
23-Apr-1998 72,400 12.2500 12.0625 12.1250
22-Apr-1998 302,500 12.3125 12.1250 12.2500
21-Apr-1998 207,300 12.1875 12.0000 12.0625
20-Apr-1998 192,500 12.1875 11.8125 12.1875
17-Apr-1998 36,300 12.0000 11.8125 11.8750
16-Apr-1998 56,600 12.0000 11.8750 11.8750
15-Apr-1998 132,100 12.1250 11.8750 12.0000
14-Apr-1998 76,100 12.1250 11.9375 12.0000
13-Apr-1998 155,200 12.1875 12.0000 12.1250
09-Apr-1998 45,000 12.1250 12.0000 12.1250
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
15
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
HISTORICAL STOCK PRICE PERFORMANCE - SHARES TRADED AT VOLUME GRAPH
Berkshire - IPO to Present
- --------------------------------------------------------------------------------
Percent of Total Volume Traded at Specified Prices
June 28, 1991 to April 8, 1999
[The table below was represented by a Bar Graph in the printed material.]
DAILY CLOSING PRICE ($) PERCENT TRADED
----------------------- --------------
$7.00 - $8.00 1.38
$8.00 - $9.00 7.03
$9.00 - $10.00 30.50
$10.00 - $11.00 24.49
$11.00 - $12.00 29.42
$12.00 - $13.00 7.18
Graph shows 102,630,300 cumulative shares, 280% of the
36,713,000 shares outstanding as reported on 4/08/99.
- --------------------------------------------------------------------------------
Berkshire - Last 5 Years
- --------------------------------------------------------------------------------
Percent of Total Volume Traded at Specified Prices
April 8, 1994 to April 8, 1999
[The table below was represented by a Bar Graph in the printed material.]
DAILY CLOSING PRICE ($) PERCENT TRADED
----------------------- --------------
$8.00 - $9.00 0.81
$9.00 - $10.00 34.72
$10.00 - $11.00 27.06
$11.00 - $12.00 29.72
$12.00 - $13.00 7.69
Graph shows 79,804,100 cumulative shares, 217% of the
36,713,000 shares outstanding as reported on 4/08/99.
- --------------------------------------------------------------------------------
Berkshire - Last 3 Years
- --------------------------------------------------------------------------------
Percent of Total Volume Traded at Specified Prices
April 8, 1996 to April 8, 1999
[The table below was represented by a Bar Graph in the printed material.]
DAILY CLOSING PRICE ($) PERCENT TRADED
----------------------- --------------
$8.00 - $9.00 0.76
$9.00 - $10.00 25.90
$10.00 - $11.00 25.83
$11.00 - $12.00 37.66
$12.00 - $13.00 9.85
Graph shows 62,308,800 cumulative shares, 170% of the
36,713,000 shares outstanding as reported on 4/08/99.
- --------------------------------------------------------------------------------
Berkshire - LTM
- --------------------------------------------------------------------------------
Percent of Total Volume Traded at Specified Prices
April 9, 1998 to April 8, 1999
[The table below was represented by a Bar Graph in the printed material.]
DAILY CLOSING PRICE ($) PERCENT TRADED
----------------------- --------------
$8.00 - $9.00 2.15
$9.00 - $10.00 40.84
$10.00 - $11.00 11.45
$11.00 - $12.00 33.08
$12.00 - $13.00 12.48
Graph shows 22,017,600 cumulative shares, 60% of the
36,713,000 shares outstanding as reported on 4/08/99.
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
16
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
LATEST TWELVE MONTH STOCK PRICE PERFORMANCE
Comparative Price Performance
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Comparable Performance History --- Daily (April 9, 1999 - April 10, 1998)
Date BRI I:BRI RMSK SPX
BERKSHIRE Comp AMEX MORGAN TANDARD & POORS
RLTY INC COM Index STANLEY REIT IND RMS 500 INDEX
- --------------------------------------------------------------------------------
10-Apr-1998 100.0000 100.0000 100.0000 100.0000
13-Apr-1998 100.0000 99.5931 99.7387 99.9118
14-Apr-1998 98.9691 99.9863 99.5608 100.4574
15-Apr-1998 98.9691 99.7632 99.4358 100.7788
16-Apr-1998 97.9381 99.1736 98.6186 99.7749
17-Apr-1998 97.9381 98.9357 98.4407 101.0849
20-Apr-1998 100.5155 98.4117 97.9905 101.1687
21-Apr-1998 99.4845 98.1372 97.2428 101.4406
22-Apr-1998 101.0309 98.0779 97.3623 101.7890
23-Apr-1998 100.0000 97.4326 96.9593 100.8022
24-Apr-1998 99.4845 97.0837 96.6202 99.7506
27-Apr-1998 98.9691 95.8231 95.3000 97.8274
28-Apr-1998 100.0000 95.8687 95.7975 97.6987
29-Apr-1998 99.9382 96.1737 96.3729 98.5558
30-Apr-1998 102.5681 97.4480 96.8509 100.0972
01-May-1998 102.0421 97.8399 97.9822 100.9301
04-May-1998 103.6201 98.4324 98.3574 101.0264
05-May-1998 101.5161 98.0901 98.3435 100.4349
06-May-1998 100.9901 97.7152 97.8432 99.4823
07-May-1998 100.9901 97.6110 97.8210 98.6018
08-May-1998 100.9901 97.7399 97.9460 99.7722
11-May-1998 99.9382 97.8476 97.3762 99.6372
12-May-1998 99.9382 98.2842 97.4263 100.4610
13-May-1998 99.9382 97.9889 97.4430 100.7374
14-May-1998 99.9382 97.9369 97.1900 100.6033
15-May-1998 99.9382 98.2176 97.0010 99.8253
18-May-1998 99.9382 97.8732 97.0010 99.5633
19-May-1998 98.8862 98.1587 96.9982 99.8965
20-May-1998 99.4122 98.1515 96.4868 100.7554
21-May-1998 98.8862 98.0294 96.1061 100.3575
22-May-1998 99.9382 98.3740 96.1088 99.9820
25-May-1998 99.9382 98.3740 96.1088 99.9820
26-May-1998 100.9901 97.6045 95.3667 98.5009
27-May-1998 99.4122 98.4315 95.1500 98.3398
28-May-1998 100.4641 98.7196 95.3250 98.8233
29-May-1998 101.5161 99.5164 96.0060 98.2128
01-Jun-1998 102.0421 99.6209 95.9448 98.2272
02-Jun-1998 102.0421 99.1179 95.8170 98.4289
03-Jun-1998 100.9901 99.5061 95.8893 97.4844
04-Jun-1998 101.5161 99.4358 95.6669 98.5738
05-Jun-1998 101.5161 98.9787 95.4585 100.2872
08-Jun-1998 100.9901 98.7798 95.3445 100.4547
09-Jun-1998 100.4642 99.2999 95.2306 100.6969
10-Jun-1998 98.3602 98.8900 94.6358 100.1450
11-Jun-1998 97.8342 98.4744 93.6296 98.5513
12-Jun-1998 97.8342 97.7761 92.3594 98.9349
15-Jun-1998 95.7303 97.0469 91.7063 96.9694
16-Jun-1998 96.7822 97.4845 91.6646 97.9220
17-Jun-1998 96.2562 97.5555 92.2121 99.6795
18-Jun-1998 96.7822 96.9063 92.3872 99.6129
19-Jun-1998 95.2043 96.4170 92.6068 99.0979
22-Jun-1998 96.2562 96.2566 92.6096 99.3310
23-Jun-1998 96.2562 96.8231 92.5818 100.7941
24-Jun-1998 93.6263 96.3655 92.5207 101.9997
25-Jun-1998 92.5743 96.0431 92.9209 101.6756
26-Jun-1998 92.5743 95.5051 92.9904 102.0285
29-Jun-1998 93.6263 95.8810 94.2161 102.5048
30-Jun-1998 98.3602 96.0977 95.9949 102.0861
01-Jul-1998 98.8862 96.2471 95.3529 103.4115
02-Jul-1998 98.8862 96.2658 95.8726 103.2188
03-Jul-1998 98.8862 96.2658 95.8726 103.2188
06-Jul-1998 99.4122 96.7635 96.4174 104.2011
07-Jul-1998 99.9382 97.7904 97.8738 103.9607
08-Jul-1998 99.4122 98.1591 98.0711 105.0159
09-Jul-1998 100.4642 98.2710 98.0739 104.3118
10-Jul-1998 99.4122 98.2202 97.4041 104.8313
13-Jul-1998 98.3602 98.1226 97.2595 104.9088
14-Jul-1998 97.8342 97.7657 97.0455 106.0243
15-Jul-1998 97.8342 97.8200 96.9204 105.7749
16-Jul-1998 97.3082 98.0645 97.2289 106.6014
17-Jul-1998 96.2562 97.9729 96.5341 106.8499
20-Jul-1998 95.7302 98.2790 96.4618 106.6113
21-Jul-1998 96.2562 97.7420 95.8309 104.8979
22-Jul-1998 96.2562 97.1707 95.2611 104.8088
23-Jul-1998 95.2042 96.0889 94.2578 102.6182
24-Jul-1998 97.3082 95.5965 93.3433 102.7128
27-Jul-1998 97.3082 94.9423 91.6646 103.2953
28-Jul-1998 95.7302 93.8717 90.5917 101.7620
29-Jul-1998 94.0891 93.8206 89.4049 101.3091
30-Jul-1998 94.6268 94.3410 89.9052 102.9063
31-Jul-1998 94.0891 93.6602 89.1325 100.9003
03-Aug-1998 93.5515 92.7321 88.0541 100.1594
04-Aug-1998 91.9385 91.4968 85.5999 96.5291
05-Aug-1998 94.6268 90.9708 84.7883 97.3673
06-Aug-1998 94.0891 91.0954 85.7445 98.1056
07-Aug-1998 95.7021 92.3231 87.8790 98.0894
10-Aug-1998 96.2398 92.5701 88.0708 97.5213
11-Aug-1998 94.6268 91.7626 86.9535 96.2464
12-Aug-1998 94.0891 92.0080 88.1987 97.6186
13-Aug-1998 93.5515 92.1130 88.0569 96.7803
14-Aug-1998 93.5515 92.3098 88.0208 95.6855
17-Aug-1998 96.2398 92.6103 88.5183 97.5690
18-Aug-1998 95.7021 93.1604 89.0019 99.1474
19-Aug-1998 93.5515 93.0451 88.8685 98.8646
20-Aug-1998 93.0138 92.5211 88.5433 98.2830
21-Aug-1998 90.3256 92.2442 87.7817 97.3502
24-Aug-1998 91.9385 92.0446 87.7067 97.9715
25-Aug-1998 90.8632 91.7543 87.7790 98.3956
26-Aug-1998 90.3256 91.8115 87.7873 97.6158
27-Aug-1998 89.7879 89.3872 85.5582 93.8704
28-Aug-1998 88.1750 88.6959 84.9468 92.4793
31-Aug-1998 81.7231 86.5930 80.8249 86.1894
01-Sep-1998 82.2608 87.3498 80.9278 89.5189
02-Sep-1998 85.4867 87.4041 80.6220 89.1777
03-Sep-1998 82.7985 86.6875 80.1023 88.4385
04-Sep-1998 81.7232 86.6957 79.8521 87.6849
07-Sep-1998 81.7232 86.6957 79.8521 87.6849
08-Sep-1998 82.7985 87.4935 80.3357 92.1480
09-Sep-1998 80.6478 86.7067 79.5603 90.5940
10-Sep-1998 79.0349 85.2580 77.1811 88.2521
11-Sep-1998 80.6478 84.5174 77.1172 90.8515
14-Sep-1998 77.9596 85.3150 77.4146 92.7116
15-Sep-1998 78.4972 86.1314 77.8732 93.4283
16-Sep-1998 82.2608 86.1634 79.6075 94.1306
17-Sep-1998 80.6478 86.6041 79.7576 91.7347
18-Sep-1998 84.9491 87.5310 81.7227 91.8446
21-Sep-1998 82.7985 90.0496 84.1380 92.1867
22-Sep-1998 86.5620 92.1893 87.4121 92.7035
23-Sep-1998 88.7126 93.2344 88.9574 95.9862
24-Sep-1998 86.5620 91.9553 87.9291 93.8821
25-Sep-1998 87.6373 92.1067 86.8673 94.0649
28-Sep-1998 87.0997 91.5438 86.7395 94.4196
29-Sep-1998 88.1750 91.4639 86.3643 94.4493
30-Sep-1998 89.7879 90.8454 85.8362 91.5673
01-Oct-1998 86.0244 89.8308 83.9823 88.8104
02-Oct-1998 86.0244 89.8114 83.5598 90.2698
05-Oct-1998 81.7231 88.6159 81.0445 89.0057
06-Oct-1998 81.7231 88.7680 80.6331 88.6483
07-Oct-1998 80.1102 87.2430 78.6403 87.3959
08-Oct-1998 77.4219 84.5408 75.8859 86.3839
09-Oct-1998 77.4219 86.2056 77.8037 88.6303
12-Oct-1998 75.2713 87.7902 78.9599 89.8296
13-Oct-1998 74.7337 87.7458 78.3457 89.5676
14-Oct-1998 75.8090 87.3141 78.3707 90.5337
15-Oct-1998 76.8843 86.8154 79.4602 94.3116
16-Oct-1998 76.3466 88.7762 81.1195 95.1156
19-Oct-1998 77.9596 89.8970 82.3647 95.6531
20-Oct-1998 77.4219 90.2980 83.4931 95.7918
21-Oct-1998 77.9596 89.4559 82.9150 96.3311
22-Oct-1998 79.5725 89.3983 83.2402 97.1018
23-Oct-1998 79.5725 89.0082 83.1457 96.3986
26-Oct-1998 79.5725 89.6769 83.2208 96.5471
27-Oct-1998 79.0349 88.5245 83.0345 95.9187
28-Oct-1998 78.9704 88.8571 82.9484 96.1663
29-Oct-1998 79.5226 88.7449 83.0568 97.7725
30-Oct-1998 79.5226 89.1196 84.2380 98.9196
02-Nov-1998 83.9405 89.6300 84.9051 100.0837
03-Nov-1998 84.4928 90.0982 84.9357 100.0153
04-Nov-1998 85.0450 90.4982 86.0697 100.7203
05-Nov-1998 87.2540 90.5824 85.9001 102.0870
06-Nov-1998 87.8062 90.7241 85.7862 102.7317
09-Nov-1998 87.8062 90.4152 84.9968 101.7584
10-Nov-1998 88.3585 89.7444 84.3520 101.5837
11-Nov-1998 87.2540 88.9024 83.6238 100.9274
12-Nov-1998 87.2540 89.1756 83.4237 100.6321
13-Nov-1998 87.8062 88.8054 83.2152 101.3550
16-Nov-1998 85.0450 88.5547 83.4181 102.2689
17-Nov-1998 85.0450 88.2437 83.3320 102.5795
18-Nov-1998 85.0450 88.1936 83.7183 103.0441
19-Nov-1998 85.0450 87.1373 83.8545 103.7761
20-Nov-1998 85.0450 87.3475 84.3742 104.7611
23-Nov-1998 83.3883 86.7610 84.6883 106.9814
24-Nov-1998 82.8361 86.4769 85.0552 106.5114
25-Nov-1998 84.4928 86.4488 85.5527 106.8608
26-Nov-1998 84.4928 86.4488 85.5527 106.8608
27-Nov-1998 86.1495 86.5705 85.4971 107.3523
30-Nov-1998 83.9405 86.6348 85.5638 104.7683
01-Dec-1998 83.9405 86.7250 84.8829 105.8172
02-Dec-1998 85.5973 86.5044 85.1886 105.4544
03-Dec-1998 85.0450 86.1564 85.4193 103.5537
04-Dec-1998 85.5973 86.6137 85.5722 105.9487
07-Dec-1998 85.0450 87.1592 85.9835 106.9355
08-Dec-1998 83.9405 87.3248 85.2886 106.3664
09-Dec-1998 83.9405 87.5132 84.7022 106.5564
10-Dec-1998 83.3883 86.6416 83.9545 104.8935
11-Dec-1998 82.8361 86.6607 83.7767 105.0231
14-Dec-1998 83.3883 86.4959 83.5988 102.7488
15-Dec-1998 83.9405 86.7508 84.0629 104.6963
16-Dec-1998 84.4928 87.0360 84.0074 104.6161
17-Dec-1998 83.3883 86.7957 83.5960 106.2404
18-Dec-1998 82.8361 86.3564 83.3987 106.9652
21-Dec-1998 81.1793 86.3554 83.2903 108.2986
22-Dec-1998 81.1793 85.6531 82.7149 108.3643
23-Dec-1998 83.3883 85.3718 82.4592 110.6125
24-Dec-1998 82.8361 85.5693 82.7538 110.4082
25-Dec-1998 82.8361 85.5693 82.7538 110.4082
28-Dec-1998 82.2838 85.6618 82.3175 110.3379
29-Dec-1998 81.7316 85.2850 82.6955 111.8073
30-Dec-1998 81.7316 85.7801 82.9706 110.9178
31-Dec-1998 83.9405 85.8573 84.0379 110.6747
01-Jan-1999 83.9405 85.8573 84.0379 110.6747
04-Jan-1999 82.8361 87.0781 85.0663 110.5729
05-Jan-1999 83.9405 87.3936 85.4054 112.0747
06-Jan-1999 85.0450 87.4221 85.6166 114.5561
07-Jan-1999 84.4928 86.7497 85.0246 114.3211
08-Jan-1999 82.2838 86.7865 84.9829 114.8037
11-Jan-1999 82.8361 86.5102 84.6105 113.7944
12-Jan-1999 83.3883 86.6064 84.2714 111.6002
13-Jan-1999 82.8361 86.0528 84.1352 111.1401
14-Jan-1999 81.7316 85.6114 83.7127 109.1404
15-Jan-1999 83.3883 85.2408 83.8656 111.9379
18-Jan-1999 83.3883 85.2408 83.8656 111.9379
19-Jan-1999 85.0450 85.8079 84.0741 112.7248
20-Jan-1999 85.0450 85.2148 83.7767 113.1407
21-Jan-1999 84.4928 84.7877 83.5793 111.2086
22-Jan-1999 86.1495 84.1658 83.5793 110.3109
25-Jan-1999 85.5973 84.6520 83.7211 111.1023
26-Jan-1999 85.5973 84.4752 83.5071 112.7527
27-Jan-1999 86.1495 83.9739 83.0290 111.9298
28-Jan-1999 88.8444 83.4160 82.3397 113.9285
29-Jan-1999 88.2785 83.2312 81.7811 115.2134
01-Feb-1999 86.5809 83.8942 82.0396 114.6155
02-Feb-1999 87.1468 83.7567 82.4342 113.6242
03-Feb-1999 88.2786 83.5424 82.6204 114.5318
04-Feb-1999 87.1468 83.5961 82.7066 112.4087
05-Feb-1999 87.7127 83.3543 82.3092 111.5903
08-Feb-1999 87.7127 83.2692 82.2369 111.9838
09-Feb-1999 86.5809 83.6821 82.2286 109.4961
10-Feb-1999 83.7515 83.0143 81.2752 110.1633
11-Feb-1999 83.7515 82.5594 80.9167 112.9084
12-Feb-1999 83.7515 81.8945 80.1774 110.7557
15-Feb-1999 83.7515 81.8945 80.1774 110.7557
16-Feb-1999 84.8832 82.0588 80.2302 111.8127
17-Feb-1999 84.3173 82.1288 79.9244 110.2065
18-Feb-1999 84.3173 82.3277 80.2580 111.3994
19-Feb-1999 84.3173 82.1090 80.1885 111.5741
22-Feb-1999 83.7515 82.5769 81.0251 114.5381
23-Feb-1999 84.3174 82.2035 80.9973 114.4517
24-Feb-1999 84.8832 81.6608 80.9195 112.8517
25-Feb-1999 85.4491 81.2092 80.6971 112.0963
26-Feb-1999 86.0150 81.1873 80.4358 111.4940
01-Mar-1999 86.5809 81.2615 80.7082 111.2986
02-Mar-1999 88.2786 80.8717 80.5526 110.3388
03-Mar-1999 88.2786 80.7991 80.4247 110.5369
04-Mar-1999 87.7127 80.7584 80.4386 112.2422
05-Mar-1999 96.7669 81.2190 80.6332 114.8379
08-Mar-1999 101.2940 80.8529 80.4747 115.4916
09-Mar-1999 102.4258 81.3299 80.6860 115.2314
10-Mar-1999 103.5576 81.6215 80.5220 115.8616
11-Mar-1999 104.1234 81.3885 80.4275 116.8376
12-Mar-1999 103.5575 81.0603 80.4330 116.5594
15-Mar-1999 104.1234 80.9352 80.0300 117.7002
16-Mar-1999 102.9916 79.8909 79.7465 117.6209
17-Mar-1999 102.9916 79.9553 79.6159 116.8502
18-Mar-1999 102.4258 80.1467 79.1990 118.5366
19-Mar-1999 102.9916 80.2050 79.0906 116.9826
22-Mar-1999 101.8599 80.2225 78.3846 116.7773
23-Mar-1999 103.5575 80.1132 77.9733 113.6377
24-Mar-1999 101.2940 80.1344 78.1150 114.2185
25-Mar-1999 101.8599 80.5615 78.1845 116.1452
26-Mar-1999 101.8599 80.4866 78.2317 115.4979
29-Mar-1999 102.4258 80.3827 79.2018 117.9622
30-Mar-1999 101.8599 81.0113 79.4630 117.1140
31-Mar-1999 101.2940 82.1053 79.9967 115.8193
01-Apr-1999 101.2940 81.7064 79.5686 116.4811
02-Apr-1999 101.2940 81.7064 79.5686 116.4811
05-Apr-1999 101.2940 81.8533 79.7048 118.9480
06-Apr-1999 100.1622 81.5501 79.2907 118.6572
07-Apr-1999 100.7281 81.1415 78.8988 119.4675
08-Apr-1999 100.7281 81.7412 78.9766 121.0063
09-Apr-1999 102.9916 82.1119 79.0072 121.3997
12-Apr-1999 100.7281 82.9253 79.7159 122.3262
13-Apr-1999 101.8599 83.7184 80.0856 121.5321
14-Apr-1999 105.2552 84.4732 81.1251 119.6071
15-Apr-1999 105.8211 85.8502 82.4731 119.1047
16-Apr-1999 105.2552 88.8452 85.4443 118.7572
19-Apr-1999 105.2552 89.2599 86.8757 116.0993
20-Apr-1999 104.6893 89.3976 86.8229 117.6020
21-Apr-1999 105.2552 89.2284 87.1592 120.2986
22-Apr-1999 105.2552 89.4725 87.5622 122.3424
23-Apr-1999 105.8211 89.9161 87.6956 122.1650
26-Apr-1999 105.2552 89.2737 87.2148 122.4522
27-Apr-1999 105.8211 89.0156 86.6339 122.7007
28-Apr-1999 106.3870 88.6389 86.8701 121.6302
29-Apr-1999 106.3870 88.3627 86.7478 120.9027
30-Apr-1999 106.3870 88.8129 87.7317 120.2139
03-May-1999 105.2306 89.5460 88.0736 121.9651
04-May-1999 106.3870 89.1826 88.1042 119.9276
05-May-1999 106.3870 88.4351 88.5989 121.3061
06-May-1999 106.3870 89.0456 88.8268 119.9321
07-May-1999 106.3870 89.3151 89.1464 121.0981
10-May-1999 105.8088 90.1198 90.5000 120.6749
11-May-1999 105.2306 91.3485 91.0197 122.0534
12-May-1999 105.8088 91.2090 91.2504 122.8088
13-May-1999 105.8088 91.6375 91.1532 123.1293
14-May-1999 105.8088 91.3795 90.0080 120.4498
17-May-1999 105.8088 90.8959 89.2159 120.6020
18-May-1999 105.8088 90.4206 88.5294 120.0465
19-May-1999 105.2306 90.7976 89.1158 121.0288
20-May-1999 105.2306 91.6194 89.9052 120.5426
21-May-1999 105.8088 92.0428 90.5389 119.7737
24-May-1999 105.2306 91.3642 90.1720 117.6452
25-May-1999 105.2306 91.2807 89.9858 115.6419
26-May-1999 105.8088 91.3546 89.2270 117.4751
27-May-1999 105.8088 91.4888 89.2687 115.3727
28-May-1999 105.8088 91.5308 89.5911 117.2121
31-May-1999 105.8088 91.5308 89.5911 117.2121
01-Jun-1999 105.8088 90.9224 89.4633 116.5297
02-Jun-1999 105.2306 90.7237 89.3938 116.5792
03-Jun-1999 105.8088 90.9648 89.6662 117.0051
04-Jun-1999 106.3869 91.5326 89.6022 119.5449
07-Jun-1999 106.3869 91.7185 89.5828 120.1545
08-Jun-1999 106.3869 91.5577 89.2465 118.6068
09-Jun-1999 106.3869 91.5885 89.1881 118.7247
10-Jun-1999 105.8087 91.6278 88.8185 117.3004
11-Jun-1999 105.8087 91.1069 88.4182 116.4738
14-Jun-1999 105.8087 91.2071 88.1431 116.5062
15-Jun-1999 105.8087 92.2572 88.9630 117.1509
16-Jun-1999 106.3869 92.4213 89.5216 119.7844
17-Jun-1999 106.3869 91.9161 89.5328 120.6389
18-Jun-1999 106.3869 91.9094 89.2409 120.9036
21-Jun-1999 107.5433 92.5629 89.1131 121.4582
22-Jun-1999 106.3869 92.3347 88.5766 120.2769
23-Jun-1999 105.8087 91.7057 88.0847 120.0230
24-Jun-1999 105.8087 91.2835 87.5121 118.4672
25-Jun-1999 105.8087 91.5681 87.2231 118.4249
28-Jun-1999 106.3869 92.4540 87.9513 119.8691
29-Jun-1999 106.3869 92.3941 87.8457 121.6788
30-Jun-1999 106.9651 92.3023 87.9235 123.5929
01-Jul-1999 106.3869 92.4743 87.7845 124.3357
02-Jul-1999 106.3869 92.3028 87.8735 125.2595
05-Jul-1999 106.3869 92.3028 87.8735 125.2595
06-Jul-1999 107.5433 92.1896 87.5177 124.9804
07-Jul-1999 106.9651 91.6665 86.9146 125.6773
08-Jul-1999 106.9651 91.8347 86.2670 125.5476
09-Jul-1999 108.1215 92.2995 86.6199 126.3453
12-Jul-1999 107.5433 92.2058 86.8089 125.9690
13-Jul-1999 108.1215 92.2620 86.7228 125.4702
14-Jul-1999 108.6997 91.5120 86.5477 125.8852
15-Jul-1999 108.1215 91.8203 86.8840 126.9161
16-Jul-1999 108.1215 91.9974 86.7923 127.7409
19-Jul-1999 107.5433 91.8461 86.5143 126.7388
20-Jul-1999 107.5433 91.6731 86.0390 123.9882
21-Jul-1999 108.1215 91.6051 86.0502 124.1854
22-Jul-1999 108.1215 91.0059 85.7361 122.5359
23-Jul-1999 108.6997 90.5929 85.5610 122.1731
26-Jul-1999 109.2779 90.5863 84.9745 121.3465
27-Jul-1999 109.8561 90.6908 84.9968 122.7043
28-Jul-1999 109.8561 90.4628 84.7939 122.9348
29-Jul-1999 109.2654 89.9562 84.2714 120.7406
30-Jul-1999 110.4467 91.3321 85.1580 119.6323
02-Aug-1999 111.0373 90.9732 84.7995 119.5719
03-Aug-1999 111.0373 90.8107 84.6160 119.0434
04-Aug-1999 111.6279 90.1113 83.8961 117.5263
05-Aug-1999 110.4467 90.1473 83.5598 118.2808
06-Aug-1999 110.4467 89.4927 83.4681 117.0725
09-Aug-1999 110.4467 89.1205 83.1457 116.8484
10-Aug-1999 111.0373 89.0677 82.8344 115.3745
11-Aug-1999 111.0373 89.3205 82.7677 117.2202
12-Aug-1999 110.4467 89.3194 82.7677 117.3616
Daily: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Comparable Companies Index is composed of AML, CPT, SRW, GBP, MAA, PPS,
SMT, and UDR.
Source: IDD Information Services/Tradeline
17
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
LATEST TWELVE MONTHS STOCK PRICE PERFORMANCE
Latest Twelve Months Stock Price Performance
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
52 Week
Current Stock -------------------------- % Change from
Company Price (1) High Low 52 Week High
- ----------------------------------------- ------------- ------------ ------------ -----------------
<S> <C> <C> <C> <C>
Berkshire Realty Company, Inc. $11.13 $12.31 $ 8.13 (9.6%)
AMLI Residential Properties Trust 20.50 23.94 18.44 (14.4%)
Camden Property Trust 24.56 31.06 23.88 (20.9%)
Charles E. Smith Residential Realty, Inc. 30.81 34.00 28.13 (9.4%)
Gables Residential Trust 22.81 28.31 21.69 (19.4%)
Mid-America Apartment Communities, Inc. 23.50 28.50 20.88 (17.5%)
Post Properties, Inc. 36.25 41.63 35.00 (12.9%)
Summit Properties, Inc. 16.88 21.31 16.00 (20.8%)
United Dominion Realty Trust, Inc. 10.25 14.31 9.06 (28.4%)
</TABLE>
(1) As of April 12, 1999
Source: ILX
- --------------------------------------------------------------------------------
18
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
C. Transaction Background/
Overview
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION BACKGROUND/OVERVIEW
- --------------------------------------------------------------------------------
o Berkshire's amended certificate of incorporation required
Berkshire's Board of Directors to submit a plan of liquidation to
the shareholders on or before December 31, 1998.
o Berkshire engaged Lazard Freres & Co. ("Lazard") and Lehman Brothers
("Lehman") on May 22, 1998 to explore strategic alternatives.
o Lazard and Lehman contacted 40 potential acquirors and received 31
verbal indications of interest.
o Berkshire received non-binding written indications of interest from
the following parties:
-- Associated Estates Realty Corporation
-- Apartment Investment and Management Co.
-- Colonial Properties Trust
-- Fishkind & Associates
-- Equity Residential Properties Trust
-- NorthStar Capital
o Douglas Krupp, Chairman and CEO of Berkshire, notified Lazard and
Lehman of his intent to evaluate a potential acquisition of
Berkshire.
o By November 1998, only Equity Residential Properties Trust and AIMCO
remained in the sale process.
o On November 12, 1998, Douglas Krupp announced to the Board of
Directors of Berkshire that he and certain investors ("MBO Group")
were planning to make an offer to acquire Berkshire.
o On November 12, 1998, a Special Committee of the Board of Directors
("Committee") was formed; Committee instructed Lazard and Lehman to
include MBO Group in the sale process.
- --------------------------------------------------------------------------------
20
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
TRANSACTION BACKGROUND/OVERVIEW
- --------------------------------------------------------------------------------
o Committee hired Baker & Hostetler as independent counsel and
Prudential Securities Incorporated as independent advisor.
o On December 31, 1998, Berkshire filed proxy materials with a
recommendation from the Board of Directors that shareholders vote
against approval of the plan of liquidation because, in the opinion
of the Board of Directors, other alternatives available to
Berkshire, including the sale of Berkshire, would likely produce
greater value for the shareholders.
o On January 27, 1999, Charles Kushner, on behalf of The Kushner
Companies ("Kushner"), signed a confidentiality agreement.
o By February 22, 1999, AIMCO, MBO Group, Equity Residential
Properties Trust, and Kushner all submitted bids for Berkshire.
o Equity Residential Properties Trust, MBO Group, and Kushner provided
comments on the draft merger agreements by March 10, 1999.
o On March 15, 1999, the Committee decided to work exclusively with
Kushner, the highest bidder, in an effort to finalize a definitive
agreement.
o On April 5, 1999, Kushner failed to sign a merger agreement.
o Throughout negotiations with Kushner, MBO Group worked with Lazard
and Lehman drafting merger agreements towards signing a definitive
agreement.
o Berkshire's Board of Directors will review and vote on merger on
April 13, 1999.
- --------------------------------------------------------------------------------
21
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Securities
<PAGE>
[LOGO] Prudential
Securities
SECTION III
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
III. Valuation Summary
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
A. Methodology
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
METHODOLOGY
- --------------------------------------------------------------------------------
Methodology
Comparable Company Analysis:
o Calculate and analyze market multiples for a select universe
of publicly-traded comparable companies deemed comparable to
Berkshire. Multiples of historical 1998 and projected 1999 and
2000 Funds from Operations ("FF0") are analyzed.
Precedent Transactions Analysis:
o Latest Twelve Months ("LTM") and estimated forward FF0
multiples realized in transactions involving companies deemed
to be comparable. Multiples are based on financial results of
comparable targeted companies in recent acquisitions.
Liquidation Analysis:
o Berkshire estimates that the Plan of Liquidation and
Dissolution should result in an amount available for
distribution per common share of $11.03 subject to certain
assumptions.
Historical Stock Trading Analysis:
o Analyzed Berkshire's historical stock trading activity over
the latest twelve months.
- --------------------------------------------------------------------------------
24
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
B. Implied Valuation
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
IMPLIED VALUATION
- --------------------------------------------------------------------------------
Implied Berkshire Valuation Matrix
[The following table was represented as a bar chart in the printed material.]
Low Medium High
--- ------ ----
Comparable Company Analysis
Actual 1998 FFO/Share $8.80 $9.78 $12.44
Projected 1999 FFO/Share $9.02 $9.84 $12.35
Projected 2000 FFO/Share $9.01 $9.56 $11.84
Precedent Transactions Analysis
LTM FFO/Share $11.27 $13.57 $17.02
Forward FFO/Share $11.25 $13.50 $16.50
Liquidation Analysis
Liquidation Value $11.03
Stock Trading Analysis
Berkshire Stock Price $8.13 $12.31
Offer Purchase Price Per Share: $12.25
26
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
IMPLIED VALUATION
Comparable Company / Precedent Transactions Valuation Matrix
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------- -----------------------------------------
Comparable Company Analysis Precedent Transactions Analysis
----------------------------------------------------- -----------------------------------------
Actual Projected(1) Projected(1) LTM FF0/Share Forward FF0/Share(1)
1998 FFO/Share 1999 FF0/Share 2000 FFO/Share Pre-Announcement Pre-Announcement
<S> <C> <C> <C> <C> <C> <C>
---------------- ---------------- ---------------- ------------------ ---------------------
Berkshire Parameters $1.15 $1.25 $1.31 $1.15 $1.25
---------------- ---------------- ---------------- ------------------ ---------------------
Low 7.6x 7.2x 6.9x 9.8x 9.0x
FF0 High 10.8x 9.9x 9.0x 14.8x 13.2x
Multiples Mean 8.9x 8.2x 7.6x 12.1x 10.9x
Median 8.5x 7.9x 7.3x 11.8x 10.8x
Low $8.80 $9.02 $9.01 $11.27 $11.25
Implied Valuation High $12.44 $12.35 $11.84 $17.02 $16.50
Per Share Mean $10.22 $10.29 $10.01 $13.92 $13.63
Median $9.78 $9.84 $9.56 $13.57 $13.50
----------------
Berkshire Offer Price Per Share: $12.25
----------------
</TABLE>
- --------------------------------------------------------------------------------
(1) First Call estimates as of April 12, 1999.
27
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
IMPLIED VALUATION
Liquidation Analysis
- --------------------------------------------------------------------------------
($ in thousands except per share data)
Aggregate appraised value $1,278,550
Less: Estimated costs to complete
development and rehabilitation projects (15,224)
Less: Estimate property disposition costs
(3% of appraised value) (38,357)
----------
Net real estate value $1,224,970
Mortgage loans(1) 2,857
Mortgage-backed securities(2) 5,271
Cash and cash equivalents 20,192
Accounts receivable 1,790
Note receivable 7,500
Other assets 19,176
----------
Total assets $1,281,755
==========
Lines of credit and mortgage notes payable(3) $638,367
Accounts payable and other liabilities(4) 52,937
Preferred stock(5) 78,689
Minority interest(6) 106,635
----------
Total liabilities, preferred stock and minority interest $876,627
==========
Estimated amount available for distribution $405,128
==========
Number of common shares outstanding 36,713,400
Estimated amount available for distribution per common share $11.03
==========
- --------------------------------------------------------------------------------
(1) Reflects mortgage loan at the actual outstanding principal balance before
giving effect to purchase discount.
(2) Reflects mortgage-backed securities at their estimated net realizable
values as per valuation report from the custodian.
(3) Reflects pro forma borrowing to acquire Granite Run ($25.5m) and the
estimated amount of contractual prepayment penalties associated with the
assumed payoff all notes payable.
(4) Reflects accounts payable and other accrued liabilities at December 31,
1998 as well as estimated costs of liquidation, which include severance
payments to employees ($11.7 m) and other liabilities ($7.7 m).
(5) Reflects preferred shareholder liquidation preference of $28.75 per share.
(6) Reflects minority investors' interest in the Operating Partnership at the
estimated amount available for distribution of $11.03 per OP Unit.
28
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
IMPLIED VALUATION
Historical Stock Trading Analysis
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Offer Price Per Share: $12.25
================================================================================
Precedent
Purchase Price Transactions
Stock Premium/ Premium
Period Price (Discount) Analysis (1)
- ------ ----- ---------- ------------
One Day Prior to Offer $11.13 10.1% 9.0%
One Month Prior to Offer 11.44 7.1% 8.3%
Three Months Prior to Offer 9.44 29.8% 10.5%
Six Months Prior to Offer 8.75 40.0% 5.2%
1998 Average 10.92 12.2%
1999 YTD Average 10.18 20.3%
52 Week Low (October 8, 1998) 8.13 50.7%
52 Week High (April 22, 1998) 12.31 (0.5%)
- ----------
(1) Based on median results for transactions outlined on page 53.
- --------------------------------------------------------------------------------
29
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
C. Relative Performance Rankings
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
RELATIVE PERFORMANCE RANKINGS
- --------------------------------------------------------------------------------
Valuation Multiples
- --------------------------------------------------------------------------------
================================================================================
Stock Price / Actual 1998 FFO (1)
================================================================================
Post Properties, Inc. 10.8x
Berkshire Realty Company, Inc. - Offer Price 10.7
Charles E. Smith Residential Realty, Inc. 10.6
Berkshire Realty Company, Inc. - Current Price 9.7
AMLI Residential Properties Trust 8.8
Gables Residential Trust 8.6
Summit Properties, Inc. 8.4
Camden Property Trust 8.3
Mid-America Apartment Communities, Inc. 8.0
United Dominion Realty Trust, Inc. 7.6
--------------------------
Median (3) 8.5x
--------------------------
================================================================================
================================================================================
Stock Price / 1999E FFO (1)(2)
================================================================================
Post Properties, Inc. 9.9x
Berkshire Realty Company, Inc. - Offer Price 9.8
Charles E. Smith Residential Realty, Inc. 9.7
Berkshire Realty Company, Inc. - Current Price 8.9
AMLI Residential Properties Trust 8.0
Gables Residential Trust 7.9
Summit Properties, Inc. 7.8
Camden Property Trust 7.7
Mid-America Apartment Communities, Inc. 7.6
United Dominion Realty Trust, Inc. 7.2
--------------------------
Median (3) 7.9x
--------------------------
================================================================================
================================================================================
Stock Price / 2000E FFO (1)(2)
================================================================================
Berkshire Realty Company, Inc. - Offer Price 9.4x
Post Properties, Inc. 9.0
Charles E. Smith Residential Realty, Inc. 8.9
Berkshire Realty Company, Inc. - Current Price 8.5
AMLI Residential Properties Trust 7.5
Summit Properties, Inc. 7.3
Gables Residential Trust 7.3
Mid-America Apartment Communities, Inc. 7.2
Camden Property Trust 7.1
United Dominion Realty Trust, Inc. 6.9
--------------------------
Median (3) 7.3x
--------------------------
================================================================================
(1) Based on April 12, 1999 closing stock prices.
(2) First Call estimates as of April 12, 1999.
(3) Excludes Berkshire.
31
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
RELATIVE PERFORMANCE RANKINGS
- --------------------------------------------------------------------------------
Market Value ($ in thousands)
- --------------------------------------------------------------------------------
================================================================================
Enterprise Value (1)
================================================================================
United Dominion Realty Trust, Inc. $3,718,627
Post Properties, Inc. $2,522,813
Camden Property Trust $2,205,273
Charles E. Smith Residential Realty, Inc. $1,921,065
Gables Residential Trust $1,730,863
Mid-America Apartment Communities, Inc. $1,459,743
Summit Properties, Inc. $1,280,978
Berkshire Realty Company Inc. - Offer Price $1,259,674
Berkshire Realty Company, Inc. - Current Price $1,197,037
AMLI Residential Properties Trust $880,303
--------------------------
Median(2) $1,825,964
--------------------------
================================================================================
Equity Market Value (1)
================================================================================
Post Properties, Inc. $1,572,805
United Dominion Realty Trust, Inc. 1,145,878
Camden Property Trust $1,098,580
Charles E. Smith Residential Realty, Inc. $1,080,486
Gables Residential Trust $748,575
Berkshire Realty Company, Inc. - Offer Price $570,286
Summit Properties, Inc. $554,875
Mid-America Apartment Communities, Inc. $532,845
Berkshire Realty Company, Inc. - Current Price $517,912
AMLI Residential Properties Trust $414,527
--------------------------
Median(2) $914,530
--------------------------
- --------------------------------------------------------------------------------
Leverage
- --------------------------------------------------------------------------------
================================================================================
Leverage (Total Debt to Total Market Cap.) (1)
================================================================================
United Dominion Realty Trust, Inc. 56.9%
Summit Properties, Inc. 56.7%
Mid-America Apartment Communities, Inc. 51.6%
Berkshire Realty Company, Inc. - Current Price 51.0%
Berkshire Realty Company, Inc. - Offer Price 48.5%
Gables Residential Trust 47.0%
AMLI Residential Properties Trust 41.7%
Charles E. Smith Residential Realty, Inc. 41.2%
Camden Property Trust 40.9%
Post Properties, Inc. 31.7%
--------------------------
Median (2) 44.3%
--------------------------
(1) Based on April 12, 1999 closing stock prices.
(2) Excludes Berkshire.
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<PAGE>
[LOGO] Prudential
Securities
APPENDIX
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
Appendix
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
[LOGO] Prudential
Securities
A
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
A. Comparable Company
Analysis
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
ANALYSIS OF SELECTED PUBLICLY TRADED COMPARABLE COMPANIES
- --------------------------------------------------------------------------------
Comparable Company Analysis
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Closing Actual Estimated(3)
-------- ------------------
Company(1) Ticker Price(2) 1998 FFO 1999 FFO 2000 FFO
- ---------- ------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
AMLI Residential Properties Trust AML $20.50 $2.34 $2.55 $2.75
Camden Property Trust (7) CPT $24.56 $2.95 $3.20 $3.48
Charles E. Smith Residential Realty, Inc.(8) SRW $30.81 $2.91 $3.18 $3.45
Gables Residential Trust GBP $22.81 $2.66 $2.89 $3.13
Mid-America Apartment Communities, Inc. MAA $23.50 $2.95 $3.09 $3.27
Post Properties, Inc. PPS $36.25 $3.35 $3.67 $4.01
Summit Properties, Inc. SMT $16.88 $2.00 $2.15 $2.31
United Dominion Realty Trust, Inc. UDR $10.25 $1.34 $1.42 $1.49
Berkshire Realty Company, Inc.(9) BRI $11.13 $1.15 $1.25 $1.31
<CAPTION>
FFO/Share Multiples
---------------------- Equity Mkt. Total Mkt. Debt/Total
Company(1) 1998A 1999E 2000E Value (4) Value (5) Market Cap.
- ---------- ----- ----- ----- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
AMLI Residential Properties Trust 8.8x 8.0x 7.5x $414,527 $880,303 41.7%
Camden Property Trust (7) 8.3x 7.7x 7.1x $1,098,580 $2,205,273 40.9%
Charles E. Smith Residential Realty, Inc.(8) 10.6x 9.7x 8.9x $1,080,486 $1,921,065 41.2%
Gables Residential Trust 8.6x 7.9x 7.3x $748,575 $1,730,863 47.0%
Mid-America Apartment Communities, Inc. 8.0x 7.6x 7.2x $532,845 $1,459,743 51.6%
Post Properties, Inc. 10.8x 9.9x 9.0x $1,572,805 $2,522,813 31.7%
Summit Properties, Inc. 8.4x 7.8x 7.3x $554,875 $1,280,978 56.7%
United Dominion Realty Trust, Inc. 7.6x 7.2x 6.9x $1,145,878 $3,718,627 56.9%
Berkshire Realty Company, Inc.(9) 9.7x 8.9x 8.5x $517,912 $1,197,037 51.0%
Summary (6)
---------------------------------------------------------------------------
Low 7.6x 7.2x 6.9x $414,527 $880,303 31.7%
High 10.8x 9.9x 9.0x $1,572,805 S3,718,627 56.9%
Mean 8.9x 8.2x 7.6x $893,571 $1,964,958 46.0%
Median 8.5x 7.9x 7.3x $914,530 $1,825,964 44.3%
---------------------------------------------------------------------------
</TABLE>
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<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
ANALYSIS OF SELECTED PUBLICLY TRADED COMPARABLE COMPANIES
Footnotes
- --------------------------------------------------------------------------------
(1) All figures as of December 31, 1998, unless otherwise noted.
(2) Closing stock prices as of April 12, 1999.
(3) First Call estimates as of April 12, 1999.
(4) Does not include preferred stock unless otherwise noted.
(5) Includes preferred stock.
(6) Summary multiples do not include Berkshire Realty Company, Inc.
(7) Shares outstanding include the conversion of convertible subordinated
debentures into common stock. Pro forma for the issuance of $100.0 million
of Series B Preferred Units on February 23, 1999.
(8) Shares outstanding include the conversion of Series A and Series B
Convertible Preferred Stock into common stock.
(9) Assumes an additional $38.0 million was borrowed during the first quarter
of 1999. Equity market value includes shares and units outstanding and
options calculated using the treasury stock method.
- --------------------------------------------------------------------------------
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<PAGE>
BERKSHIRE REALTY COMPANY, INC.
---------------------------------------------
Multifamily REITs
Overview
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
- --------------------------------------------------------------------------------
Company Descriptions
AMLI Residential Properties Trust
AMLI Residential Properties Trust ("AMLI") is a self-administered and
self-managed real estate investment trust engaged in the development,
acquisition and management of upscale, institutional quality multifamily
apartment communities in seven major metropolitan markets in the Southeast,
Southwest and Midwest regions of the United States. As of December 31, 1998,
AMLI owned or had co-investment interests in 64 multifamily apartment
communities comprised of 24,421 apartment homes.
Camden Property Trust
Camden Property Trust ("Camden") is a Houston-based real estate investment trust
that owns, develops, acquires, manages, markets and disposes of multifamily
apartment communities in the Southwest, Southeast, Midwest and Western regions
of the United States. As of December 31, 1998, Camden owned interests in and
operated 149 multifamily properties containing 51,310 apartment homes located
throughout 14 core markets in nine states.
Charles E. Smith Residential Realty, Inc.
Charles E. Smith Residential Realty, Inc. ("Charles E. Smith") is a
self-administered and self-managed equity real estate investment trust that is
engaged primarily in the acquisition, development, management and operation of
multifamily properties. Charles E. Smith's 48 operating multifamily properties
owned as of December 31, 1998 contained a total of 19,279 garden, mid-rise, and
high-rise apartment units located primarily in the Washington, D.C. metropolitan
area.
- --------------------------------------------------------------------------------
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<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
- --------------------------------------------------------------------------------
Company Descriptions
Gables Residential Trust
Gables Residential Trust ("Gables"), a real estate investment trust, is one of
the largest owners, operators and developers of multifamily apartment
communities in the Southwestern and Southeastern regions of the United States.
As of December 31, 1998, Gables owned 84 multifamily apartment communities and
had an indirect 25% interest in two multifamily apartment communities located in
Texas, Georgia, Florida and Tennessee. Gables' apartment communities as of
December 31, 1998 totaled 25,288 apartment homes and included two multifamily
apartment communities in the final states of lease-up.
Mid-America Apartment Communities, Inc.
Mid-America Apartment Communities, Inc. ("Mid-America") is a Memphis,
Tennessee-based self-administered and self-managed real estate investment trust,
which, as of December 31, 1998, owned and operated 129 apartment communities
containing 33,831 apartment units in 13 states, primarily in the Southeast,
Midwest and Texas.
Post Properties, Inc.
Post Properties, Inc. ("Post"), a self-administered and self-managed real estate
investment trust, is one of the largest developers and operators of upscale
multifamily apartment communities in the Southeastern and Southwestern United
States. As of December 31, 1998. Post owned 84 stabilized communities containing
27,963 apartment units located primarily in metropolitan Atlanta, Georgia,
Dallas, Texas and Tampa, Florida.
- --------------------------------------------------------------------------------
39
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Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
- --------------------------------------------------------------------------------
Company Descriptions
Summit Properties, Inc.
Summit Properties, Inc. ("Summit"), a real estate investment trust, is one of
the largest developers and operators of luxury garden apartment communities in
the Southeastern, Southwestern and Mid-Atlantic United States. As of December
31, 1998, Summit's portfolio consisted of 66 apartment communities with 16,631
apartment homes.
United Dominion Realty Trust, Inc.
United Dominion Realty Trust, Inc. ("United Dominion") is a self-administered
real estate investment trust that operates within one defined business segment
as a fully-integrated owner, operator, renovator and developer of apartment
communities located nationwide. As of December 31, 1998, United Dominion's
apartment portfolio included 326 communities having a total of 86,893 completed
apartment homes.
40
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<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
AMLI Residential Properties Trust
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
AMLI RESIDENTIAL PPTYS TR SH
AML 00173510 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 23,000 20.3750 20.0625 20.3125
08-Apr-1999 33,600 20.1250 19.8750 20.1250
07-Apr-1999 26,500 20.5000 20.0625 20.0625
06-Apr-1999 23,100 20.3750 20.0625 20.2500
05-Apr-1999 18,400 20.2500 20.0625 20.1250
01-Apr-1999 33,600 20.7500 20.0000 20.0625
31-Mar-1999 49,900 20.6250 20.0000 20.6250
30-Mar-1999 117,100 20.2500 20.0000 20.1250
29-Mar-1999 22,800 20.1875 19.8125 19.9375
26-Mar-1999 37,700 20.1875 19.8750 20.0000
25-Mar-1999 50,200 20.0000 19.6250 19.9375
24-Mar-1999 60,200 19.7500 19.0625 19.6250
23-Mar-1999 25,100 19.1875 18.8750 19.1875
22-Mar-1999 32,300 19.3125 19.0625 19.0625
19-Mar-1999 27,700 19.4375 19.1875 19.1875
18-Mar-1999 44,800 19.7500 19.2500 19.3125
17-Mar-1999 47,400 19.5000 19.4375 19.4375
16-Mar-1999 113,100 19.7500 19.0000 19.3125
15-Mar-1999 29,400 19.6875 19.3750 19.6250
12-Mar-1999 21,000 19.5625 19.3750 19.3750
11-Mar-1999 27,900 19.6875 19.3750 19.5625
10-Mar-1999 23,300 19.6875 19.4375 19.6250
09-Mar-1999 82,100 20.0000 19.5625 19.6250
08-Mar-1999 22,000 20.3125 20.0000 20.0000
05-Mar-1999 26,400 20.2500 19.8750 20.1250
04-Mar-1999 22,500 20.0000 19.3750 19.8750
03-Mar-1999 42,600 20.2500 19.5000 19.5625
02-Mar-1999 39,600 20.0625 19.8750 20.0000
01-Mar-1999 18,000 20.1250 19.8125 19.9375
26-Feb-1999 27,100 20.0000 19.6875 19.9375
25-Feb-1999 31,700 19.9375 19.5000 19.8125
24-Feb-1999 57,300 20.0000 19.5000 19.5625
23-Feb-1999 30,800 20.0000 19.7500 19.8125
22-Feb-1999 36,600 20.0000 19.5625 19.8125
19-Feb-1999 92,300 19.9375 19.3750 19.5625
18-Feb-1999 42,100 20.0000 19.7500 19.9375
17-Feb-1999 26,800 20.0000 19.9375 19.9375
16-Feb-1999 30,000 20.0000 19.8125 19.8750
12-Feb-1999 52,200 20.4375 19.7500 19.8125
11-Feb-1999 20,100 20.4375 20.1875 20.1875
10-Feb-1999 113,900 20.6250 20.3125 20.3750
09-Feb-1999 123,500 20.8750 20.5000 20.8125
08-Feb-1999 21,600 20.6875 20.5625 20.6250
05-Feb-1999 47,800 20.9375 20.5000 20.5000
04-Feb-1999 39,500 21.0000 20.8125 20.9375
03-Feb-1999 15,100 21.1875 20.7500 20.8125
02-Feb-1999 99,600 21.0000 20.6250 20.9375
01-Feb-1999 117,700 21.2500 20.9375 20.9375
29-Jan-1999 26,600 21.3750 20.7500 20.9375
28-Jan-1999 43,900 21.5000 21.2500 21.3750
27-Jan-1999 31,800 21.6250 21.2500 21.2500
26-Jan-1999 19,900 21.5625 21.3125 21.5625
25-Jan-1999 23,000 21.6875 21.2500 21.5625
22-Jan-1999 17,100 21.6250 21.1250 21.5000
21-Jan-1999 22,800 21.3750 21.1875 21.3750
20-Jan-1999 57,200 21.5000 21.2500 21.4375
19-Jan-1999 17,500 21.8750 21.4375 21.4375
15-Jan-1999 24,200 21.7500 21.2500 21.5000
14-Jan-1999 15,800 21.8750 21.2500 21.3750
13-Jan-1999 13,900 22.1250 21.7500 21.8750
12-Jan-1999 16,600 22.1250 21.6250 21.9375
11-Jan-1999 27,100 22.0625 21.6250 21.6250
08-Jan-1999 16,900 22.1250 21.8125 22.0625
07-Jan-1999 8,300 22.5625 22.1250 22.1250
06-Jan-1999 10,200 22.9375 22.5625 22.6250
05-Jan-1999 24,300 22.8125 22.6250 22.6250
04-Jan-1999 21,500 22.6875 21.8750 22.6875
31-Dec-1998 9,000 22.3125 22.1875 22.2500
30-Dec-1998 11,100 22.3125 22.1250 22.3125
29-Dec-1998 14,400 22.4375 22.0000 22.0000
28-Dec-1998 15,100 22.4375 22.1875 22.4375
24-Dec-1998 3,900 22.4375 22.1250 22.1250
23-Dec-1998 8,900 22.4375 22.1875 22.3125
22-Dec-1998 14,400 22.4375 22.0625 22.1875
21-Dec-1998 15,700 22.8750 22.1875 22.5000
18-Dec-1998 15,600 22.8125 22.5625 22.5625
17-Dec-1998 22,800 22.8750 22.5625 22.6250
16-Dec-1998 30,400 23.3125 22.3125 22.8125
15-Dec-1998 32,200 23.3125 21.5625 23.3125
14-Dec-1998 12,300 22.0000 21.6250 21.6250
11-Dec-1998 45,900 22.1250 21.6875 21.9375
10-Dec-1998 17,200 22.3125 22.0625 22.1250
09-Dec-1998 30,800 22.2500 21.8750 22.1250
08-Dec-1998 10,400 22.0000 21.5625 21.7500
07-Dec-1998 16,500 22.0000 21.5625 21.9375
04-Dec-1998 82,300 21.5000 21.3125 21.4375
03-Dec-1998 78,100 21.6250 21.3750 21.3750
02-Dec-1998 74,100 21.4375 21.1250 21.3750
01-Dec-1998 104,800 21.6875 21.2500 21.2500
30-Nov-1998 12,100 21.8125 21.5625 21.6875
27-Nov-1998 5,300 21.9375 21.5000 21.9375
25-Nov-1998 23,300 22.0000 21.5000 21.6250
24-Nov-1998 176,300 21.7500 21.3750 21.5000
23-Nov-1998 43,600 21.6250 21.2500 21.6250
20-Nov-1998 65,200 21.6250 21.4375 21.5625
19-Nov-1998 35,200 21.8125 21.4375 21.6250
18-Nov-1998 17,200 21.8750 21.4375 21.8750
17-Nov-1998 13,400 21.6250 21.2500 21.4375
16-Nov-1998 23,100 21.8750 21.5000 21.5625
13-Nov-1998 11,300 22.1250 21.7500 21.8125
12-Nov-1998 23,400 22.1250 21.7500 22.1250
11-Nov-1998 143,600 22.4375 21.7500 21.9375
10-Nov-1998 43,400 22.5000 22.2500 22.3125
09-Nov-1998 86,100 23.2500 23.0000 23.0000
06-Nov-1998 94,600 23.1875 22.7500 23.1250
05-Nov-1998 62,600 23.1875 22.6875 22.9375
04-Nov-1998 104,400 23.2500 22.6250 22.8125
03-Nov-1998 69,600 23.1250 22.4375 23.0625
02-Nov-1998 23,600 22.6875 22.3750 22.5000
30-Oct-1998 21,400 22.5000 22.1875 22.5000
29-Oct-1998 23,600 22.1875 22.0625 22.1875
28-Oct-1998 27,600 22.1875 22.0000 22.0625
27-Oct-1998 35,200 22.3125 22.1250 22.1875
26-Oct-1998 74,800 22.3125 21.8750 22.1250
23-Oct-1998 33,200 22.1250 21.0000 22.0000
22-Oct-1998 21,300 21.2500 20.9375 21.0000
21-Oct-1998 24,000 20.8125 20.5000 20.8125
20-Oct-1998 45,100 20.6250 20.3750 20.6250
19-Oct-1998 11,600 20.4375 19.9375 20.3750
16-Oct-1998 96,100 20.0000 19.6250 19.8750
15-Oct-1998 53,000 19.8750 19.5625 19.6250
14-Oct-1998 98,600 19.8750 19.6875 19.8125
13-Oct-1998 70,100 19.6875 19.3750 19.6875
12-Oct-1998 74,100 19.3750 18.8750 19.3125
09-Oct-1998 66,400 19.0000 18.4375 19.0000
08-Oct-1998 24,700 19.6250 18.6875 18.7500
07-Oct-1998 92,900 20.4375 19.7500 19.9375
06-Oct-1998 45,400 20.3750 20.0625 20.3125
05-Oct-1998 79,200 20.5000 20.2500 20.2500
02-Oct-1998 105,800 20.7500 20.3125 20.3750
01-Oct-1998 34,600 21.4375 20.3750 20.3750
30-Sep-1998 22,300 21.5000 21.0000 21.3125
29-Sep-1998 23,800 21.7500 20.8125 21.5000
28-Sep-1998 55,100 20.9375 20.3125 20.9375
25-Sep-1998 21,200 20.5000 20.3125 20.5000
24-Sep-1998 32,500 21.2500 20.5000 20.5625
23-Sep-1998 61,300 21.3750 20.5625 21.3750
22-Sep-1998 39,800 20.3750 20.0625 20.3750
21-Sep-1998 25,500 20.0000 19.5625 19.9375
18-Sep-1998 36,200 20.1250 19.6250 19.8750
17-Sep-1998 16,200 20.0625 19.8750 20.0000
16-Sep-1998 12,000 20.1250 20.0000 20.1250
15-Sep-1998 29,900 20.1875 19.9375 20.1875
14-Sep-1998 11,500 20.1875 19.8750 19.8750
11-Sep-1998 56,900 20.0000 19.6250 20.0000
10-Sep-1998 29,400 20.1250 19.8750 19.9375
09-Sep-1998 9,500 20.5000 20.1875 20.3750
08-Sep-1998 14,300 20.6250 20.0625 20.1875
04-Sep-1998 16,100 20.1250 19.8750 20.1250
03-Sep-1998 32,800 20.1875 19.9375 19.9375
02-Sep-1998 69,700 20.1250 19.6250 20.1250
01-Sep-1998 41,300 20.1250 19.6250 19.8750
31-Aug-1998 43,500 20.5625 19.6250 19.7500
28-Aug-1998 47,000 21.0000 20.5625 20.5625
27-Aug-1998 26,900 21.4375 20.5000 20.8750
26-Aug-1998 34,700 21.6875 21.5625 21.5625
25-Aug-1998 21,600 21.7500 21.4375 21.5625
24-Aug-1998 14,900 21.5000 21.1250 21.4375
21-Aug-1998 25,100 21.8750 21.1875 21.2500
20-Aug-1998 17,900 22.0000 21.6875 21.8125
19-Aug-1998 12,500 22.1250 21.8750 22.0000
18-Aug-1998 14,100 21.9375 21.6875 21.9375
17-Aug-1998 27,000 21.8750 21.5625 21.7500
14-Aug-1998 16,700 21.7500 21.5000 21.6250
13-Aug-1998 16,900 21.5625 21.3750 21.3750
12-Aug-1998 14,500 21.7500 21.3125 21.6250
11-Aug-1998 75,900 22.0000 20.8750 22.0000
10-Aug-1998 12,600 21.8125 21.7500 21.8125
07-Aug-1998 38,300 21.8125 21.1250 21.7500
06-Aug-1998 37,500 21.2500 20.6250 21.1875
05-Aug-1998 38,900 21.2500 20.7500 20.9375
04-Aug-1998 29,900 21.6875 21.1250 21.1250
03-Aug-1998 57,500 21.8750 21.4375 21.6875
31-Jul-1998 60,100 22.0625 21.7500 21.8125
30-Jul-1998 24,500 22.0000 21.5000 21.7500
29-Jul-1998 37,800 21.9375 21.5000 21.5000
28-Jul-1998 48,200 21.8750 21.5625 21.6875
27-Jul-1998 83,800 22.0000 21.5000 21.8125
24-Jul-1998 46,000 22.5000 21.8125 21.8125
23-Jul-1998 12,100 22.5625 22.4375 22.5000
22-Jul-1998 21,200 22.5625 22.4375 22.4375
21-Jul-1998 25,500 22.5625 22.4375 22.5000
20-Jul-1998 11,100 22.7500 22.3750 22.5625
17-Jul-1998 31,200 22.6875 22.5000 22.6250
16-Jul-1998 35,800 22.6875 22.5000 22.6875
15-Jul-1998 45,700 22.5625 22.4375 22.5000
14-Jul-1998 65,100 22.5625 22.3750 22.3750
13-Jul-1998 24,400 22.6250 22.4375 22.4375
10-Jul-1998 32,200 22.8125 22.3125 22.3750
09-Jul-1998 62,100 23.1250 22.3125 23.0000
08-Jul-1998 42,900 22.6250 22.1875 22.3750
07-Jul-1998 62,400 22.4375 21.6875 22.4375
06-Jul-1998 21,600 21.7500 21.5625 21.7500
02-Jul-1998 16,400 21.7500 21.3750 21.7500
01-Jul-1998 81,100 21.8125 21.4375 21.8125
30-Jun-1998 35,700 21.5000 21.3750 21.4375
29-Jun-1998 76,500 21.4375 21.3125 21.4375
26-Jun-1998 21,100 21.4375 21.1875 21.3125
25-Jun-1998 117,200 21.5625 20.3125 21.2500
24-Jun-1998 30,900 21.6875 21.5000 21.5625
23-Jun-1998 70,700 21.6875 21.3125 21.5000
22-Jun-1998 108,500 21.8750 21.2500 21.3125
19-Jun-1998 47,300 21.9375 21.5625 21.8750
18-Jun-1998 24,800 21.9375 21.7500 21.8125
17-Jun-1998 62,600 22.0000 21.6875 22.0000
16-Jun-1998 89,000 21.8125 21.6250 21.7500
15-Jun-1998 133,100 21.8750 21.6250 21.6875
12-Jun-1998 27,500 22.5000 21.8750 22.0625
11-Jun-1998 38,400 22.6875 22.0000 22.5625
10-Jun-1998 90,500 22.7500 21.8750 21.9375
09-Jun-1998 19,700 22.7500 22.3750 22.5000
08-Jun-1998 46,900 23.3125 22.4375 22.4375
05-Jun-1998 40,500 23.5000 22.8750 23.0000
04-Jun-1998 50,600 22.8125 22.3125 22.8125
03-Jun-1998 16,300 22.5625 22.3750 22.4375
02-Jun-1998 9,700 22.5000 22.1875 22.3750
01-Jun-1998 20,800 22.5000 22.2500 22.3125
29-May-1998 27,600 22.5000 22.1875 22.4375
28-May-1998 18,400 22.5000 22.1250 22.5000
27-May-1998 23,000 22.5625 22.0625 22.1875
26-May-1998 26,300 22.7500 22.5000 22.5625
22-May-1998 43,500 22.6875 22.3750 22.6250
21-May-1998 25,600 22.5625 22.5000 22.5000
20-May-1998 19,900 22.6250 22.3750 22.5000
19-May-1998 29,900 22.4375 22.1250 22.1875
18-May-1998 26,400 22.5625 22.0625 22.2500
15-May-1998 27,800 22.5000 22.1875 22.5000
14-May-1998 43,600 22.5000 22.1250 22.1875
13-May-1998 20,900 22.8750 22.3750 22.5000
12-May-1998 43,900 22.4375 22.3125 22.4375
11-May-1998 39,300 22.7500 22.0625 22.3750
08-May-1998 15,600 22.7500 22.4375 22.7500
07-May-1998 23,700 22.5000 22.3750 22.3750
06-May-1998 28,000 22.6250 22.4375 22.5000
05-May-1998 30,300 23.8125 23.2500 23.2500
04-May-1998 49,200 23.9375 23.5000 23.8125
01-May-1998 27,400 23.5000 22.9375 23.5000
30-Apr-1998 16,900 23.0000 22.6875 22.9375
29-Apr-1998 12,900 22.7500 22.6250 22.6875
28-Apr-1998 14,400 22.8750 22.5000 22.5625
27-Apr-1998 25,400 22.6250 22.2500 22.3750
24-Apr-1998 37,200 22.8750 22.5625 22.5625
23-Apr-1998 68,500 22.9375 22.3125 22.6875
22-Apr-1998 33,700 23.0000 22.7500 22.9375
21-Apr-1998 32,200 23.0000 22.7500 22.8125
20-Apr-1998 21,300 23.0000 22.8125 22.9375
17-Apr-1998 45,100 23.2500 22.8750 22.9375
16-Apr-1998 16,100 23.2500 23.1250 23.1875
15-Apr-1998 19,900 23.2500 23.1250 23.2500
14-Apr-1998 37,500 23.1875 22.6250 23.1875
13-Apr-1998 33,500 23.0000 22.8125 22.9375
09-Apr-1998 40,900 23.1875 22.8750 23.0000
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
41
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
Camden Property Trust
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
CAMDEN PPTY TR SH BEN INT
CPT 13313110 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 86,900 24.6875 24.1250 24.4375
08-Apr-1999 76,600 24.2500 24.0625 24.2500
07-Apr-1999 75,800 24.3125 24.0000 24.1875
06-Apr-1999 41,500 24.2500 24.0625 24.1250
05-Apr-1999 51,600 24.5000 24.1875 24.1875
01-Apr-1999 62,400 24.8750 24.1875 24.5625
31-Mar-1999 77,300 24.7500 24.2500 24.7500
30-Mar-1999 108,500 24.6250 24.3750 24.3750
29-Mar-1999 250,300 24.6875 23.8750 24.5625
26-Mar-1999 75,400 24.8125 24.4375 24.5625
25-Mar-1999 150,300 24.7500 24.2500 24.5000
24-Mar-1999 364,200 24.7500 24.2500 24.7500
23-Mar-1999 196,200 24.5625 24.3125 24.4375
22-Mar-1999 82,000 24.8125 24.5625 24.5625
19-Mar-1999 206,100 24.9375 24.6250 24.6875
18-Mar-1999 73,600 24.8125 24.6875 24.6875
17-Mar-1999 118,000 24.8750 24.6875 24.7500
16-Mar-1999 84,200 25.0000 24.7500 24.8125
15-Mar-1999 69,100 25.0000 24.6875 24.9375
12-Mar-1999 56,500 24.8750 24.6250 24.8125
11-Mar-1999 115,100 24.8125 24.5000 24.6875
10-Mar-1999 207,900 24.8750 24.5625 24.6875
09-Mar-1999 75,500 24.8750 24.5000 24.8750
08-Mar-1999 32,600 24.8750 24.5625 24.6250
05-Mar-1999 26,500 24.8125 24.5000 24.6875
04-Mar-1999 46,600 25.0000 24.5000 24.5000
03-Mar-1999 189,800 24.9375 24.4375 24.8125
02-Mar-1999 98,800 24.5625 24.3750 24.4375
01-Mar-1999 78,700 24.5625 24.0625 24.5000
26-Feb-1999 127,000 24.5625 24.3750 24.5000
25-Feb-1999 99,500 24.4375 24.0625 24.1875
24-Feb-1999 98,800 24.6250 24.3750 24.4375
23-Feb-1999 314,900 25.1250 24.5000 24.5000
22-Feb-1999 80,300 25.4375 25.1875 25.3125
19-Feb-1999 80,400 25.6250 25.3125 25.3750
18-Feb-1999 187,400 25.8125 25.3750 25.5000
17-Feb-1999 142,900 26.0000 25.8125 25.8125
16-Feb-1999 96,200 25.9375 25.8125 25.8750
12-Feb-1999 340,700 26.0000 25.6250 25.9375
11-Feb-1999 69,200 26.0000 25.6250 25.6250
10-Feb-1999 82,000 25.9375 25.6875 25.6875
09-Feb-1999 137,400 26.0000 25.3750 25.9375
08-Feb-1999 78,400 25.9375 25.3125 25.3750
05-Feb-1999 212,900 25.9375 25.3750 25.3750
04-Feb-1999 183,400 25.8125 25.3125 25.5000
03-Feb-1999 126,400 25.5625 25.1875 25.5000
02-Feb-1999 231,500 25.3125 24.9375 25.2500
01-Feb-1999 392,600 25.3125 24.9375 25.1875
29-Jan-1999 148,100 25.1250 24.8750 24.8750
28-Jan-1999 68,300 25.2500 25.0000 25.1250
27-Jan-1999 207,900 25.5000 24.7500 25.2500
26-Jan-1999 66,600 26.0000 25.4375 25.4375
25-Jan-1999 39,200 26.0000 25.6250 25.8750
22-Jan-1999 102,800 26.0000 25.6250 25.8125
21-Jan-1999 76,700 26.1250 25.7500 25.8750
20-Jan-1999 74,800 26.5000 26.1875 26.3125
19-Jan-1999 106,700 26.8750 26.2500 26.2500
15-Jan-1999 40,600 26.3750 26.0000 26.3125
14-Jan-1999 96,900 26.4375 26.0000 26.0000
13-Jan-1999 129,300 26.4375 25.8125 26.3750
12-Jan-1999 121,100 26.3750 26.1250 26.1875
11-Jan-1999 112,800 26.5000 26.1250 26.2500
08-Jan-1999 79,400 26.5000 26.1250 26.4375
07-Jan-1999 57,500 26.6875 26.1250 26.3125
06-Jan-1999 98,700 26.6875 26.1875 26.6250
05-Jan-1999 71,400 26.5625 25.8125 26.4375
04-Jan-1999 196,400 26.0000 25.6250 25.9375
31-Dec-1998 101,700 26.0625 25.5625 26.0000
30-Dec-1998 96,900 25.8750 25.5000 25.6250
29-Dec-1998 92,400 26.0000 25.8125 25.8125
28-Dec-1998 68,800 26.0000 25.8125 25.9375
24-Dec-1998 82,700 26.0000 25.8750 26.0000
23-Dec-1998 449,200 26.0625 25.5625 26.0000
22-Dec-1998 412,200 25.9375 25.5000 25.8125
21-Dec-1998 370,400 25.8750 25.3750 25.7500
18-Dec-1998 84,700 25.9375 25.5625 25.6250
17-Dec-1998 108,500 26.7500 26.3750 26.5000
16-Dec-1998 41,200 26.9375 26.2500 26.9375
15-Dec-1998 94,900 26.9375 26.0000 26.2500
14-Dec-1998 40,800 26.9375 26.5000 26.7500
11-Dec-1998 27,600 26.8750 26.4375 26.7500
10-Dec-1998 62,800 26.9375 26.5625 26.6250
09-Dec-1998 104,500 27.0000 26.8125 26.8125
08-Dec-1998 107,300 27.0000 26.7500 26.9375
07-Dec-1998 153,600 26.8750 26.1875 26.7500
04-Dec-1998 172,500 26.4375 26.0000 26.4375
03-Dec-1998 90,700 26.1875 25.8750 26.0625
02-Dec-1998 226,800 26.5000 25.9375 26.1875
01-Dec-1998 599,000 26.2500 25.5625 26.1875
30-Nov-1998 163,300 25.8750 25.3750 25.6875
27-Nov-1998 37,000 25.9375 25.5000 25.6875
25-Nov-1998 93,400 25.6875 25.5000 25.5000
24-Nov-1998 98,700 25.8750 25.5625 25.6250
23-Nov-1998 95,400 26.2500 25.6875 25.6875
20-Nov-1998 95,000 26.2500 26.0625 26.0625
19-Nov-1998 70,400 26.5000 26.0000 26.1875
18-Nov-1998 59,200 26.8750 26.4375 26.4375
17-Nov-1998 51,700 26.8750 26.5000 26.8125
16-Nov-1998 68,600 27.1875 26.7500 26.8125
13-Nov-1998 18,400 27.1875 27.0000 27.0625
12-Nov-1998 45,700 27.1250 26.5625 27.1250
11-Nov-1998 35,600 27.2500 26.7500 26.7500
10-Nov-1998 44,800 27.3750 27.0000 27.1875
09-Nov-1998 30,400 27.5625 27.2500 27.3125
06-Nov-1998 90,500 27.6250 27.1250 27.4375
05-Nov-1998 161,000 27.5000 27.0000 27.2500
04-Nov-1998 164,900 27.1250 26.8125 27.0625
03-Nov-1998 73,700 26.9375 26.6875 26.8125
02-Nov-1998 110,500 27.0000 26.7500 26.8125
30-Oct-1998 169,500 26.8750 26.6250 26.8750
29-Oct-1998 88,300 26.9375 26.6250 26.8125
28-Oct-1998 134,800 26.5625 26.1875 26.5000
27-Oct-1998 71,100 26.7500 26.0000 26.5000
26-Oct-1998 36,100 26.8125 26.3125 26.6250
23-Oct-1998 43,800 27.2500 26.5000 26.5000
22-Oct-1998 37,200 27.0000 26.5625 26.8750
21-Oct-1998 57,800 27.0000 26.6875 26.7500
20-Oct-1998 99,600 27.4375 26.7500 26.8750
19-Oct-1998 118,300 27.3125 26.5000 26.8750
16-Oct-1998 99,600 26.5000 25.7500 26.3750
15-Oct-1998 275,100 25.8750 25.3750 25.6250
14-Oct-1998 107,100 26.0625 25.7500 25.8125
13-Oct-1998 137,600 26.2500 25.8750 25.9375
12-Oct-1998 247,000 26.3125 25.6250 26.2500
09-Oct-1998 138,100 25.3750 24.9375 25.3750
08-Oct-1998 98,500 26.8125 24.5000 24.8750
07-Oct-1998 138,600 27.0000 26.5625 26.8125
06-Oct-1998 113,400 27.4375 27.0000 27.0000
05-Oct-1998 103,800 27.3750 26.5625 26.8789
02-Oct-1998 45,500 27.6250 26.6250 27.5000
01-Oct-1998 85,600 27.8750 27.5625 27.7500
30-Sep-1998 55,200 28.1250 27.5000 27.9375
29-Sep-1998 111,000 28.0000 27.1250 27.6250
28-Sep-1998 44,000 28.2500 27.8750 28.0000
25-Sep-1998 55,400 28.6875 28.4375 28.5625
24-Sep-1998 75,300 29.0000 28.5000 28.6875
23-Sep-1998 156,800 29.0000 28.7500 28.9375
22-Sep-1998 82,500 28.9375 28.1250 28.8750
21-Sep-1998 74,100 28.0625 27.6250 28.0625
18-Sep-1998 87,600 28.1250 27.3125 27.6875
17-Sep-1998 26,900 27.1875 26.4375 27.1875
16-Sep-1998 59,600 27.2500 26.5000 26.7852
15-Sep-1998 38,900 27.0000 26.4375 27.0000
14-Sep-1998 73,600 26.5625 26.0000 26.3750
11-Sep-1998 59,600 26.4375 26.1250 26.1250
10-Sep-1998 92,200 26.2500 25.7500 26.0000
09-Sep-1998 81,700 26.7500 25.8750 25.8750
08-Sep-1998 68,000 26.6250 25.8125 25.9375
04-Sep-1998 114,200 26.0000 25.6250 25.7500
03-Sep-1998 89,700 25.7500 25.0000 25.7500
02-Sep-1998 73,300 25.7500 25.3750 25.5000
01-Sep-1998 73,500 25.4375 25.0625 25.3750
31-Aug-1998 120,600 25.8125 25.0000 25.0625
28-Aug-1998 119,900 26.2500 25.7500 25.8125
27-Aug-1998 198,100 27.1875 25.8750 26.0625
26-Aug-1998 162,000 27.3750 26.8750 27.3125
25-Aug-1998 97,500 28.2500 27.5000 27.5000
24-Aug-1998 39,600 28.5625 28.0000 28.1250
21-Aug-1998 42,000 28.6250 28.1250 28.4375
20-Aug-1998 170,000 28.8750 28.5625 28.6250
19-Aug-1998 74,700 29.0000 28.6250 28.7500
18-Aug-1998 231,400 29.0625 28.4375 28.9375
17-Aug-1998 158,100 28.5625 27.7500 28.5000
14-Aug-1998 134,000 28.3750 27.9375 28.3125
13-Aug-1998 89,700 28.5000 28.1875 28.3125
12-Aug-1998 67,400 28.5625 28.1875 28.3125
11-Aug-1998 125,900 28.4375 27.9375 28.2500
10-Aug-1998 169,300 28.7500 28.1875 28.6250
07-Aug-1998 53,700 28.8125 28.2500 28.6875
06-Aug-1998 134,600 28.1250 27.5625 28.0000
05-Aug-1998 173,700 27.9375 27.1250 27.8750
04-Aug-1998 73,800 28.6875 28.0000 28.0625
03-Aug-1998 101,200 28.8125 28.5000 28.5000
31-Jul-1998 58,500 28.9375 28.6250 28.8125
30-Jul-1998 106,900 28.9375 28.4375 28.9375
29-Jul-1998 93,300 29.1875 28.5000 28.5000
28-Jul-1998 102,600 29.0625 28.5000 28.6875
27-Jul-1998 95,900 29.1875 28.8750 29.0625
24-Jul-1998 121,400 29.4375 29.1250 29.1875
23-Jul-1998 111,700 29.5625 29.0625 29.1875
22-Jul-1998 178,800 30.0625 29.5000 29.5000
21-Jul-1998 115,200 30.0625 29.7500 30.0000
20-Jul-1998 112,400 30.1875 30.0625 30.1250
17-Jul-1998 79,900 30.0625 29.6875 29.9375
16-Jul-1998 133,300 30.1875 29.8750 30.0000
15-Jul-1998 148,600 30.1250 29.9375 30.0000
14-Jul-1998 103,700 30.1250 29.7500 29.9375
13-Jul-1998 21,900 30.0625 29.8125 29.8750
10-Jul-1998 158,100 30.0625 29.8750 29.9375
09-Jul-1998 164,500 30.1875 29.6875 30.0625
08-Jul-1998 95,700 30.4375 30.1250 30.1875
07-Jul-1998 145,300 30.3750 29.9375 30.3125
06-Jul-1998 35,700 29.9375 29.6250 29.9375
02-Jul-1998 236,500 29.8125 29.6250 29.7500
01-Jul-1998 98,900 29.7500 29.1250 29.6875
30-Jun-1998 178,800 29.9375 29.3750 29.7500
29-Jun-1998 123,800 29.3750 29.1250 29.3750
26-Jun-1998 72,800 29.1875 28.6250 29.0000
25-Jun-1998 121,900 29.6875 29.1250 29.1875
24-Jun-1998 108,700 29.9375 29.5625 29.6250
23-Jun-1998 136,100 29.9375 29.5000 29.8750
22-Jun-1998 60,800 29.8125 29.3750 29.5625
19-Jun-1998 46,000 29.8125 29.4375 29.5625
18-Jun-1998 41,300 29.6875 29.5625 29.5625
17-Jun-1998 67,800 29.7500 29.4375 29.4375
16-Jun-1998 40,300 29.6875 29.2500 29.3750
15-Jun-1998 80,400 29.8750 29.5000 29.6875
12-Jun-1998 36,100 29.9375 29.3750 29.8125
11-Jun-1998 112,200 30.0000 29.3750 29.6875
10-Jun-1998 106,800 30.5000 30.0000 30.0625
09-Jun-1998 169,700 30.7500 30.3750 30.4375
08-Jun-1998 109,700 30.8750 30.5000 30.5000
05-Jun-1998 93,700 30.9375 30.5000 30.8125
04-Jun-1998 34,200 30.9375 30.5000 30.9375
03-Jun-1998 111,600 31.0625 30.5000 30.9375
02-Jun-1998 82,500 30.8750 30.5000 30.6250
01-Jun-1998 123,700 30.8750 30.2500 30.6875
29-May-1998 83,400 30.5625 30.2500 30.5625
28-May-1998 113,700 30.4375 29.9375 30.1250
27-May-1998 263,700 30.3125 29.5000 30.3125
26-May-1998 47,300 29.9375 29.4375 29.5625
22-May-1998 73,500 30.1250 29.5000 30.1250
21-May-1998 166,900 30.3750 29.4375 29.8125
20-May-1998 144,400 30.5000 30.2500 30.2500
19-May-1998 158,100 30.6250 30.3750 30.5625
18-May-1998 47,200 30.6250 30.3750 30.5000
15-May-1998 212,300 30.5000 30.1250 30.3750
14-May-1998 131,300 30.3125 29.9375 30.1250
13-May-1998 235,700 30.0000 29.8125 29.9375
12-May-1998 240,800 29.8750 29.5625 29.7500
11-May-1998 109,200 29.5625 29.0625 29.5625
08-May-1998 112,600 29.2500 29.0000 29.0000
07-May-1998 456,300 29.3125 29.0625 29.1875
06-May-1998 70,900 29.5625 29.2500 29.5000
05-May-1998 111,200 30.1250 29.3750 29.5625
04-May-1998 69,900 29.7500 29.1875 29.6875
01-May-1998 146,700 29.6250 29.2500 29.2500
30-Apr-1998 126,600 29.4375 28.5000 29.3125
29-Apr-1998 100,200 28.4375 27.9375 28.3125
28-Apr-1998 186,700 28.5625 28.0625 28.0625
27-Apr-1998 139,800 29.0625 28.3750 28.3750
24-Apr-1998 75,100 29.5625 29.1875 29.1875
23-Apr-1998 103,700 29.6250 29.0625 29.3750
22-Apr-1998 129,400 29.8750 29.6250 29.7500
21-Apr-1998 123,200 30.0000 29.7500 29.7500
20-Apr-1998 70,200 30.0625 29.7500 30.0000
17-Apr-1998 149,700 30.1250 29.9375 30.0000
16-Apr-1998 257,300 30.6875 30.0000 30.0625
15-Apr-1998 158,900 30.7500 30.5000 30.6875
14-Apr-1998 92,200 31.0625 30.6250 31.0000
13-Apr-1998 108,600 30.8125 30.5000 30.6250
09-Apr-1998 89,000 30.9375 30.5000 30.8125
- --------------------------------------------------------------------------------
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
42
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
Charles E. Smith Residential Realty, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
SMITH CHARLES E RESDNTL RLTY
SRW 83219710 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 11,800 30.8750 30.3750 30.8750
08-Apr-1999 10,900 30.5000 30.1250 30.4375
07-Apr-1999 11,600 30.3125 29.8125 30.3125
06-Apr-1999 37,800 30.1875 29.8750 29.9375
05-Apr-1999 19,400 30.0625 29.8750 30.0000
01-Apr-1999 21,400 30.3750 30.0000 30.0000
31-Mar-1999 126,600 31.1250 29.2500 30.8125
30-Mar-1999 7,500 29.2500 28.8750 29.2500
29-Mar-1999 11,400 28.8750 28.5000 28.7500
26-Mar-1999 5,600 28.4375 28.3750 28.3750
25-Mar-1999 8,900 28.3125 28.1250 28.3125
24-Mar-1999 52,500 28.7500 28.1250 28.1250
23-Mar-1999 21,500 29.1250 28.6250 28.6875
22-Mar-1999 27,600 29.3125 29.0625 29.0625
19-Mar-1999 17,900 29.4375 29.1875 29.1875
18-Mar-1999 22,500 29.5625 29.3125 29.5000
17-Mar-1999 25,900 29.5625 29.2500 29.3750
16-Mar-1999 55,200 29.5000 29.3750 29.5000
15-Mar-1999 6,300 29.5000 29.3750 29.5000
12-Mar-1999 12,600 29.5000 29.3750 29.5000
11-Mar-1999 31,800 29.6250 29.5000 29.5000
10-Mar-1999 11,600 29.6250 29.4375 29.6250
09-Mar-1999 19,400 29.8750 29.5000 29.5000
08-Mar-1999 4,800 29.7500 29.6250 29.6250
05-Mar-1999 3,900 29.6875 29.4375 29.6875
04-Mar-1999 2,000 29.4375 29.1875 29.4375
03-Mar-1999 26,100 29.3125 29.0625 29.2500
02-Mar-1999 37,500 29.3750 29.1875 29.1875
01-Mar-1999 37,200 29.3750 29.2500 29.3750
26-Feb-1999 4,200 29.4375 29.3125 29.3750
25-Feb-1999 42,300 29.5625 29.3125 29.3125
24-Feb-1999 38,100 29.8750 29.4375 29.5000
23-Feb-1999 22,300 29.9375 29.6875 29.9375
22-Feb-1999 12,500 29.8125 29.4375 29.7500
19-Feb-1999 65,900 29.5000 29.0000 29.4375
18-Feb-1999 40,500 29.9375 29.3125 29.5000
17-Feb-1999 54,100 30.1250 29.8750 29.8750
16-Feb-1999 29,100 29.8750 29.5000 29.8750
12-Feb-1999 19,300 29.8125 29.5000 29.5000
11-Feb-1999 36,400 29.6250 29.5000 29.5000
10-Feb-1999 31,600 29.8750 29.5625 29.5625
09-Feb-1999 21,100 29.9375 29.6250 29.7500
08-Feb-1999 30,300 29.8125 29.6875 29.6875
05-Feb-1999 39,400 29.8750 29.7500 29.8125
04-Feb-1999 57,100 30.1875 29.8125 29.8750
03-Feb-1999 9,000 30.1875 29.6875 30.1875
02-Feb-1999 107,200 30.0625 29.5000 30.0625
01-Feb-1999 36,100 30.0000 29.8750 29.8750
29-Jan-1999 22,300 30.1563 30.0625 30.1250
28-Jan-1999 20,600 30.1875 30.1250 30.1875
27-Jan-1999 4,100 30.1875 30.0625 30.1250
26-Jan-1999 18,700 30.3125 30.1250 30.1250
25-Jan-1999 33,400 30.2500 30.1875 30.2500
22-Jan-1999 37,800 30.2500 30.1250 30.2500
21-Jan-1999 32,900 30.2500 30.1250 30.1875
20-Jan-1999 45,600 30.2500 30.0000 30.1250
19-Jan-1999 18,300 30.2500 30.0000 30.2500
15-Jan-1999 53,600 30.3750 30.1875 30.2500
14-Jan-1999 4,800 30.6875 30.3750 30.3750
13-Jan-1999 5,600 30.6875 30.5000 30.6875
12-Jan-1999 23,900 30.7500 30.6250 30.6250
11-Jan-1999 66,800 30.9375 30.6250 30.7500
08-Jan-1999 30,700 31.0000 30.8125 30.9375
07-Jan-1999 32,200 30.8750 30.5625 30.7500
06-Jan-1999 46,300 31.1250 30.6250 30.8750
05-Jan-1999 50,200 31.3750 31.0625 31.1250
04-Jan-1999 30,200 31.7500 31.2500 31.4375
31-Dec-1998 43,000 32.2500 31.6875 32.1250
30-Dec-1998 9,500 31.5000 31.4375 31.5000
29-Dec-1998 75,500 31.6250 31.2500 31.4375
28-Dec-1998 13,500 31.4375 30.9375 31.3125
24-Dec-1998 5,200 31.1250 30.9375 30.9375
23-Dec-1998 9,200 31.0000 30.8750 31.0000
22-Dec-1998 31,900 31.0000 30.8750 31.0000
21-Dec-1998 25,900 31.0000 30.3125 31.0000
18-Dec-1998 26,500 30.7500 29.8125 30.7500
17-Dec-1998 29,300 30.0000 29.5625 30.0000
16-Dec-1998 35,400 29.7500 29.6250 29.7500
15-Dec-1998 26,900 30.0000 29.6250 29.6250
14-Dec-1998 71,100 30.0000 29.6250 30.0000
11-Dec-1998 40,700 29.6250 29.3750 29.6250
10-Dec-1998 47,200 29.8125 29.0625 29.5625
09-Dec-1998 13,900 30.2500 29.9375 30.0625
08-Dec-1998 79,900 30.2500 30.0625 30.1250
07-Dec-1998 6,800 30.2500 29.8750 30.1875
04-Dec-1998 34,000 29.9375 29.6250 29.9375
03-Dec-1998 88,000 29.5625 29.4375 29.5625
02-Dec-1998 34,000 29.6875 29.1875 29.5625
01-Dec-1998 46,800 29.6875 29.0000 29.1875
30-Nov-1998 35,600 29.7500 29.3125 29.5625
27-Nov-1998 4,300 29.6875 29.5625 29.6875
25-Nov-1998 6,800 29.6250 29.2500 29.6250
24-Nov-1998 4,200 29.3125 28.9375 29.3125
23-Nov-1998 32,700 29.5000 29.0000 29.1250
20-Nov-1998 21,800 29.6875 29.4375 29.5000
19-Nov-1998 6,600 29.7500 29.5625 29.6875
18-Nov-1998 95,000 29.9375 29.5000 29.5625
17-Nov-1998 123,200 29.8750 29.5000 29.7500
16-Nov-1998 8,300 29.9375 29.7500 29.9375
13-Nov-1998 78,300 30.0000 29.8125 29.8750
12-Nov-1998 24,000 29.9375 29.7500 29.9375
11-Nov-1998 5,000 30.0625 29.8125 29.8125
10-Nov-1998 74,200 30.1250 29.8750 30.0000
09-Nov-1998 21,200 30.4375 30.0625 30.3750
06-Nov-1998 5,700 30.6875 30.3125 30.6250
05-Nov-1998 15,700 30.6250 30.3750 30.3750
04-Nov-1998 7,500 30.5000 30.3125 30.5000
03-Nov-1998 35,100 30.3750 29.8750 30.3125
02-Nov-1998 41,900 31.0000 30.5625 30.8750
30-Oct-1998 25,500 30.9375 30.6250 30.6250
29-Oct-1998 8,800 31.1875 30.8125 30.9375
28-Oct-1998 42,900 31.3750 31.0625 31.1875
27-Oct-1998 28,800 31.5000 31.2500 31.2500
26-Oct-1998 4,000 31.2500 31.0000 31.2500
23-Oct-1998 16,400 30.9375 30.8750 30.9375
22-Oct-1998 8,100 30.7500 30.6250 30.6250
21-Oct-1998 13,200 30.9375 30.8125 30.8125
20-Oct-1998 20,100 30.8750 30.5000 30.7500
19-Oct-1998 13,600 31.0000 30.5000 30.6875
16-Oct-1998 13,900 30.5000 30.2500 30.5000
15-Oct-1998 88,300 30.6250 30.3125 30.3125
14-Oct-1998 158,600 30.4375 30.0000 30.4375
13-Oct-1998 37,800 30.0000 29.8125 30.0000
12-Oct-1998 22,600 30.0000 29.1875 29.8750
09-Oct-1998 67,300 29.2500 28.6250 29.2500
08-Oct-1998 14,400 29.0000 28.3125 28.5000
07-Oct-1998 8,700 29.6875 29.0625 29.0625
06-Oct-1998 12,900 29.7500 29.5625 29.7500
05-Oct-1998 4,700 29.7500 29.5000 29.5625
02-Oct-1998 21,300 30.1250 29.6875 29.7500
01-Oct-1998 9,300 30.2500 29.8750 30.0000
30-Sep-1998 71,100 30.3750 30.1875 30.3750
29-Sep-1998 20,000 30.3125 30.1875 30.2500
28-Sep-1998 26,400 30.3125 30.1875 30.2500
25-Sep-1998 25,000 30.3125 30.0625 30.2500
24-Sep-1998 22,600 30.3125 30.1250 30.1250
23-Sep-1998 67,300 30.1875 30.0625 30.1875
22-Sep-1998 80,800 30.1875 29.8750 29.9375
21-Sep-1998 48,300 30.1250 29.8750 29.8750
18-Sep-1998 41,700 30.1250 29.8125 30.0000
17-Sep-1998 5,000 29.7500 29.1875 29.7500
16-Sep-1998 7,600 29.6250 29.2500 29.3125
15-Sep-1998 40,700 29.8750 29.5625 29.5625
14-Sep-1998 20,100 29.9375 29.7500 29.8125
11-Sep-1998 9,500 30.0000 29.7500 30.0000
10-Sep-1998 11,900 29.9375 29.7500 29.8125
09-Sep-1998 8,400 30.0625 29.9375 30.0000
08-Sep-1998 39,400 30.1250 29.9375 30.0625
04-Sep-1998 5,300 30.0000 29.7500 30.0000
03-Sep-1998 13,000 29.8750 29.7500 29.7500
02-Sep-1998 9,100 29.9375 29.6875 29.8750
01-Sep-1998 30,200 29.8750 29.5625 29.8750
31-Aug-1998 10,100 29.7500 29.6875 29.7500
28-Aug-1998 34,700 29.8750 29.6875 29.6875
27-Aug-1998 9,400 30.0000 29.7500 29.8750
26-Aug-1998 42,500 30.1250 29.9375 30.0000
25-Aug-1998 104,900 30.2500 29.8750 29.9375
24-Aug-1998 5,000 29.9375 29.8125 29.8750
21-Aug-1998 12,900 30.0000 29.7500 30.0000
20-Aug-1998 33,200 30.0000 29.8750 30.0000
19-Aug-1998 16,900 30.1250 29.7500 30.0625
18-Aug-1998 84,600 30.3125 29.8750 30.0625
17-Aug-1998 46,500 30.1875 29.8750 29.9375
14-Aug-1998 38,400 30.0625 29.8750 30.0625
13-Aug-1998 16,200 29.8750 29.6250 29.8125
12-Aug-1998 17,000 29.8750 29.6250 29.6875
11-Aug-1998 2,900 30.1250 29.7500 29.7500
10-Aug-1998 60,800 30.1250 29.7500 30.1250
07-Aug-1998 36,800 30.0625 29.3750 30.0000
06-Aug-1998 92,900 29.3750 29.0000 29.2500
05-Aug-1998 12,200 30.0000 29.0000 29.1250
04-Aug-1998 20,500 30.6250 29.9375 30.0000
03-Aug-1998 11,000 31.0625 30.6250 30.6250
31-Jul-1998 37,500 31.7500 31.0000 31.0000
30-Jul-1998 2,100 31.3750 31.0000 31.3750
29-Jul-1998 26,800 32.0000 31.6250 31.6250
28-Jul-1998 23,700 32.2500 31.8125 31.8125
27-Jul-1998 14,400 32.2500 32.0625 32.2500
24-Jul-1998 14,500 32.5000 32.0625 32.1875
23-Jul-1998 630,200 32.8125 32.5000 32.6250
22-Jul-1998 5,900 33.6250 32.8750 32.8750
21-Jul-1998 13,900 33.8125 33.5625 33.5625
20-Jul-1998 15,200 33.8125 33.6875 33.6875
17-Jul-1998 17,300 33.8750 33.6875 33.6875
16-Jul-1998 16,700 33.8750 33.5625 33.8125
15-Jul-1998 2,700 33.7500 33.5000 33.6875
14-Jul-1998 13,600 33.6250 33.1250 33.5625
13-Jul-1998 16,300 33.5000 33.2500 33.3750
10-Jul-1998 7,200 33.7500 33.3750 33.5000
09-Jul-1998 40,700 34.0000 33.2500 33.9375
08-Jul-1998 24,600 33.2500 32.5000 33.2500
07-Jul-1998 54,000 33.1875 32.3125 32.5625
06-Jul-1998 21,000 32.5000 32.1875 32.1875
02-Jul-1998 33,800 32.7500 32.3125 32.3125
01-Jul-1998 36,800 32.5000 32.1250 32.4375
30-Jun-1998 104,000 32.5625 32.0000 32.0000
29-Jun-1998 50,300 32.5000 32.0625 32.5000
26-Jun-1998 15,800 32.2500 32.1250 32.1875
25-Jun-1998 67,200 32.3125 32.1875 32.2500
24-Jun-1998 19,400 32.3125 32.1250 32.1875
23-Jun-1998 48,700 32.3750 32.1875 32.1875
22-Jun-1998 44,100 32.3750 32.0000 32.2500
19-Jun-1998 48,800 32.1250 32.0000 32.0625
18-Jun-1998 61,200 32.3750 31.8750 32.3750
17-Jun-1998 67,700 32.2500 31.9375 32.2500
16-Jun-1998 246,800 32.3125 31.8750 31.8750
15-Jun-1998 31,500 32.6250 32.2500 32.2500
12-Jun-1998 127,100 33.0625 32.8125 32.8125
11-Jun-1998 27,900 33.1250 33.0000 33.0625
10-Jun-1998 173,100 33.6250 32.8750 33.1250
09-Jun-1998 30,900 32.9375 32.7500 32.8750
08-Jun-1998 15,800 33.0000 32.5000 32.8125
05-Jun-1998 10,800 32.7500 32.4375 32.6250
04-Jun-1998 7,300 32.5625 32.4375 32.5000
03-Jun-1998 6,600 32.5625 32.2500 32.5000
02-Jun-1998 3,200 32.5000 32.3750 32.5000
01-Jun-1998 14,000 32.5000 32.2500 32.5000
29-May-1998 22,100 32.3750 32.1250 32.3750
28-May-1998 31,500 32.7500 32.1875 32.3750
27-May-1998 35,000 32.1875 31.9375 32.1875
26-May-1998 65,200 32.2500 32.0000 32.0000
22-May-1998 82,300 32.1875 31.9375 32.0625
21-May-1998 15,200 32.0000 31.8125 31.9375
20-May-1998 9,900 32.0000 31.8750 31.9375
19-May-1998 10,900 31.8750 31.7500 31.8750
18-May-1998 4,200 31.7500 31.6250 31.7500
15-May-1998 4,200 31.6875 31.4375 31.6250
14-May-1998 37,600 31.7500 31.3750 31.5000
13-May-1998 387,200 31.6250 31.3125 31.5000
12-May-1998 82,500 31.6875 31.2500 31.3125
11-May-1998 118,300 31.5625 31.3125 31.5625
08-May-1998 15,600 31.6250 31.1250 31.3125
07-May-1998 120,500 31.1250 31.0000 31.1250
06-May-1998 47,000 31.6250 31.0000 31.3125
05-May-1998 56,100 31.6250 31.2500 31.5000
04-May-1998 44,900 32.1250 31.5000 31.6250
01-May-1998 36,200 31.7500 31.1875 31.7500
30-Apr-1998 127,800 31.0000 30.7500 31.0000
29-Apr-1998 8,700 31.1875 30.7500 31.0000
28-Apr-1998 25,800 31.8125 31.1875 31.1875
27-Apr-1998 18,200 31.5625 31.2500 31.5625
24-Apr-1998 11,200 31.6250 31.2500 31.2500
23-Apr-1998 23,000 31.6875 31.3750 31.5000
22-Apr-1998 17,900 31.8125 31.1250 31.8125
21-Apr-1998 64,600 31.3750 31.0000 31.0000
20-Apr-1998 55,700 32.5625 31.0000 31.0000
17-Apr-1998 23,000 32.5000 32.1875 32.3125
16-Apr-1998 70,100 32.5625 32.1875 32.1875
15-Apr-1998 4,500 32.6875 32.5000 32.6875
14-Apr-1998 29,600 32.8125 32.3750 32.6250
13-Apr-1998 13,600 32.4375 32.1250 32.3750
09-Apr-1998 6,400 32.3125 32.1250 32.3125
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
43
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
Gables Residential Trust
[The following table was depicted as a line graph in the printed material.]
- -------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
GABLES RESIDENTIAL TR SH BEN
GBP 36241810 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 26,700 22.8750 22.5000 22.7500
08-Apr-1999 26,300 22.7500 22.5625 22.6250
07-Apr-1999 50,300 22.9375 22.5625 22.5625
06-Apr-1999 62,700 23.2500 22.8750 22.8750
05-Apr-1999 51,100 22.9375 22.4375 22.8750
01-Apr-1999 91,400 22.5625 22.3750 22.3750
31-Mar-1999 136,500 22.6250 21.9375 21.9375
30-Mar-1999 109,800 22.6875 22.3750 22.5625
29-Mar-1999 39,500 22.4375 22.0625 22.3750
26-Mar-1999 42,100 22.3125 22.0625 22.0625
25-Mar-1999 77,900 22.3125 21.8750 22.3125
24-Mar-1999 19,800 22.0625 21.7500 22.0000
23-Mar-1999 49,800 22.1875 21.6875 21.8125
22-Mar-1999 48,100 22.2500 22.0000 22.0625
19-Mar-1999 60,200 22.0000 21.7500 21.8750
18-Mar-1999 16,800 22.3750 22.0000 22.0000
17-Mar-1999 35,800 22.5000 22.1250 22.3125
16-Mar-1999 152,500 22.3750 22.1250 22.1875
15-Mar-1999 117,900 22.9375 22.7500 22.8750
12-Mar-1999 39,000 22.9375 22.7500 22.9375
11-Mar-1999 41,900 23.0000 22.8125 22.8125
10-Mar-1999 49,200 22.8750 22.7500 22.7500
09-Mar-1999 36,800 22.9375 22.5625 22.8125
08-Mar-1999 32,300 22.9375 22.6875 22.7500
05-Mar-1999 174,600 23.2500 22.8125 22.9375
04-Mar-1999 9,500 23.1250 23.0000 23.0625
03-Mar-1999 16,200 23.1250 23.0000 23.0625
02-Mar-1999 49,100 23.1250 22.9375 22.9375
01-Mar-1999 19,900 23.3750 23.0000 23.0625
26-Feb-1999 18,800 23.1875 22.9375 23.1250
25-Feb-1999 23,900 23.1250 22.8750 23.1250
24-Feb-1999 29,500 23.4375 23.0000 23.0625
23-Feb-1999 29,500 23.4375 23.1875 23.3750
22-Feb-1999 34,900 23.4375 23.1875 23.3125
19-Feb-1999 43,600 23.3750 23.0625 23.2500
18-Feb-1999 16,900 23.0625 22.7500 23.0000
17-Feb-1999 96,300 22.8750 22.6875 22.7500
16-Feb-1999 53,600 22.8125 22.5625 22.7500
12-Feb-1999 33,200 23.2500 22.5000 22.5625
11-Feb-1999 38,500 23.2500 23.1250 23.1250
10-Feb-1999 29,400 23.3750 23.1875 23.1875
09-Feb-1999 152,800 24.0000 23.1250 23.2500
08-Feb-1999 16,200 23.3750 23.0000 23.0000
05-Feb-1999 35,700 23.2500 23.0000 23.0000
04-Feb-1999 28,100 23.1250 22.9375 23.0000
03-Feb-1999 19,800 23.2500 22.8750 23.0000
02-Feb-1999 93,100 23.1250 22.5625 22.8750
01-Feb-1999 48,900 23.3750 22.9375 23.1875
29-Jan-1999 26,900 22.9375 22.8125 22.9375
28-Jan-1999 41,000 22.8750 22.5000 22.8125
27-Jan-1999 237,800 22.9375 22.6250 22.8125
26-Jan-1999 55,800 22.9375 22.6250 22.6250
25-Jan-1999 93,700 22.9375 22.5625 22.7500
22-Jan-1999 53,700 23.3125 22.7500 22.8125
21-Jan-1999 52,600 23.5000 23.0625 23.1875
20-Jan-1999 89,700 24.0000 23.3750 23.4375
19-Jan-1999 125,500 24.1250 23.8750 23.9375
15-Jan-1999 174,100 24.1875 24.0000 24.0000
14-Jan-1999 39,300 24.1875 24.0000 24.0000
13-Jan-1999 84,500 24.1875 23.8125 24.0625
12-Jan-1999 179,400 24.3750 24.0000 24.0625
11-Jan-1999 35,400 23.9375 23.6250 23.8125
08-Jan-1999 324,700 24.1875 23.7500 23.8750
07-Jan-1999 47,600 24.1875 24.0000 24.1250
06-Jan-1999 82,800 24.5000 24.1250 24.1875
05-Jan-1999 86,700 24.3750 24.0625 24.2500
04-Jan-1999 191,700 24.0000 23.1875 24.0000
31-Dec-1998 296,200 23.2500 21.7500 23.1875
30-Dec-1998 41,600 24.1250 23.8125 23.9375
29-Dec-1998 44,100 23.8750 23.7500 23.8750
28-Dec-1998 140,600 24.1875 23.8125 23.8750
24-Dec-1998 49,100 24.0625 23.8125 24.0000
23-Dec-1998 118,300 24.4375 23.6250 23.7500
22-Dec-1998 98,700 24.8125 24.3750 24.6875
21-Dec-1998 119,600 25.2500 24.4375 24.4375
18-Dec-1998 34,200 25.6875 25.2500 25.2500
17-Dec-1998 53,100 25.6250 25.1250 25.5000
16-Dec-1998 24,900 25.3125 25.0000 25.1875
15-Dec-1998 69,200 25.6875 25.1875 25.6875
14-Dec-1998 69,100 25.3750 25.1250 25.1875
11-Dec-1998 31,600 25.5625 25.3750 25.4375
10-Dec-1998 24,100 25.6875 25.3750 25.3750
09-Dec-1998 24,000 25.6250 25.1875 25.4375
08-Dec-1998 47,900 25.3750 25.2500 25.2500
07-Dec-1998 54,600 25.4375 25.2500 25.3125
04-Dec-1998 52,000 25.3750 25.1250 25.2500
03-Dec-1998 55,100 25.1875 25.0000 25.0625
02-Dec-1998 29,500 25.0000 24.8750 25.0000
01-Dec-1998 69,000 25.0000 24.6250 24.9375
30-Nov-1998 42,400 25.0625 24.8125 24.8125
27-Nov-1998 17,900 25.2500 24.8750 25.0625
25-Nov-1998 59,100 25.6250 25.0000 25.3125
24-Nov-1998 26,000 25.8750 25.5625 25.5625
23-Nov-1998 29,200 26.4375 25.7500 25.7500
20-Nov-1998 27,700 26.3125 26.1250 26.1250
19-Nov-1998 31,200 26.4375 26.2500 26.3125
18-Nov-1998 21,100 26.5000 26.1875 26.3125
17-Nov-1998 19,900 26.8125 26.3125 26.3125
16-Nov-1998 65,700 26.9375 26.6250 26.8750
13-Nov-1998 15,200 26.6875 26.2500 26.6250
12-Nov-1998 22,300 26.2500 26.1250 26.2500
11-Nov-1998 25,800 26.7500 26.2500 26.3125
10-Nov-1998 35,500 26.5000 26.1875 26.3750
09-Nov-1998 78,600 26.3750 26.1875 26.2500
06-Nov-1998 48,900 26.3750 26.0625 26.1875
05-Nov-1998 26,700 26.3125 25.9375 26.1250
04-Nov-1998 55,800 26.2500 25.5000 26.1875
03-Nov-1998 58,700 26.3750 26.1875 26.1875
02-Nov-1998 49,200 26.3750 26.2500 26.3125
30-Oct-1998 56,500 26.3750 26.2500 26.3125
29-Oct-1998 17,500 26.3125 26.1875 26.3125
28-Oct-1998 23,400 26.3125 25.8750 26.3125
27-Oct-1998 37,400 26.3750 26.0625 26.1250
26-Oct-1998 50,000 26.5625 26.3125 26.5625
23-Oct-1998 109,900 26.4375 26.0000 26.3750
22-Oct-1998 52,400 26.0625 25.3125 26.0625
21-Oct-1998 38,800 26.3750 25.3750 25.4375
20-Oct-1998 40,900 26.6875 26.1250 26.5000
19-Oct-1998 37,000 26.7500 26.0000 26.6250
16-Oct-1998 36,000 26.2500 25.8750 26.1250
15-Oct-1998 31,900 26.6875 26.3125 26.3750
14-Oct-1998 20,700 26.6875 26.3750 26.5625
13-Oct-1998 77,200 26.7500 26.1875 26.5000
12-Oct-1998 37,700 26.6250 26.0625 26.4375
09-Oct-1998 62,800 25.9375 25.3125 25.8750
08-Oct-1998 26,200 25.3750 24.9375 25.3125
07-Oct-1998 48,800 25.6250 25.1250 25.3125
06-Oct-1998 33,300 26.2500 25.5000 25.5000
05-Oct-1998 42,500 26.8750 26.0000 26.0000
02-Oct-1998 31,300 26.8750 26.4375 26.8125
01-Oct-1998 27,000 26.9375 26.5000 26.6250
30-Sep-1998 110,900 26.8125 26.2500 26.8125
29-Sep-1998 38,400 27.0000 26.7500 26.8125
28-Sep-1998 91,200 26.9375 26.6875 26.8750
25-Sep-1998 85,600 26.8750 26.1875 26.8750
24-Sep-1998 57,200 26.6875 26.0625 26.4375
23-Sep-1998 191,000 26.1875 25.3125 26.0625
22-Sep-1998 223,000 25.8125 24.5000 25.3125
21-Sep-1998 143,300 24.4375 23.6250 24.3750
18-Sep-1998 70,800 23.8125 23.5000 23.7500
17-Sep-1998 47,200 23.5625 23.0000 23.2500
16-Sep-1998 143,800 23.5000 22.8125 23.3750
15-Sep-1998 123,200 23.6250 23.1250 23.4375
14-Sep-1998 48,200 23.4375 23.0625 23.1250
11-Sep-1998 69,300 23.5625 22.6875 23.0000
10-Sep-1998 81,900 23.8750 22.0000 22.7500
09-Sep-1998 26,500 23.9375 23.5000 23.9375
08-Sep-1998 49,500 24.8750 24.0000 24.3125
04-Sep-1998 35,400 24.6875 24.1875 24.6875
03-Sep-1998 84,700 25.3125 24.1250 24.3750
02-Sep-1998 31,700 25.6250 25.1250 25.3125
01-Sep-1998 42,700 25.8125 25.0000 25.3750
31-Aug-1998 32,000 26.6875 25.5000 25.7500
28-Aug-1998 29,800 26.9375 26.1250 26.6250
27-Aug-1998 16,900 27.0000 26.7500 26.8125
26-Aug-1998 32,200 27.0000 26.6250 27.0000
25-Aug-1998 28,100 27.6875 27.0000 27.0000
24-Aug-1998 31,900 27.5625 26.6875 27.3125
21-Aug-1998 36,300 26.8750 26.2500 26.6875
20-Aug-1998 37,900 27.1250 26.7500 27.0000
19-Aug-1998 30,500 27.5000 27.1875 27.2500
18-Aug-1998 52,400 27.5000 27.2500 27.3750
17-Aug-1998 59,600 27.5000 27.2500 27.3750
14-Aug-1998 66,100 27.7500 27.4375 27.4375
13-Aug-1998 79,800 27.8125 27.5625 27.5625
12-Aug-1998 59,500 27.8125 27.1250 27.5625
11-Aug-1998 58,500 27.4375 27.0000 27.1250
10-Aug-1998 64,900 28.0000 27.3125 27.5625
07-Aug-1998 88,000 28.0000 26.8750 27.3750
06-Aug-1998 64,100 26.8750 26.4375 26.7500
05-Aug-1998 62,400 26.8125 26.4375 26.5625
04-Aug-1998 83,400 26.6875 26.3125 26.5625
03-Aug-1998 67,300 26.7500 26.3750 26.6875
31-Jul-1998 61,200 27.4375 26.8125 26.8125
30-Jul-1998 32,900 27.2500 26.6875 27.0000
29-Jul-1998 17,400 26.8750 26.5625 26.6875
28-Jul-1998 35,100 26.8750 26.6875 26.6875
27-Jul-1998 19,300 27.0000 26.6875 26.9375
24-Jul-1998 46,000 27.3750 27.0000 27.1875
23-Jul-1998 88,700 27.7500 27.3750 27.5000
22-Jul-1998 25,900 27.8125 27.6875 27.6875
21-Jul-1998 39,800 27.9375 27.6875 27.8125
20-Jul-1998 12,700 27.9375 27.7500 27.7500
17-Jul-1998 8,000 28.0000 27.8125 27.8125
16-Jul-1998 58,300 28.1250 27.8125 27.8750
15-Jul-1998 66,700 28.3125 28.0625 28.0625
14-Jul-1998 26,700 28.2500 28.0625 28.1875
13-Jul-1998 21,500 28.1875 28.0000 28.1250
10-Jul-1998 20,100 28.2500 28.0625 28.0625
09-Jul-1998 38,100 28.2500 27.7500 28.0625
08-Jul-1998 37,000 28.1875 27.2500 28.0000
07-Jul-1998 57,900 27.6875 27.2500 27.3750
06-Jul-1998 17,700 27.3750 27.0625 27.3125
02-Jul-1998 17,300 27.1875 27.0000 27.0625
01-Jul-1998 100,100 27.3125 27.0000 27.2500
30-Jun-1998 48,700 27.2500 27.0000 27.1250
29-Jun-1998 33,300 27.1875 27.0625 27.1875
26-Jun-1998 21,400 27.0625 26.6250 27.0625
25-Jun-1998 58,600 26.8125 26.2500 26.5000
24-Jun-1998 51,500 26.8750 26.6250 26.6875
23-Jun-1998 152,900 26.9375 26.6250 26.8125
22-Jun-1998 56,100 26.9375 26.7500 26.8750
19-Jun-1998 129,800 27.1875 26.8125 26.8125
18-Jun-1998 60,000 27.7500 27.1250 27.1250
17-Jun-1998 36,700 27.8750 27.4375 27.8125
16-Jun-1998 49,500 28.0625 27.8125 27.8750
15-Jun-1998 39,200 27.8750 27.4375 27.7500
12-Jun-1998 26,400 27.7500 27.6250 27.6875
11-Jun-1998 55,000 27.7500 27.5000 27.6250
10-Jun-1998 21,700 27.7500 27.5000 27.6875
09-Jun-1998 54,600 27.8125 27.5625 27.6250
08-Jun-1998 46,900 27.7500 27.5000 27.6875
05-Jun-1998 22,900 28.0000 27.6875 27.6875
04-Jun-1998 30,800 28.0625 27.5000 28.0000
03-Jun-1998 35,600 27.9375 27.5625 27.6250
02-Jun-1998 47,700 27.8750 27.4375 27.8750
01-Jun-1998 62,300 27.6875 27.3125 27.4375
29-May-1998 128,500 27.9375 27.7500 27.8750
28-May-1998 74,300 27.6875 27.3750 27.6250
27-May-1998 305,500 28.0000 27.0000 27.5000
26-May-1998 31,600 27.2500 27.0625 27.0625
22-May-1998 97,200 27.5625 27.2500 27.4375
21-May-1998 27,000 27.5000 27.1875 27.1875
20-May-1998 30,100 27.5000 27.2500 27.3750
19-May-1998 33,600 27.7500 27.2500 27.3750
18-May-1998 72,500 27.8125 27.5000 27.5625
15-May-1998 64,200 28.0625 27.1250 27.7500
14-May-1998 926,300 27.3750 27.0000 27.1250
13-May-1998 25,100 27.7500 27.3125 27.3125
12-May-1998 80,700 27.8750 27.1875 27.7500
11-May-1998 45,800 27.6250 27.3750 27.4375
08-May-1998 53,700 27.5625 27.1250 27.3125
07-May-1998 63,800 27.3125 27.1250 27.1875
06-May-1998 118,600 27.7500 27.2500 27.2500
05-May-1998 83,200 27.6875 27.0625 27.6875
04-May-1998 51,400 27.6250 27.0000 27.3125
01-May-1998 33,200 27.4375 27.1250 27.3125
30-Apr-1998 221,800 27.4375 27.1875 27.2500
29-Apr-1998 27,500 27.1875 27.0000 27.0625
28-Apr-1998 43,700 27.1250 26.9375 27.0000
27-Apr-1998 55,500 27.0625 26.6250 26.9375
24-Apr-1998 72,600 27.1250 26.5625 27.0000
23-Apr-1998 84,500 27.0000 26.5000 26.6250
22-Apr-1998 51,200 27.1875 26.9375 27.0000
21-Apr-1998 23,100 27.0625 26.8750 27.0000
20-Apr-1998 30,800 27.1250 26.9375 27.0000
17-Apr-1998 45,800 27.1250 26.9375 27.0000
16-Apr-1998 43,900 27.1250 26.8125 27.0000
15-Apr-1998 65,000 27.1875 26.8125 26.8125
14-Apr-1998 54,000 27.2500 27.0000 27.1250
13-Apr-1998 21,700 27.2500 27.0625 27.0625
09-Apr-1998 41,800 27.1250 27.0000 27.1250
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
44
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
Mid-America Apartment Communities, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
MID-AMER APT CMNTYS INC COM
MAA 59522J10 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 29,100 22.5000 22.0000 22.5000
08-Apr-1999 40,500 22.1875 21.8750 22.1250
07-Apr-1999 24,500 22.1875 21.7500 22.0625
06-Apr-1999 8,600 22.3750 21.8750 21.9375
05-Apr-1999 22,500 22.2500 21.8750 21.8750
01-Apr-1999 18,700 21.8750 21.1875 21.8750
31-Mar-1999 47,400 22.3125 21.3750 21.3750
30-Mar-1999 25,200 22.1875 21.1875 21.6875
29-Mar-1999 61,100 21.0625 20.8750 21.0000
26-Mar-1999 55,100 22.1875 21.0000 21.0000
25-Mar-1999 16,500 21.2500 21.1875 21.1875
24-Mar-1999 79,900 21.5000 21.0000 21.1875
23-Mar-1999 54,400 22.1250 21.3750 21.5625
22-Mar-1999 181,200 22.3750 21.9375 22.0625
19-Mar-1999 22,900 22.3750 21.9375 22.1875
18-Mar-1999 29,000 22.4375 21.8750 21.9375
17-Mar-1999 34,900 22.5000 22.0000 22.3750
16-Mar-1999 48,100 22.9375 22.1875 22.2500
15-Mar-1999 14,300 23.5000 22.7500 22.9375
12-Mar-1999 15,700 23.4375 22.9375 23.1875
11-Mar-1999 10,600 24.0000 23.3750 23.4375
10-Mar-1999 24,100 24.0000 23.5000 23.9375
09-Mar-1999 43,500 24.1250 23.2500 23.8750
08-Mar-1999 38,100 23.6250 23.1250 23.3125
05-Mar-1999 12,900 23.1875 23.0000 23.1875
04-Mar-1999 45,300 23.0000 22.5625 22.8125
03-Mar-1999 29,400 23.0000 22.7500 22.7500
02-Mar-1999 23,300 22.8125 22.5625 22.8125
01-Mar-1999 75,900 22.7500 22.1250 22.6250
26-Feb-1999 31,000 22.5625 22.1250 22.2500
25-Feb-1999 41,300 22.6250 22.4375 22.5000
24-Feb-1999 29,800 22.6875 22.5000 22.6250
23-Feb-1999 16,700 22.7500 22.5000 22.6875
22-Feb-1999 67,500 22.8750 22.1875 22.7500
19-Feb-1999 27,400 22.3750 22.1250 22.2500
18-Feb-1999 29,300 22.5000 22.2500 22.3750
17-Feb-1999 19,000 22.3750 22.2500 22.2500
16-Feb-1999 42,700 22.4375 22.1875 22.1875
12-Feb-1999 29,300 22.5000 22.0000 22.3125
11-Feb-1999 26,500 22.7500 22.3750 22.4375
10-Feb-1999 41,600 22.8125 22.5000 22.5000
09-Feb-1999 40,000 22.7500 22.6250 22.7500
08-Feb-1999 20,500 23.0000 22.6250 22.6875
05-Feb-1999 50,300 23.0000 22.7500 22.8125
04-Feb-1999 35,600 23.0000 22.7500 22.8750
03-Feb-1999 50,600 23.6250 22.8750 23.0000
02-Feb-1999 24,200 23.2500 23.0000 23.1250
01-Feb-1999 32,000 23.3750 23.0000 23.1250
29-Jan-1999 21,200 23.3125 23.0625 23.1875
28-Jan-1999 18,800 23.5000 23.1250 23.1875
27-Jan-1999 46,400 23.5625 23.1250 23.4375
26-Jan-1999 27,900 23.6250 23.1250 23.1250
25-Jan-1999 26,200 23.5625 23.2500 23.5000
22-Jan-1999 42,500 23.3125 23.1250 23.1875
21-Jan-1999 35,300 23.2500 23.0000 23.1250
20-Jan-1999 41,100 23.3750 23.0000 23.1875
19-Jan-1999 48,800 23.8750 23.5000 23.8750
15-Jan-1999 27,000 23.6250 23.4375 23.6250
14-Jan-1999 50,100 23.8125 23.4375 23.6875
13-Jan-1999 56,100 23.9375 23.0625 23.6250
12-Jan-1999 78,700 23.2500 23.0000 23.2500
11-Jan-1999 90,800 23.2500 22.8750 23.1250
08-Jan-1999 59,100 23.1875 22.8750 22.9375
07-Jan-1999 34,600 23.0000 22.8125 23.0000
06-Jan-1999 168,000 23.1250 22.8750 22.9375
05-Jan-1999 27,300 22.9375 22.7500 22.8750
04-Jan-1999 43,000 22.8750 22.6250 22.8125
31-Dec-1998 104,600 23.0000 22.6250 22.6875
30-Dec-1998 93,600 23.0000 22.6875 22.8750
29-Dec-1998 55,500 23.0000 22.6875 22.7500
28-Dec-1998 165,100 23.5625 22.7500 22.9375
24-Dec-1998 12,500 23.3750 23.3125 23.3750
23-Dec-1998 37,200 23.5000 23.2500 23.3750
22-Dec-1998 27,600 23.3750 23.1250 23.2500
21-Dec-1998 30,600 23.4375 23.1250 23.3750
18-Dec-1998 121,000 23.3125 23.0000 23.2500
17-Dec-1998 24,200 23.2500 23.0000 23.1250
16-Dec-1998 31,300 23.6250 23.1250 23.3125
15-Dec-1998 36,600 23.3125 23.1250 23.2500
14-Dec-1998 33,300 23.3750 23.0625 23.2500
11-Dec-1998 28,200 23.5000 23.1250 23.1250
10-Dec-1998 34,400 23.6250 23.2500 23.5000
09-Dec-1998 50,700 23.5000 23.1250 23.3750
08-Dec-1998 25,600 23.6875 23.3750 23.5000
07-Dec-1998 36,500 23.8125 23.5000 23.6875
04-Dec-1998 23,000 23.6875 23.5000 23.6875
03-Dec-1998 27,000 23.6875 23.5000 23.5000
02-Dec-1998 28,000 23.8750 23.5000 23.6875
01-Dec-1998 92,100 24.3125 23.5000 23.6875
30-Nov-1998 29,000 24.5000 23.8750 24.3750
27-Nov-1998 12,300 24.3750 24.0000 24.2500
25-Nov-1998 33,700 24.5000 23.8750 24.0000
24-Nov-1998 42,400 24.5000 24.2500 24.2500
23-Nov-1998 27,800 24.5625 24.3750 24.4375
20-Nov-1998 29,800 24.4375 24.3750 24.4375
19-Nov-1998 15,200 24.6875 24.3125 24.4375
18-Nov-1998 40,600 24.5625 24.1250 24.5625
17-Nov-1998 34,300 24.6250 24.0625 24.0625
16-Nov-1998 108,800 24.6875 24.3750 24.5625
13-Nov-1998 14,500 24.5000 23.8750 24.3750
12-Nov-1998 32,800 24.2500 23.8750 24.1250
11-Nov-1998 21,600 24.5000 24.1875 24.2500
10-Nov-1998 26,500 24.3750 24.0000 24.1875
09-Nov-1998 32,100 24.7500 24.3750 24.3750
06-Nov-1998 16,500 24.7500 24.5000 24.6250
05-Nov-1998 25,700 24.5000 24.2500 24.3750
04-Nov-1998 36,300 24.5000 24.1875 24.4375
03-Nov-1998 34,200 24.4375 23.9375 24.2500
02-Nov-1998 75,200 24.6250 24.0000 24.2500
30-Oct-1998 88,000 24.7500 24.3750 24.5000
29-Oct-1998 57,600 24.6250 24.2500 24.4375
28-Oct-1998 27,600 24.4375 24.0625 24.2500
27-Oct-1998 151,100 25.1250 24.5000 24.5625
26-Oct-1998 28,600 24.6875 24.3750 24.6875
23-Oct-1998 45,300 24.8125 24.5000 24.5625
22-Oct-1998 35,300 24.5000 24.0000 24.3750
21-Oct-1998 59,300 24.5000 23.8750 24.3125
20-Oct-1998 72,900 25.4375 24.6875 24.9375
19-Oct-1998 23,400 25.7500 25.1875 25.6875
16-Oct-1998 27,600 25.1875 24.9375 25.0625
15-Oct-1998 23,700 25.0000 24.7500 24.8750
14-Oct-1998 51,500 24.9375 24.7500 24.9375
13-Oct-1998 61,200 24.8125 24.3750 24.7500
12-Oct-1998 34,800 24.7500 24.1250 24.6250
09-Oct-1998 37,000 24.0000 23.0000 24.0000
08-Oct-1998 31,900 23.5000 22.7500 23.0000
07-Oct-1998 28,100 24.6250 23.3750 23.5625
06-Oct-1998 21,200 25.3125 24.4375 24.6250
05-Oct-1998 21,600 26.0000 25.1875 25.3125
02-Oct-1998 20,600 25.8125 25.3750 25.6250
01-Oct-1998 16,600 25.9375 25.3750 25.5625
30-Sep-1998 11,800 25.8750 25.3750 25.8750
29-Sep-1998 17,900 25.6250 25.3750 25.3750
28-Sep-1998 22,400 25.8750 25.3750 25.4375
25-Sep-1998 36,500 26.0625 25.2500 25.6875
24-Sep-1998 52,300 27.2500 26.1875 26.3125
23-Sep-1998 29,200 26.8750 26.1250 26.6875
22-Sep-1998 24,600 26.1250 25.7500 26.1250
21-Sep-1998 19,200 25.6250 25.3125 25.6250
18-Sep-1998 30,800 25.6250 24.8125 25.5000
17-Sep-1998 38,100 25.0000 23.9375 24.9375
16-Sep-1998 20,600 24.5000 23.9375 24.5000
15-Sep-1998 23,200 24.3125 23.7500 24.0625
14-Sep-1998 44,500 24.6250 23.4375 24.4375
11-Sep-1998 18,200 23.4375 23.0000 23.3125
10-Sep-1998 14,400 24.0000 23.1875 23.3750
09-Sep-1998 11,000 24.6875 24.1875 24.1875
08-Sep-1998 17,600 24.3750 23.9375 24.3750
04-Sep-1998 33,100 24.2500 23.7500 23.9375
03-Sep-1998 33,800 24.3750 24.0625 24.0625
02-Sep-1998 39,300 25.0000 23.3125 24.3125
01-Sep-1998 133,400 23.5625 22.9375 23.5000
31-Aug-1998 195,600 24.3750 23.0000 23.0000
28-Aug-1998 48,600 24.5625 23.5000 24.1250
27-Aug-1998 40,700 25.2500 24.5625 24.5625
26-Aug-1998 86,400 25.5625 24.9375 25.0000
25-Aug-1998 32,300 25.7500 25.5000 25.5000
24-Aug-1998 10,200 25.6250 25.4375 25.6250
21-Aug-1998 37,000 25.6875 25.3750 25.3750
20-Aug-1998 37,300 25.8750 25.4375 25.4375
19-Aug-1998 24,800 26.3125 25.6875 25.6875
18-Aug-1998 22,700 26.2500 26.0000 26.2500
17-Aug-1998 18,700 26.3125 26.0625 26.1250
14-Aug-1998 36,700 26.3750 26.0625 26.1875
13-Aug-1998 31,900 25.9375 25.5000 25.8750
12-Aug-1998 27,200 25.8750 25.5000 25.6250
11-Aug-1998 22,300 25.6250 25.5000 25.5625
10-Aug-1998 15,100 26.0625 25.6250 25.8750
07-Aug-1998 41,300 26.4375 25.6875 25.9375
06-Aug-1998 23,300 26.1250 25.6250 25.9375
05-Aug-1998 54,100 26.5000 26.0000 26.1250
04-Aug-1998 45,800 26.2500 26.0625 26.0625
03-Aug-1998 43,100 26.6250 26.1250 26.1875
31-Jul-1998 20,800 26.5625 26.3750 26.3750
30-Jul-1998 39,800 26.6250 26.3750 26.5000
29-Jul-1998 37,200 26.6250 26.4375 26.5000
28-Jul-1998 28,000 26.6250 26.4375 26.5000
27-Jul-1998 31,800 26.6250 26.4375 26.5625
24-Jul-1998 61,200 26.7500 26.4375 26.5625
23-Jul-1998 48,300 26.4375 26.0000 26.3750
22-Jul-1998 32,700 26.4375 26.0625 26.1875
21-Jul-1998 27,000 27.0000 26.5625 26.8750
20-Jul-1998 24,600 27.0000 26.8125 26.9375
17-Jul-1998 13,900 27.2500 26.8125 27.0625
16-Jul-1998 39,900 27.2500 26.7500 27.2500
15-Jul-1998 16,100 27.1250 27.0000 27.0625
14-Jul-1998 157,800 27.0625 26.9375 27.0000
13-Jul-1998 100,300 27.5000 26.8750 26.8750
10-Jul-1998 20,300 27.7500 27.3125 27.3750
09-Jul-1998 120,300 28.0000 27.4375 27.8125
08-Jul-1998 34,700 27.7500 27.3750 27.6250
07-Jul-1998 93,000 27.9375 26.6250 27.5625
06-Jul-1998 54,800 26.7500 26.4375 26.7500
02-Jul-1998 33,000 26.8750 26.5000 26.5000
01-Jul-1998 87,000 26.6250 26.2500 26.5625
30-Jun-1998 52,500 26.3750 26.0000 26.3125
29-Jun-1998 43,100 26.2500 25.9375 26.1250
26-Jun-1998 19,800 26.1250 25.8750 26.0000
25-Jun-1998 78,800 26.2500 25.9375 26.0000
24-Jun-1998 298,700 26.3125 26.0625 26.2500
23-Jun-1998 153,400 26.5000 26.0000 26.0625
22-Jun-1998 41,900 26.3125 26.1875 26.1875
19-Jun-1998 37,800 26.5625 26.1250 26.1875
18-Jun-1998 18,200 26.3750 26.1875 26.2500
17-Jun-1998 52,600 26.6250 26.1875 26.4375
16-Jun-1998 22,000 26.3125 26.0000 26.2500
15-Jun-1998 36,000 26.1875 25.8125 26.0000
12-Jun-1998 22,900 26.4375 26.1250 26.1250
11-Jun-1998 29,500 26.5000 26.3125 26.4375
10-Jun-1998 38,500 26.5625 26.2500 26.4375
09-Jun-1998 41,500 26.7500 26.3125 26.6875
08-Jun-1998 48,100 26.7500 26.0000 26.6875
05-Jun-1998 101,000 26.7500 25.6250 26.0000
04-Jun-1998 22,100 26.7500 26.6250 26.6875
03-Jun-1998 14,800 26.8750 26.6875 26.7500
02-Jun-1998 18,900 26.9375 26.7500 26.8125
01-Jun-1998 18,800 26.9375 26.8125 26.9375
29-May-1998 19,600 27.0000 26.8125 26.9375
28-May-1998 15,500 27.0000 26.8750 26.9375
27-May-1998 23,700 27.0000 26.6250 27.0000
26-May-1998 174,800 27.7500 26.6250 26.6250
22-May-1998 31,200 27.5625 27.0000 27.5000
21-May-1998 13,900 27.5000 27.1250 27.3750
20-May-1998 7,600 27.3750 27.1875 27.1875
19-May-1998 13,200 27.4375 27.2500 27.2500
18-May-1998 35,400 27.6875 27.1875 27.2500
15-May-1998 25,900 27.6875 27.5000 27.5000
14-May-1998 23,700 27.7500 27.6250 27.6250
13-May-1998 24,900 27.8750 27.6250 27.6250
12-May-1998 23,900 27.8125 27.6250 27.6875
11-May-1998 46,800 27.9375 27.6250 27.8125
08-May-1998 29,400 27.6875 27.3125 27.5625
07-May-1998 70,600 27.3750 27.0625 27.3125
06-May-1998 69,600 27.2500 26.9375 27.0625
05-May-1998 40,200 27.2500 26.8125 26.9375
04-May-1998 36,000 27.3125 27.1250 27.1250
01-May-1998 51,300 27.2500 26.6250 27.2500
30-Apr-1998 44,000 26.7500 26.6250 26.6250
29-Apr-1998 53,500 26.8750 26.5625 26.6250
28-Apr-1998 65,000 26.8750 26.5000 26.5625
27-Apr-1998 45,600 27.0625 26.7500 26.8750
24-Apr-1998 29,500 27.1250 26.9375 27.0625
23-Apr-1998 82,300 27.2500 26.7500 27.0000
22-Apr-1998 122,900 27.6250 26.7500 26.8125
21-Apr-1998 50,900 28.2500 27.8125 27.8750
20-Apr-1998 28,700 28.5000 28.2500 28.4375
17-Apr-1998 21,200 28.3750 28.1250 28.3125
16-Apr-1998 40,100 28.2500 28.0625 28.1250
15-Apr-1998 38,900 28.1875 27.8750 28.1250
14-Apr-1998 48,000 28.3750 27.0000 27.8750
13-Apr-1998 29,800 28.3125 28.0625 28.1875
09-Apr-1998 37,500 28.3750 28.1250 28.1875
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
Source: IDD Information Services/Tradeline
45
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
Post Properties, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
POST PPTYS INC COM
PPS 73746410 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 36,700 36.0000 35.5000 35.7500
08-Apr-1999 39,400 36.0000 35.2500 36.0000
07-Apr-1999 47,800 35.9375 35.1250 35.3750
06-Apr-1999 48,200 36.0000 35.5000 35.9375
05-Apr-1999 42,300 36.1250 35.5000 35.8125
01-Apr-1999 51,800 36.0000 35.6250 35.8125
31-Mar-1999 1,918,000 36.2500 35.1250 36.2500
30-Mar-1999 95,200 35.7500 35.0000 35.7500
29-Mar-1999 68,800 35.4375 35.0625 35.2500
26-Mar-1999 65,800 36.2500 35.8750 35.9375
25-Mar-1999 187,000 36.0625 35.5000 36.0625
24-Mar-1999 47,900 36.1875 35.6875 35.7500
23-Mar-1999 126,900 36.1250 35.6250 36.0000
22-Mar-1999 104,300 36.0000 35.6250 35.9375
19-Mar-1999 60,500 35.9375 35.5000 35.8125
18-Mar-1999 73,700 35.6875 35.5000 35.6250
17-Mar-1999 92,300 35.7500 35.5000 35.6875
16-Mar-1999 71,800 35.6250 35.5000 35.6250
15-Mar-1999 75,000 36.1875 35.6250 35.6250
12-Mar-1999 75,300 36.0000 35.5625 35.9375
11-Mar-1999 36,400 35.7500 35.5000 35.5000
10-Mar-1999 56,300 35.7500 35.4375 35.6875
09-Mar-1999 228,800 35.5000 35.1250 35.5000
08-Mar-1999 75,800 35.5625 35.3125 35.3750
05-Mar-1999 98,000 35.5000 35.2500 35.3125
04-Mar-1999 87,400 35.5000 35.3125 35.3750
03-Mar-1999 117,200 35.5000 35.3750 35.3750
02-Mar-1999 281,500 35.7500 35.3750 35.4375
01-Mar-1999 66,000 36.0000 35.4375 35.4375
26-Feb-1999 139,300 36.0000 35.6250 35.6875
25-Feb-1999 78,600 36.1875 35.6250 35.8125
24-Feb-1999 381,900 36.3750 35.6875 35.8750
23-Feb-1999 91,200 36.4375 35.8125 36.0625
22-Feb-1999 155,500 36.6250 35.8750 36.1250
19-Feb-1999 113,700 36.3125 35.8125 36.1250
18-Feb-1999 81,100 36.5625 35.9375 36.1250
17-Feb-1999 44,400 36.6250 36.0625 36.3125
16-Feb-1999 30,600 36.5000 36.0000 36.2500
12-Feb-1999 122,000 36.7500 35.5000 36.1250
11-Feb-1999 80,500 37.3125 36.5000 36.6875
10-Feb-1999 64,100 37.1875 37.0000 37.1875
09-Feb-1999 68,300 37.3125 37.0000 37.1250
08-Feb-1999 113,300 37.1875 36.7500 37.0000
05-Feb-1999 112,800 37.0000 36.7500 36.8125
04-Feb-1999 136,500 36.9375 36.3750 36.7500
03-Feb-1999 67,600 37.1250 36.8750 36.8750
02-Feb-1999 128,900 37.4375 37.1250 37.1875
01-Feb-1999 32,300 37.3750 37.1250 37.3750
29-Jan-1999 51,600 37.3750 37.0625 37.2500
28-Jan-1999 60,700 37.5625 36.8750 37.1250
27-Jan-1999 83,200 37.5000 37.3750 37.5000
26-Jan-1999 75,900 37.3750 37.0000 37.3750
25-Jan-1999 98,500 37.7500 37.2500 37.5000
22-Jan-1999 72,100 37.9375 37.1250 37.1250
21-Jan-1999 39,900 38.0625 37.7500 37.9375
20-Jan-1999 30,200 38.0625 37.9375 38.0625
19-Jan-1999 108,900 38.2500 37.5000 37.9375
15-Jan-1999 163,900 37.7500 37.3750 37.3750
14-Jan-1999 70,200 38.1250 37.5000 37.6875
13-Jan-1999 126,300 38.0625 37.5000 37.7500
12-Jan-1999 94,300 38.1250 37.8125 38.0000
11-Jan-1999 64,900 38.1250 37.8750 38.0625
08-Jan-1999 70,400 38.3750 37.8750 38.0000
07-Jan-1999 60,100 38.6250 38.3750 38.4375
06-Jan-1999 157,700 38.8750 38.5000 38.7500
05-Jan-1999 95,700 39.3750 38.3750 38.6250
04-Jan-1999 83,100 38.8750 38.0000 38.8125
31-Dec-1998 68,300 38.4375 37.9375 38.4375
30-Dec-1998 49,400 38.2500 37.8125 38.2500
29-Dec-1998 76,000 38.1250 37.7500 37.9375
28-Dec-1998 73,100 38.4375 37.8750 38.2500
24-Dec-1998 30,300 38.1250 37.7500 38.0625
23-Dec-1998 111,500 38.2500 37.7500 37.8750
22-Dec-1998 238,600 38.5000 38.0000 38.0000
21-Dec-1998 116,900 38.6250 37.8750 38.4375
18-Dec-1998 79,200 38.5000 37.8750 38.4375
17-Dec-1998 91,900 38.5000 37.7500 38.4375
16-Dec-1998 46,000 38.5000 38.0000 38.3750
15-Dec-1998 62,400 38.5000 37.7500 38.4375
14-Dec-1998 55,700 38.3125 37.8750 38.2500
11-Dec-1998 58,700 38.2500 37.7500 38.0625
10-Dec-1998 46,500 38.4375 37.7500 37.8750
09-Dec-1998 86,400 38.4375 37.9375 38.4375
08-Dec-1998 89,300 38.1250 37.6250 37.9375
07-Dec-1998 72,000 38.0000 37.5000 37.8750
04-Dec-1998 44,400 38.1875 37.8750 37.9375
03-Dec-1998 62,900 38.1250 37.7500 38.0000
02-Dec-1998 93,200 38.2500 37.8750 38.1250
01-Dec-1998 63,700 38.4375 37.7500 38.1250
30-Nov-1998 131,300 38.2500 37.7500 38.2500
27-Nov-1998 12,000 38.5000 38.0000 38.1875
25-Nov-1998 34,300 38.6875 38.1250 38.5000
24-Nov-1998 35,800 38.7500 38.3750 38.6250
23-Nov-1998 167,200 38.7500 38.0000 38.6875
20-Nov-1998 96,800 38.7500 37.8750 38.5000
19-Nov-1998 83,000 38.3750 37.8750 38.1250
18-Nov-1998 197,200 38.7500 38.1875 38.1875
17-Nov-1998 65,300 38.8750 38.2500 38.6250
16-Nov-1998 66,200 38.7500 38.4375 38.6875
13-Nov-1998 48,800 38.6250 38.0000 38.3750
12-Nov-1998 85,600 38.5000 38.0625 38.4375
11-Nov-1998 105,500 38.9375 38.2500 38.2500
10-Nov-1998 156,300 39.1250 38.8750 38.9375
09-Nov-1998 106,500 39.2500 38.8750 39.1875
06-Nov-1998 54,200 39.0000 38.8750 38.9375
05-Nov-1998 266,000 39.2500 38.6250 39.0625
04-Nov-1998 119,700 38.8750 38.6250 38.7500
03-Nov-1998 76,000 38.7500 38.6250 38.7500
02-Nov-1998 184,400 39.1875 38.1250 38.7500
30-Oct-1998 255,800 38.7500 38.5625 38.6875
29-Oct-1998 47,000 38.7500 38.2500 38.6875
28-Oct-1998 50,500 38.7500 38.2500 38.6875
27-Oct-1998 67,500 39.2500 38.0000 38.2500
26-Oct-1998 40,300 39.2500 38.8750 39.1250
23-Oct-1998 48,800 39.8750 38.8750 38.9375
22-Oct-1998 119,900 40.6250 39.1250 39.5000
21-Oct-1998 79,900 41.0000 40.3750 40.3750
20-Oct-1998 113,000 40.9375 39.6250 40.7500
19-Oct-1998 51,100 40.0000 39.3125 39.7500
16-Oct-1998 102,200 39.9375 38.2500 39.7500
15-Oct-1998 108,700 38.4375 37.0000 38.2500
14-Oct-1998 73,200 38.9375 38.6250 38.7500
13-Oct-1998 54,500 38.6250 37.4375 38.5625
12-Oct-1998 158,900 37.5000 37.0000 37.5000
09-Oct-1998 66,700 37.1250 36.8750 37.0625
08-Oct-1998 62,100 37.8125 36.6250 36.8750
07-Oct-1998 32,300 38.0000 37.7500 37.8750
06-Oct-1998 63,500 38.3750 37.9375 38.0625
05-Oct-1998 65,300 39.0000 37.5625 37.7500
02-Oct-1998 44,500 38.3750 37.7500 38.1875
01-Oct-1998 40,100 38.6875 38.0000 38.3750
30-Sep-1998 1,740,400 39.0000 38.5000 38.6875
29-Sep-1998 63,500 39.4375 38.5000 39.0000
28-Sep-1998 25,000 38.8750 38.3750 38.7500
25-Sep-1998 38,000 39.9375 38.8750 39.0000
24-Sep-1998 97,100 40.5000 39.6250 39.6250
23-Sep-1998 56,600 40.3750 39.5625 40.1875
22-Sep-1998 70,500 40.2500 38.5000 40.2500
21-Sep-1998 52,400 38.5000 37.2500 38.5000
18-Sep-1998 65,100 37.8750 37.1250 37.6875
17-Sep-1998 51,900 37.1875 36.6250 37.1875
16-Sep-1998 122,900 36.8750 36.2500 36.8750
15-Sep-1998 95,700 36.5000 36.1875 36.5000
14-Sep-1998 117,900 36.5000 36.3125 36.3750
11-Sep-1998 177,900 36.6250 36.3125 36.4375
10-Sep-1998 109,900 37.3125 35.8125 36.6250
09-Sep-1998 170,200 37.5000 36.6875 37.3125
08-Sep-1998 145,100 37.0000 36.4375 36.7500
04-Sep-1998 105,400 36.8750 36.5000 36.5625
03-Sep-1998 115,300 37.1875 36.5000 36.8750
02-Sep-1998 71,000 37.8750 37.0000 37.0000
01-Sep-1998 56,000 38.2500 37.0000 37.6250
31-Aug-1998 137,400 38.7500 37.7500 38.0000
28-Aug-1998 92,700 39.2500 38.4375 38.5625
27-Aug-1998 155,400 38.8750 38.2500 38.3125
26-Aug-1998 73,100 39.0000 38.5000 38.9375
25-Aug-1998 61,800 39.0000 38.3750 38.8750
24-Aug-1998 129,700 39.3750 38.5000 38.9375
21-Aug-1998 64,100 39.6250 39.2500 39.3750
20-Aug-1998 38,900 39.8750 39.4375 39.7500
19-Aug-1998 69,500 40.0000 39.6250 39.8750
18-Aug-1998 44,000 40.0000 39.6250 39.9375
17-Aug-1998 87,100 39.8750 38.6250 39.3750
14-Aug-1998 21,700 39.0000 38.6250 38.9375
13-Aug-1998 41,800 39.0000 38.6250 38.7500
12-Aug-1998 179,000 39.6250 38.7500 38.8750
11-Aug-1998 60,200 39.6875 39.0000 39.3125
10-Aug-1998 51,900 39.8125 39.3750 39.6875
07-Aug-1998 74,500 39.6250 39.0625 39.5625
06-Aug-1998 125,700 39.3750 39.0000 39.1250
05-Aug-1998 78,100 39.4375 39.2500 39.3125
04-Aug-1998 170,800 39.5625 39.3750 39.4375
03-Aug-1998 110,700 39.5625 39.3750 39.5000
31-Jul-1998 67,000 39.8125 39.6250 39.6875
30-Jul-1998 45,300 39.8125 39.3750 39.6875
29-Jul-1998 125,700 39.6250 38.8750 39.4375
28-Jul-1998 27,500 39.7500 39.0000 39.0625
27-Jul-1998 20,200 39.6875 39.5000 39.6250
24-Jul-1998 106,300 40.1875 39.6250 39.8750
23-Jul-1998 83,400 40.3750 39.7500 39.8125
22-Jul-1998 130,100 40.2500 39.8125 40.2500
21-Jul-1998 82,200 40.3750 39.8125 40.0000
20-Jul-1998 100,700 40.1250 39.6250 40.1250
17-Jul-1998 199,000 39.8750 39.4375 39.6250
16-Jul-1998 99,000 39.7500 39.3125 39.7500
15-Jul-1998 242,600 39.1875 38.4375 39.1875
14-Jul-1998 91,100 39.5625 38.7500 39.0000
13-Jul-1998 141,900 39.6875 39.4375 39.5625
10-Jul-1998 72,900 39.5625 39.0625 39.5625
09-Jul-1998 112,300 39.5000 39.0000 39.0000
08-Jul-1998 52,200 39.5000 39.0000 39.4375
07-Jul-1998 223,600 39.2500 38.3125 39.0000
06-Jul-1998 142,800 38.6875 38.2500 38.5625
02-Jul-1998 55,200 38.7500 38.5000 38.6250
01-Jul-1998 113,500 38.7500 38.4375 38.6250
30-Jun-1998 228,800 38.9375 38.3750 38.5000
29-Jun-1998 122,100 38.9375 38.5625 38.8125
26-Jun-1998 103,700 39.2500 38.5000 38.7500
25-Jun-1998 116,600 39.6250 39.2500 39.5000
24-Jun-1998 53,400 39.6875 39.5000 39.5625
23-Jun-1998 174,800 39.6875 39.5000 39.6250
22-Jun-1998 59,500 40.0000 39.5625 39.6250
19-Jun-1998 102,700 39.9375 39.6250 39.6250
18-Jun-1998 59,700 40.1250 39.5000 39.6875
17-Jun-1998 23,800 40.1875 39.9375 40.0625
16-Jun-1998 32,800 40.6250 39.9375 40.2500
15-Jun-1998 41,300 40.2500 39.6250 39.8125
12-Jun-1998 55,700 41.0000 40.0625 40.2500
11-Jun-1998 57,400 41.1250 40.7500 40.9375
10-Jun-1998 84,100 41.3125 40.6250 41.0625
09-Jun-1998 44,200 41.0000 40.8750 41.0000
08-Jun-1998 57,500 41.0000 40.3750 40.6875
05-Jun-1998 18,900 40.9375 40.5000 40.7500
04-Jun-1998 79,500 40.9375 40.5625 40.7500
03-Jun-1998 55,400 40.6875 40.1875 40.6875
02-Jun-1998 63,200 40.8750 40.2500 40.3125
01-Jun-1998 113,900 41.4375 40.7500 41.0000
29-May-1998 69,800 41.6250 40.4375 41.1250
28-May-1998 40,700 40.7500 40.1250 40.6875
27-May-1998 64,500 40.5625 40.0000 40.1875
26-May-1998 21,300 40.8750 40.2500 40.3750
22-May-1998 42,200 40.8750 40.4375 40.6250
21-May-1998 30,500 40.6875 40.1250 40.5000
20-May-1998 66,900 40.8125 40.1875 40.3125
19-May-1998 117,000 40.2500 39.6250 40.2500
18-May-1998 48,800 40.0000 39.5625 39.9375
15-May-1998 71,200 39.9375 39.6250 39.8125
14-May-1998 38,100 40.5625 40.0000 40.1250
13-May-1998 37,700 40.6250 40.1875 40.3125
12-May-1998 64,200 40.5625 40.0000 40.5000
11-May-1998 180,500 41.0000 40.5000 40.5625
08-May-1998 72,600 40.8750 40.0000 40.6250
07-May-1998 46,600 40.7500 40.0625 40.1875
06-May-1998 69,000 40.7500 40.2500 40.5625
05-May-1998 32,300 40.6250 40.1250 40.5000
04-May-1998 76,500 40.7500 40.2500 40.6250
01-May-1998 66,100 41.3750 40.5625 40.6250
30-Apr-1998 78,000 41.0000 40.3750 40.8125
29-Apr-1998 65,200 40.6875 40.1250 40.2500
28-Apr-1998 50,500 40.2500 40.0000 40.2500
27-Apr-1998 116,400 40.4375 39.8125 40.0000
24-Apr-1998 84,100 40.6250 40.3125 40.4375
23-Apr-1998 44,300 40.7500 40.1875 40.5625
22-Apr-1998 45,200 40.6250 40.0000 40.5000
21-Apr-1998 56,500 40.3750 40.0000 40.1875
20-Apr-1998 44,700 40.9375 40.0625 40.3125
17-Apr-1998 146,500 41.1250 40.5000 40.7500
16-Apr-1998 51,500 41.1250 40.8125 40.9375
15-Apr-1998 78,600 41.5000 40.8750 41.0625
14-Apr-1998 125,700 41.1250 40.5000 41.0625
13-Apr-1998 35,300 41.3125 40.5625 40.6875
09-Apr-1998 74,500 41.2500 40.7500 41.2500
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
46 Source: IDD Information Services/Tradeline
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
Summit Properties, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
SUMMIT PPTYS INC COM
SMT 86623910 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 72,600 16.9375 16.8750 16.9375
08-Apr-1999 35,800 16.9375 16.8125 16.9375
07-Apr-1999 33,700 16.8750 16.7500 16.8125
06-Apr-1999 74,100 16.8750 16.8125 16.8750
05-Apr-1999 110,000 16.8750 16.6250 16.8750
01-Apr-1999 11,500 16.8125 16.5625 16.6875
31-Mar-1999 47,500 16.7500 16.5625 16.6875
30-Mar-1999 96,300 16.7500 16.4375 16.6250
29-Mar-1999 44,600 16.7500 16.6875 16.7500
26-Mar-1999 49,000 16.8750 16.6250 16.8125
25-Mar-1999 41,600 17.0000 16.7500 16.8750
24-Mar-1999 32,200 16.8125 16.5625 16.6875
23-Mar-1999 25,700 16.8125 16.5625 16.5625
22-Mar-1999 36,900 16.9375 16.5625 16.6875
19-Mar-1999 73,700 16.8750 16.3125 16.5625
18-Mar-1999 72,900 16.5000 16.0000 16.4375
17-Mar-1999 267,100 16.6250 16.0000 16.1250
16-Mar-1999 120,200 16.7500 16.3750 16.3750
15-Mar-1999 54,500 16.6250 16.5000 16.6250
12-Mar-1999 88,700 16.7500 16.5000 16.6250
11-Mar-1999 103,800 16.9375 16.6250 16.6875
10-Mar-1999 85,400 16.6250 16.5625 16.6250
09-Mar-1999 67,200 16.6250 16.3750 16.6250
08-Mar-1999 75,000 16.6250 16.2500 16.3125
05-Mar-1999 37,400 16.6250 16.5000 16.5625
04-Mar-1999 181,100 16.5625 16.3125 16.5000
03-Mar-1999 24,100 16.6250 16.4375 16.5000
02-Mar-1999 48,000 16.6250 16.3125 16.3125
01-Mar-1999 44,500 16.6250 16.3750 16.4375
26-Feb-1999 53,800 16.6875 16.4375 16.5625
25-Feb-1999 27,200 16.6250 16.5000 16.6250
24-Feb-1999 204,100 16.8750 16.5625 16.6250
23-Feb-1999 35,300 16.9375 16.6250 16.8750
22-Feb-1999 45,300 16.7500 16.5000 16.6875
19-Feb-1999 109,900 16.8750 16.5000 16.6250
18-Feb-1999 45,400 16.9375 16.8125 16.8750
17-Feb-1999 38,000 17.0000 16.8750 16.8750
16-Feb-1999 44,300 17.0625 16.8125 17.0000
12-Feb-1999 37,200 17.2500 16.7500 16.8125
11-Feb-1999 63,800 17.3750 17.1250 17.1250
10-Feb-1999 122,900 17.2500 16.7500 17.2500
09-Feb-1999 66,300 17.4375 17.0625 17.1250
08-Feb-1999 99,600 17.7500 17.5000 17.5000
05-Feb-1999 43,200 17.9375 17.6875 17.8750
04-Feb-1999 46,300 17.9375 17.7500 17.8125
03-Feb-1999 80,500 18.4375 17.4375 17.7500
02-Feb-1999 280,800 18.5000 17.8750 18.5000
01-Feb-1999 113,500 18.0625 17.5625 18.0625
29-Jan-1999 64,200 17.5000 17.2500 17.5000
28-Jan-1999 80,900 17.1875 16.8750 17.1250
27-Jan-1999 169,000 17.0000 16.7500 16.8750
26-Jan-1999 68,900 17.1875 16.6250 16.6250
25-Jan-1999 123,700 17.1875 16.8125 17.1875
22-Jan-1999 24,200 17.0000 16.7500 16.7500
21-Jan-1999 40,200 17.0000 16.8125 16.9375
20-Jan-1999 39,100 17.1250 16.8125 16.9375
19-Jan-1999 55,100 17.1875 16.9375 17.0000
15-Jan-1999 1,397,200 17.0000 16.8125 17.0000
14-Jan-1999 357,000 17.0000 16.5000 17.0000
13-Jan-1999 423,600 16.6250 16.2500 16.5000
12-Jan-1999 259,400 17.0000 16.8750 16.9375
11-Jan-1999 175,100 17.1875 16.9375 16.9375
08-Jan-1999 102,400 17.1250 17.0000 17.1250
07-Jan-1999 100,700 17.2500 16.9375 17.1250
06-Jan-1999 196,600 17.5000 17.1250 17.3125
05-Jan-1999 101,700 17.5625 17.4375 17.5000
04-Jan-1999 91,400 17.5000 17.2500 17.4375
31-Dec-1998 85,100 17.3750 17.1875 17.2500
30-Dec-1998 71,500 17.3750 17.1250 17.1875
29-Dec-1998 117,200 17.3750 17.1875 17.3750
28-Dec-1998 59,500 17.3750 17.1875 17.1875
24-Dec-1998 53,000 17.4375 17.3125 17.3750
23-Dec-1998 61,900 17.5000 17.2500 17.4375
22-Dec-1998 60,500 17.6875 17.2500 17.3125
21-Dec-1998 167,500 18.0625 17.5000 17.6250
18-Dec-1998 169,200 17.5000 17.1875 17.5000
17-Dec-1998 79,000 17.4375 16.8125 17.1875
16-Dec-1998 113,500 17.3125 16.9375 17.0000
15-Dec-1998 89,300 17.3750 17.0625 17.2500
14-Dec-1998 65,200 17.3750 17.1250 17.1250
11-Dec-1998 30,800 17.4375 17.1875 17.2500
10-Dec-1998 91,300 17.5625 17.3750 17.3750
09-Dec-1998 94,300 17.4375 17.1250 17.3125
08-Dec-1998 51,800 17.5000 17.2500 17.3750
07-Dec-1998 115,400 17.4375 17.0625 17.4375
04-Dec-1998 38,800 17.3750 17.0625 17.1875
03-Dec-1998 36,900 17.3750 17.1875 17.3125
02-Dec-1998 55,000 17.5000 17.2500 17.3125
01-Dec-1998 66,300 17.7500 17.3125 17.5625
30-Nov-1998 95,100 17.6250 17.3750 17.5000
27-Nov-1998 13,300 17.6250 17.4375 17.5000
25-Nov-1998 19,800 17.5625 17.3125 17.4375
24-Nov-1998 35,800 17.5625 17.2500 17.5000
23-Nov-1998 36,700 17.6250 17.5000 17.5625
20-Nov-1998 117,900 17.6875 17.5000 17.5000
19-Nov-1998 40,900 18.0000 17.7500 17.8750
18-Nov-1998 134,200 17.8750 17.5625 17.8750
17-Nov-1998 126,600 17.6875 17.4375 17.5625
16-Nov-1998 94,600 17.8750 17.4375 17.4375
13-Nov-1998 35,100 17.8125 17.6250 17.6875
12-Nov-1998 38,100 18.0000 17.6875 17.8125
11-Nov-1998 20,200 18.0625 17.6875 17.7500
10-Nov-1998 113,900 18.0000 17.6250 17.9375
09-Nov-1998 47,100 18.0000 17.7500 17.7500
06-Nov-1998 31,500 18.1250 17.7500 17.8750
05-Nov-1998 44,700 18.5000 18.0625 18.1250
04-Nov-1998 43,700 18.7500 18.1875 18.5000
03-Nov-1998 58,300 18.2500 17.8750 18.1875
02-Nov-1998 94,500 18.1875 17.8125 18.0000
30-Oct-1998 67,900 18.3125 17.6250 17.6250
29-Oct-1998 44,800 18.3125 17.9375 17.9375
28-Oct-1998 70,300 18.3750 17.7500 18.2500
27-Oct-1998 44,500 19.1250 17.6250 17.6250
26-Oct-1998 62,300 19.0000 18.6250 18.9375
23-Oct-1998 26,000 18.6875 18.2500 18.6875
22-Oct-1998 61,100 18.8750 18.4375 18.4375
21-Oct-1998 69,800 19.0000 18.5000 18.8750
20-Oct-1998 149,200 18.8125 18.0000 18.3750
19-Oct-1998 59,300 19.0000 18.7500 18.7500
16-Oct-1998 69,200 19.3750 17.9375 18.8750
15-Oct-1998 20,700 18.0000 17.6250 17.6875
14-Oct-1998 25,800 17.9375 17.6875 17.8125
13-Oct-1998 40,700 17.9375 17.6250 17.6875
12-Oct-1998 34,200 17.9375 17.3750 17.6250
09-Oct-1998 35,200 17.8750 17.1875 17.5000
08-Oct-1998 43,200 18.2500 17.4375 17.5000
07-Oct-1998 71,700 18.5625 17.9375 18.4375
06-Oct-1998 52,500 18.8750 18.5000 18.8125
05-Oct-1998 24,700 18.6875 18.3750 18.5000
02-Oct-1998 25,800 18.6875 18.3750 18.6250
01-Oct-1998 55,400 19.1250 18.4375 18.5625
30-Sep-1998 34,100 19.0000 18.8750 19.0000
29-Sep-1998 32,300 19.1875 18.9375 19.0625
28-Sep-1998 216,000 19.3750 19.0625 19.0625
25-Sep-1998 18,900 19.2500 19.0000 19.1875
24-Sep-1998 68,100 19.3750 19.1250 19.1875
23-Sep-1998 114,200 19.5000 18.8125 19.2500
22-Sep-1998 163,700 18.7500 18.0625 18.6875
21-Sep-1998 163,100 18.2500 17.6875 18.1250
18-Sep-1998 136,100 18.0625 17.8125 17.9375
17-Sep-1998 45,000 18.0000 17.6250 17.9375
16-Sep-1998 83,800 18.0000 17.0000 18.0000
15-Sep-1998 61,400 17.2500 16.8125 17.0000
14-Sep-1998 109,800 17.1250 16.5000 17.0000
11-Sep-1998 59,800 17.0000 16.5625 16.6250
10-Sep-1998 74,600 17.2500 16.8750 16.9375
09-Sep-1998 32,900 17.3750 16.9375 17.1250
08-Sep-1998 99,200 17.3125 17.1250 17.3125
04-Sep-1998 77,400 17.0000 16.5000 17.0000
03-Sep-1998 106,100 17.1250 16.7500 16.8125
02-Sep-1998 34,400 17.2500 17.0000 17.1250
01-Sep-1998 74,300 17.3125 16.6250 17.1875
31-Aug-1998 47,600 17.5000 16.6875 16.7500
28-Aug-1998 107,100 17.8750 17.5000 17.5000
27-Aug-1998 96,600 17.9375 17.6875 17.7500
26-Aug-1998 49,000 18.0625 17.8125 17.9375
25-Aug-1998 130,500 18.1250 17.8750 18.0000
24-Aug-1998 72,100 18.1875 17.7500 17.9375
21-Aug-1998 57,000 17.9375 17.5625 17.9375
20-Aug-1998 76,800 18.0625 17.8125 17.8750
19-Aug-1998 116,400 18.1875 17.8750 18.0625
18-Aug-1998 180,800 18.1250 18.0000 18.0000
17-Aug-1998 172,100 18.2500 17.8750 18.0625
14-Aug-1998 65,600 18.1875 18.0000 18.0625
13-Aug-1998 80,000 18.1875 18.0000 18.0000
12-Aug-1998 163,900 18.2500 17.8125 18.1250
11-Aug-1998 49,200 17.9375 17.5625 17.8750
10-Aug-1998 30,400 18.0625 17.8125 17.8750
07-Aug-1998 274,000 18.5000 17.5000 17.8125
06-Aug-1998 153,000 17.5000 16.8125 17.5000
05-Aug-1998 103,200 17.7500 17.5000 17.6250
04-Aug-1998 46,000 17.7500 17.4375 17.6250
03-Aug-1998 72,900 18.1250 17.6875 17.6875
31-Jul-1998 58,300 18.4375 18.0625 18.0625
30-Jul-1998 32,300 18.5625 18.4375 18.4375
29-Jul-1998 27,500 18.6250 18.3750 18.3750
28-Jul-1998 72,400 18.8750 18.5000 18.5000
27-Jul-1998 66,000 18.7500 18.4375 18.5625
24-Jul-1998 37,500 18.8125 18.6250 18.8125
23-Jul-1998 194,500 18.8750 18.6875 18.8125
22-Jul-1998 135,300 18.9375 18.8125 18.9375
21-Jul-1998 103,100 19.1875 18.6875 18.6875
20-Jul-1998 66,500 19.4375 19.0000 19.1250
17-Jul-1998 43,400 19.2500 19.1250 19.1250
16-Jul-1998 40,700 19.2500 19.1250 19.2500
15-Jul-1998 44,600 19.3750 19.2500 19.3125
14-Jul-1998 21,100 19.4375 19.2500 19.3750
13-Jul-1998 79,700 19.5000 19.2500 19.3750
10-Jul-1998 74,500 19.4375 19.0000 19.4375
09-Jul-1998 94,200 19.3125 19.0000 19.1875
08-Jul-1998 172,400 19.4375 19.3125 19.3750
07-Jul-1998 274,900 19.5625 19.1875 19.4375
06-Jul-1998 64,200 19.3750 19.1250 19.2500
02-Jul-1998 37,900 19.1875 19.0625 19.1875
01-Jul-1998 54,400 19.1875 19.0000 19.1250
30-Jun-1998 60,200 19.1563 18.8750 18.9375
29-Jun-1998 100,600 18.9375 18.8750 18.9375
26-Jun-1998 32,700 19.0625 18.8750 18.8750
25-Jun-1998 41,000 19.1250 18.8750 19.0000
24-Jun-1998 41,000 19.1250 19.0000 19.0625
23-Jun-1998 30,000 19.1250 18.8750 19.1250
22-Jun-1998 90,900 19.3125 18.8750 19.0000
19-Jun-1998 48,900 19.5000 19.1875 19.2500
18-Jun-1998 39,200 19.5625 19.3750 19.4375
17-Jun-1998 32,000 19.6875 19.4375 19.5000
16-Jun-1998 41,800 19.7500 19.1250 19.6250
15-Jun-1998 59,200 19.6875 19.1875 19.1875
12-Jun-1998 28,200 19.8125 19.3750 19.6250
11-Jun-1998 48,300 20.0000 19.5000 19.5625
10-Jun-1998 17,800 20.1250 19.8750 19.9375
09-Jun-1998 25,100 20.2500 19.9375 20.0000
08-Jun-1998 21,900 20.1875 20.0000 20.1875
05-Jun-1998 27,300 20.1875 19.8125 19.9375
04-Jun-1998 51,000 20.1875 20.0625 20.1250
03-Jun-1998 23,200 20.2500 19.7500 20.0000
02-Jun-1998 37,700 20.1250 19.7500 19.7500
01-Jun-1998 22,500 20.2500 19.8750 20.1250
29-May-1998 32,700 20.0000 19.8125 19.9375
28-May-1998 8,100 19.8750 19.8125 19.8125
27-May-1998 38,300 19.9375 19.5000 19.8750
26-May-1998 41,900 20.0625 19.8125 19.8750
22-May-1998 17,800 19.9375 19.7500 19.8750
21-May-1998 29,100 19.9375 19.7500 19.8750
20-May-1998 30,000 19.9375 19.7500 19.7500
19-May-1998 17,200 20.0000 19.7500 19.8125
18-May-1998 35,600 20.1250 19.7500 19.9375
15-May-1998 49,900 20.1875 19.9375 20.0625
14-May-1998 24,000 20.0625 19.6250 20.0625
13-May-1998 34,500 19.9375 19.6250 19.6250
12-May-1998 39,600 19.9375 19.7500 19.8750
11-May-1998 35,800 20.4375 19.5000 19.5000
08-May-1998 34,600 20.2500 19.9375 20.1875
07-May-1998 38,300 20.1875 19.8750 20.1250
06-May-1998 28,200 20.6875 20.0000 20.2500
05-May-1998 80,800 21.3125 20.7500 20.7500
04-May-1998 75,800 21.0625 20.6875 21.0625
01-May-1998 41,900 20.6875 20.4375 20.6875
30-Apr-1998 84,800 20.6250 20.0625 20.4375
29-Apr-1998 25,300 20.1250 19.8750 20.0000
28-Apr-1998 62,700 20.0000 19.7500 19.8750
27-Apr-1998 54,100 19.9375 19.6250 19.8125
24-Apr-1998 31,500 20.0625 19.7500 19.7500
23-Apr-1998 49,300 20.1875 19.7500 19.8750
22-Apr-1998 80,500 20.3125 20.0000 20.0000
21-Apr-1998 25,100 20.2500 20.1875 20.2500
20-Apr-1998 26,500 20.3125 20.0625 20.1875
17-Apr-1998 37,800 20.6875 20.1250 20.1250
16-Apr-1998 85,300 20.6250 20.2500 20.4375
15-Apr-1998 51,700 20.5000 20.1875 20.1875
14-Apr-1998 40,700 20.3125 20.1875 20.2500
13-Apr-1998 37,700 20.3750 20.1250 20.2500
09-Apr-1998 35,700 20.1875 20.1250 20.1875
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
47 Source: IDD Information Services/Tradeline
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
MULTIFAMILY REITs OVERVIEW
United Dominion Realty Trust, Inc.
[The following table was depicted as a line graph in the printed material.]
- --------------------------------------------------------------------------------
Security Price History --- Daily (April 9, 1999 - April 10, 1998)
UNITED DOMINION REALTY TR IN
UDR 91019710 Common Stock NYSE
U.S. Dollar
Date Volume High Low Close
- --------------------------------------------------------------------------------
09-Apr-1999 222,500 10.1875 9.8125 10.1250
08-Apr-1999 151,200 10.1250 10.0000 10.0625
07-Apr-1999 174,000 10.3125 10.0000 10.0000
06-Apr-1999 261,100 10.3750 10.0625 10.0625
05-Apr-1999 215,200 10.4375 10.1875 10.3125
01-Apr-1999 119,800 10.3125 10.0625 10.2500
31-Mar-1999 367,300 10.3750 10.0000 10.2500
30-Mar-1999 122,500 10.0625 9.8750 10.0000
29-Mar-1999 174,500 10.0000 9.8750 9.9375
26-Mar-1999 152,500 9.9375 9.8125 9.8750
25-Mar-1999 396,900 9.9375 9.7500 9.8125
24-Mar-1999 209,800 9.9375 9.6250 9.7500
23-Mar-1999 279,600 9.8750 9.6250 9.7500
22-Mar-1999 207,000 9.7500 9.5625 9.5625
19-Mar-1999 282,600 9.8750 9.5625 9.5625
18-Mar-1999 251,500 9.6250 9.4375 9.5625
17-Mar-1999 460,000 9.3750 9.0625 9.3125
16-Mar-1999 405,500 9.5000 9.2500 9.2500
15-Mar-1999 380,400 9.5625 9.4375 9.5000
12-Mar-1999 934,700 9.8750 9.4375 9.5000
11-Mar-1999 227,500 9.9375 9.7500 9.8750
10-Mar-1999 185,600 9.9375 9.6250 9.8750
09-Mar-1999 176,300 9.6875 9.5625 9.6875
08-Mar-1999 204,600 9.8750 9.6250 9.6250
05-Mar-1999 219,200 9.8750 9.6250 9.7500
04-Mar-1999 213,600 9.7500 9.5625 9.6250
03-Mar-1999 312,600 9.8750 9.5625 9.6250
02-Mar-1999 169,100 10.0000 9.8125 9.8125
01-Mar-1999 238,700 10.0000 9.6250 10.0000
26-Feb-1999 241,700 10.0625 9.8750 9.8750
25-Feb-1999 268,500 10.1875 9.9375 9.9375
24-Feb-1999 254,100 10.3750 10.0625 10.1250
23-Feb-1999 194,600 10.2500 10.0000 10.1250
22-Feb-1999 212,100 10.1250 9.9375 10.1250
19-Feb-1999 396,300 10.0625 9.8750 10.0000
18-Feb-1999 331,700 10.1250 9.7500 10.0000
17-Feb-1999 417,900 9.7500 9.5000 9.6875
16-Feb-1999 343,300 9.8750 9.5625 9.6250
12-Feb-1999 339,800 9.7500 9.6250 9.6875
11-Feb-1999 447,500 9.8125 9.6875 9.7500
10-Feb-1999 628,200 10.0625 9.6875 9.7500
09-Feb-1999 322,400 10.1250 9.8750 10.0000
08-Feb-1999 440,100 10.1250 9.9375 10.0000
05-Feb-1999 511,700 10.1875 9.9375 10.0000
04-Feb-1999 296,000 10.1250 9.8750 10.0625
03-Feb-1999 210,600 10.0000 9.7500 9.9375
02-Feb-1999 584,300 10.1250 9.6875 9.8750
01-Feb-1999 576,400 10.0000 9.8750 10.0000
29-Jan-1999 496,200 10.0625 9.8125 9.8750
28-Jan-1999 478,300 10.3125 10.0000 10.0000
27-Jan-1999 348,400 10.7500 10.2500 10.2500
26-Jan-1999 299,800 10.8125 10.3750 10.6875
25-Jan-1999 219,100 10.3750 10.2500 10.3125
22-Jan-1999 203,200 10.3750 10.2500 10.3125
21-Jan-1999 222,500 10.4375 10.3125 10.3125
20-Jan-1999 247,200 10.5625 10.3125 10.3125
19-Jan-1999 185,300 10.6875 10.5000 10.5000
15-Jan-1999 3,039,250 10.6250 10.3125 10.3125
14-Jan-1999 251,900 10.6875 10.5000 10.5625
13-Jan-1999 266,400 11.0000 10.5000 10.6875
12-Jan-1999 232,900 11.1250 11.0000 11.0000
11-Jan-1999 281,800 11.1250 10.8750 11.0000
08-Jan-1999 254,400 11.0625 10.8125 11.0000
07-Jan-1999 209,500 10.9375 10.6875 10.8125
06-Jan-1999 294,600 11.2500 10.8125 10.8750
05-Jan-1999 222,700 10.9375 10.8125 10.8750
04-Jan-1999 353,400 10.8125 10.2500 10.8125
31-Dec-1998 483,900 10.3750 10.1875 10.3125
30-Dec-1998 494,900 10.5625 10.0625 10.3750
29-Dec-1998 382,200 10.1875 10.0625 10.1250
28-Dec-1998 413,200 10.2500 10.0625 10.1875
24-Dec-1998 167,200 10.1250 10.0625 10.1250
23-Dec-1998 536,400 10.2500 10.0625 10.0625
22-Dec-1998 358,200 10.3125 10.1250 10.1250
21-Dec-1998 338,700 10.3750 10.2500 10.3750
18-Dec-1998 368,700 10.5000 10.2500 10.3125
17-Dec-1998 329,800 10.5625 10.3750 10.4375
16-Dec-1998 319,400 10.6250 10.4375 10.5625
15-Dec-1998 285,500 10.5625 10.3125 10.3750
14-Dec-1998 640,000 10.5625 10.3750 10.4375
11-Dec-1998 630,600 10.6250 10.3750 10.5625
10-Dec-1998 344,800 10.8750 10.5000 10.5625
09-Dec-1998 404,500 10.8750 10.7500 10.8125
08-Dec-1998 261,600 10.9375 10.6250 10.8750
07-Dec-1998 237,200 10.8125 10.6250 10.7500
04-Dec-1998 247,000 10.7500 10.5000 10.6875
03-Dec-1998 194,300 10.8750 10.6250 10.6250
02-Dec-1998 237,000 11.0625 10.7500 10.7500
01-Dec-1998 275,000 11.0000 10.6875 10.9375
30-Nov-1998 526,000 11.0000 10.5625 10.8125
27-Nov-1998 121,300 10.8750 10.5625 10.6875
25-Nov-1998 283,500 10.6875 10.5000 10.6250
24-Nov-1998 665,400 10.5000 10.1875 10.5000
23-Nov-1998 508,400 10.7500 10.4375 10.5625
20-Nov-1998 441,100 10.7500 10.5625 10.7500
19-Nov-1998 504,100 11.0625 10.5000 10.5000
18-Nov-1998 252,900 11.0625 10.9375 11.0625
17-Nov-1998 293,500 11.0625 10.9375 11.0000
16-Nov-1998 298,100 11.1250 10.9375 10.9375
13-Nov-1998 260,900 11.1875 10.9375 11.1250
12-Nov-1998 181,600 11.4375 11.0625 11.3750
11-Nov-1998 152,600 11.5000 11.2500 11.4375
10-Nov-1998 131,200 11.7500 11.3125 11.4375
09-Nov-1998 178,600 11.9375 11.6250 11.6250
06-Nov-1998 139,400 11.8750 11.6875 11.7500
05-Nov-1998 187,500 12.0000 11.6250 11.7500
04-Nov-1998 261,100 11.7500 11.4375 11.7500
03-Nov-1998 280,100 11.6875 11.3750 11.6875
02-Nov-1998 313,700 11.4375 11.0625 11.3750
30-Oct-1998 254,900 11.1875 10.8125 11.1250
29-Oct-1998 229,300 11.0000 10.8125 10.8125
28-Oct-1998 139,900 11.0625 10.9375 10.9375
27-Oct-1998 272,200 11.1250 10.8750 11.0000
26-Oct-1998 200,000 11.0625 10.8750 10.9375
23-Oct-1998 286,400 11.1875 10.8125 10.8125
22-Oct-1998 197,100 11.3125 10.9375 11.1250
21-Oct-1998 243,800 11.2500 10.9375 10.9375
20-Oct-1998 261,800 11.3750 11.0625 11.1250
19-Oct-1998 187,000 11.1250 10.8125 11.0000
16-Oct-1998 1,904,900 11.2500 10.7500 10.7500
15-Oct-1998 234,100 10.7500 10.5625 10.6250
14-Oct-1998 183,400 10.8125 10.5625 10.5625
13-Oct-1998 225,200 11.5000 10.9375 11.0625
12-Oct-1998 195,200 11.5625 11.2500 11.5000
09-Oct-1998 215,900 11.3750 10.6875 11.3750
08-Oct-1998 278,400 11.2500 10.5625 11.0000
07-Oct-1998 252,300 11.4375 11.0000 11.0625
06-Oct-1998 200,800 11.8125 11.2500 11.4375
05-Oct-1998 225,200 11.5625 11.2500 11.3750
02-Oct-1998 296,900 11.5000 11.1875 11.4375
01-Oct-1998 188,000 11.6250 11.2500 11.3125
30-Sep-1998 158,600 11.9375 11.3750 11.3750
29-Sep-1998 132,600 11.9375 11.6875 11.8750
28-Sep-1998 136,700 12.0625 11.6875 11.9375
25-Sep-1998 223,700 12.0000 11.3750 12.0000
24-Sep-1998 248,100 12.3125 11.5625 11.6250
23-Sep-1998 232,000 12.2500 11.9375 12.0625
22-Sep-1998 267,500 12.3750 11.8125 12.0000
21-Sep-1998 266,000 12.1250 11.0625 12.0625
18-Sep-1998 443,100 11.1875 10.9375 11.0000
17-Sep-1998 277,700 11.1250 10.8125 11.0000
16-Sep-1998 324,000 11.3750 11.0000 11.0625
15-Sep-1998 472,600 11.3750 11.0625 11.3750
14-Sep-1998 1,058,900 11.2500 10.9375 11.1250
11-Sep-1998 581,100 11.4375 10.6875 10.9375
10-Sep-1998 315,500 11.6875 11.2500 11.4375
09-Sep-1998 248,200 12.1250 11.6250 11.6250
08-Sep-1998 198,200 12.3125 11.9375 12.1875
04-Sep-1998 132,200 12.1250 11.8125 11.8750
03-Sep-1998 188,500 12.1250 11.8750 11.9375
02-Sep-1998 159,600 12.0625 11.8750 12.0625
01-Sep-1998 393,600 12.0000 11.6875 12.0000
31-Aug-1998 202,700 12.1250 11.6250 11.6250
28-Aug-1998 297,000 12.1250 11.7500 11.8125
27-Aug-1998 254,500 12.3750 11.9375 12.0000
26-Aug-1998 173,900 12.6250 12.3125 12.6250
25-Aug-1998 225,300 12.6875 12.3750 12.4375
24-Aug-1998 300,200 12.5000 12.2500 12.3125
21-Aug-1998 178,000 12.5000 12.0625 12.3750
20-Aug-1998 218,500 12.3125 12.1250 12.1875
19-Aug-1998 175,900 12.2500 12.1250 12.2500
18-Aug-1998 213,900 12.3750 12.0625 12.1250
17-Aug-1998 251,800 12.3750 12.0625 12.1875
14-Aug-1998 199,600 12.6250 12.1875 12.1875
13-Aug-1998 150,200 12.2500 12.0000 12.2500
12-Aug-1998 211,400 12.1250 11.9375 12.1250
11-Aug-1998 295,700 12.0000 11.8750 11.9375
10-Aug-1998 238,100 12.0000 11.8750 12.0000
07-Aug-1998 578,300 12.1875 11.9375 11.9375
06-Aug-1998 466,700 12.1250 11.9375 12.0000
05-Aug-1998 514,200 12.3750 11.8750 11.9375
04-Aug-1998 339,200 12.5000 11.7500 12.0000
03-Aug-1998 276,200 12.8125 12.3125 12.3750
31-Jul-1998 182,500 12.8125 12.5625 12.5625
30-Jul-1998 361,900 12.9375 12.6875 12.7500
29-Jul-1998 301,600 12.9375 12.7500 12.7500
28-Jul-1998 338,500 13.0000 12.7500 12.7500
27-Jul-1998 224,800 13.2500 12.9375 12.9375
24-Jul-1998 298,600 13.5000 13.0000 13.1250
23-Jul-1998 196,700 13.6875 13.2500 13.2500
22-Jul-1998 137,700 13.8125 13.6250 13.6250
21-Jul-1998 128,000 13.8125 13.6875 13.6875
20-Jul-1998 193,300 13.8750 13.7500 13.8125
17-Jul-1998 2,904,200 13.8750 13.6875 13.8125
16-Jul-1998 214,900 13.8125 13.5625 13.6875
15-Jul-1998 151,700 13.7500 13.5625 13.7500
14-Jul-1998 188,400 13.9375 13.7500 13.8125
13-Jul-1998 102,900 13.9375 13.8125 13.9375
10-Jul-1998 187,500 14.0000 13.8125 13.8750
09-Jul-1998 385,300 13.9375 13.7500 13.8750
08-Jul-1998 400,500 14.0625 13.8125 13.8125
07-Jul-1998 453,000 14.0625 13.8750 13.9375
06-Jul-1998 485,600 14.0000 13.6250 13.9375
02-Jul-1998 276,000 13.8125 13.0625 13.7500
01-Jul-1998 511,400 13.9375 13.6875 13.6875
30-Jun-1998 476,400 13.9375 13.7500 13.8750
29-Jun-1998 191,500 13.7500 13.6875 13.6875
26-Jun-1998 138,100 13.8750 13.7500 13.7500
25-Jun-1998 182,200 13.8750 13.6875 13.8750
24-Jun-1998 110,300 13.9375 13.7500 13.7500
23-Jun-1998 360,900 14.0000 13.7500 13.9375
22-Jun-1998 152,900 14.0000 13.6875 13.6875
19-Jun-1998 151,200 13.8750 13.6875 13.6875
18-Jun-1998 248,700 14.0000 13.8125 13.8125
17-Jun-1998 313,600 14.0000 13.8125 13.9375
16-Jun-1998 253,900 13.9375 13.6250 13.9375
15-Jun-1998 101,700 13.8750 13.7500 13.8125
12-Jun-1998 173,800 14.0000 13.7500 13.8125
11-Jun-1998 103,800 14.0625 13.9375 13.9375
10-Jun-1998 229,800 14.1875 13.9375 14.0000
09-Jun-1998 210,700 14.0625 13.8125 14.0625
08-Jun-1998 222,900 14.0000 13.7500 13.7500
05-Jun-1998 197,900 14.0000 13.6875 13.8750
04-Jun-1998 192,900 14.2500 13.8750 13.9375
03-Jun-1998 83,700 14.3125 14.0625 14.1875
02-Jun-1998 252,400 14.3125 14.0625 14.1875
01-Jun-1998 421,800 14.3125 13.9375 14.2500
29-May-1998 326,600 14.1250 13.9375 14.1250
28-May-1998 455,100 14.0625 13.8750 14.0000
27-May-1998 361,900 14.0000 13.7500 14.0000
26-May-1998 157,400 13.8750 13.6875 13.8125
22-May-1998 138,100 13.8750 13.6875 13.7500
21-May-1998 156,000 13.9375 13.7500 13.8125
20-May-1998 153,000 13.9375 13.6875 13.8125
19-May-1998 102,900 13.7500 13.6250 13.7500
18-May-1998 204,700 13.8125 13.6250 13.6250
15-May-1998 107,700 13.9375 13.8125 13.8125
14-May-1998 158,100 13.9375 13.8125 13.8125
13-May-1998 182,300 13.9375 13.7500 13.8750
12-May-1998 132,300 13.9375 13.7500 13.9375
11-May-1998 202,100 13.9375 13.7500 13.8125
08-May-1998 206,600 14.0000 13.8125 13.8125
07-May-1998 310,000 14.0000 13.7500 14.0000
06-May-1998 323,500 13.8125 13.5625 13.7500
05-May-1998 221,600 13.6250 13.5000 13.6250
04-May-1998 241,800 13.6250 13.5000 13.6250
01-May-1998 287,500 13.6250 13.5000 13.5000
30-Apr-1998 234,900 13.6875 13.5000 13.5625
29-Apr-1998 330,500 13.6875 13.4375 13.5000
28-Apr-1998 314,200 13.6875 13.3125 13.4375
27-Apr-1998 438,200 13.6875 13.3125 13.3125
24-Apr-1998 296,500 13.8125 13.6250 13.6875
23-Apr-1998 199,000 13.9375 13.7500 13.8125
22-Apr-1998 171,900 14.0000 13.9375 13.9375
21-Apr-1998 518,200 14.0000 13.8750 14.0000
20-Apr-1998 198,900 14.0000 13.8750 13.9375
17-Apr-1998 168,000 14.0000 13.8750 13.9375
16-Apr-1998 224,200 14.0625 13.9375 13.9375
15-Apr-1998 149,700 14.1250 14.0000 14.0625
14-Apr-1998 136,700 14.1250 14.0000 14.0625
13-Apr-1998 253,600 14.1250 14.0000 14.1250
09-Apr-1998 181,300 14.1875 14.0000 14.1250
Daily Prices: April 10, 1998 to April 9, 1999
- --------------------------------------------------------------------------------
48 Source: IDD Information Services/Tradeline
- -- [LOGO] Prudential
Securities
<PAGE>
[LOGO] Prudential
Securities
B
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
B. Precedent Transactions Analysis
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
PRECEDENT TRANSACTIONS ANALYSIS
<TABLE>
<CAPTION>
(dollars in millions)
Date Target Purchase Price
Acquiror --------- -----------------------
Ticker) Target Announced Equity (EPP) Unlevered
(Ticker) Completed EPP/Share (UPP)
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Duke Realty Investments, Inc.
(DRE) 03/01/99 $781.7 $1,686.1
Weeks Corporation(1) Pending $28.89
(WKS)
- ---------------------------------------------------------------------------------------
TIC Acquisition LLC
Irvine Apartment 02/01/99 $1,491.9 $2,443.7
Communities, Inc.(2) Pending $34.00
(IAC)
- ---------------------------------------------------------------------------------------
Reckson Associates Realty Corp.
(RA) 12/09/98 $433.4 $724.6
Tower Realty Trust, Inc.(3) Pending $23.00
(TOW)
- ---------------------------------------------------------------------------------------
Prologis Trust
(PLD) 11/17/98 $862.5 $1,472.5
Meridian Industrial Trust(4) 03/30/99 $25.00
(MDN)
- ---------------------------------------------------------------------------------------
Public Storage, Inc.
(PSA) 11/12/98 $386.1 $569.8
Storage Trust Realty(5) 03/12/99 $22.36
(SEA)
- ---------------------------------------------------------------------------------------
Equity Residential Properties Trust
(EQR) Merry Land & 07/08/98 $1,101.8 $2,127.8
Investment Co., Inc.(6) 10/19/98 $24.74
(MRY)
- ---------------------------------------------------------------------------------------
New Plan Realty Trust
(NPR) 05/14/98 $794.5 $1,446.4
Excel Realty Trust, Inc. 09/28/98 $28.95
(XEL)
- ---------------------------------------------------------------------------------------
Bay Apartment Communities, Inc.
(BYA) 03/08/98 $1,243.7 $1,985.0
Avalon Properties, Inc.(7) 06/04/98 $28.43
(AVN)
- ---------------------------------------------------------------------------------------
<CAPTION>
Target Stock EPP
Price Prior Premium
(dollars in millions) to Announce (Discount)
------------ ---------
Target Acquisition FFO Multiples 1 day 1 day
Acquiror --------------------------------------- 1 month 1 month
Ticker) Target LTM FFO/Share Fwd FFO*/Share 3 months 3 months
(Ticker) LTM EPP/LTM-FFO EPP/FWD-FFO 6 months 6 months
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Duke Realty Investments, Inc. $27.00 7.0%
(DRE) 12/31/98 $2.66 $2.97 $27.25 6.0%
Weeks Corporation(1) 10.9x 9.7x $28.63 0.9%
(WKS) $27.69 4.4%
- ---------------------------------------------------------------------------------------------------------------------
TIC Acquisition LLC $26.81 26.8%
Irvine Apartment 12/31/98 $2.30 $2.57 $26.25 29.5%
Communities, Inc.(2) 14.8x 13.2x $25.50 33.3%
(IAC) $29.88 13.8%
- ---------------------------------------------------------------------------------------------------------------------
Reckson Associates Realty Corp. $18.63 23.5%
(RA) 9/30/98 $2.20 $2.45 $17.94 28.2%
Tower Realty Trust, Inc.(3) 10.5x 9.4x $20.06 14.6%
(TOW) $22.56 1.9%
- ---------------------------------------------------------------------------------------------------------------------
Prologis Trust $22.19 12.7%
(PLD) 9/30/98 $1.90 $2.23 $22.63 10.5%
Meridian Industrial Trust(4) 13.2x 11.2x $20.88 19.8%
(MDN) $23.56 6.1%
- ---------------------------------------------------------------------------------------------------------------------
Public Storage, Inc. $21.75 2.8%
(PSA) 9/30/98 $2.29 $2.48 $23.06 (3.0%)
Storage Trust Realty(5) 9.8x 9.0x $22.00 1.6%
(SEA) $24.13 (7.3%)
- ---------------------------------------------------------------------------------------------------------------------
Equity Residential Properties Trust $22.31 10.9%
(EQR) Merry Land & 6/30/98 $2.03 $2.35 $22.00 12.5%
Investment Co., Inc.(6) 12.2x 10.5x $22.00 12.5%
(MRY) $22.69 9.1%
- ---------------------------------------------------------------------------------------------------------------------
New Plan Realty Trust $28.50 1.6%
(NPR) 3/31/98 $2.54 $2.60 $27.38 5.8%
Excel Realty Trust, Inc. 11.4x 11.1x $26.66 8.6%
(XEL) $26.17 10.6%
- ---------------------------------------------------------------------------------------------------------------------
Bay Apartment Communities, Inc. $28.81 (1.3%)
(BYA) 12/31/97 $2.00 $2.26 $29.75 (4.4%)
Avalon Properties, Inc.(7) 14.2x 12.6x $30.44 (6.6%)
(AVN) $28.00 1.5%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
* All estimates from First Call.
Legend
LTM = Latest Twelve Months
Forward = Forward Twelve Months
EPP = Equity Purchase Price
UPP = Unlevered Purchase Price
- -------------------------------------------------------------------------------
Summary Statistics
------------------
EPP/ EPP/
LTM-FFO FWD-FFO Median
------- ------- ------
High 14.8x 13.2x 1 day 9.0%
Median 11.8x 10.8x 1 month 8.3%
Mean 12.1x 10.9x 3 months 10.5%
Low 9.8x 9.0x 6 months 5.2%
- -------------------------------------------------------------------------------
50
- -- [LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
PRECEDENT TRANSACTIONS ANALYSIS
- --------------------------------------------------------------------------------
Notes
(1) Based on company press release and Weeks year end financials.
(2) Based on company press release and Irvine year end financials.
(3) EPP per share includes $5.75 cash and .6273 Reckson Class B shares
with a notional value of $27.50.
Based on company press release and Tower's 10-Q for the quarter
ended September 30, 1998.
(4) Based on 8-K dated November 18, 1998.
(5) Based on 8-K dated December 8, 1998.
(6) Based on company press release.
(7) Based on 8-K filed March 11, 1998 and Avalon's 1997 10-K.
- --------------------------------------------------------------------------------
51
- -- [LOGO] Prudential
Securities
<PAGE>
[LOGO] Prudential
Securities
C
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
---------------------------------------------
C. Premium Analysis
---------------------------------------------
[LOGO] Prudential
Securities
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
================================================================================
PREMIUM ANALYSIS
<TABLE>
<CAPTION>
----------------------------------
Closing Price Prior to
Announcement (1)
==================================
Announcement Effective Acquiror Name Offer
Date Date Target Name Price 1 Day 1 Month 3 Months 6 Months
---- ---- ----------- ----- ----- ------- -------- --------
- ------------------------------------------------------------------ -------- ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
4/13/99 NA Berkshire Realty Holdings, L.P.
Berkshire Realty Company, Inc. $12.25 $11.13 $11.44 $9.44 $8.75
================================================================== ======== ====================================
- ------------------------------------------------------------------ -------- ------------------------------------
03/01/99 Pending Duke Realty Investments, Inc.
Weeks Corporation $28.89 $27.00 $27.25 $28.63 $27.69
02/01/99 Pending TIC Acquisition LLC
Irvine Apartment Communities, Inc. $34.00 $26.81 $26.25 $25.50 $29.88
12/09/98 Pending Reckson Associates Realty Corp.
Tower Realty Trust, Inc. $23.00 $18.63 $17.94 $20.06 $22.56
11/17/98 03/30/99 Prologis Trust
Meridian Industrial Trust, Inc. $25.00 $22.19 $22.63 $20.88 $23.56
11/12/98 03/12/99 Public Storage, Inc.
Storage Trust Realty $22.36 $21.75 $23.06 $22.00 $24.13
07/08/98 10/19/98 Equity Residential Properties Trust
Merry Land & Investment Co., Inc. $24.74 $22.31 $22.00 $22.00 $22.69
05/14/98 09/28/98 New Plan Realty Trust
Excel Realty Trust, Inc. $28.95 $28.50 $27.38 $26.66 $26.17
03/08/98 06/04/98 Bay Apartment Communities, Inc.
Avalon Properties, Inc. $28.43 $28.81 $29.75 $30.44 $28.00
================================================================== ======== ====================================
<CAPTION>
----------------------------------
Offer Premium/
(Discount)
=================================
Announcement Effective Acquiror Name
Date Date Target Name 1 Day 1 Month 3 Months 6 Months
---- ---- ----------- ----- ------- -------- --------
- ------------------------------------------------------------------ ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
4/13/99 NA Berkshire Realty Holdings, L.P.
Berkshire Realty Company, Inc. 10.1% 7.1% 29.8% 40.0%
================================================================== ==================================
- ------------------------------------------------------------------ ----------------------------------
03/01/99 Pending Duke Realty Investments, Inc.
Weeks Corporation 7.0% 6.0% 0.9% 4.4%
02/01/99 Pending TIC Acquisition LLC
Irvine Apartment Communities, Inc. 26.8% 29.5% 33.3% 13.8%
12/09/98 Pending Reckson Associates Realty Corp.
Tower Realty Trust, Inc. 23.5% 28.2% 14.7% 1.9%
11/17/98 03/30/99 Prologis Trust
Meridian Industrial Trust, Inc. 12.7% 10.5% 19.8% 6.1%
11/12/98 03/12/99 Public Storage, Inc.
Storage Trust Realty 2.8% (3.0%) 1.6% (7.3%)
07/08/98 10/19/98 Equity Residential Properties Trust
Merry Land & Investment Co., Inc. 10.9% 12.5% 12.5% 9.1%
05/14/98 09/28/98 New Plan Realty Trust
Excel Realty Trust, Inc. 1.6% 5.8% 8.6% 10.6%
03/08/98 06/04/98 Bay Apartment Communities, Inc.
Avalon Properties, Inc. (1.3%) (4.4%) (6.6%) 1.5%
================================================================== ==================================
</TABLE>
- ----------
(1) Source: Stock prices from Bloomberg.
(2) Summary statistics exclude Berkshire.
Summary Statistics(2)
------------------------------------
High 26.8% 29.5% 33.3% 13.8%
Median 9.0% 8.3% 10.5% 5.2%
Mean 10.5% 10.6% 10.6% 5.0%
Low (1.3%) (4.4%) (6.6%) (7.3%)
====================================
------------------------------------
Berkshire 10.1% 7.1% 29.8% 40.0%
====================================
53
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Securities
<PAGE>
================================================================================
BERKSHIRE REALTY COMPANY, INC.
Materials For Discussion
================================================================================
LAZARD FRERES & CO. LLC APRIL 13, 1999
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Disclaimer:
This oral presentation is being made at the request of the Board of Directors of
Berkshire Realty Company, Inc. ("Berkshire") to advise it about the current
status of the proposed merger (the "Merger") with an entity indirectly
controlled by Douglas Krupp, Whitehall and Blackstone (collectively, "Aptco").
Information included in this presentation has been provided to Lazard Freres &
Co. LLC ("Lazard") by various parties to the Merger and/or derived from
published materials and has not been independently verified by Lazard. Such
information includes projections, statements and estimates which reflect various
assumptions which may or may not prove correct and accordingly no
representations are made as to the accuracy or completeness of such statements,
estimates or projections. In our review and analysis, we have not attempted to
value any of the non-cash consideration being offered to the holders of limited
partnership interests in BRI OP Limited Partnership ("Berkshire OP"). In
addition, we have not attempted to evaluate the tax consequences of the Merger
to the holders of the limited partnership interests in Berkshire OP. This
presentation provides only an outline for the oral presentation and does not
constitute a report, opinion or appraisal of the Merger by Lazard.
- i - LAZARD FRERES & CO. LLC
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Summary Terms of the Transaction
o Transaction Structure:
(i) A reverse cash merger of an entity controlled by Aptco with and into
Berkshire, with Berkshire as the surviving entity (the "BRI
Merger"); and
(ii) A reverse cash election merger of an entity controlled by Aptco with
and into BRI OP Limited Partnership ("Berkshire OP"), with Berkshire
OP as the surviving entity (the "OP Merger").
o Consideration for Common Shareholder: For each share of Berkshire common
stock, Berkshire shareholders will receive $12.25 in cash (the "Merger
Price").
3/4/99(1)
---------
Cash Consideration $12.25
Berkshire Share Price 9.54(2)
------------------------------------------------------
Premium over Share Price 28.4%
------------------------------------------------------
o Consideration for Berkshire OP Unitholders: For each Berkshire OP unit,
the choice of:
(i) $12.25 in cash;
(ii) Preferred partnership interests in surviving OP; cumulative
preferred return of 7.5%, payable out of available cash flow after
debt service; redeemable at the current OP unitholders option for
liquidation price ($12.25 plus accrued and unpaid distributions)
after a 5.5-year period; callable after 6-years upon an IPO or sale
of surviving OP; or
(iii) Common partnership interests in the surviving OP, which rank pari
passu with the principal Aptco equity; callable at fair market value
after 6-years upon an IPO or sale of surviving OP.
- ----------
(1) Date of 13-D filing revealing cash bid from Aptco.
(2) 30-day average trading price prior to March 4, 1999.
- 1 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Summary Terms of the Transaction (cont'd)
o Consideration for Convertible Preferred: Series A Preferred shares will be
redeemed at the liquidation preference of 115% of par ($78,688,750), plus
115% of accrued dividends.
o $29.5mm Letter of Credit: posted at signing of merger agreement, to be
drawn to pay any break-up fee or expenses payable by Aptco:
(i) The merger agreement provides for Aptco to pay a break-up fee of
$25mm, plus expenses (subject to a $4.5mm cap) in the event of the
termination of the merger agreement by reason of
- any willful breach of any representation, warranty or covenant
of Aptco or
- Aptco's failure to close on its debt and equity financing
commitments by December 31, 1999.
(ii) In addition, Aptco must pay expenses (subject to a $4.5mm cap) in
the event of
- any nonwillful breach of any representation, warranty or
covenant of Aptco or
- Aptco rejects a settlement offer in excess of $10mm in
connection with any stockholder litigation.
o Consideration Capitalization:
- Blackstone & Whitehall have committed to provide up to $755mm bridge
loan to be refinanced by a long term Freddie Mac financing;
- Blackstone & Whitehall have committed to provide at least $250mm of
Mezzanine equity;
- and Krupp and his affiliates have committed to provide private
equity of 65mm.
o Break-Up Fee and Expenses Payable by Berkshire: The merger agreement
provides for Berkshire to pay a break-up fee of $25 million, plus expenses
(subject to a $10.5 million cap) in the event of the termination of the
merger agreement by reason of (i) any willful breach of any
representation, warranty or covenant of Berkshire, (ii) the withdrawal or
modification of the Board of Directors' recommendation to the shareholders
of Berkshire that they approve the merger or (iii) the acceptance by
Berkshire of any third party acquisition proposal. In addition, Berkshire
must pay (i) expenses (subject to a $15 million cap) in the event of any
nonwillful breach of any representation, warranty or covenant of Berkshire
or the shareholders of Berkshire reject the merger, and (ii) expenses
(subject to a $10.5 million cap) in the event that the shareholders of
Berkshire approve the liquidation plan.
- 2 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Summary Terms of the Transaction (cont'd)
o Principal Conditions: The proposed Merger will be subject, among other
things, to:
- Stockholder approval of Berkshire and partner approval of Berkshire
OP;
- Receipt of all material consents and approvals;
- Receipt of tax opinions from the respective outside counsels;
- Absence of material adverse changes;
- No outstanding court injunctions; and
- Delivery of a solvency opinion relating to Berkshire and Berkshire
OP after the Merger.
o Analysis Assumptions:
(i) Assumes all stockholders and unitholders elect cash; and
(ii) Does not consider tax consequences to individual stockholders or
unitholders.
- 3 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Aggregate Consideration
($ rounded in millions except per unit and per share)
($MM, except per share and per unit figures)
Merger Price $12.25
Primary Shares (as of 3/23/99)(1) 46.4
------
Value of Common Equity $568
Preferred Equity at 115% Pay-Out 79
------
Public Equity Market Value $647
Debt (as of 12/31/98)(2) 598
Aggregate Firm Value $1,245
Primary Debt/Market Capitalization 48%
Additional Development Debt through 6/99 15
Additional Debt for Capex through 6/99(3) 4
Estimated Transaction Costs & Other Liabilities 50(4)
------
Total Consideration $1,314
Additional Funding for Avalon 1 & 2 59(5)
------
Total Consideration including Avalon 1 & 2 $1,373
- ----------
(1) Includes OP units.
(2) Adjusted for purchase of Granite Run ($25mm) in January of 1999.
(3) The company estimates $11mm in capital expenditures and $7mm in
shareholder earnings after dividends.
(4) Transaction costs include approximately $8mm in severance costs, $6mm of
seller transaction costs and $2.2mm for stock option differential.
(5) Anticipated funding of Avalon I & II are estimated to occur in December
1999 & March 2000 respectively. The estimated acquisition cost is up to
$60.6mm in the disclosure letter.
- 4 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Aggregate Consideration (cont'd)
($ rounded in millions except per unit)
Book Basis
(12/31/98) Adjustments Aptco
---------- ----------- ------
Assets
Operating Real Estate $919 $307 $1,226
Land & Construction in
Progress 17 15 32
Other Assets 73 (17)(1) 56
------ ------
Total Assets $1,009 $1,314
Liabilities
Debt $573 $45(2) $617
Transaction Costs -- 16(3) 16
Other Liabilities 34 34
------ ------
Total Liabilities $606 $667
Equity
Preferred $68 $10 $79
Common & OP 334 234 568
------ ------
Total Equity $403 $647
Total Liabilities & Equity $1,009 $1,314
-----------------------------------------------------------------------
Operating Real Estate 1999E NOI $121(4)
Adjustment for market management fee
(3% of rental revenue) (6)
-------
Adjusted Operating Real Estate 1999E NOI $115
Implied 1999 Cap Rate for Operating Real Estate 9.41%
Implied price per unit $50,280
-----------------------------------------------------------------------
- ----------
(1) Assumes zero for intangible assets and subtracts $7mm of other assets per
the company's updated liquidation analysis 3/25/99.
(2) The purchase of Granite Run, ongoing development and capital expenditures.
(3) Transaction costs include approximately $8mm in severance costs, $6mm of
seller transaction costs and $2.2mm for stock option differential.
(4) Differs from BRI model, because acquirors NOI assumes Highland Ridge,
Sweetwater Ranch, British Woods and Windover are not sold in 1999 and does
not include NOI from Berkshire Commons, Courts of Avalon and Deerfield for
purposes of calculating a cap rate for Operating Real Estate. It is
important to note that property NOI does not include a management fee.
- 5 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Background of the Transaction
o On May 22, 1998, Berkshire engaged Lazard as the company's lead investment
banker (joint with Lehman).
o On May 26, 1998, Berkshire made a public announcement of its engagement of
Lazard and Lehman to explore strategic alternatives.
o Lazard contacted 40 potential acquirors to consider the acquisition of
Berkshire and received 31 verbal indications of interest.
o In August 1998, the Company received non-binding written indications of
interest from Associated Estates, Colonial Properties, Equity Residential
and NorthStar Capital and subsequently received non-binding written
indications of interest from AIMCO and Fishkind & Associates.
o On September 15, 1998, Douglas Krupp, Chairman and CEO of Berkshire,
notified Lazard that his group ("Aptco") had retained Greenhill as an
advisor to evaluate a possible acquisition of Berkshire.
o By November 1998, only Equity Residential and AIMCO remained in the
process.
o On November 12, 1998, Douglas Krupp announced to the Board that Aptco was
planning to make an offer to buy Berkshire.
o On November 12, 1998, a Special Committee of the Board was formed and
instructed Lazard to include Aptco in the sales process.
o The Special Committee hired Baker & Hostetler as independent counsel and
Prudential Securities as independent advisor.
o On January 27, 1999, Charles Kushner on behalf of The Kushner Companies
("Kushner") signed a confidentiality agreement.
o By February 22, 1999, Kushner, Aptco, AIMCO and Equity Residential all
provided bids for Berkshire.
o Kushner, Aptco and Equity provided their comments on the draft merger
agreements by March 10, 1999.
o On March 15, 1999, the Special Committee decided to work exclusively with
Kushner, the highest bidder, towards signing a definitive agreement.
o On March 30, 1999, Equity offered an alternative bid structure.
o On April 8, 1999, the Special Committee chose to continue negotiations
with Aptco towards signing a definitive agreement, after Kushner was
unable to produce a documented financing source.
o On April 13, 1999, the Board meets to review and vote on the Merger.
- 6 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire
A. Overview
We have reviewed the following valuation measures: (i) public market valuation;
(ii) asset valuation; (iii) discounted cash flow analysis; (iv) liquidation
analysis; (v) precedent transactions; (vi) historical trading benchmarks; and,
(vii) negotiated bids received by 3/30/99. As of April 12, 1999, the Merger
Price of $12.25 per share is within or above the range of each of these
valuation measures.
Value Per Share
---------------
Public Market Valuation(1) $10.17-10.68
Asset Valuation(2) 10.65
Discounted Cash Flow Analysis(3) 11.00-11.39
Liquidation Analysis(4) 11.03
Precedent Transactions(5) 10.69-15.39
52-week Low/High(6) 8.13-12.31
Negotiated bids (received by 3/30/99)(7) 10.01-12.50
Berkshire Closing Price (3/4/99)(8) 9.69
Merger Price 12.25
- ----------
(1) Mean FFO multiples for comparable publicly traded multifamily REITs
applied to Berkshire consensus estimates (see page 8).
(2) Mean asset valuation measures price per unit for comparable transactions
since January 1998, applied to Berkshire units. (see page 9).
(3) Based upon three year discounted cash flow analysis (see page 10).
(4) Per the company 3/25/99 (update to preliminary proxy filed with the SEC
12/31/98) (see page 12).
(5) Based upon precedent multi-family transactions (see page 13).
(6) 52-week low was 10/8/98, 52-week high was 4/22/98 (see page 14 for other
stock price benchmarks).
(7) Bids received from Aptco, Equity Residential, Kushner and AIMCO (see page
15).
(8) The 13-D was filed by Aptco on March 4, 1999.
- 7 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
B. Public Market Valuation
The proposed Merger values Berkshire above any existing public comparable REIT
consensus 2000E FFO Multiples and above the mean comparable 1998A and 1999E FFO
Multiples.
<TABLE>
<CAPTION>
FFO Multiple
Market Debt/ --------------------------
REIT Cap. ($MM) Market Cap. 1998A 1999E(1) 2000E(1)
- ---------------------- ----------- ----------- ----- -------- --------
<S> <C> <C> <C> <C> <C>
AMLI Residential $876 42% 8.8x 8.2x 7.7x
Archstone 5,233 42 11.2 10.0 9.1
Apartment Inv. & Mgmt. 5,077 33 10.5 8.8 7.6
Associated Estates 841 64 5.8 5.8 5.6
Avalon Bay 4,103 39 11.0 9.6 8.6
BRE Properties Inc. 1,850 41 10.9 9.6 8.7
Camden Property Trust 2,335 43 8.3 7.7 7.1
Charles E. Smith 1,903 42 10.6 9.7 8.9
Equity Residential Properties 11,512 41 10.2 9.3 8.6
Essex Property Trust 912 40 9.7 8.8 7.9
Gables Residential 1,722 47 8.6 7.9 7.3
Post Properties Trust 2,497 32 10.8 9.9 9.0
Summit Properties 1,267 57 8.4 7.8 7.2
United Dominion Realty 3,705 57 7.6 7.2 6.8
Walden Residential Properties 1,497 54 6.9 6.6 6.2
- ------------------------------------------------------------------------------------
High 11.2x 10.0x 9.1x
Mean 9.3 8.5 7.8
Median 9.7 8.8 7.7
Low 5.8 5.8 5.6
- ------------------------------------------------------------------------------------
Berkshire Consensus Estimates(1) $1.15 $1.25 $1.31
Proposed Transaction $1,314 10.7x 9.8x 9.4x
Proposed Transaction Based
on Mean Comparables(2) $1,241 $1,236 $1,217
Implied Per Share $10.68 $10.57 $10.17
</TABLE>
- ----------
(1) Source: SNL REIT Securities Monthly, March 1999, except AMLI Residential
from Realty Stock Review, 3/31/99.
(2) Assumes all liabilities remain constant as shown on page 5.
- 8 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
C. Asset Valuation
The proposed Merger values Berkshire above the mean price per unit generated by
recent comparable sales of multifamily properties and portfolios.
Selected Recent Comparable Property/Portfolio Transactions
<TABLE>
<CAPTION>
Price # of Price/
Transactions Buyer ($MM) Units Unit
- ----------------------- ------------------- -------------- ----------- ----------
<S> <C> <C> <C> <C>
American Apartment Com. United Dominion $800.0 14,001 $57,139
Apple Hill Home Properties 23.8 498 47,791
Ashley Plantation Colonial Properties 13.7 200 68,500
Candlewood-Mishawaka Home Properties 13.5 310 43,497
Colonial Village Colonial Properties 17.2 322 53,416
Colonies Home Properties 23.0 672 34,226
Colony Woods Equity Residential 23.4 414 56,522
Harbor Pointe Equity Residential 25.1 595 42,165
Knolls Home Properties 20.0 1,079 18,536
L&B Portfolio Mid-America Apt. 38.3 1,001 38,237
McClurg Court Charles E. Smith 70.0 1,075 65,116
Memphis Portfolio United Dominion 53.9 1,214 44,399
Midwest Portfolio Equity Residential 123.1 1,966 62,630
Plantation Ridge Equity Residential 23.3 454 51,242
Portfolio-Houston Gables Residential 31.0 913 33,954
Racquet Club Home Properties 25.0 467 53,533
Rancho Mirage United Dominion 38.5 856 44,977
Schuparra Portfolio United Dominion 71.0 1,970 36,041
2 - Tampa Properties Walden Residential 17.1 376 45,479
- ------------------------------------------------------------------------------------------------------------
High $68,500
Mean 47,231
Median 45,479
Low 18,536
- ------------------------------------------------------------------------------------------------------------
Proposed Transaction (Operating RE Only) $1,226 24,387 $50,280
Proposed Transaction (Operating RE Only)
Based on Mean Comparables $1,152 $47,231
Per Share $10.65(1)
</TABLE>
(1) Assumes all liabilities remain constant as shown on page 5.
- 9 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
D. Discounted Cash Flow Analysis
($ rounded in thousands except per share)
Free cash flow methodology discounts all available cash flows after interest
expense and an assumed capital expenditure of $350 per unit growing by 3%
annually. The discount rates and exit multiples (exit multiples are applied to
2002 FFO in 2001) range from 13.0% to 15.0% and 7.0x to 8.5x respectively. The
indicative prices range from $9.56 to $11.89.
<TABLE>
<CAPTION>
1999 2000 2001 2002
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Diluted FF0 Estimates $68,600 $74,160 $78,187 $81,421
Capital (350/unit) (8,535) (8,792) (9,055)
- -------------------------------------------------------------------------------------
Subtotal $60,065 $65,368 $69,132
Residual Value 651,371
- -------------------------------------------------------------------------------------
Cash on Cash Return $60,065 $65,368 $720,503
Total Equity Value (NPV 14.0%) $589,306
Total Preferred at Liquidation (78,689)
--------
Equity Value $510,617
Diluted Shares 46,438
NPV 14.0% Disc Rate & 8.Ox FFOx $11.00
</TABLE>
<TABLE>
<CAPTION>
Implied Share Price Sensitivity
Discount Rate
-----------------------------------------------------------------------------
13.0% 13.5% 14.0% 14.5% 15.0%
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.0 $10.10 $9.96 $9.82 $9.69 $9.56
FEOx 7.5 10.70 10.55 10.41 10.27 10.13
-----
on 2002 8.0 11.30 11.15 11.00 10.85 10.70
-----
in 200l 8.5 11.89 11.73 11.58 11.42 11.27
</TABLE>
- 10 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
D. Discounted Cash Flow Analysis (cont'd)
($ rounded in thousands except per share)
Discounted cash flow before interest expense and tax with an assumed capital
expenditure of $350 per unit growing by 3% annually. The discount rates and exit
cap rates (exit cap rates are applied to 2002 EBITDA in 2001) range from
11.0%-13.0% and 9.0% to 10.5% respectively. The indicative prices range from
$8.84 to $13.17.
<TABLE>
<CAPTION>
1999 2000 2001 2002
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Forecasted NOI $121,573 $127,297 $132,243 $137,023
Other Income 6,235 6,479 6,199 6,104
G&A Expenses (13,510) (13,510) (13,780) (14,056)
Capital (350/unit) (8,535) (8,792) (9,055) -
- -------------------------------------------------------------------------------------------------------------------
Subtotal $105,762 $111,474 $115,607 $129,072
Residual Value 1,358,648
- -------------------------------------------------------------------------------------------------
EBITDA $105,762 $111,474 $1,474,255
Enterprise Value before Cash & Land (NPV 12.0%) $1,232,642
Cash & Equivalents 12,367
Land Held for Future Dev. 5,657
----------
Total Enterprise Value $1,250,666
Total Debt (608,960)
Total Preferred at Liquidation (78,689)
Other Liabilities (33,529)
----------
Equity Value $529,489
Diluted Shares 46,472
NPV 12.0% Disc Rate & 9.5% Cap Rate $11.39
</TABLE>
<TABLE>
<CAPTION>
Implied Share Price Sensitivity
Discount Rate
-----------------------------------------------------------------------------
11.0% 11.5% 12.0% 12.5% 13.0%
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
9.0% $13.17 $12.86 $12.52 $12.19 $11.86
------
Cap Rate 9.5% 12.05 11.72 11.39 11.07 10.76
------
on 2002 10.0% 11.00 10.68 10.37 10.06 9.75
in 2001 10.5% 10.04 9.74 9.43 9.13 8.84
</TABLE>
- 11 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
E. Liquidation Analysis
Cushman & Wakefield provided appraisals to the Company as of October 15, 1998.
The company used these appraisals in its liquidation analysis included in the
preliminary proxy statement filed on December 31, 1998.
Cushman & Wakefield appraisals at a glance (1O/15/98)(1)
# of Units NOI Appraisal Value Cap Rate Value/Unit
24,564 $ll5mm $l,279mm 9.0% $52,054
- ----------
(1) Includes the stabilization of Berkshire Commons (177-units finished 10/99).
Liquidation Balance Sheet (12/3 1/98)(1)
($ rounded an MM, except per share and per unit figures)
Aggregate appraisal value $1,279
Estimated costs to complete development & rehab (15)
Estimated disposition costs (38)
------
Achievable value to operating real estate properties $1,225
Mortgage Loans & NIBS 8
Cash and equivalents 20
Other assets & receivables 28
------
Total assets $1,282
------
Debt (proforma)(2) $638
Accounts payable & other liabilities(3) 53
Preferred stock (premium value at liquidation) 79
Minority interest (OP) 107
------
Total liabilities, preferred and minority interest $877
Shareholder Equity 405
Net assets in liquidation per share $11.03
- ----------
(1) Updated liquidation analysis provided by the company 3/25/99.
(2) Includes prepayment penalties.
(3) Includes severance payments, stock options and "make whole" provision for
Lynn Lake.
- 12 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
F. Precedent Transactions
The proposed Merger Price is above the percentage premium paid in recent mergers
of multifamily REITs based on pre-deal stock price. The substantial decline in
REIT pricing and FFO multiples over the past six months causes the Merger Price
to fall below the range of FFO multiples for precedent transactions announced in
1998. Accordingly, we do not view these precedent transactions as comparable.
<TABLE>
<CAPTION>
Implied
Trans. Implied FF0 Multiple(1) Premium
Ann. Value ------------------------------- ----------
Buyer/Seller Date ($MM) CY-1 CY CY+1 1 Day(2)
- ------------------------------------------------ ------ ------- ------ ---- ------ ----------
<S> <C> <C> <C> <C> <C> <C>
Irvine Apartment Communities 12/98 569 14.8x 13.2x 11.8x 26.8%
EquityResidential/MerryLand 7/98 2,128 11.8x 11.5x 10.6x 12.0%
Security Cap Pacific/Security Cap Atlantic 4/98 1,672 12.6x 11.6x 10.Sx 8.0%
Bay Communities/Avalon 3/98 2,020 14.2x 12.6x 11.4x -1.4%
Camden/Oasis Residential 12/97 972 11.4x 1O.9x lO.7x 9.5%
AMICO/Ambassador Apartments 12/97 682 11.4x 11.2x l0.8x 3.4%
Equity Residential/Evans Withycombe 8/97 1,060 14.lx 13.8x 12.9x 14.2%
Post Properties/Columbus 8/97 574 13.9x 12.9x 11.9x 6.9%
Equity Residential/Welisford 1/97 996 13.9x 13.Ox 12.5x 13.5%
- -----------------------------------------------------------------------------------------------------------------------
Mean 13.1x 12.3x 11.4x 10.3%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Proposed Transaction (Consensus Estimates) 1,314 10.7x 9.8x 9.4x 26.5%
- -----------------------------------------------------------------------------------------------------------------------
Implied Share Price Based on Consensus and Means $15.07 $15.39 $14.99 $10.69
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) CY-1 calendar year of transaction-I; CY= calendar year of transaction;
CY+l= calendar year of transaction+1.
(2) Calculated as price per share offered by Buyer divided by the Seller's
closing price one day prior to announcement.
- 13 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
G. Stock Trading History for Berkshire
The proposed Merger offers a premium to Berkshire's current stock price.
<TABLE>
<CAPTION>
Purchase ($12.25)
Period Price Premium/(Discount)
- ----------------------------- --------- ---------------------
<S> <C> <C>
IPO Price (6/28/91) $9.38 30.7%
10-Day Average (as of 3/4/99) 9.49 29.0%
30-Day Average (as of 3/4/99) 9.54 28.4%
60-Day Average (as of 3/4/99) 9.48 29.2%
1998 Average 10.92 12.1%
52-Week Low (10/8/98) 8.13 50.8%
52-Week High (4/22/98) 12.31 (0.5%)
All Time High (8/25/93) 12.75 (3.9%)
</TABLE>
- 14 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
H. Negotiated Bids (Received by 3/30/99)
<TABLE>
<CAPTION>
Aptco Equity Residential I (Verbal)
- ------------------------------------------------------------------------------------------------------
Consideration - Common $ $
------------------------------ -----------------------------------------
See terms of EQR I on next page
- Cash $12.25 $0.00
- Stock 0.00 8.82
- Pref Stock 0.00 3.07(1)
- CVR 0.00 0.09(3)
------------------------------ -----------------------------------------
Total $12.25 $11.98
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
Consideration-- OP Choice of: Exchange ratios at different benchmarks
(Operating Partnership) o $12.25 in cash; (same for OP and Common):
o Tax-deferred senior o $8.82 of EQR OP preferred units plus
preferred equity interest $3.23 (book value) of EQR units
in Aptco with 7.5% cash when EQR trades between $37 and
dividends per annum, $45 ($12.05) plus CVR
puttable after the 5.5 o .1959 of EQR units when EQR trades
year anniversary at above $45 plus $3.23 (book value) of
$12.25, callable after 6 EQR OP preferred (>$12.05) plus
years or earlier upon an CVR
IP0 or sale of Aptco; or
o Tax-deferred equity interest
in Aptco, subordinate to
Whitehall Slid
Blackstone, pari passu
with Krupp, callable
after six years or upon an
IP0 or sale of Aptco
- ------------------------------------------------------------------------------------------------------
Consideration - Preferred o 115% of the liquidation o 115% of the liquidation preference paid
preference paid in cash in cash
- ------------------------------------------------------------------------------------------------------
Structure o Merger of BRI and OP o Merger of BRI and OP
o Stock plus $150mm (book value) of
preferred securities with a coupon of
8.25%, call protected for 5-years
o CVR for all shareholders and unit
holders up to $0.45 (see following
page for details)
- ------------------------------------------------------------------------------------------------------
<CAPTION>
Equity Residential II Kushner AIMCO
- ----------------------------------------------------------------------------------------------
$ $ $
- ----------------------------------- --------------------------------- -------------------
See terms of EQR II on next page .28 exch rate
$0.00 $12.50 $0.00
6.37 0.00 10.01
5.63(2) 0.00 0.00
0.00 0.00 0.00
- ----------------------------------- ------ ------
$12.00 $12.50 $10.01
- ----------------------------------------------------------------------------------------------
<C> <C> <C>
Exchange ratios at different Choice of o Tax sensitive
benchmarks (same for OP and o $12.50 in cash; or transaction
Common): o Tax-deferred (verbal) preferred
o .1593 of EQR units when EQR Limited partnership interests
trades below $40 plus in newly formed OP
additional EQR OP preferred partnership, redeemable at
units to maintain the total the current LPs option for
consideration of $12.30 up to liquidation price ($12.50
$6.41 (book value) (when EQR plus accrued and unpaid
trades below $37, distributions) after a 10 year
BRI LESSER THAN $12.30) period of time with a
o $5.93 of EQR OP preferred units preferred return of 10%
plus $6.37 (book value) of payable out of available cash
EQR units when EQR trades o Tax-exempt (verbal) common
between $40 and $45 ($12.30) limited partnership interest
1416 of EQR units when EQR in Newco, subordinate to
trades above $45 plus $5.93 Mezzanine (DLJ), pan passu
(book value) of EQR OP with Kushner
preferred (GREATER THAN $12.30)
- ----------------------------------------------------------------------------------------------
o 115% of the liquidation o 115% of the liquidation o AIMCO pref.
preference paid in cash preference paid in cash o Cash option
- ----------------------------------------------------------------------------------------------
o Merger of BRI and OP o Merger of BRI and OP o Assumed
o Stock plus $275mm (book value) o Assumed
of preferred securities with a
coupon of 8.25%, call protected
for 5-years
- ----------------------------------------------------------------------------------------------
</TABLE>
- ------------
(1) The common shareholder and OP unitholder will receive $3.23 (book value)
in preferred securities that are worth between $3.00 and $3.13. For
presentation purposes we have shown $3.07.
(2) The common shareholder and OP unitholder will receive $5.93 (book value)
in preferred securities that are worth between $5.51 and $5.75. For
presentation purposes we have shown $5.63.
(3) The CYR has an indicative current market value of $0.07 to $0.11. For
presentation purposes we have shown $0.09.
- 15 -
<PAGE>
BERKSHIRE REALTY COMPANY, INC.
- --------------------------------------------------------------------------------
Valuation of Berkshire (cont'd)
H. Negotiated Bids (Received by 3/30/99) (cont'd)
Terms of the EQR Deal I:
- EQR proposes to acquire the outstanding common shares and OP units
for a stated value of $12.05 per share plus a one year up and out
CVR (explained below) subject to EQR shares remaining within the
collar of [$37.00 to $45.00] per share. Common shareholders and OP
unitholders would receive a combination of EQR stock/units and EQR
8.25% perpetual preferred shares/units. The consideration would be
$8.82 in common/OP shares/units and $3.23 (book value) in preferred
shares/units.
- If the average price of EQR exceeds $45.00, the $150mm of EQR
preferred will be allocated proportionally among all Berkshire
Common Shares and OP Units ($3.23 per share/unit). In addition all
share/unit holders would receive 0.1959 of EQR shares/units.
- When EQR trades below $37, common and OP holders would receive .2383
of EQR shares/units plus $3.23 (book value) of EQR preferred shares
and OP preferred units (when EQR trades below $37, BRI-$12.05).
- The actual conversion ratio would be set at closing, based upon the
average trading closing price of EQR over the prior 30 trading days
($40.96 as of 4/12/99).
EQR Contingent Value Right (Deal I):
o According to EQR's revised verbal proposal, EQR, at their discretion would
pay BRI share/unit holders additional cash or EQR shares/units with a
value equal to the difference between $9.27 and the stock price per EQR
share multiplied by the exchange rate one year after the merger, up to a
maximum $0.45 per BRI share/unit. In the event that anytime within that
one year, EQR share price multiplied by the exchange rate would have
reached a 20-day average value of $9.27 or higher, the CVR would have no
value.
Terms of the EQR Deal II:
- EQR proposes to acquire the outstanding common shares and OP units
for a stated value of $12.30 per share. Common shareholders and OP
unitholders would receive a combination of EQR stock/units and EQR
8.25% perpetual preferred shares/units. Per share/unit of Berkshire,
the consideration would be $6.37 in common/OP shares/units and $5.93
in preferred shares/units as long as EQR shares remained within a
collar of $40.00 to $45.00 per share.
- If the average price of EQR exceeds $45.00, the $275mm of EQR
preferred will be allocated proportionally among all Berkshire
Common Shares and OP Units ($5.93 per share/unit). In addition all
share/unit holders would receive 0.1416 of EQR shares/units.
- When EQR trades below $40, common and OP holders would receive .1593
of EQR shares/units plus additional EQR preferred shares and OP
preferred units to maintain the total consideration of $12.30 up to
$6.41 in preferred (when EQR trades below $37, BRI-$12.00).
- The actual conversion ratio would be set at closing, based upon the
average trading closing price of EQR over the prior 30 trading days
($40.96 as of 4/12/99).
- 16 -
<PAGE>
Confidential
Presentation to:
BERKSHIRE REALTY COMPANY, INC.
Board of Directors
April 13, 1999
[LOGO] LEHMAN BROTHERS
<PAGE>
Table of Contents
================================================================================
I. Scope of Engagement
--------------------------------------------------------------------------
II. Transaction Summary
--------------------------------------------------------------------------
III. Valuation
--------------------------------------------------------------------------
IV. Appendices
A. Summary of Final Proposals
B. Discounted Cash Flow Analysis
[LOGO] LEHMAN BROTHERS
<PAGE>
Scope of Engagement
================================================================================
Scope of Lehman Brothers' Engagement
o Lehman Brothers has been engaged by Berkshire Realty Company, Inc.
(the "Company") to:
-- Provide financial advisory services to the Company;
-- Assist in the evaluation of acquisition proposals from
potential buyers;
-- Render its Opinion to the Board of Directors of the Company
with respect to the fairness, from a financial point of view,
to the Company's stockholders of the consideration to be
received by such stockholders in the Aptco proposal (the
"Proposed Transaction");
-- Render its Opinion to the Board of Directors of the Company
with respect to the fairness, from a financial point of view,
to the holders of units (the "Units") of limited partnership
(the "Unitholders") of BRI OP Limited Partnership (the
"Operating Partnership") of the cash consideration to be
received by such Unitholders in the Proposed Transaction.
[LOGO] LEHMAN BROTHERS 1
<PAGE>
Scope of Engagement
================================================================================
Scope of Lehman Brothers' Opinion
o No limitations were imposed by the Company on the scope of Lehman
Brothers' investigation or the procedures to be followed by Lehman
Brothers in rendering its Opinion, except that the Company did not
authorize Lehman Brothers to solicit, and Lehman Brothers did not
solicit any indications of interest from any third party with
respect to the purchase of the Company or any of its businesses.
o Lehman Brothers' Opinions do not address the Company's underlying
business decision to proceed with or effect the Proposed
Transaction. Lehman Brothers' Opinions are for the use and benefit
of the Board of Directors of the Company and are rendered to the
Board in connection with its consideration of the Proposed
Transaction. Lehman Brothers' Opinions are not intended to be and do
not constitute a recommendation to any stockholder of the Company or
any Unitholder of the Operating Partnership as to how such
stockholder or Unitholder should vote with respect to the Proposed
Transaction.
o Lehman Brothers' Opinion with respect to the cash consideration to
be offered to the Unitholders does not in any manner address the tax
consequences of the Proposed Transaction to any Unitholder or the
fairness to the Unitholder of the limited partnership interests that
it can choose to receive in lieu of cash.
[LOGO] LEHMAN BROTHERS 2
<PAGE>
Scope of Engagement
================================================================================
Scope of Lehman Brothers' Opinion (cont'd)
In arriving at our opinion, Lehman Brothers reviewed and analyzed
information and documents (both public and non-public), including:
-- The Agreement and specific terms of the Proposed Transaction;
-- Publicly available information concerning the Company that we
believe to be relevant to our analysis;
-- Financial and operating information with respect to the
business, operations and prospects of the Company furnished to
us the Company;
-- A trading history of the Company's common stock from April 12,
1997 to the present and a comparison of that trading history
with those of other companies that we have dee med relevant;
-- A comparison of the historical financial results and the
present financial condition of the Company with those of other
companies that we have deemed relevant;
-- A comparison of the financial terms of the Proposed
Transaction with the financial terms of certain other recent
transactions that we have deemed relevant; and
-- The results of the Company's and Lazard Freres & Co., L.L.C.'s
efforts to solicit indications of interest to purchase all or
a portion of the Company's business.
[LOGO] LEHMAN BROTHERS 3
<PAGE>
Scope of Engagement
================================================================================
Scope of Lehman Brothers' Opinion (cont'd)
o In arriving at our opinion, we have assumed and relied upon the
accuracy and completeness of the financial and other information
used by us without assuming any responsibility for the independent
verification of such information and have further relied upon the
assurances of the management of the Company that they are not aware
of any facts that would make such information inaccurate or
misleading. With respect to the financial projections of the
Company, upon advice of the Company we have assumed that such
projections have been reasonably prepared on a basis reflecting the
best currently available estimates and judgments of the management
of the Company as to the future financial performance of the Company
and that the Company will perform substantially in accordance with
such projections.
o Our opinion is based upon market, economic and other conditions as
they exist on the date hereof.
[LOGO] LEHMAN BROTHERS 4
<PAGE>
Transaction Summary
================================================================================
Process
o Company engaged Lehman Brothers and Lazard Freres (the "Advisors")
on May 26, 1998 to explore strategic alternatives.
o Public announcement of hiring of the Advisors on May 26, 1998.
Lazard
o Freres authorized by the Company to solicit indications of interest:
-- 40 prospective acquirers contacted.
-- 31 prospective acquirers received offering memorandum.
o An initial bid date for prospective investors was set for August 21,
1998.
o On or near the bid date, a total of five bids were received, ranging
in nominal value from $11.00 to $13.00 per share.
o Each of the five bidders was invited to conduct more detailed due
diligence.
o At the Board of Directors meeting on November 12, 1998, management
advised the Board that preparation of a bid by management was in
progress.
o Subsequently, a revised bid date was set for February 22, 1999.
o On or near February 22, four new or revised bids were received,
ranging in nominal value from $10.71 to $12.00 per share.
o Negotiations continued with the top three final bidders, Kushner
Companies, Equity Residential Properties Trust and Aptco (management
group), over both price and terms of the merger.
o A transaction with Kushner Companies, the highest bidder, at $12.50
per share was pursued but Kushner Companies was unable to meet
certain merger terms proscribed by the Special Committee.
o The Proposed Transaction with the management group is at $12.25 per
share.
[LOGO] LEHMAN BROTHERS 5
<PAGE>
Transaction Summary
================================================================================
Proposed Transaction: Key Transaction Terms
Transaction: o BRI Acquisition, L.L.C., ("Buyer"), a subsidiary of
Berkshire Realty Holdings, L.P., shall be merged with
and into the Company, with the Company as the surviving
entity.
o BRI Acquisition Sub, L.P. will merge with the Operating
Partnership.
Consideration: o $12.25 per share in cash to all shareholders
o Each unitholder has the option to accept $12.25 cash per
unit or:
a) 7.5% cumulative preferred units redeemable after
five and a half years and callable after six
years; or
b) Common units pari passu with units to be received
by Douglas Krupp.
Debt and Other o Buyer will repay or assume all of the Company's
Liabilities: outstanding debt and liabilities.
Deposit: o $25 million for willful breach by Buyer and expenses up
to $4.5 mm for willful or non-willful breach.
Break-Up Fee: o $25 million (a total of 1.8% of $1,372.6 million) if
Berkshire terminates agreement pursuant to a willful
breach or withdrawal of recommendation; expenses up to
$10.5 million if Berkshire terminates because of willful
breach, withdrawal of recommendation or shareholder
approval of plan of liquidation; expenses up to $15
million if Berkshire terminates because of non-willful
breach or shareholder or partner disapproval.
No-Shop o Berkshire shall not initiate, solicit or encourage any
Provisions: inquiries, proposals or offers, nor shall it engage in
any negotiations or provide any confidential information
unless an unsolicited proposal is determined by the
Board to require action. Berkshire to provide written
notice to Buyer and keep Buyer informed of such
negotiations.
Contingencies: o Berkshire shareholder and partner vote
o Company material adverse change
Acquisition o Buyer warrants to obtain financing or pay the $25
Financing: million in liquidated damages to the Company plus up to
$4.5 million in expenses.
[LOGO] LEHMAN BROTHERS 6
<PAGE>
Transaction Summary
================================================================================
Transaction Economics
o The transaction consideration of $12.25 per share or Unit equates to
approximately $1.37 billion in total consideration:
Total Transaction Consideration
- --------------------------------------------------------------------------------
(in millions, except per share data)
Per Share or Unit Value in Cash $12.25
Shares and Units Outstanding 46.4
Common Equity Value $568.1
Cash to Optionholders(1) 2.2
Convertible Preferred Stock at Liquidation Value 78.7
--------
Total Equity Value $649.0
Plus:
Debt Outstanding 598.2
Questar Obligations - Avalon & Excalibur(2) 58.9
Other Liabilities(3) 66.5
--------
Total Transaction Consideration $1,372.6
o The $12.25 per share consideration represents:
-- 10.1% premium to the Company's closing stock price of $11.13
on April 12, 1999, 8.7% premium to one month average.
-- 1999E FFO multiple of 9.8x (as compared to 8.9x on 4/12/99).
-- 2000E FFO multiple of 9.4x (as compared to 8.5x on 4/12/99).
- -------------------------
(1) 1,569,100 options with an average strike price of $10.85 per share.
(2) Contractual obligations to acquire these properties as disclosed in the
Company's 1998 Form 10-K.
(3) Includes $33.5 million of other liabilities, $8.0 million in severance
costs, $6.0 million in transaction costs, and $15.0 million and $4 million
of additional debt to be incurred through 6/99 for development and capital
expenditures, respectively.
[LOGO] LEHMAN BROTHERS 7
<PAGE>
Valuation
================================================================================
Valuation Methodology
o Lehman Brothers utilized the following valuation methodologies in
evaluating the proposed consideration:
-- Stock Trading Analysis
-- Comparable Company Analysis
-- Comparable Transaction Analysis
-- Net Asset Value Analysis
-- Discounted Cash Flow Analysis
[LOGO] LEHMAN BROTHERS 8
<PAGE>
Valuation
================================================================================
Summary of Conclusion
o The transaction value of $12.25 per share falls within the range of
values indicated by the following valuation methodologies:
Valuation Methodology Range of Values
------------------------------- -----------------
Stock Trading Analysis $9.84 - $11.27
Comparable Company Analysis $8.09 - $15.43
Comparable Transaction Premiums $10.69 - $13.24
Net Asset Value Analysis $11.46 - $12.79
Discounted Cash Flow Analysis $11.17 - $13.11
Berkshire (4/12/99) $11.13
Proposed Consideration $12.25
o Based on the above analyses, Lehman Brothers is of the opinion that
the cash consideration of $12.25 per share or Unit to be offered to
shareholders and Unitholders in the Proposed Transaction is fair,
from a financial point of view, to such stockholders and
Unitholders, without considering the tax consequences of the
Proposed Transaction to any Unitholder.
[LOGO] LEHMAN BROTHERS 9
<PAGE>
Valuation
================================================================================
Stock Trading Analysis
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
[The following table was depicted as a line graph in the printed material.]
BRI 2- COMPS
YEAR TRANSACTION (INDEXED TO
AVERAGE PRICE BRI ON
DATE BRI ($10.94) ($12.25) 4/12/97)
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
4/12/97 $10.88 $10.94 $12.25 $10.88
4/14/97 $10.88 $10.94 $12.25 $10.83
4/15/97 $11.13 $10.94 $12.25 $10.94
4/16/97 $11.00 $10.94 $12.25 $10.97
4/17/97 $10.88 $10.94 $12.25 $10.86
4/18/97 $11.00 $10.94 $12.25 $10.83
4/21/97 $11.13 $10.94 $12.25 $10.73
4/22/97 $11.25 $10.94 $12.25 $10.59
4/23/97 $11.13 $10.94 $12.25 $10.59
4/24/97 $10.88 $10.94 $12.25 $10.48
4/25/97 $11.00 $10.94 $12.25 $10.47
4/28/97 $11.13 $10.94 $12.25 $10.53
4/29/97 $10.88 $10.94 $12.25 $10.57
4/30/97 $10.75 $10.94 $12.25 $10.63
5/1/97 $10.88 $10.94 $12.25 $10.64
5/2/97 $10.88 $10.94 $12.25 $10.70
5/5/97 $11.00 $10.94 $12.25 $10.68
5/6/97 $10.88 $10.94 $12.25 $10.79
5/7/97 $10.88 $10.94 $12.25 $10.83
5/8/97 $10.88 $10.94 $12.25 $10.81
5/9/97 $10.75 $10.94 $12.25 $10.90
5/12/97 $10.75 $10.94 $12.25 $10.99
5/13/97 $10.63 $10.94 $12.25 $11.01
5/14/97 $10.63 $10.94 $12.25 $11.12
5/15/97 $10.88 $10.94 $12.25 $11.13
5/16/97 $10.75 $10.94 $12.25 $11.05
5/19/97 $10.75 $10.94 $12.25 $11.15
5/20/97 $10.63 $10.94 $12.25 $11.19
5/21/97 $10.75 $10.94 $12.25 $11.22
5/22/97 $10.75 $10.94 $12.25 $11.23
5/23/97 $10.75 $10.94 $12.25 $11.21
5/26/97 $10.75 $10.94 $12.25 $11.21
5/27/97 $10.75 $10.94 $12.25 $11.23
5/28/97 $10.88 $10.94 $12.25 $11.23
5/29/97 $10.75 $10.94 $12.25 $11.15
5/30/97 $10.75 $10.94 $12.25 $11.18
6/2/97 $10.75 $10.94 $12.25 $11.13
6/3/97 $10.63 $10.94 $12.25 $11.17
6/4/97 $10.75 $10.94 $12.25 $11.22
6/5/97 $10.63 $10.94 $12.25 $11.23
6/6/97 $10.63 $10.94 $12.25 $11.26
6/9/97 $10.63 $10.94 $12.25 $11.29
6/10/97 $10.75 $10.94 $12.25 $11.37
6/11/97 $10.75 $10.94 $12.25 $11.37
6/12/97 $10.63 $10.94 $12.25 $11.47
6/13/97 $10.88 $10.94 $12.25 $11.68
6/16/97 $10.88 $10.94 $12.25 $11.67
6/17/97 $10.75 $10.94 $12.25 $11.70
6/18/97 $10.88 $10.94 $12.25 $11.78
6/19/97 $10.88 $10.94 $12.25 $11.79
6/20/97 $10.63 $10.94 $12.25 $11.76
6/23/97 $10.75 $10.94 $12.25 $11.75
6/24/97 $10.69 $10.94 $12.25 $11.75
6/25/97 $10.63 $10.94 $12.25 $11.71
6/26/97 $10.63 $10.94 $12.25 $11.67
6/27/97 $10.81 $10.94 $12.25 $11.68
6/30/97 $10.63 $10.94 $12.25 $11.83
7/1/97 $10.75 $10.94 $12.25 $11.73
7/2/97 $10.81 $10.94 $12.25 $11.76
7/3/97 $10.81 $10.94 $12.25 $11.74
7/4/97 $10.81 $10.94 $12.25 $11.74
7/7/97 $10.88 $10.94 $12.25 $11.77
7/8/97 $11.00 $10.94 $12.25 $11.68
7/9/97 $10.94 $10.94 $12.25 $11.66
7/10/97 $11.00 $10.94 $12.25 $11.66
7/11/97 $10.94 $10.94 $12.25 $11.70
7/14/97 $10.94 $10.94 $12.25 $11.71
7/15/97 $10.94 $10.94 $12.25 $11.74
7/16/97 $11.00 $10.94 $12.25 $11.78
7/17/97 $10.94 $10.94 $12.25 $11.80
7/18/97 $10.88 $10.94 $12.25 $11.73
7/21/97 $10.88 $10.94 $12.25 $11.59
7/22/97 $11.00 $10.94 $12.25 $11.60
7/23/97 $11.44 $10.94 $12.25 $11.60
7/24/97 $11.38 $10.94 $12.25 $11.67
7/25/97 $11.31 $10.94 $12.25 $11.59
7/28/97 $11.31 $10.94 $12.25 $11.58
7/29/97 $11.38 $10.94 $12.25 $11.46
7/30/97 $11.13 $10.94 $12.25 $11.44
7/31/97 $11.19 $10.94 $12.25 $11.54
8/1/97 $11.19 $10.94 $12.25 $11.56
8/4/97 $11.19 $10.94 $12.25 $11.61
8/5/97 $11.38 $10.94 $12.25 $11.67
8/6/97 $11.19 $10.94 $12.25 $11.71
8/7/97 $11.19 $10.94 $12.25 $11.79
8/8/97 $10.81 $10.94 $12.25 $11.71
8/11/97 $10.63 $10.94 $12.25 $11.68
8/12/97 $10.81 $10.94 $12.25 $11.71
8/13/97 $10.88 $10.94 $12.25 $11.64
8/14/97 $11.00 $10.94 $12.25 $11.61
8/15/97 $11.00 $10.94 $12.25 $11.53
8/18/97 $11.25 $10.94 $12.25 $11.60
8/19/97 $11.25 $10.94 $12.25 $11.58
8/20/97 $11.38 $10.94 $12.25 $11.53
8/21/97 $11.31 $10.94 $12.25 $11.40
8/22/97 $11.38 $10.94 $12.25 $11.43
8/25/97 $11.31 $10.94 $12.25 $11.34
8/26/97 $11.19 $10.94 $12.25 $11.37
8/27/97 $11.25 $10.94 $12.25 $11.31
8/28/97 $11.38 $10.94 $12.25 $11.37
8/29/97 $11.31 $10.94 $12.25 $11.36
9/1/97 $11.31 $10.94 $12.25 $11.36
9/2/97 $11.38 $10.94 $12.25 $11.43
9/3/97 $11.44 $10.94 $12.25 $11.48
9/4/97 $11.44 $10.94 $12.25 $11.50
9/5/97 $11.44 $10.94 $12.25 $11.50
9/8/97 $11.50 $10.94 $12.25 $11.53
9/9/97 $11.50 $10.94 $12.25 $11.63
9/10/97 $11.69 $10.94 $12.25 $11.68
9/11/97 $11.56 $10.94 $12.25 $11.72
9/12/97 $11.69 $10.94 $12.25 $11.83
9/15/97 $11.81 $10.94 $12.25 $11.80
9/16/97 $12.00 $10.94 $12.25 $11.80
9/17/97 $12.13 $10.94 $12.25 $11.85
9/18/97 $12.06 $10.94 $12.25 $11.90
9/19/97 $11.81 $10.94 $12.25 $11.83
9/22/97 $12.25 $10.94 $12.25 $11.92
9/23/97 $12.25 $10.94 $12.25 $11.99
9/24/97 $12.06 $10.94 $12.25 $12.01
9/25/97 $12.06 $10.94 $12.25 $12.00
9/26/97 $12.25 $10.94 $12.25 $11.93
9/29/97 $12.38 $10.94 $12.25 $11.90
9/30/97 $12.25 $10.94 $12.25 $11.94
10/1/97 $12.25 $10.94 $12.25 $11.96
10/2/97 $12.19 $10.94 $12.25 $11.96
10/3/97 $12.31 $10.94 $12.25 $11.96
10/6/97 $12.25 $10.94 $12.25 $12.04
10/7/97 $11.88 $10.94 $12.25 $12.03
10/8/97 $12.13 $10.94 $12.25 $12.00
10/9/97 $12.00 $10.94 $12.25 $11.84
10/10/97 $12.06 $10.94 $12.25 $11.85
10/13/97 $12.13 $10.94 $12.25 $11.90
10/14/97 $12.00 $10.94 $12.25 $11.94
10/15/97 $12.06 $10.94 $12.25 $11.91
10/16/97 $11.94 $10.94 $12.25 $11.79
10/17/97 $11.75 $10.94 $12.25 $11.73
10/20/97 $11.94 $10.94 $12.25 $11.80
10/21/97 $12.13 $10.94 $12.25 $11.84
10/22/97 $12.06 $10.94 $12.25 $11.81
10/23/97 $12.00 $10.94 $12.25 $11.67
10/24/97 $11.94 $10.94 $12.25 $11.73
10/27/97 $11.50 $10.94 $12.25 $11.54
10/28/97 $12.06 $10.94 $12.25 $11.36
10/29/97 $11.50 $10.94 $12.25 $11.54
10/30/97 $11.06 $10.94 $12.25 $11.48
10/31/97 $11.13 $10.94 $12.25 $11.58
11/3/97 $11.19 $10.94 $12.25 $11.78
11/4/97 $11.00 $10.94 $12.25 $11.83
11/5/97 $11.00 $10.94 $12.25 $11.76
11/6/97 $11.00 $10.94 $12.25 $11.73
11/7/97 $11.00 $10.94 $12.25 $11.72
11/10/97 $11.13 $10.94 $12.25 $11.74
11/11/97 $11.13 $10.94 $12.25 $11.78
11/12/97 $11.00 $10.94 $12.25 $11.71
11/13/97 $10.94 $10.94 $12.25 $11.68
11/14/97 $10.94 $10.94 $12.25 $11.74
11/17/97 $11.06 $10.94 $12.25 $11.79
11/18/97 $11.00 $10.94 $12.25 $11.91
11/19/97 $11.13 $10.94 $12.25 $12.01
11/20/97 $11.19 $10.94 $12.25 $12.18
11/21/97 $11.06 $10.94 $12.25 $12.15
11/24/97 $11.13 $10.94 $12.25 $12.20
11/25/97 $11.00 $10.94 $12.25 $12.05
11/26/97 $11.19 $10.94 $12.25 $12.06
11/27/97 $11.19 $10.94 $12.25 $12.06
11/28/97 $11.38 $10.94 $12.25 $12.10
12/1/97 $11.63 $10.94 $12.25 $12.17
12/2/97 $12.00 $10.94 $12.25 $12.16
12/3/97 $12.06 $10.94 $12.25 $12.17
12/4/97 $12.19 $10.94 $12.25 $12.22
12/5/97 $12.00 $10.94 $12.25 $12.29
12/8/97 $11.63 $10.94 $12.25 $12.28
12/9/97 $12.13 $10.94 $12.25 $12.16
12/10/97 $11.75 $10.94 $12.25 $12.17
12/11/97 $11.50 $10.94 $12.25 $12.15
12/12/97 $11.50 $10.94 $12.25 $12.10
12/15/97 $11.25 $10.94 $12.25 $12.09
12/16/97 $11.56 $10.94 $12.25 $12.10
12/17/97 $11.50 $10.94 $12.25 $11.92
12/18/97 $11.38 $10.94 $12.25 $11.74
12/19/97 $11.25 $10.94 $12.25 $11.66
12/22/97 $10.88 $10.94 $12.25 $11.61
12/23/97 $11.13 $10.94 $12.25 $11.58
12/24/97 $11.13 $10.94 $12.25 $11.58
12/25/97 $11.13 $10.94 $12.25 $11.58
12/26/97 $11.31 $10.94 $12.25 $11.60
12/29/97 $11.38 $10.94 $12.25 $11.65
12/30/97 $11.50 $10.94 $12.25 $11.83
12/31/97 $12.00 $10.94 $12.25 $11.95
1/1/98 $12.00 $10.94 $12.25 $11.95
1/2/98 $11.81 $10.94 $12.25 $11.87
1/5/98 $12.00 $10.94 $12.25 $11.90
1/6/98 $11.88 $10.94 $12.25 $11.92
1/7/98 $11.88 $10.94 $12.25 $11.94
1/8/98 $11.94 $10.94 $12.25 $11.90
1/9/98 $11.50 $10.94 $12.25 $11.79
1/12/98 $11.81 $10.94 $12.25 $11.85
1/13/98 $11.88 $10.94 $12.25 $11.86
1/14/98 $12.00 $10.94 $12.25 $11.88
1/15/98 $12.06 $10.94 $12.25 $11.84
1/16/98 $12.00 $10.94 $12.25 $11.88
1/19/98 $12.00 $10.94 $12.25 $11.88
1/20/98 $12.25 $10.94 $12.25 $11.95
1/21/98 $12.38 $10.94 $12.25 $11.91
1/22/98 $11.88 $10.94 $12.25 $11.90
1/23/98 $11.94 $10.94 $12.25 $11.84
1/26/98 $11.88 $10.94 $12.25 $11.84
1/27/98 $11.94 $10.94 $12.25 $11.80
1/28/98 $11.63 $10.94 $12.25 $11.82
1/29/98 $11.56 $10.94 $12.25 $11.84
1/30/98 $11.81 $10.94 $12.25 $11.76
2/2/98 $11.69 $10.94 $12.25 $11.76
2/3/98 $11.63 $10.94 $12.25 $11.79
2/4/98 $11.63 $10.94 $12.25 $11.73
2/5/98 $11.56 $10.94 $12.25 $11.81
2/6/98 $11.81 $10.94 $12.25 $11.83
2/9/98 $11.88 $10.94 $12.25 $11.77
2/10/98 $11.94 $10.94 $12.25 $11.71
2/11/98 $11.88 $10.94 $12.25 $11.72
2/12/98 $11.69 $10.94 $12.25 $11.69
2/13/98 $11.75 $10.94 $12.25 $11.62
2/16/98 $11.75 $10.94 $12.25 $11.62
2/17/98 $11.63 $10.94 $12.25 $11.57
2/18/98 $11.63 $10.94 $12.25 $11.53
2/19/98 $11.56 $10.94 $12.25 $11.47
2/20/98 $11.44 $10.94 $12.25 $11.45
2/23/98 $11.56 $10.94 $12.25 $11.45
2/24/98 $11.44 $10.94 $12.25 $11.43
2/25/98 $11.50 $10.94 $12.25 $11.48
2/26/98 $11.50 $10.94 $12.25 $11.47
2/27/98 $11.50 $10.94 $12.25 $11.39
3/2/98 $11.50 $10.94 $12.25 $11.39
3/3/98 $11.50 $10.94 $12.25 $11.43
3/4/98 $11.63 $10.94 $12.25 $11.41
3/5/98 $11.75 $10.94 $12.25 $11.36
3/6/98 $11.94 $10.94 $12.25 $11.37
3/9/98 $12.00 $10.94 $12.25 $11.34
3/10/98 $11.75 $10.94 $12.25 $11.36
3/11/98 $11.94 $10.94 $12.25 $11.30
3/12/98 $11.94 $10.94 $12.25 $11.35
3/13/98 $11.94 $10.94 $12.25 $11.40
3/16/98 $11.94 $10.94 $12.25 $11.42
3/17/98 $11.75 $10.94 $12.25 $11.41
3/18/98 $11.75 $10.94 $12.25 $11.28
3/19/98 $11.81 $10.94 $12.25 $11.26
3/20/98 $11.81 $10.94 $12.25 $11.36
3/23/98 $11.69 $10.94 $12.25 $11.43
3/24/98 $11.81 $10.94 $12.25 $11.48
3/25/98 $11.88 $10.94 $12.25 $11.53
3/26/98 $11.81 $10.94 $12.25 $11.58
3/27/98 $11.88 $10.94 $12.25 $11.43
3/30/98 $11.81 $10.94 $12.25 $11.50
3/31/98 $12.00 $10.94 $12.25 $11.59
4/1/98 $11.94 $10.94 $12.25 $11.58
4/2/98 $12.13 $10.94 $12.25 $11.70
4/3/98 $12.13 $10.94 $12.25 $11.75
4/6/98 $12.06 $10.94 $12.25 $11.80
4/7/98 $12.00 $10.94 $12.25 $11.84
4/8/98 $12.06 $10.94 $12.25 $11.74
4/9/98 $12.13 $10.94 $12.25 $11.81
4/10/98 $12.13 $10.94 $12.25 $11.81
4/13/98 $12.13 $10.94 $12.25 $11.77
4/14/98 $12.00 $10.94 $12.25 $11.82
4/15/98 $12.00 $10.94 $12.25 $11.76
4/16/98 $11.88 $10.94 $12.25 $11.68
4/17/98 $11.88 $10.94 $12.25 $11.66
4/20/98 $12.19 $10.94 $12.25 $11.66
4/21/98 $12.06 $10.94 $12.25 $11.58
4/22/98 $12.25 $10.94 $12.25 $11.48
4/23/98 $12.13 $10.94 $12.25 $11.38
4/24/98 $12.06 $10.94 $12.25 $11.36
4/27/98 $12.00 $10.94 $12.25 $11.18
4/28/98 $12.13 $10.94 $12.25 $11.13
4/29/98 $11.88 $10.94 $12.25 $11.20
4/30/98 $12.19 $10.94 $12.25 $11.41
5/1/98 $12.13 $10.94 $12.25 $11.45
5/4/98 $12.31 $10.94 $12.25 $11.54
5/5/98 $12.06 $10.94 $12.25 $11.53
5/6/98 $12.00 $10.94 $12.25 $11.47
5/7/98 $12.00 $10.94 $12.25 $11.41
5/8/98 $12.00 $10.94 $12.25 $11.45
5/11/98 $11.88 $10.94 $12.25 $11.54
5/12/98 $11.88 $10.94 $12.25 $11.58
5/13/98 $11.88 $10.94 $12.25 $11.56
5/14/98 $11.88 $10.94 $12.25 $11.59
5/15/98 $11.88 $10.94 $12.25 $11.66
5/18/98 $11.88 $10.94 $12.25 $11.66
5/19/98 $11.75 $10.94 $12.25 $11.65
5/20/98 $11.81 $10.94 $12.25 $11.59
5/21/98 $11.75 $10.94 $12.25 $11.51
5/22/98 $11.88 $10.94 $12.25 $11.59
5/25/98 $11.88 $10.94 $12.25 $11.59
5/26/98 $12.00 $10.94 $12.25 $11.40
5/27/98 $11.81 $10.94 $12.25 $11.59
5/28/98 $11.94 $10.94 $12.25 $11.56
5/29/98 $12.06 $10.94 $12.25 $11.68
6/1/98 $12.13 $10.94 $12.25 $11.67
6/2/98 $12.13 $10.94 $12.25 $11.67
6/3/98 $12.00 $10.94 $12.25 $11.72
6/4/98 $12.06 $10.94 $12.25 $11.75
6/5/98 $12.06 $10.94 $12.25 $11.66
6/8/98 $12.00 $10.94 $12.25 $11.66
6/9/98 $11.94 $10.94 $12.25 $11.65
6/10/98 $11.69 $10.94 $12.25 $11.57
6/11/98 $11.63 $10.94 $12.25 $11.45
6/12/98 $11.63 $10.94 $12.25 $11.47
6/15/98 $11.38 $10.94 $12.25 $11.42
6/16/98 $11.50 $10.94 $12.25 $11.41
6/17/98 $11.44 $10.94 $12.25 $11.43
6/18/98 $11.50 $10.94 $12.25 $11.37
6/19/98 $11.31 $10.94 $12.25 $11.32
6/22/98 $11.44 $10.94 $12.25 $11.32
6/23/98 $11.44 $10.94 $12.25 $11.36
6/24/98 $11.13 $10.94 $12.25 $11.32
6/25/98 $11.00 $10.94 $12.25 $11.21
6/26/98 $11.00 $10.94 $12.25 $11.23
6/29/98 $11.13 $10.94 $12.25 $11.31
6/30/98 $11.69 $10.94 $12.25 $11.39
7/1/98 $11.75 $10.94 $12.25 $11.43
7/2/98 $11.75 $10.94 $12.25 $11.41
7/3/98 $11.75 $10.94 $12.25 $11.41
7/6/98 $11.81 $10.94 $12.25 $11.51
7/7/98 $11.88 $10.94 $12.25 $11.65
7/8/98 $11.81 $10.94 $12.25 $11.71
7/9/98 $11.94 $10.94 $12.25 $11.73
7/10/98 $11.81 $10.94 $12.25 $11.66
7/13/98 $11.69 $10.94 $12.25 $11.61
7/14/98 $11.63 $10.94 $12.25 $11.63
7/15/98 $11.63 $10.94 $12.25 $11.61
7/16/98 $11.56 $10.94 $12.25 $11.63
7/17/98 $11.44 $10.94 $12.25 $11.58
7/20/98 $11.38 $10.94 $12.25 $11.62
7/21/98 $11.44 $10.94 $12.25 $11.56
7/22/98 $11.44 $10.94 $12.25 $11.41
7/23/98 $11.31 $10.94 $12.25 $11.32
7/24/98 $11.56 $10.94 $12.25 $11.29
7/27/98 $11.56 $10.94 $12.25 $11.24
7/28/98 $11.38 $10.94 $12.25 $11.14
7/29/98 $10.94 $10.94 $12.25 $11.10
7/30/98 $11.00 $10.94 $12.25 $11.21
7/31/98 $10.94 $10.94 $12.25 $11.13
8/3/98 $10.88 $10.94 $12.25 $11.03
8/4/98 $10.69 $10.94 $12.25 $10.92
8/5/98 $11.00 $10.94 $12.25 $10.87
8/6/98 $10.94 $10.94 $12.25 $10.89
8/7/98 $11.13 $10.94 $12.25 $11.09
8/10/98 $11.19 $10.94 $12.25 $11.09
8/11/98 $11.00 $10.94 $12.25 $10.96
8/12/98 $10.94 $10.94 $12.25 $11.04
8/13/98 $10.88 $10.94 $12.25 $11.03
8/14/98 $10.88 $10.94 $12.25 $11.04
8/17/98 $11.19 $10.94 $12.25 $11.06
8/18/98 $11.13 $10.94 $12.25 $11.16
8/19/98 $10.88 $10.94 $12.25 $11.08
8/20/98 $10.81 $10.94 $12.25 $11.01
8/21/98 $10.50 $10.94 $12.25 $10.94
8/24/98 $10.69 $10.94 $12.25 $10.96
8/25/98 $10.56 $10.94 $12.25 $10.81
8/26/98 $10.50 $10.94 $12.25 $10.73
8/27/98 $10.44 $10.94 $12.25 $10.47
8/28/98 $10.25 $10.94 $12.25 $10.38
8/31/98 $9.50 $10.94 $12.25 $10.06
9/1/98 $9.56 $10.94 $12.25 $10.11
9/2/98 $9.94 $10.94 $12.25 $10.14
9/3/98 $9.63 $10.94 $12.25 $10.05
9/4/98 $9.50 $10.94 $12.25 $10.08
9/7/98 $9.50 $10.94 $12.25 $10.08
9/8/98 $9.63 $10.94 $12.25 $10.15
9/9/98 $9.38 $10.94 $12.25 $10.07
9/10/98 $9.19 $10.94 $12.25 $9.92
9/11/98 $9.38 $10.94 $12.25 $9.96
9/14/98 $9.06 $10.94 $12.25 $10.10
9/15/98 $9.13 $10.94 $12.25 $10.22
9/16/98 $9.56 $10.94 $12.25 $10.25
9/17/98 $9.38 $10.94 $12.25 $10.34
9/18/98 $9.88 $10.94 $12.25 $10.54
9/21/98 $9.63 $10.94 $12.25 $10.69
9/22/98 $10.06 $10.94 $12.25 $10.98
9/23/98 $10.31 $10.94 $12.25 $11.12
9/24/98 $10.06 $10.94 $12.25 $11.06
9/25/98 $10.19 $10.94 $12.25 $11.06
9/28/98 $10.13 $10.94 $12.25 $10.94
9/29/98 $10.25 $10.94 $12.25 $10.87
9/30/98 $10.44 $10.94 $12.25 $10.95
10/1/98 $10.00 $10.94 $12.25 $10.80
10/2/98 $10.00 $10.94 $12.25 $10.82
10/5/98 $9.50 $10.94 $12.25 $10.60
10/6/98 $9.50 $10.94 $12.25 $10.52
10/7/98 $9.31 $10.94 $12.25 $10.33
10/8/98 $9.00 $10.94 $12.25 $9.89
10/9/98 $9.00 $10.94 $12.25 $10.07
10/12/98 $8.75 $10.94 $12.25 $10.36
10/13/98 $8.69 $10.94 $12.25 $10.33
10/14/98 $8.81 $10.94 $12.25 $10.35
10/15/98 $8.94 $10.94 $12.25 $10.31
10/16/98 $8.88 $10.94 $12.25 $10.51
10/19/98 $9.06 $10.94 $12.25 $10.64
10/20/98 $9.00 $10.94 $12.25 $10.60
10/21/98 $9.06 $10.94 $12.25 $10.49
10/22/98 $9.25 $10.94 $12.25 $10.56
10/23/98 $9.25 $10.94 $12.25 $10.54
10/26/98 $9.25 $10.94 $12.25 $10.62
10/27/98 $9.19 $10.94 $12.25 $10.48
10/28/98 $8.94 $10.94 $12.25 $10.51
10/29/98 $9.00 $10.94 $12.25 $10.56
10/30/98 $9.00 $10.94 $12.25 $10.57
11/2/98 $9.50 $10.94 $12.25 $10.59
11/3/98 $9.56 $10.94 $12.25 $10.59
11/4/98 $9.63 $10.94 $12.25 $10.66
11/5/98 $9.88 $10.94 $12.25 $10.64
11/6/98 $9.94 $10.94 $12.25 $10.68
11/9/98 $9.94 $10.94 $12.25 $10.64
11/10/98 $10.00 $10.94 $12.25 $10.62
11/11/98 $9.88 $10.94 $12.25 $10.53
11/12/98 $9.88 $10.94 $12.25 $10.54
11/13/98 $9.94 $10.94 $12.25 $10.56
11/16/98 $9.63 $10.94 $12.25 $10.55
11/17/98 $9.63 $10.94 $12.25 $10.46
11/18/98 $9.63 $10.94 $12.25 $10.43
11/19/98 $9.63 $10.94 $12.25 $10.39
11/20/98 $9.63 $10.94 $12.25 $10.33
11/23/98 $9.44 $10.94 $12.25 $10.23
11/24/98 $9.38 $10.94 $12.25 $10.18
11/25/98 $9.56 $10.94 $12.25 $10.10
11/26/98 $9.56 $10.94 $12.25 $10.10
11/27/98 $9.75 $10.94 $12.25 $10.12
11/30/98 $9.50 $10.94 $12.25 $10.09
12/1/98 $9.50 $10.94 $12.25 $10.17
12/2/98 $9.69 $10.94 $12.25 $10.17
12/3/98 $9.63 $10.94 $12.25 $10.14
12/4/98 $9.69 $10.94 $12.25 $10.24
12/7/98 $9.63 $10.94 $12.25 $10.31
12/8/98 $9.50 $10.94 $12.25 $10.31
12/9/98 $9.50 $10.94 $12.25 $10.30
12/10/98 $9.44 $10.94 $12.25 $10.24
12/11/98 $9.38 $10.94 $12.25 $10.23
12/14/98 $9.44 $10.94 $12.25 $10.20
12/15/98 $9.50 $10.94 $12.25 $10.16
12/16/98 $9.56 $10.94 $12.25 $10.24
12/17/98 $9.44 $10.94 $12.25 $10.17
12/18/98 $9.38 $10.94 $12.25 $10.03
12/21/98 $9.19 $10.94 $12.25 $9.97
12/22/98 $9.19 $10.94 $12.25 $9.99
12/23/98 $9.44 $10.94 $12.25 $9.94
12/24/98 $9.38 $10.94 $12.25 $9.98
12/25/98 $9.38 $10.94 $12.25 $9.98
12/28/98 $9.31 $10.94 $12.25 $9.91
12/29/98 $9.25 $10.94 $12.25 $9.88
12/30/98 $9.25 $10.94 $12.25 $9.85
12/31/98 $9.50 $10.94 $12.25 $9.88
1/1/99 $9.50 $10.94 $12.25 $9.88
1/4/99 $9.38 $10.94 $12.25 $9.95
1/5/99 $9.50 $10.94 $12.25 $10.08
1/6/99 $9.63 $10.94 $12.25 $10.09
1/7/99 $9.56 $10.94 $12.25 $10.03
1/8/99 $9.31 $10.94 $12.25 $10.04
1/11/99 $9.38 $10.94 $12.25 $9.99
1/12/99 $9.44 $10.94 $12.25 $10.01
1/13/99 $9.38 $10.94 $12.25 $10.03
1/14/99 $9.25 $10.94 $12.25 $9.99
1/15/99 $9.44 $10.94 $12.25 $10.07
1/18/99 $9.44 $10.94 $12.25 $10.07
1/19/99 $9.63 $10.94 $12.25 $10.06
1/20/99 $9.63 $10.94 $12.25 $9.99
1/21/99 $9.56 $10.94 $12.25 $9.88
1/22/99 $9.75 $10.94 $12.25 $9.83
1/25/99 $9.69 $10.94 $12.25 $9.88
1/26/99 $9.69 $10.94 $12.25 $9.76
1/27/99 $9.75 $10.94 $12.25 $9.77
1/28/99 $9.81 $10.94 $12.25 $9.73
1/29/99 $9.75 $10.94 $12.25 $9.67
2/1/99 $9.56 $10.94 $12.25 $9.79
2/2/99 $9.63 $10.94 $12.25 $9.77
2/3/99 $9.75 $10.94 $12.25 $9.76
2/4/99 $9.63 $10.94 $12.25 $9.75
2/5/99 $9.69 $10.94 $12.25 $9.69
2/8/99 $9.69 $10.94 $12.25 $9.65
2/9/99 $9.56 $10.94 $12.25 $9.79
2/10/99 $9.25 $10.94 $12.25 $9.72
2/11/99 $9.25 $10.94 $12.25 $9.69
2/12/99 $9.25 $10.94 $12.25 $9.67
2/15/99 $9.25 $10.94 $12.25 $9.67
2/16/99 $9.38 $10.94 $12.25 $9.66
2/17/99 $9.31 $10.94 $12.25 $9.64
2/18/99 $9.31 $10.94 $12.25 $9.62
2/19/99 $9.31 $10.94 $12.25 $9.59
2/22/99 $9.25 $10.94 $12.25 $9.61
2/23/99 $9.31 $10.94 $12.25 $9.48
2/24/99 $9.38 $10.94 $12.25 $9.43
2/25/99 $9.44 $10.94 $12.25 $9.37
2/26/99 $9.50 $10.94 $12.25 $9.39
3/1/99 $9.56 $10.94 $12.25 $9.41
3/2/99 $9.75 $10.94 $12.25 $9.39
3/3/99 $9.75 $10.94 $12.25 $9.48
3/4/99 $9.69 $10.94 $12.25 $9.43
3/5/99 $10.69 $10.94 $12.25 $9.49
3/8/99 $11.19 $10.94 $12.25 $9.46
3/9/99 $11.31 $10.94 $12.25 $9.58
3/10/99 $11.44 $10.94 $12.25 $9.54
3/11/99 $11.50 $10.94 $12.25 $9.53
3/12/99 $11.44 $10.94 $12.25 $9.54
3/15/99 $11.50 $10.94 $12.25 $9.53
3/16/99 $11.38 $10.94 $12.25 $9.40
3/17/99 $11.38 $10.94 $12.25 $9.38
3/18/99 $11.31 $10.94 $12.25 $9.33
3/19/99 $11.38 $10.94 $12.25 $9.34
3/22/99 $11.25 $10.94 $12.25 $9.33
3/23/99 $11.44 $10.94 $12.25 $9.26
3/24/99 $11.19 $10.94 $12.25 $9.31
3/25/99 $11.25 $10.94 $12.25 $9.31
3/26/99 $11.25 $10.94 $12.25 $9.28
3/29/99 $11.31 $10.94 $12.25 $9.31
3/30/99 $11.25 $10.94 $12.25 $9.33
3/31/99 $11.19 $10.94 $12.25 $9.31
4/1/99 $11.19 $10.94 $12.25 $9.35
4/2/99 $11.19 $10.94 $12.25 $9.35
4/5/99 $11.19 $10.94 $12.25 $9.35
4/6/99 $11.06 $10.94 $12.25 $9.33
4/7/99 $11.13 $10.94 $12.25 $9.31
4/8/99 $11.13 $10.94 $12.25 $9.33
4/9/99 $11.38 $10.94 $12.25 $9.40
4/12/99 $11.13 $10.94 $12.25 $9.45
</TABLE>
Average Premium
------- -------
4/12/99 $11.13 10.11%
One Week $11.16 9.74%
One Month 11.27 8.72%
Three Months 10.25 19.48%
Six Months 9.84 24.54%
One Year 10.48 16.90%
Two Year 10.94 11.97%
- --------------------------------------------------------------------------------
[LOGO] LEHMAN BROTHERS 10
<PAGE>
Valuation
================================================================================
Comparable Company Analysis
o Five comparable public multifamily REITs were selected based on
geography and relative size:
<TABLE>
<CAPTION>
Total Market Total Apartment
Capitalization Geographic Units
($000) Locations
-------------- ------------------------------ ---------------
<S> <C> <C> <C>
Summit Properties $1,282,964 D.C., FL, GA, IN, NC, OH, VA 16,263
Camden Property Trust 2,352,331 AZ, CA, CO, FL, KY, MO, NV, NC, 48,365
TX
Walden Residential 1,455,988 AZ, CA, CO, FL, GA, IN, NM, OK, 42,858
TN, TX, UT
Gables Residential 1,692,925 FL, GA, TN, TX 23,139
Mid-America 1,421,952 AL, AR, FL, GA, KY, MO, MS, NC, 31,791
OH, SC, TN, TX, VA
Berkshire 1,157,317 FL, GA, MD, NY, NC, SC, TN, TX 24,387
</TABLE>
[LOGO] LEHMAN BROTHERS 11
<PAGE>
Valuation
================================================================================
Comparable Company Analysis (cont'd)
<TABLE>
<CAPTION>
Value FFO Multiple (1) EBITDA Mult.
Price per Apt. ---------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Comparable Apartment REITs 4/12/99 (000s) 1998 1999 2000 1998(2) 1999(3)
- -----------------------------------------------------------------------------------------------------
Berkshire Realty 11.13 $45.0 9.7 8.9 8.5 10.9 10.2
Berkshire Realty (acq. price) 12.25 $47.1 10.7 9.8 9.4 11.4 10.7
- -----------------------------------------------------------------------------------------------------
Gables Residential 22.81 $65.3 8.6 7.9 7.3 11.3 10.9
Summit Properties 16.88 $65.1 8.4 7.8 7.3 11.7 12.1
Camden Property Trust 24.56 $40.3 8.3 7.7 7.1 10.9 10.9
Mid-America 23.50 $40.5 8.0 7.6 7.2 11.0 N/A
Walden Residential 17.44 $31.9 6.9 6.6 6.2 9.8 9.8
-------------------------------------------------------
Average - Without Berkshire $48.6 8.1 7.5 7.0 10.9 10.9
</TABLE>
Notes:
(1) Per share growth rates based on First Call consensus estimates.
(2) 1998 Average Total Market Capitalization divided by LTM EBITDA.
(3) Based on analysts' estimates.
- --------------------------------------------------------------------------------
Mean Median Range
---- ------ -----
FFO Multiple
--------------------------------------------------------------
1999 7.5x 7.7x 6.6x - 7.9x
Implied Value $9.40 $9.59 $8.26 - $9.87
--------------------------------------------------------------
2000 7.0x 7.2x 6.2x - 7.3x
Implied Value $9.20 $9.44 $8.09 - $9.59
--------------------------------------------------------------
EBITDA Multiple
--------------------------------------------------------------
1998 10.9x 11.0x 9.8x - 11.7x
Implied Value $11.09 $11.21 $8.61 - $12.76
--------------------------------------------------------------
1999 10.9x 10.9x 9.8x - 12.1x
Implied Value $12.42 $12.34 $9.56 - $15.43
--------------------------------------------------------------
[LOGO] LEHMAN BROTHERS 12
<PAGE>
Valuation
================================================================================
Comparable Transaction Analysis
o Eight public-to-public multifamily REIT mergers that occurred since
January 1997 were deemed comparable to the Proposed Transaction.
Comparable Transactions
<TABLE>
<CAPTION>
FFO Multiple Premium
-------------------- ------------------
Annc. Transaction Current Forward One 60-Day
Date Target Acquiror Value Year(1) Year(2) Day(3) Avg.(4)
- -------- --------------------- ------------------ ----------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
7/8/98 Merry Land Equity Residential $2,200.0 11.4x 10.5x 10.9% 15.2%
Security Capital Security Capital
4/2/98 Atlantic Pacific 1,600.0 12.3x 11.1x 14.9% 12.3%
3/8/98 Avalon Apartments Bay Apartment 1,960.0 12.6x 11.1x -1.4% -3.9%
12/23/97 Ambassador AIMCO 682.0 11.2x 10.7x 3.4% -1.7%
Camden Property
12/17/97 Oasis Residential Trust 972.0 11.0x 10.8x 9.5% 6.1%
8/28/97 Evans Withycombe Equity Residential 1,075.0 13.3x 12.6x 14.2% 19.0%
8/4/97 Columbus Realty Trust Post Properties 600.0 12.9x 12.0x 6.9% 11.6%
1/16/97 Wellsford Residential Equity Residential 989.0 12.0x 11.2x 5.3% 10.1%
------- ------- ------- -------
Average 12.1x 11.3x 8.0% 8.6%
</TABLE>
Mean Median Range
-------- --------- -----------------
Premiums Paid (60-Day Avg.) 8.6% 10.9% -3.9% - 19.0%
Implied Value $12.08 $12.34 $10.69 - $13.24
Forward FFO Multiple 11.3x 11.1x 10.5x - 12.6x
Implied Value $14.13 $13.88 $13.13 - $15.75
- ----------
(1) Price per share paid divided by consensus estimates for FFO per share in
calendar year of transaction announcement.
(2) Price per share paid divided by consensus estimates for FFO per share in
calendar year subsequent to transaction announcement.
(3) Price per share paid divided by target's last closing share price prior to
announcement.
(4) Price per share paid divided by target's average closing share price for
60 days prior to announcement.
[LOGO] LEHMAN BROTHERS 13
<PAGE>
Valuation
================================================================================
Comparable Transaction Analysis (cont'd)
o As shown in the graph below, FFO multiples have declined
significantly since July 1998. Because all of the comparable
transactions in the multifamily REIT sector occurred prior to this
market decline, the valuations implied by the comparable transaction
multiples is deemed less relevant than the other valuation
methodologies.
- --------------------------------------------------------------------------------
FFO Multiple Trends
- --------------------------------------------------------------------------------
FFO Mulitple
------------
Mulitifamily AI REITs
---------------------------
Jan-98 11.3 11.5
Feb-98 11.3 11.3
Mar-98 10.8 11.1
Apr-98 11.1 11.2
May-98 10.8 10.8
Jun-98 10.8 10.7
Jul-98 10.6 10.5
Aug-98 9.5 8.8
Sep-98 9.1 8.4
Oct-98 8.9 8.6
Nov-98 8.9 8.8
Dec-98 9.0 8.8
Jan-99 8.7 8.6
Feb-99 8.6 8.4
- --------------------------------------------------------------------------------
[LOGO] LEHMAN BROTHERS 14
<PAGE>
Valuation
================================================================================
Net Asset Value Analysis
o Using the Company's projected NOI for 1999, the net asset value per
share was calculated at capitalization rates ranging from 9.50% to
10.00%.
<TABLE>
<CAPTION>
($ in thousands)
------------------------------------------
<S> <C> <C> <C>
1999 Real Estate NOI (1) $121,573 $121,573 $121,573
Capitalization Rate 9.50% 9.75% 10.00%
------------------------------------------
Value of Real Estate $1,279,714 $1,246,901 $1,215,728
Add: Cash, Land and Other Assets 60,116 60,116 60,116
Add: Implied Option Consideration (2) 17,020 17,020 17,020
Less:
Liquidation Value of Convertible Preferred Stock (78,689) (78,689) (78,689)
Debt (3) (598,199) (598,199) (598,199)
Other Liabilities (4) (66,529) (66,529) (66,529)
------------------------------------------
Net Asset Value (NAV) $613,433 $580,620 $549,448
Shares, Options & OP Units Outstanding 47,946 47,946 47,946
------------------------------------------
NAV Per Share $12.79 $12.11 $11.46
==========================================
Questar Obligations - Avalon & Excalibur 58,900 58,900 58,900
Implied Total Consideration $1,398,730 $1,365,917 $1,334,744
</TABLE>
----------
(1) NOI is pro forma for the acquisition of Granite Run property in
January 1999.
(2) 1,569,100 options with an average exercise price of $10.85 per
share.
(3) Debt is pro forma for the assumption of $25,500 of debt from
acquisition of Granite Run in January 1999.
(4) Includes $33.5 million of other liabilities, $8.0 million in
severance costs, $6.0 million in transaction costs and $15 million
and $4 million of additional debt to be incurred for development
and capital expenditures through 6/99.
o The Proposed Transaction represents an implied capitalization rate
of approximately 9.7%.
[LOGO] LEHMAN BROTHERS 15
<PAGE>
Valuation
================================================================================
Discounted Cash Flow Analysis
o Key Assumptions:
-- Projection period of July 1, 1999 to December 31, 2002.
-- Utilized the Company's financial projections for 1999 through
2002.
-- Cash flows discounted at a range of 10.0% to 11.0% weighted
average cost of capital, assuming:
o 12%-15% cost of equity
o 51% leverage, based on average of comparable companies
o Terminal value based upon FFO multiple of 7.5 to 8.5
times trailing FFO
-------------------------------------------------------------------
Discount Rate
----------------------------------------------
10.0% 10.5% 11.0%
----------------------------------
Terminal 7.5x $11.89 $11.53 $11.17
FFO 8.0x $12.50 $12.13 $11.76
Multiple 8.5x $13.11 $12.73 $12.35
-------------------------------------------------------------------
[LOGO] LEHMAN BROTHERS 16
<PAGE>
Appendix A
================================================================================
Summary of Final Proposals
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Kushner Equity Residential Equity Residential
Companies Properties Trust (Bid 1) Properties Trust (Bid 2) Management
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Nominal Value $12.50 $12.30 $12.05 plus contingent $12.25
Per Share or value right providing
OP Unit that BRI shareholders
receive cash or
EQR common shares
such that total
consideration
equates to $12.50
per share within
one year.
- --------------------------------------------------------------------------------------------------------------
Form of Common: Cash Common: Common and Common: Common and Common: Cash
Consideration $275 mm of $150 mm of
to 8.25% 8.25% Preferred
Shareholders Preferred
and OP
Unitholders
OP: Cash, common or OP: Common and $275 mm OP: Common and $150 mm OP: Cash, senior
preferred of 8.25% Preferred of 8.25% Preferred preferred or
limited common limited
partnership partnership
interests interests
- --------------------------------------------------------------------------------------------------------------
Consideration 115% of par value 115% of par value paid 115% of par value paid 115% of par value
to Series paid in cash in cash in cash paid in cash
1997-A
Preferred
- --------------------------------------------------------------------------------------------------------------
Collar Fixed value Fixed value of $12.30 Fixed value of $12.05 Fixed value
Provisions within collar of within collar of
$37-$45 per share $37-$45 per share
Fixed exchange ratio Fixed exchange ratio
outside collar of outside collar of
$40-$45 per share $37-$45 per share
From $35-$37 per share,
amount of preferred
increased to make value
$12.30
- --------------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] LEHMAN BROTHERS 17
<PAGE>
Appendix A
================================================================================
Summary of Final Proposals (cont'd)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Kushner Equity Residential Equity Residential
Companies Properties Trust (Bid 1) Properties Trust (Bid 2) Management
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Face Value
Per Share:
Cash $12.50 $12.25
Common Stock $6.37 $8.82
Preferred 5.93 3.23
Stock
Continguent
Value Rights 0.04(1)
- --------------------------------------------------------------------------------------------------------------
Total $12.50 $12.30 $12.09 $12.25
- --------------------------------------------------------------------------------------------------------------
Adjustments:
Preferred ($0.26)(2) ($0.14)(2)
Stock
Management
Contracts (0.03)(3) (0.03)(3)
Affiliate
Agreements (0.01)(4) (0.01)(4)
Dividend
Differential (0.07)(5) (0.08)(5) (0.25)(6)
- --------------------------------------------------------------------------------------------------------------
Adjusted
Value Per $12.50 $11.93 $11.83 $12.00
Share
- --------------------------------------------------------------------------------------------------------------
</TABLE>
- ------------
(1) Based on the midpoint of Lehman Brothers' estimate of the market value of
the contingent value rights ranging from approximately $0.03 to $0.05 per
share.
(2) Based on the midpoint of Lehman Brothers' estimate of the market value of
the 8.25% preferred stock ranging from approximately 94% to 97% of face
value.
(3) Assumes $1.5 million in expenses for the cancellation of management
contracts.
(4) Assumes company estimate of $665,000 in expenses associated with the
cancellation of affiliate agreements.
(5) Based on synchronization of dividend with Equity Residential Properties
Trust's current annualized dividend yield of 6.97%.
(6) Assumes transaction closes on October 29, 1999.
[LOGO] LEHMAN BROTHERS 18
<PAGE>
Appendix B
================================================================================
Discounted Cash Flow Analysis
($ in millions) 1999 2000 2001 2002
---- ---- ---- ----
Real Estate NOI $121,573 $127,297 $132,243 $137,023
Other Income 6,235 6,116 6,109 6,104
G&A (13,510) (13,510) (13,780) (14,056)
--------------------------------------------------
EBITDA $114,298 $119,903 $124,572 $129,072
Capital Expenditures (1) (9,755) (9,755) (9,755) (9,755)
--------------------------------------------------
EBITDA After CapEx $104,543 $110,148 $114,817 $119,317
Terminal Value 1,315,892
--------------------------------------------------
Total Cash Flow $104,543 $110,148 $114,817 $1,435,209
==================================================
Net Present Value @ 11.0% $1,228,310 (2)
Less: Net Debt (3) (585,832)
Less: Preferred @ Liq. Value (78,689)
----------
Equity Value $563,789
==========
Diluted Shares & OP Units 47,946
Value Per Share/OP Unit $11.76
Terminal Value
2002 FFO $81,421
Terminal FFO Multiple 8.0x
----------
Terminal Equity Value 651,371
Preferred @ Liquidation Value 78,689
Net Debt 585,832
----------
Terminal Value $1,315,892
==========
- -----------------------------------------------
Discount Rate
------------------------------------
10.0% 10.5% 11.0%
--------------------------
Terminal 7.5x $11.89 $11.53 $11.17
FFO 8.0x $12.50 $12.13 $11.76
Multiple 8.5x $13.11 $12.73 $12.35
- -----------------------------------------------
- ----------
(1) Assumes capital expenditures of $400/apartment unit for 24,387 units.
(2) Discounted to 6/30/99.
(3) Debt is pro forma for the assumption of $25.5 mm of debt from acquisition
of Granite Run in January 1999.
[LOGO] LEHMAN BROTHERS 19
<PAGE>
EXHIBIT 99.17
FINAL COMMITMENT
July 29, 1999
Berkshire Realty Holdings, L.P.
Attention: Douglas S. Krupp, Chairman
One Beacon Street, Suite 1550
Boston, Massachusetts 02108
Re: Financing of 57 Multifamily Apartment Properties Located in
Texas, South Carolina, North Carolina, New York, Maryland,
Georgia and Florida, Owned By Affiliated Entities of
Berkshire Realty Holdings, L.P. ( the "Transaction")
Gentlemen:
This Final Commitment (the "Final Commitment") is entered into by and
between Reilly Mortgage Group, Inc. ("Lender") and Berkshire Realty Holdings,
L.P. ("Berkshire," and collectively with each of its to-be affiliated entities
that will own the Premises (as hereinafter defined), the "Borrower") and the
other signatories hereto to define the final terms of the Transaction. The
individual components of the Transaction are each referred to herein
collectively and individually as the "Loan." The Federal Home Loan Mortgage
Corporation will be referred to herein as "Freddie Mac."
TERMS
1. Loan Amount: The aggregate Loan Amount (the "Loan Amount") is expected to be
and will not exceed Seven Hundred Eight Million Three Hundred Forty-Four
Thousand and 00/100 Dollars ($708,344,000.00), assuming the financing of all
properties described on Exhibits A-1 and A-2 (collectively, the "Premises"), but
will be reduced by the amount attributable to any property Exclusions, as
defined in paragraph 12 below. The exact Loan Amount shall be determined once
the Interest Rate (as defined below) is locked pursuant to paragraph 3 below.
The actual Loan Amount for each Loan shall be rounded down to the nearest
$1,000. The correlation between Interest Rate and Loan Amount for Pool Two and
Pool One is described in paragraphs 3(a)(v) and 3(b) below. The Transaction is
to be structured in two pools (respectively, "Pool One" and "Pool Two"), as set
forth on Exhibits A-1 and A-2.
2. Loan Term: The terms for Pool One and Pool Two are as follows:
Pool One: Term: Seventy-two (72) months
Lockout Period: Not applicable
Yield Maintenance Period: Not applicable
Pool Two: Term: Eighty-four (84) months
Lockout Period: Not applicable
Prepayment: Yield Maintenance (78 months) with a minimum
prepayment premium of 1% or Defeasance; no prepayment premium
required during the six (6) month period from expiration of
yield maintenance until the end of the Loan Term.
<PAGE>
The formula used to calculate prepayment premiums during yield maintenance
is set forth in the Note (as hereinafter defined) relative to Pool Two. For both
pools, prepayment, in whole or part, shall be permitted under the terms set
forth in the Loan Documents (as hereinafter defined). Borrower is required to
pay 115% of the then-current unpaid principal balance of an individual Loan for
purposes of releasing an individual property in either pool from the
cross-collateralization agreement and the Security Instrument that
relates to such property, and the additional 15% will be applied as provided in
the Loan Documents without payment of the prepayment premium.
3. Interest Rate: Interest shall be payable on all unpaid principal amounts of
the Loan from the date of closing through the date of repayment of the Loan at a
contract rate of interest (the "Interest Rate") selected and confirmed as set
forth herein and as provided in the Loan Documents (as defined below).
(a) The Interest Rate on Pool Two (fixed rate) shall be determined as
provided below in this paragraph 3(a). The Freddie Mac guaranty fee for Pool Two
shall be 84 basis points and the servicing fee shall be 6.5 basis points.
Borrower acknowledges, however, due to treasury and dealer spread fluctuations
that the Interest Rate for Pool Two cannot be fixed until the Borrower accepts
this Final Commitment and all fees required herein and then due and payable have
been received by Lender in immediately available funds. The Interest Rate on
Pool Two shall be subject to market conditions until the Interest Rate is
locked. Borrower must "lock" the Interest Rate ("Rate Lock") which will fix the
Loan Amount for every Loan in Pool Two simultaneously by completing the
following procedures:
(i) Borrower shall deposit with Lender (to be held in escrow until
Rate Lock) a fee (the "Rate Lock Fee") equal to 3% of the
total anticipated Loan Amount of Pool Two (or such lesser
amount as may be acceptable to the purchaser (the "Investor")
of the participation certificates ("PC's") to be issued by
Freddie Mac in connection with Pool Two). Lender will endeavor
to obtain a Rate Lock Fee less than 3%. This deposit must be
in the form of cash and will be refunded to the Borrower after
Freddie Mac issues the PC's. If the interest rate has been
locked and the Transaction fails to close by October 15, 1999
as that date may be extended as provided in paragraph 19, the
Rate Lock Fee will be applied as set forth in paragraph 23.
(ii) Borrower shall give Lender twenty-four (24) hours notice of
Borrower's desire to Rate Lock, including the designation of a
two (2) hour period (the "Rate Lock Window") during which Rate
Lock will occur and which must be wholly contained within the
hours of 9:00 AM to 4:00 PM Eastern Standard Time, Monday
through Friday, excluding any holiday observed by the Federal
Reserve Bank.
(iii) During the Rate Lock Window, Lender will quote current
interest rates available in the market via telephone
conversation.
(iv) In the event the Borrower, Whitehall Street Real Estate
Limited Partnership XI ("Whitehall"), The Berkshire Companies
Limited Partnership ("Krupp") and Blackstone Real Estate
Partners III L.P., Blackstone Real Estate Partners III FF L.P.
and Blackstone Real Estate Holdings III L.P. (collectively,
"Blackstone") find the rate quoted for Pool One and Pool Two
pursuant to subparagraph (iii) above to be acceptable and
authorize Lender to Rate Lock by telephone, they will
acknowledge their acceptance via recorded telephone
conversation. Borrower represents and warrants to Lender that
any one of Douglas Krupp, David Olney and George Krupp is
authorized to Rate Lock via recorded telephone conversation.
At this point, the Interest Rate will be deemed locked at the
quoted rates, constituting a binding offer by the Borrower to
accept the Loan on the terms conveyed on the recorded line and
set forth in Certificate Confirming Loan Amount, Interest Rate
and Payment of Fees (the "Certificate"), an example of which
is attached to this Final Commitment as Exhibit C and a
substantially
2
<PAGE>
final form of which shall be provided to Borrower, Whitehall,
Krupp and Blackstone prior to Rate Lock. Immediately
following Rate Lock, Lender will fax the completed
Certificate to the Borrower confirming said terms. This
Certificate must be executed by the Borrower, Whitehall, Krupp
and Blackstone and immediately faxed back to Lender. This date
shall be the "Rate Lock Date."
(v) In the event that the locked Interest Rate on the Loans in
Pool Two does not exceed 7.705% the aggregate Loan Amount for
the Loans in Pool Two shall be $503,713,000.00, which shall be
the maximum Loan Amount for Pool Two. In the event that the
Interest Rate on the Pool Two Loans is in excess of 7.705%,
the aggregate Loan Amount on the Pool Two Loans will be
reduced as shown on Exhibit D.
(vi) In the event the Interest Rate is not locked within ten (10)
business days after the date this Commitment is fully
executed, Borrower shall not be entitled to lock an Interest
Rate, Lender shall have no obligation to close the Transaction
and the Good Faith Deposit (as hereinafter defined) and the
Rate Lock Fee shall be returned to Borrower.
(b) The Interest Rate on Pool One (floating rate) shall be equal to the
thirty (30) day LIBOR (the "LIBOR") plus a spread equal to the number of basis
points determined on the Rate Lock Date and approved by the Borrower (inclusive
of any guaranty fee and servicing fee) and shall float with LIBOR during the
term. In the event that the Interest Rate on Pool One does not exceed 6.580% the
aggregate Loan Amount for the Loans in Pool one shall be $204,631,000, which
shall be the Maximum Loan Amount for Pool One. In the event that the Interest
Rate on the Pool One Loans is in excess of 6.580%, the aggregate Loan Amount on
the Pool One Loans will be reduced as shown on Exhibit E. The Rate Lock on Pool
One with respect to the spread above LIBOR must occur simultaneously with the
Rate Lock on Pool Two and shall follow the same procedure.
(c) On the Rate Lock Date, Borrower shall (i) purchase a three (3) year
interest rate cap for the benefit of Lender ("3 Year Cap") to be in place on the
date of closing at not more than 300 basis points over LIBOR on the Rate Lock
Date with a notional amount equal to the full portion of the Loan Amount
attributed to Pool One, and (ii) purchase a three (3) year interest rate cap for
the benefit of Lender ("4-6 Year Cap") to be in place upon the expiration of the
3 Year Cap for years 4-6 of the Loan Term at not more than 300 basis points over
LIBOR on the Rate Lock Date, for a notional amount equal to one-half (1/2) of
the portion of the Loan Amount attributed to Pool One. Borrower shall fund an
escrow on a monthly basis commencing at closing in an amount necessary to fund
the purchase price of an additional interest rate cap for the benefit of Lender
(the "Additional Cap") to be in place upon the expiration of the 3 Year Cap for
years 4-6 of the Loan Term at not more than 300 basis points over LIBOR on the
Rate Lock Date with a notional amount equal to the excess of the Loan balance
attributable to Pool One Loans over the notional amount for the 4-6 Year Cap.
The escrow for the Additional Cap shall be adjusted semi-annually to reflect
prepayments of Loans in Pool One and changes in the anticipated cost of the
Additional Cap. Borrower shall purchase the Additional Cap prior to the
expiration of the 3 Year Cap. In the event that the Loans in Pool One have been
prepaid to an extent that their aggregate Loan Amount is less than the notional
amount of the 3 Year Cap, the 4-6 Year Cap or the Additional Cap (to the extent
purchased), the Lender shall permit a modification of the agreements related to
the applicable rate cap (the "Rate Cap Agreements") or partial sale thereof to
reduce the notional amount of such cap to an amount not less than the then
aggregate Loan Amount relating to the Loans in Pool One. The counterparty on
each of the Rate Cap Agreements shall have a rating of not less than Aa3 by
Moody's or AA- by Standard and Poor's.
(d) From and after Rate Lock, the Certificate shall represent the final
understanding of Borrower, Whitehall, Blackstone and Krupp with respect to the
Interest Rate and the other matters addressed therein; provided, however, that
the Loan Amount shall remain subject to reduction because of Exclusions as set
forth in paragraph 12 of this Final Commitment. In no event shall Borrower,
Whitehall, Blackstone or Krupp have any right from and after Rate Lock to
contest the Interest Rate or
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the other matters set forth in the Certificate or to claim that the same
represent a breach of any warranty or representation by the Lender.
4. Payments: The Borrower shall pay (i) at closing, adjusted interest from
the date of closing through the end of the closing month, (ii) commencing on
the first (1st) day of the second (2nd) full month following closing, and
continuing through the Loan Term, monthly payments of principal and interest
calculated on an amortization period of 360 months, and (iii) with the final
scheduled monthly installment, all remaining principal and accrued interest,
fees and charges, repaid in full. Interest for Pool One and Pool Two will be
calculated on a 30/360 basis. In the event the loans in Pool Two are closed
in the same month that the PCs are issued, the first amortization payment
will be due on those loans on the first day of the first full month following
closing.
5. Loan Documents: All documents evidencing and/or securing the Loan shall be on
Freddie Mac's Uniform Instruments heretofor delivered to Borrower (and any other
documents approved by Freddie Mac) for each Loan; including, without limitation,
the promissory note (the "Note"), the deed of trust, mortgage or deed to secure
debt (whichever applies, the "Security Instrument"), the replacement reserve
agreement, the repair escrow agreement, the borrower's certificate, the
cross-collateralization agreement, pledge agreements related to the Rate Cap
Agreements, the financing statements and the exceptions to non-recourse guaranty
required pursuant to paragraph 7 below (collectively, the "Loan Documents").
Borrower agrees to execute the Loan Documents, as required, at closing. The
terms and conditions of Freddie Mac's Uniform Instruments shall be modified or
amended only as agreed to by Borrower, Lender and Freddie Mac to accurately
reflect the terms of the Loan. Certain document modifications agreed to as of
this date are evidenced by a marked Loan Document set initialed by counsel to
Borrower, Lender and Freddie Mac. The Rate Cap Agreements and the pledge
agreements and the legal opinions related thereto must incorporate commercially
reasonable terms as determined by Lender and Freddie Mac in their discretion.
Borrower and Lender acknowledge and agree that the form of all Loan Documents
shall be finalized (in a manner consistent with the marked Loan Documents
referred to above) not less than thirty (30) days prior to closing.
6. Security: Lender shall receive (i) a first mortgage lien on the Premises and
appurtenant facilities and improvements, and a first priority security interest
in all personal property owned by the Borrower, machinery, equipment, building
materials, contract rights, accounts, furniture, fixtures, royalties and other
rights related thereto, as well as all leases, rents, revenues and proceeds
therefrom (ii) an assignment of the rate caps pursuant to the Rate Cap
Agreements, and (iii) all proceeds of the foregoing. Each Loan shall be
cross-collateralized and cross-defaulted within their respective pools to the
extent a cross is permitted under applicable law and as approved by Freddie Mac.
Pool One and Pool Two will not be cross-collateralized and cross-defaulted
inter-pool.
7. Borrower, Guarantors and Liability of Borrower: On the closing date, each of
the properties comprising the Premises shall be titled in a single asset, single
purpose entity whose organizational documents have been reviewed and approved by
Lender. Lender agrees that such single purpose entity shall not be required to
have an independent director. The personal liability of the Borrower shall be
limited as set forth in the Loan Documents. Berkshire (but no other entity or
individual) must execute an Exceptions to Non-Recourse Guaranty; which shall
include, without limitation, liability should Borrower voluntarily file for
bankruptcy protection or be the subject of a collusive involuntary bankruptcy
filing.
8. Escrow Deposits:
(a) The Borrower shall make an initial deposit with the Lender at closing,
and subsequent monthly deposits as required by the Loan Documents, to pay when
due, the annual amount of taxes, assessments, and similar annual charges, as
reasonably estimated by the Lender, to be held by the Lender in escrow for the
payment of such charges when due. Interest will accrue at an annual rate of 2%
for the benefit of the Borrower. The Lender shall determine the initial deposit
to fund the escrow at closing. Thereafter, deposits sufficient, in the
aggregate, for the full payment of each such charge must be in the Lender's
escrow account on the first (1st) day of the month preceding the month in which
such charge is due, and the Borrower shall be obligated for any deficiency. All
escrow deposits are subject to
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adjustment based on anticipated charges, as reasonably estimated by the
Lender, when actual charges are unknown.
(b) Lender has waived its requirements for initial and ongoing deposits to
escrow for the cost of the insurance policies required by the Security
Instrument.
(c) The replacement reserve escrow deposits shall be calculated for
each property based on the amount of $250.00 per unit per year, but shall be
initially waived. Lender's waiver of these escrow requirements shall be
immediately rescinded with respect to all loans in a Pool upon (i) a decline
of the aggregate debt service coverage rates as determined by Freddie Mac in
accordance with its standard practice, including considering any subordinate
debt ("DCR") of that pool below 1.15 (for Pool One, DCR shall be calculated
based upon the lesser of (i) the then-current interest rate on Pool One Loans
plus 200 basis points and (ii) the spread on the Pool One Loans plus the
strike rate set forth in the 3 Year Cap or the 4-6 Year Cap, as applicable)
based upon annual audit of the properties or (ii) the occurrence of an event
of default. Interest will accrue to the benefit of the Borrower at 2% per
annum.
(d) Borrower shall establish an escrow with Lender pursuant to repair
escrow agreements related to individual properties in the amounts and for the
items set forth in Exhibit F.
(e) The Borrower shall deposit in escrow with the Lender at closing
$22,976,000 of the Loan proceeds from Pool One, to be held by Lender in an
interest bearing account or other investment vehicle agreed upon by Borrower and
Lender until the acquisition of the Courts of Avalon Apartments, Pikesville,
Maryland, the entering into of the Security Instrument and the
Cross-Collateralization Agreement with respect thereto and the satisfaction of
the other Freddie Mac Requirements (as hereinafter defined) with respect
thereto; provided, however, that the amount escrowed pursuant to this sentence
shall be reduced to equal the final Loan Amount attributable to Courts of Avalon
Apartments. Upon such satisfaction, all of such proceeds except $9,000,000 shall
be released to Borrower from such escrow. Such $9,000,000 shall be released from
such escrow upon the earliest to occur of (i) the release of the Courts of
Avalon Apartments from the cross-collateralization agreement and the Security
Instrument related thereto or (ii) the date on which 94% of the rental units at
Courts of Avalon Apartments, Pikesville, Maryland, have been occupied by tenants
for ninety (90) consecutive days at the underwritten rental rates or upon
Borrower providing the Lender a then-current certified rent roll complying with
Freddie Mac Requirements showing economic effective rents, as determined by
Freddie Mac in accordance with its standard practices, to be no less than
$295,570 per month. If the acquisition of the Courts of Avalon Apartments and
the satisfaction of the Freddie Mac Requirements with respect thereto have not
occurred on or prior to January 1, 2000, Borrower shall have the right to a
release of such escrow upon prepayment of an amount equal to 115% of the amount
placed into escrow pursuant to the first sentence of this paragraph 8(e).
9. Loan Requirement: Borrower acknowledges that it is familiar with Freddie Mac
standard program requirements ("Freddie Mac Requirements") and agrees to close
each Loan in accordance with all of Freddie Mac Requirements; including, without
limitation, the conditions attached hereto as Exhibit G, and the title and
survey instructions based on such Freddie Mac Requirements and previously
supplied to Borrower. Without limiting the generality of the foregoing, Borrower
also agrees to satisfy the specific requirements attached hereto as Exhibit F.
10. Special Provisions:
(a) Substitution of Collateral. Each Security Instrument for a Pool Two
Loan shall contain language providing that, at any time after the date which is
nine (9) months after the date of the Security Instrument, Lender shall consent
to the substitution of the portion of the Premises defined in such Security
Instrument with another multifamily property located in the United States of
America, without an adjustment in the Interest Rate, provided that Borrower
satisfies certain conditions specifically detailed in the Security Instrument;
including, without limitation Borrower's payment of a fee to Freddie Mac in the
amount of (i) 25 Basis Points of that portion of the Loan Amount originally
allocated to the subject property on each of the first 10 substitutions, and
(ii) 50 Basis Points on each substitution thereafter,
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together with the Lender fees set forth on Exhibit H and all reasonable third
party costs of Lender associated with the substitution, including, without
limitation, the reasonable fees of Lender's counsel, and all expenses for
title work, other third party reports, recordation and other related matters.
(b) Defeasance. The Note evidencing each Loan in Pool Two shall contain
language providing that Borrower may cause a release of the portion of the
Premises defined in that Security Instrument for such Loan from the lien of
the Security Instrument upon the presentation of acceptable securities to
secure the Loan in place of the portion of the Premises defined in such
Security Instrument, such release to be made on a date when a scheduled
monthly payment is due under the Note, or upon prepayment of the release
price for the applicable portion of the Premises, as described in the Loan
Documents. Such release shall be contingent upon the satisfaction of certain
conditions specifically detailed in the Note; including, without limitation
Borrower's payment of a review fee of $2,000.00 per event of defeasance, the
Lender fees set forth on Exhibit H and the reasonable fees of Lender's
accountants and legal counsel and any and all other reasonable third party
costs and expenses relating to recordation and other evidence of the release.
(c) Assumption/Release. Each Security Instrument for a Pool Two Loan shall
contain language providing that upon an approved Transfer, as defined in the
Security Instrument, and execution of (i) an assumption agreement by the
transferee, in form reasonably acceptable to Lender, stating, among other
things, that the transferee shall perform all obligations of Borrower set forth
in the Note, the Security Instrument and the other Loan Documents and (ii) a
guaranty that, at Lender's election, shall be in the same form executed in
conjunction with the Loan or on the form customarily required by Lender at the
time of the Transfer, executed by a guarantor approved by Lender in its
reasonable discretion, in which such guarantor assumes all obligations under the
prior guaranty. In the event that a clean Phase I environmental report and
acceptable engineer's report are provided to Lender, the prior guarantor and the
Borrower shall be released from liability related to the property being
transferred and the Loan being assumed; provided that, at Borrower's option, the
assumption and release shall relate only to obligations arising after the date
of Transfer. The approval of any assumption shall be conditioned upon the
satisfaction of certain provisions specifically detailed in the Security
Instrument; including, without limitation, Borrower's payment of a review fee to
be divided between Freddie Mac and Reilly (which shall be the lesser of 100
Basis Points of that portion of the Loan Amount originally allocated to the
subject property or $120,000.00 for each loan reviewed) and the reasonable fees
of Lender's accountants and legal counsel, any and all reasonable third party
expenses related to third party reports, any and all Lender out-of-pocket costs
and expenses, and such other fees of the Lender as shown on Exhibit H relating
to any re-underwriting of the subject loan or the pool required by Freddie Mac,
and the costs and expense of title reports and endorsements, recordation and
other evidence of the assumption. Individual properties that are sold, with the
applicable Loan being assumed, shall be released from the cross-default and
cross-collateralization provisions of the security instruments provided that (i)
the property being sold/released (the "Released Mortgage") has a minimum 1.35
DCR (or a minimum DCR of 1.30, but only if (A) subordinate Freddie Mac financing
has been placed on such property as provided in paragraph 10(d) hereof (any such
property, a "Subordinated Debt Property") and (B) Borrower pays to Freddie Mac
an additional fee equal to 0.5% of the sum of (y) the portion of the Loan Amount
originally allocated to such Subordinated Debt Property and (z) the principal
amount of such subordinate Freddie Mac financing; provided that Borrower shall
be entitled to releases of Subordinate Debt Properties with a DCR less than 1.35
(but greater than or equal to 1.30) only with respect to properties having
aggregate Loan Amounts not exceeding 25% of the aggregate Loan Amounts of the
Pool Two properties), (ii) the mortgages originally cross-collateralized and
cross-defaulted with the Released Mortgage, including the Released Mortgage (the
"Original Mortgages"), have an aggregate minimum 1.35 DCR (in the case of
properties which are not Subordinated Debt Properties) or 1.30 (in the case of
Subordinated Debt Properties), and (iii) the mortgages remaining of those
originally cross-collateralized and cross-defaulted with the Released Mortgage,
after removal of the Released Mortgage, have an aggregate DCR greater than or
equal to the DCR on the Original Mortgages immediately prior to the removal of
the Released Mortgages. Assumption/release will be specifically prohibited in
the Security Instruments on Pool One.
(d) Subordinate Debt. The Security Instruments will contain language
permitting subordinate Freddie Mac financing to be placed on the Premises, up to
an 80% loan-to-value ratio as
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determined by Freddie Mac on each property, on or after the date which is
twelve (12) months after the date of the Security Instrument and prior to the
final two (2) years of the Loan Term. The subordinate financing shall be in
accordance with then applicable Freddie Mac Requirements, with such
modifications to the applicable loan documents as are consistent with the
terms and conditions of the applicable Loans (with respect to, by way of
example but not limitation, prepayment premiums, maturity date, defeasance,
substitution, release and assumption) and the modifications to the Freddie
Mac Uniform Instruments contemplated by this Final Commitment. Such
subordinate debt shall be conditioned upon the satisfaction of certain
conditions specifically detailed in the Security Instrument; including,
without limitation Borrower's payment of a fee to Freddie Mac of $5,000.00,
the Lender fees set forth in Exhibit H and the reasonable fees of Lender's
accountants and legal counsel and any and all reasonable third party costs
and expenses relating to necessary third party reports and title reports and
endorsements, recordation and other evidence of the subordinate debt.
11. Fees:
(a) Good Faith Deposit: Upon execution of this Commitment the Borrower
will be required to deposit with Lender the amount of $5,000,000 (the "Good
Faith Deposit") by wire transfer of funds. This Good Faith Deposit will be
transferred to Freddie Mac upon Rate Lock and held by Freddie Mac until closing.
In the event the Transaction fails to close, the Good Faith Deposit shall be
deemed earned by Freddie Mac at the time of Rate Lock and is non-refundable,
subject to the terms of paragraph 23.
In the event that the Transaction closes, the Good Faith Deposit shall be
applied at closing against the Freddie Mac Pool One Transaction Fee, the Freddie
Mac Pool Two Transaction Fee and any other fees, costs and expenses owing to
Lender hereunder.
(b) Freddie Mac Pool One Transaction Fee: The Borrower shall pay to the
Lender for the account of Freddie Mac at closing, a Freddie Mac Pool One
Transaction Fee equal to 1.25% of the aggregate Loan Amount of Pool One. This
charge is deemed earned by Freddie Mac upon Borrower's execution of this Final
Commitment, is payable at closing, and is non-refundable, except as provided in
paragraph 23.
(c) Freddie Mac Pool Two Transaction Fee: The Borrower shall pay to the
Lender for the account of Freddie Mac at closing a Freddie Mac Pool Two
Transaction Fee in an amount equal to one-half of one percent (0.50%) of the
aggregate Loan Amount for Pool Two. This charge is deemed earned by Freddie Mac
upon Borrower's execution of this Final Commitment, is payable at closing, and
is non-refundable, except as provided in paragraph 23.
(d) Lender Origination Fee: Borrower shall pay to Lender an Origination
Fee in the amount of One Million Dollars ($1,000,000.00), one-half of such
Origination Fee to be paid upon acceptance of this Final Commitment and the
remaining amount to be paid at closing. Each portion of the Origination Fee
shall be deemed fully earned on payment or as otherwise provided in paragraph
23, and thereafter such portion shall be non-refundable. Lender acknowledges
receipt of the non-refundable $50,000.00 Initial Engagement Fee, which amount
shall be applied against the Origination Fee at closing.
(e) Lender LIBOR Loan Fee: Borrower shall pay to Lender a Lender LIBOR
Loan Fee in the amount of 0.05% of the Pool One Loan Amount, one-half of such
loan fee to be paid upon acceptance of this Final Commitment and the remaining
amount to be paid at closing. Each portion of the Lender LIBOR Loan Fee shall be
deemed fully earned on payment, or as otherwise provided in paragraph 23, and
thereafter such portion shall be non-refundable.
(f) Additional Lender Origination Fee: Borrower shall pay to Lender an
Additional Lender Origination Fee in an amount equal to the greater of $375,000
or the origination fee for Berkshire Towers (as set forth below), $187,800 of
such loan fee to be paid upon acceptance of this Final Commitment and the
remaining amount to be paid at closing. Each portion of the Additional Lender
Origination Fee shall be deemed fully earned on payment, or as otherwise
provided in paragraph 23, and thereafter such portion shall be non-refundable.
Lender agrees, however, to process an application for the financing of a
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property known as Berkshire Towers located in Silver Spring, Maryland with an
origination fee equal to the greater of $375,000 or 0.75% of the final,
agreed upon loan amount for such property; and, in the event that Lender
issues a commitment to finance such property and such financing closes,
Lender agrees that the Additional Lender Origination Fee shall be credited to
the origination fee due Lender in connection with the financing of Berkshire
Towers.
12. Exclusion of Loans: In the event one or more of the Loans in the
Transaction fails to meet the physical condition, environmental, survey or
title standards specified in the Freddie Mac Requirements (other than
deficiencies specified in Exhibit F), Lender and Freddie Mac reserve the
right to exclude any such Loans from the Transaction ("Exclusions"). Lender
and Borrower acknowledge and agree, to the best of their respective
knowledge, that each property meets the Freddie Mac Requirements as to
physical condition and environmental matters as of the date hereof, except as
expressly provided in Exhibit F. If an Exclusion occurs, Borrower shall pay
an exclusion fee equal to the amount set forth in paragraph 23(b).
13. Intentionally deleted.
14. Closing: Closing of every Loan shall commence at the offices of Lender's
special counsel on a date and at a time mutually agreeable but allowing no less
than three (3) business days prior to funding of the Loan, which funding in any
event must not occur later than October 15, 1999 (as extended as provided
herein, the "Outside Closing Date") it being agreed that the actual closing date
may occur prior to the Outside Closing Date, but not prior to September 15, 1999
and not between September 16, 1999 and September 30, 1999, inclusive. The
Outside Closing Date may be extended pursuant to paragraph 19 and the date of
expiration of each such extension shall be deemed the Outside Closing Date.
Borrower agrees to cooperate with Lender so that all Loan Documents can be
executed by 11:00 a.m. on the day prior to funding and to request that the
recording of the Security Instruments, the financing statements and the
assignment of security instrument to Freddie Mac for every Loan occur prior to
4:00 p.m. on the date of funding. The Lender shall wire funds to the title
insurance company issuing the title insurance policies in connection with the
Loan and such funds shall be disbursed in accordance with the written
instructions of the Lender and Borrower to such closing agent and with a
settlement statement approved by the Borrower. Otherwise, closing shall be
accomplished by a "New York style" closing.
15. Expenses:
(a) Borrower shall pay when due, whether or not the Loan closes, all
reasonable third party expenses, fees and charges in respect to the Loan, its
processing and its closing, or in any way connected therewith, including,
without limitation, appraisal fees, survey costs, title insurance costs,
architectural fees, engineering fees, inspections fees, legal fees, mortgage or
similar taxes and all attorneys' fees and legal costs of Lender. The cost of
legal counsel to Lender shall be as set forth in paragraph (b) below. Lender
acknowledges receipt of the Initial Engagement Fee, the Application Fee, the
Commitment Fee and an additional fee respecting the Park Colony Phase II
properties (collectively, the "Received Fees"), for a total shown on Exhibit H.
Lender has expended in third party costs and underwriting/processing fees as
shown on Exhibit H. If the Transaction fails to close, the Received Fees and any
additional fees subsequently received and paid or applied by Lender, or earned
by third parties but not yet disbursed to them by Lender, shall not be returned.
Any unexpended, unearned Received Fees as of that date shall be returned to
Borrower.
(b) The amount of the fees of Lender's Special Counsel (as designated in
Paragraph 16 below) shall be determined as follows: (i) a fixed fee of $4,000
for each property that is a part of the Premises for the property level real
estate and closing work, a fixed rate of $1,500 for each of the four (4)
properties originally contemplated to be a part of the Premises but not included
on Exhibit A, and an additional amount computed on a time charge basis at the
standard hourly rates of Lender's Special Counsel for work on modifications to
any loan documents requested by counsel to Borrower for the purpose of
minimizing recording taxes and for work on other special issues as authorized by
Borrower or its counsel, (ii) a fee computed on a time charge basis at the
standard hourly rates of Lender's Special Counsel for structuring the
transaction and negotiating loan documents, and (iii) all out-of-pocket
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expenses and disbursements of Lender's Special Counsel. Lender acknowledges
receiving a retainer (along with any future retainers, the "Legal Fee
Retainer") in the amount of $122,000. Upon the execution of this Commitment,
Borrower shall deposit an additional Legal Fee Retainer of $112,000. The
Legal Fee Retainer shall be applied against the fixed fees described in (i)
above. The fees billed at hourly rates and the expenses and disbursements
described in (iii) shall be paid by Borrower on a monthly basis within ten
(10) business days after the transmittal of a statement from Lender to
Borrower, but in no event later than the earlier of the actual closing date
or the Outside Closing Date.
16. Closing Attorney: The Lender's special counsel shall be Mark S. Shiembob,
Esquire, and Bernice H. Cilley, Esquire, Mays & Valentine, L.L.P., 1111 East
Main Street, Richmond, Virginia 23219 (mailing address: Post Office Box 1122,
Richmond, Virginia 23218) (telephone number (804) 697-1200) herein referred
to as Special Counsel.
17. Engagement Letter/Application Letter/Conditional Commitment: The Loan terms
set forth in the Engagement Letter by and between Borrower and Lender, dated
November 2, 1998 (the "Engagement Letter"), the Application Letter by and
between Borrower and Lender, dated November 2, 1998 (the "Application Letter")
and the Revised Conditional Commitment dated May 26, 1999 (the "Conditional
Commitment") are superceded by the Loan terms as stated in this Final
Commitment.
18. Further Assurances: Berkshire, the general partners of Berkshire and each
Borrower hereby expressly acknowledge (i) that Lender has entered or will enter
into a Purchase Agreement (the "Purchase Agreement") with Freddie Mac pursuant
to which Freddie Mac will acquire every Loan from Lender, (ii) that Lender is
strictly obligated to close every Loan and deliver the same, and (iii) that
failure of Lender to deliver every Loan will be construed by Freddie Mac and/or
the Investor as a breach of Lender's obligations and may subject Lender to
serious damages, including the imposition of other fees. Therefore, but subject
to paragraph 23, Berkshire, its general partners and each Borrower hereby
expressly agree:
(i) to perform all of the requirements, terms and conditions
contained herein at the time and in the manner herein and as
reasonably required by Freddie Mac;
(ii) to refrain from taking any action that would result in
Lender's inability to close timely and deliver the Loan to
Freddie Mac;
(iii) on the request of Lender, to re-execute or ratify any of the
Loan Documents and to execute any other documents as may be
reasonably necessary to effect the delivery of the Loan to
Freddie Mac; provided that Lender shall return the prior
version of any document that is re-executed and provided
further such Loan Documents and other documents do not impose
greater liability or other obligation, monetary or otherwise,
on Berkshire, its general partners and/or any Borrower (or its
Principals) than is contemplated by this Final Commitment; and
(iv) to indemnify and hold Lender harmless for any breach of
Lender's obligations to Freddie Mac and/or the Investor
because of any act or omission of Borrower.
19. Extension Fee.
(a) Borrower acknowledges that under Lender's agreement with the Investor,
Lender will be required to close every Loan on or before October 15, 1999 and to
deliver the PC's to the Investor within twenty-five (25) days after the Outside
Closing Date. If Rate Lock occurs and every Loan (other than Exclusions) is not
closed and funded on or before October 15, 1999, the Outside Closing Date shall
be extended for three consecutive thirty (30) day periods upon Borrower paying
to Lender an extension fee to be specified in the Certificate for each and every
thirty (30) day extension of the Outside Closing Date beyond October 15, 1999;
provided, however, that in no event shall the funding of the Loan occur after
December 14, 1999 until January 5, 2000, which shall be the final date on which
the Loan may fund. In the event that Rate Lock occurs and every Loan (other than
Exclusions) is closed, Borrower also agrees
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to pay upon demand a delivery extension fee to be specified in the
Certificate for each thirty (30) day extension if the PCs have not been
delivered to the Investor within twenty-five (25) days after the Outside
Closing Date because of Borrower's failure to comply with this Commitment.
Any extension fee applicable to a period of less than thirty (30) days (i.e.,
the period commencing on the Outside Closing Date immediately prior to the
extension and ending on the date of the actual closing or the PC delivery, as
the case may be) will be prorated based upon the length of such extension
expressed in the number of weeks (rounding up on any partial week) divided by
four (4).
(b) Borrower acknowledges that under Lender's agreement with Freddie
Mac, Lender will be required to close every Loan on or before October 15,
1999 and to deliver every Loan within one, two or three business days after
the closing date, depending upon the closing date, with evidence of recording
to be provided to Freddie Mac within three (3) business days after funding.
If Rate Lock occurs and every Loan (other than Exclusions) is not closed and
funded on or before October 15, 1999, the Outside Closing Date shall be
extended for consecutive periods described below upon Borrower paying to
Lender for the account of Freddie Mac the following fees. Borrower shall pay
an extension fee for an extension of the Outside Closing Date until October
29, 1999 in the amount of $125,000, an additional extension fee of $200,000
for a further extension of the Outside Closing Date to November 14, 1999, an
additional extension fee of $200,000 for a further extension of the Outside
Closing Date to November 30, 1999, an additional extension fee of $200,000
for a further extension of the Outside Closing Date to December 14, 1999 and
a final extension fee of $1,000,000 for an extension of the Outside Closing
Date to January 5, 2000; provided, however, that in no event shall the
funding of the Loan occur after December 14, 1999 until January 5, 2000,
which shall be the final date on which the Loan may fund. In the event that
Rate Lock occurs and every Loan is closed (other than Exclusions), Borrower
also agrees to pay upon demand the same extension fee as set forth in the
preceding sentence if the PCs have not been delivered to the Investor within
twenty-five (25) days after the Outside Closing Date because of Borrower's
failure to comply with this Commitment.
(c) Notwithstanding anything in this Paragraph 19 to the contrary, in the
event Lender and/or Freddie Mac and/or their agents are solely responsible for
any delay in the Loan closing or the delivery of the PCs to the Investor, no
fees, costs or deposits shall be charged to the Borrower for any extension.
(d) Borrower shall pay the fee for any extension of the Outside Closing
Date contemplated in paragraphs 19(a) and (b) above by wire transfer of
immediately available funds, which must be received by Lender prior to the
expiration of the then-current Outside Closing Date.
(e) Borrower acknowledges that pursuant to the Purchase Agreement, Freddie
Mac is not obligated to issue the PC during the last six (6) business days of
the calendar month and in such event the next issue date shall be no later than
the fifth (5th) business day of the next calendar month.
20. Advertising: Upon closing of the Loan, Lender and Freddie Mac shall be
deemed to have the Borrower's approval to use Berkshire's name and the name of
any affiliated Borrowers (but not the names of Berkshire's partners), the names
and locations of the Premises and such other information concerning the
Transaction as Lender and/or Freddie Mac shall, in the exercise of reasonable
business judgement, deem appropriate for advertising purposes. Borrower shall
have the right to review and approve all proposed advertising; provided, that
such approval shall not be unreasonably withheld or delayed. Upon closing of the
Loan, Borrower shall have corresponding advertising rights, subject to the prior
approval of Lender and Freddie Mac: provided, that such approval shall not be
unreasonably withheld or delayed.
21. Reliance: This Final Commitment is for the sole benefit of the Borrower and
shall not be relied upon by any other party. Lender and Borrower intend and
agree that no party shall be construed to be a third party beneficiary of this
Final Commitment and that Borrower shall not be deemed a third party beneficiary
of the Purchase Agreement. Borrower shall indemnify and hold Lender harmless
from and against the claims of agents, brokers and any other third party
claimants making demand upon Lender as a result of the origination,
underwriting, closing, delivery or servicing of the Loan and claiming to have
10
<PAGE>
dealt with Borrower or Borrower's agents. The Loan Documents shall contain
customary indemnification provisions with respect to such matters.
22. Exclusivity/Confidentiality:
(a) Berkshire, its general partners and each Borrower covenant and
agree that, until the earlier of (i) the closing of the Loan or (ii) the
Outside Closing Date, Berkshire, its general partners and/or Borrowers shall
not contact, solicit, negotiate with or otherwise communicate or deal with
any other party for the purposes of financing all or any portion of the
Transaction (other than Loans that are Exclusions) or any substitute
transaction(s) respecting the Premises; including, without limitation, any
transactions involving secondary financing, or the issuance of, or swap for
or with any PC's or other secondary market financing vehicle; provided,
however that if the closing of the Transaction does not occur on the
scheduled closing date by reason of the act or omission of Lender or Freddie
Mac, then the exclusive granted herein shall expire on such scheduled closing
date.
(b) Berkshire, its general partners and each Borrower acknowledge and
agree that the terms of the Engagement Letter, Application Letter,
Conditional Commitment and this Final Commitment, and any communications
relating thereto are and have been strictly confidential and have not and
shall not be disclosed by Berkshire, its partners or Borrowers except as (i)
authorized by Lender and Freddie Mac in conjunction with the Transaction,
(ii) to the extent required in any proxy statement or filing with the
Securities and Exchange Commission related to the Transaction, (iii) to the
extent that such disclosure is necessary, to accountants, attorneys and other
professional consultants for the sole purpose of closing the Loan, and (iv)
to the extent required in connection with any consent solicitation or
offering memorandum relating to the Transaction.
(c) The provisions of this paragraph 22 shall survive the termination of
this Final Commitment pursuant to paragraph 3(a)(vi).
23. Damages:
(a) Except as provided in paragraphs 23(c) and (d) below, in the event
Rate Lock occurs, but no Loan closes by the Outside Closing Date, then: (i)
Freddie Mac shall retain the Good Faith Deposit and any extension fee paid by
Borrower pursuant to paragraph 19(b) in full satisfaction of Borrower's
obligation to pay the Freddie Mac Pool One Transaction Fee and the Freddie Mac
Pool Two Transaction Fee as set forth in paragraphs 11(b) and (c), in full
satisfaction of all other fees, costs and expenses due to Freddie Mac in
connection with the Transaction, and in full satisfaction of Freddie Mac's other
damages incurred because the Transaction does not close; (ii) Lender shall have
earned the remainder of the Origination Fee, the remainder of the Additional
Lender Origination Fee and the remainder of the Lender LIBOR Loan Fee (such
amounts, collectively, the "Lender Fee Amount"); Borrower shall pay Lender the
Lender Fee Amount, an amount equal to lost value of Lender's servicing rights
for the Loan, and all amounts due pursuant to paragraphs 15 and 21 within three
(3) business days after written demand therefor; and Borrower further agrees to
pay any other damages Lender is able to prove; and (iii) Borrower shall pay to
Lender, and shall indemnify and hold Lender harmless against, any actual damages
due to the Investor by reason of locking the Interest Rate on the Pool Two Loans
(the "Investor Damages"). No Investor Damages shall be paid with respect to the
Pool One Loans. Lender, at its option, shall have the right to enforce any
rights or remedies it may have at law or in equity with respect to the
collection of any amounts due to Lender under this paragraph 23(a) and Borrower
shall pay all costs of such collection, including, but not limited to,
reasonable attorney's fees and disbursements (which, as such costs and expenses
relate to Investor Damages, shall be included in the definition of "Investor
Damages"). Notwithstanding anything in this Final Commitment to the contrary,
Investor Damages shall not be limited to the Rate Lock Fee. Any amount of the
Rate Lock Fee which exceeds Investor Damages and the amounts due Lender as
provided in (ii) above shall be refunded to the Borrower promptly after Investor
Damages are determined.
(b) Except as provided in paragraphs 23(c) and (d) below, in the event
Rate Lock occurs and a portion of the Loan closes by the Outside Closing Date
but a portion of the Loan is subject to Exclusions pursuant to paragraph 12,
then: (i) Freddie Mac shall retain from the Good Faith Deposit an
11
<PAGE>
amount equal the Freddie Mac Pool One Transaction Fee or the Freddie Mac Pool
Two Transaction Fee, as applicable, multiplied by the portion of the Loan
Amount attributable to the Exclusions and shall also retain the full amount
of any extension fee paid by Borrower pursuant to paragraph 19(b) in full
satisfaction of Borrower's obligation to pay the Freddie Mac Pool One
Transaction Fee and the Freddie Mac Pool Two Transaction Fee relating to the
Exclusions, in full satisfaction of all other fees, costs and expenses due to
Freddie Mac in connection with the Exclusions, and in full satisfaction of
Freddie Mac's other damages incurred relating to the Exclusions, (ii) Lender
shall have earned the portion of the Lender LIBOR Loan Fee multiplied by the
portion of the Loan Amount attributable to the Exclusions and Borrower shall
pay the portion of such fee to Lender at closing in full satisfaction of
Lender's damages related to the Exclusions other than Investor Damages; and
(iii) Borrower shall pay to Lender, and shall indemnify and hold Lender
harmless against, any Investor Damages due to the Investor related to any of
the Pool Two Loans that are Exclusions. Any amount of the Rate Lock Fee which
exceeds Investor Damages and the amounts due Lender as provided in (ii) above
shall be refunded to the Borrower promptly after Freddie Mac issues the PCs
and Investor Damages are determined.
(c) In the event that Rate Lock occurs but no Loan closes by the
Outside Closing Date because the merger contemplated by the partnership
agreement of Berkshire (the "Merger") does not occur by reason of a lack of
shareholder approval or a lawsuit filed to injoin such Merger, and Borrower
has otherwise complied with the terms, covenants and conditions of this
Commitment in all material respects, then Freddie Mac shall retain $2,500,000
from the Good Faith Deposit in accordance with paragraph 23(a)(i) above and
Lender shall refund the remaining $2,500,000 to Borrower promptly after
receipt thereof from Freddie Mac. In addition, in the event that Rate Lock
occurs but no Loan closes by the Outside Closing Date because (a) this Final
Commitment is terminated pursuant to paragraph 24 or (b) the Merger does not
occur because any of the conditions to the Merger Agreement have not been
satisfied, because of any matter referred to in the preceding sentence, or
because of a superior third-party offer, Borrower shall be liable to Lender
for (and only for) the Lender Fee Amount, the Investor Damages and any
amounts due pursuant to paragraphs 15 and 21 hereof.
(d) In the event the Transaction fails to close solely due to an act or
omission of Lender or Freddie Mac, then Lender shall return the Good Faith
Deposit promptly after the receipt thereof from Freddie Mac and shall return the
amount by which the Rate Lock Fee exceeds any Investor Damages. Borrower shall,
in addition, have the right to proceed against Lender for any actual damages
(including costs of collection)provable by Borrower by reason of the failure of
the Transaction to close.
(e) The parties have agreed in this paragraph 23 on sole and exclusive
remedies which the parties agree are reasonable as damages for such occurrences.
The parties hereby mutually waive any defense as to the validity of any such
remedies stated in this paragraph 23 as they may appear on the grounds that such
remedies are void as penalties. Other than as expressly provided in paragraph
15, paragraph 21 and this paragraph 23, the parties shall not be liable for any
loss of profits, loss of use, or indirect special, incidental, consequential,
punitive or exemplary damages of any kind in connection with or arising out of
this Final Commitment whether alleged as a breach of any provision of this Final
Commitment or whether alleged in connection with tortious conduct. The parties'
respective maximum liability regardless of the form of action shall not, where
maximum amounts are specified in this paragraph 23, in any event exceed such
maximum amounts.
12
<PAGE>
24. Termination of the Commitment: The Lender may terminate this Final
Commitment if:
(a) any material adverse change shall occur at any time prior to the
closing of the Loan with respect to (i) the Premises as a whole, or (ii) the
credit of the Borrower taken as a whole excluding any financing of other
properties of Borrower; or
(b) any material part of the Premises as a whole shall have taken in
condemnation or other like proceeding, or any such proceeding is pending or
threatened at the time of the Loan closing or any material part of the Premises
taken as a whole is damaged and not repaired to the Lender's satisfaction prior
to closing.
25. Time is of the Essence: Time is of the essence as to Borrower's undertakings
in this Final Commitment.
26. Governing Law: This Final Commitment shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia.
27. Counterparts: This Final Commitment may be executed in any number of
counterparts, each of which shall constitute an original and all of which, when
taken together, shall constitute a single agreement.
We appreciate your review and approval of the terms and matters set forth
in this Final Commitment and look forward to working with you further in
finalizing this Transaction.
Very truly yours,
REILLY MORTGAGE GROUP, INC., a
District of Columbia corporation
By: /s/ Terry Havens
-----------------------------
Name: Terry Havens
Title:
Attached Exhibits:
Exhibit A - List of Properties/Loan Pools
Exhibit B - Intentionally Deleted
Exhibit C - Example of Certificates Confirming Loan Amount, Interest Rate and
Payment of Fees
Exhibit D - Pool Two - Interest Rate/Loan Amount Schedule
Exhibit E - Pool One - Interest Rate/Loan Amount Schedule
Exhibit F - Schedule of Repairs and Specific Freddie Mac Requirements
Exhibit G - General Freddie Mac Requirements
Exhibit H - Lender Fees
13
<PAGE>
The undersigned hereby accepts the foregoing Final Commitment and agrees to be
bound by the terms, requirements and conditions set forth herein.
Date: July 29, 1999
BERKSHIRE REALTY HOLDINGS, L.P.
By: WXI/BRH Gen-Par LLC, general partner, for
Berkshire Realty Holdings, L.P. and individually
By: /s/ Ronald Berstein
--------------------------------------
Name: Ronald Berstein
--------------------------------
Title: Vice President
--------------------------------
By: BRE/Berkshire GP L.L.C., general partner,
for Berkshire Realty Holdings, L.P. and individually
By: /s/ Chad R. Pike
--------------------------------------
Name: Chad R. Pike
--------------------------------
Title: Vice President
--------------------------------
By: Aptco Gen-Par, L.L.C. , general partner,
for Berkshire Realty Holdings, L.P. and individually
By: /s/ Douglas Krupp
--------------------------------------
Name: Douglas Krupp
--------------------------------
Title: Chairman
--------------------------------
14
<PAGE>
Exhibit 99.18
CERTIFICATE CONFIRMING LOAN AMOUNT,
INTEREST RATE AND PAYMENT OF FEES
This Certificate is being provided pursuant to the terms and provisions of that
certain Final Commitment letter dated July 29, 1999 (the "Final Commitment")
from Reilly Mortgage Group, Inc. ("Lender") to Berkshire Realty Holdings, L.P.
("Berkshire," and collectively with each of its to-be affiliated entities that
will own the Premises, "Borrower"). All capitalized but otherwise undefined
terms set forth herein shall have the same meaning as set forth in the Final
Commitment. Borrower, its general partners, Whitehall Street Real Estate Limited
Partnership XI ("Whitehall"), The Berkshire Companies Limited Partnership
("Krupp"), Blackstone Real Estate Partners III L.P., Blackstone Real Estate
Partners III FF L.P. and Blackstone Real Estate Holdings III L.P. (collectively,
"Blackstone") agree, confirm and/or modify the Final Commitment as follows:
1. Borrower agrees to accept the Loan on the following terms:
a. The aggregate Loan Amount for the Pool One Loan is $204,631,000. The
aggregate Loan Amount on the Pool Two Loan is $503,713,000.
b. The Interest Rate on the Pool One Loan shall be charged at a
variable rate equal to LIBOR plus 140.5 basis points. For purposes
of paragraph 3(c) of the Final Commitment LIBOR on the Rate Lock
Date is 5.20875%. The Interest Rate on the Pool Two Loan shall be
charged at the annual rate of 7.705% which includes a guaranty fee
to Freddie Mac of 44 basis points and a servicing fee of 6.5 basis
points. In consideration of the reduction of the Interest Rate on
the Pool Two Loan, Borrower agrees to pay to Lender $10,880.201 on
the closing date.
c. Loan Term: Pool One - 72 months. Pool Two - 84 months.
d. Amortization Period: 30 years
e. Prepayment Premium on Pool Two Loan: Assumed Reinvestment Rate based
on the 7.00% U.S. Treasury Securities due 7/06.
2. Rate Lock Date: August 5, 1999
3. Rate Lock Fee: 3% of the aggregate Loan Amount for the Pool Two Loans.
4. Outside Closing Date: No later than October 15, 1999, subject to extension
as provided in the Final Commitment and in paragraph 7 below.
5. After Lender, Borrower, Whitehall, Blackstone and Krupp have confirmed the
quotes and information set forth on this Certificate and Rate Lock has
occurred, Borrower, Whitehall, Krupp and Blackstone shall execute this
Certificate and return it to Lender by facsimile at (703) 760-4750 within
ten (10) minutes after Borrower's receipt of this Certificate. Such
executed Certificate shall constitute a binding offer by the Borrower to
accept the Loan on the terms set forth herein, which offer shall remain
open and subject to acceptance by Lender for a period of thirty (30)
minutes after such facsimile acceptance by Borrower is received by Lender.
If Lender is able to accept the terms set forth in this Certificate it
shall so notify Borrower by telephone and, unless there is a communication
problem, by facsimile, within thirty (30) minutes after its receipt of
this executed Certificate.
6. In the event that the Interest Rate, terms and conditions set forth herein
are agreed to by the Borrower, Whitehall, Krupp and Blackstone and an
executed copy of this Certificate is received by Lender, but Lender is
unable to confirm the same with the Investor within the aforesaid 30
minute period, Rate Lock shall thereupon terminate. Upon termination of
Rate Lock and within the ten (10) business day period referred to in
paragraph 3(a)(vi) of the Final Commitment, the parties shall attempt to
reach agreement on the Interest Rate, terms and conditions of the Loan,
and this Certificate may be reissued as agreed to by the parties pursuant
to the procedures set forth in the Final Commitment and this Certificate.
7. Extension Fee: Borrower, Whitehall, Krupp and Blackstone agree that for
the purposes of the extension fees described in paragraph 19(a) of the
Final Commitment, the following shall apply: If Rate Lock occurs and every
Loan (other than Exclusions) is not closed and funded on or before October
15, 1999, the Outside Closing Date shall be extended for three consecutive
thirty (30) day
<PAGE>
periods upon Borrower paying to Lender, an extension fee equal to
six thirty-seconds (6/32) of 1% of the Aggregate Loan Amount for
Pool Two for each and every thirty (30) day extension of the
Outside Closing Date beyond October 15, 1999; provided, however,
that in no event shall the funding of the Loan occur after December
14, 1999 until January 5, 2000, which shall be the final date on
which the Loan may fund. In the event that Rate Lock occurs and
every Loan (other than Exclusions) is closed, Borrower also agrees
to pay upon demand a delivery extension fee equal to six
thirty-seconds (6/32) of 1% of the Aggregate Loan Amount for Pool
Two for each thirty (30) day extension if the PCs have not been
delivered to the Investor within twenty-five (25) days after the
Outside Closing Date because of Borrower's failure to comply with
the Final Commitment. Any extension fee applicable to a period of
less than thirty (30) days (i.e., the period commencing on the
Outside Closing Date immediately prior to the extension and ending
on the date of the actual closing or the PC delivery, as the case
may be) will be prorated based upon the length of such extension
expressed in the number of weeks (rounding up on any partial week)
divided by four (4). To the extent that the extension fees due from
the Borrower pursuant to this paragraph 7 are not paid when due,
Whitehall, Krupp and Blackstone, jointly and severally, covenant
and agree to pay such extension fees to Lender upon demand.
8. The Lender may terminate the Final Commitment and this Certificate if:
a. any material adverse change shall occur at any time prior to the
closing of the Loan with respect to (i) the Premises as a whole, or
(ii) the credit of the Borrower taken as a whole and excluding any
financing of other properties of Borrower; or
b. any material part of the Premises as a whole shall have taken in
condemnation or other like proceeding, or any such proceeding is
pending or threatened at the time of the Loan closing or any
material part of the Premises as a whole is damaged and not repaired
to the Lender's satisfaction prior to closing.
9. Notwithstanding anything to the contrary contained herein, in no event
shall the aggregate liability of Krupp, Whitehall and Blackstone in
respect of the failure of the Loan to close, or otherwise with respect to
the Loan, exceed the liability provided for in that certain letter
agreement dated July 29, 1999 among the parties hereto. Any such liability
shall be limited as provided in the last paragraph of such letter
agreement.
10. This Certificate may be executed in any number of counterparts each of
which shall constitute an original and all of which, when taken together,
shall constitute a single agreement.
<PAGE>
BORROWER:
BERKSHIRE REALTY HOLDINGS, L.P.
By: WXI/BRH Gen-Par LLC, general partner, for
Berkshire Realty Holdings, L.P. and individually
By: /s/ Adam Brooks
---------------------------
Name: Adam Brooks
Title: Assistant Vice President
By: BRE/Berkshire GP L.L.C., general partner, for
Berkshire Realty Holdings, L.P. and individually
By: /s/ Chad R. Pike
---------------------------
Name: Chad R. Pike
Title: Vice President
By: Aptco Gen-Par, L.L.C., general partner, for
Berkshire Realty Holdings, L.P. and individually
By: /s/ David J. Olney
---------------------------
Name: David J. Olney
Title: President
WHITEHALL STREET REAL ESTATE LIMITED
PARTNERSHIP XI
By: WH Advisors, L.L.C. XI, its General Partner
By: /s/ Steve Feldman
---------------------------
Name: Steve Feldman
Title:
C-3
<PAGE>
THE BERKSHIRE COMPANIES LIMITED
PARTNERSHIP
By: KGP-1 Incorporated, its General Partner
By: /s/ David J. Olney
---------------------------
Name: David J. Olney
Title: Authorized Agent
BLACKSTONE REAL ESTATE PARTNERS III L.P.
By: Blackstone Real Estate Associates III L.P., its
General Partner
By: Blackstone Real Estate Management
Associates III L.P., its General Partner
By: BREA III L.L.C., its General Partner
By: /s/ Chad R. Pike
----------------------------
Name: Chad R. Pike
Title: Vice President
BLACKSTONE REAL ESTATE PARTNERS III FF L.P.
By: Blackstone Real Estate Associates III L.P., its
General Partner
By: Blackstone Real Estate Management
Associates III L.P., its General Partner
By: BREA III L.L.C., its General Partner
By: /s/ Chad R. Pike
----------------------------
Name: Chad R. Pike
Title: Vice President
C-4
<PAGE>
BLACKSTONE REAL ESTATE HOLDINGS III L.P.
By: Blackstone Real Estate Management Associates III
L.P., its General Partner
By: BREA III L.L.C., its General Partner
By: /s/ Chad R. Pike
----------------------------
Name: Chad R. Pike
Title: Vice President
LENDER:
REILLY MORTGAGE GROUP, INC.
By: /s/ Michael Acquilino
-----------------------------
Name: Michael Acquilino
Title: Senior Vice President
C-5
