<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
---------------
Date of Report (Date of earliest event reported): JULY 5, 1996
BAY APARTMENT COMMUNITIES, INC.
(Exact name of Registrant as specified in charter)
MARYLAND 1-72612 77-0404318
-------- ------- ----------
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
4340 STEVENS CREEK BOULEVARD, SUITE 275, SAN JOSE, CA 95129
-----------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(408) 983-1500
--------------
(Registrant's telephone number, including area code)
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<PAGE> 2
ITEM 5. OTHER EVENTS
Bay Apartment Communities, Inc. (the "Company") recently engaged the
services of two consulting firms to compile and analyze data to be used in the
daily operational and long-term strategic decision-making of the Company's
management. Together, these studies provide the Company with general market
overviews, demographic trends, and analyses of effective rents, historical
vacancy rates and projects in planning, primarily for counties within the San
Francisco Bay Area (defined to include Alameda, Contra Costa, Marin, Napa, San
Francisco, San Mateo, Sonoma, Santa Clara and Solano Counties) rental market.
One report, completed by Ann Roulac and Company, is based on an
analysis of the research compiled by RealData, Inc., the current producer of
the Bay Area Apartment Market Report (BAAMR), a detailed reference guide to the
San Francisco Bay Area apartment market. The scope of Ann Roulac and Company's
engagement was to identify 100 plus institutional quality apartment properties
from the BAAMR database of 450 properties for the Alameda, San Francisco, San
Mateo and Santa Clara Counties. The data presented by Ann Roulac and Company
are based on surveys with managers of 100 institutional quality apartment homes
in the four subject counties.
The second report, completed by the Rosen Consulting Group, focused its
analyses on five counties (i.e., San Mateo, Santa Clara, Alameda, San Francisco
and Orange Counties), four of which are located in the San Francisco Bay Area.
In preparing its report, the Rosen Consulting Group analyzed recent economic
trends and forecasted employment trends, demographic trends and the
affordability and demand for rental units.
The reports prepared for the Company by Ann Roulac and Company and the
Rosen Consulting Group are attached hereto as exhibits. The foregoing
description of the contents of the two consulting reports does not purport to
be complete and is qualified in its entirety by reference to such exhibits.
ITEM 7. EXHIBITS
(c) Exhibits
23.1 Consent of Rosen Consulting Group
23.2 Consent of Ann Roulac and Company
99.1 The Apartment Markets in Orange, Santa Clara, Alameda, San
Francisco and San Mateo Counties, dated June 28, 1996, and
the addendum thereto, presented to the Company by the Rosen
Consulting Group.
99.2 San Francisco Bay Area Rental Analysis, dated June 30, 1996
presented to the Company by Ann Roulac and Company.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be filed on its behalf by the
undersigned thereunto duly authorized.
BAY APARTMENT COMMUNITIES, INC.
Dated: July 5, 1996 By: /s/ Gilbert M. Meyer
-----------------------------------
Gilbert M. Meyer
Chairman of the Board and President
<PAGE> 1
Exhibit 23.1
CONSENT OF ROSEN CONSULTING GROUP
We consent to the incorporation by reference in the registration statement of
Bay Apartment Communities, Inc. on Form S-3 (File No. 33-92688) (the
"Registration Statement") of our report dated June 28, 1996, entitled The
Apartment Markets In Orange, Santa Clara, Alameda, San Francisco and San Mateo
Counties, and the addendum thereto, which report and addendum are included
in this Current Report on Form 8-K. We also consent to being named as an expert
in the Prospectus Supplement, dated July 5, 1996, to the Registration Statement.
ROSEN CONSULTING GROUP
By: /s/ Kenneth T. Rosen
-----------------------
Kenneth T. Rosen
Berkeley, California
July 5, 1996
<PAGE> 1
Exhibit 23.2
CONSENT OF ANN ROULAC AND COMPANY
We consent to the incorporation by reference in the registration statement
of Bay Apartment Communities, Inc. on Form S-3 (File No. 33-926888) (the
"Registration Statement") of our report dated June 30, 1996, entitled San
Francisco Bay Area Rental Analysis, which report is included in this Current
Report on Form 8-K. We also consent to being named as an expert in the
Prospectus Supplement, dated July 5, 1996, to the Registration Statement.
ANN ROULAC AND COMPANY
By: /s/ Ann N. Roulac
-----------------------
Ann N. Roulac
Berkeley, California
July 5, 1996
<PAGE> 1
EXHIBIT 99.1
THE APARTMENT MARKETS
IN ORANGE, SANTA CLARA, ALAMEDA,
SAN FRANCISCO AND SAN MATEO
COUNTIES
June 28, 1996
Prepared for
BAY APARTMENT COMMUNITIES, INC.
by
Rosen Consulting Group
1950 Addison Street, Suite 101
Berkeley, CA 94704
(510) 549-4510
Keneth T. Rosen
Arianna K. Van Meurs
Susan G. Underberg
(C) 1996 Rosen Consulting Group
<PAGE> 2
RCG
- ---------------------- 1950 ADDISON STREET, SUITE 101
ROSEN CONSULTING GROUP BERKELEY, CALIFORNIA 94704
- ---------------------- 510-549-4510 FAX 510-849-1209
June 28, 1996
O'Melveny & Myers, LLP
275 Battery Street
San Francisco, CA 94111
Attn: Peter T. Healy, Esq.
Gentlemen:
Rosen Consulting Group ("RCG") agrees that each of PaineWebber Incorporated,
Dean Witter Reynolds, Inc., A.G. Edwards & Sons, Inc. and Alex. Brown & Sons
Incorporated (as representatives of several underwriters) may rely upon the
attached report dated as of June 28, 1996 respecting Bay Apartment Communities,
Inc. as if it were prepared for them in the first instance and may quote from
and make reference thereto in publicly-filed documents and other reports. RCG
also consents to being referred to as an expert with respect to matters in its
report in filings with governmental agencies and otherwise.
Very truly yours,
/s/ Kenneth T. Rosen
Kenneth T. Rosen
President
<PAGE> 3
TABLE OF CONTENTS
EXECUTIVE SUMMARY...........................................................iii
ORANGE COUNTY, CA.............................................................1
Recent Economic Trends...............................................1
Forecasted Employment Trends.........................................6
Demographic Trends...................................................8
Affordability, Tenure Choice, and the Demand for Rental Units.......10
Apartment Market Trends.............................................12
SANTA CLARA COUNTY...........................................................15
Recent Economic Trends..............................................15
The Manufacturing Sector.......................................15
Other Sectors of the Santa Clara Economy.......................19
Forecasted Employment Trends........................................20
Demographic Trends .................................................21
Affordability, Tenure Choice, and the Demand for Rental Units.......23
Apartment Market Trends.............................................25
ALAMEDA COUNTY...............................................................29
Recent Economic Trends..............................................29
Forecasted Employment Trends .......................................34
Demographic Trends..................................................35
Affordability, Tenure Choice, and the Demand for Rental Units.......37
Apartment Market Trends.............................................39
SAN FRANCISCO COUNTY.........................................................42
Recent Economic Trends..............................................42
Forecasted Employment Trends .......................................45
Demographic Trends..................................................47
<PAGE> 4
Affordability, Tenure Choice, and the Demand for Rental Units.......49
Apartment Market Trends.............................................51
SAN MATEO COUNTY.............................................................54
Recent Economic Trends..............................................54
Forecasted Employment Trends........................................56
Demographic Trends..................................................57
Affordability, Tenure Choice, and the Demand for Rental Units.......59
Apartment Market Trends.............................................61
ATTACHMENT-ROSEN CONSULTING GROUP'S SERVICES.................................64
STAFF BIOGRAPHIES............................................................67
<PAGE> 5
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EXECUTIVE SUMMARY
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ORANGE COUNTY
- Orange County's economy has recovered from the recession of the early
1990s and is growing at a healthy pace, in spite of the County's 1994
bankruptcy filing which had cast doubt on its future growth potential.
Although current economic growth in the County is healthy and is
expected to accelerate through the rest of the 1990s, it will be lower
than the economic growth experienced in the previous two decades.
Employment diversification away from defense and toward communications
and other high tech industries will help the economy maintain more
stable growth over the long run.
- Steadily increasing employment will cause in-migration to Orange County
to accelerate. As the population base grows, the rate of household
formation will accelerate. Already, a high proportion of the households
in Orange County choose to rent, because of the lack of affordability
of single family homes, as well as for lifestyle reasons. As a result,
we believe that demand for apartments in Orange County will be strong
through the second half of the 1990s.
- The high level of recent construction activity caused the apartment
vacancy rate in Orange County to rise to 5% in early 1996, even though
demand for apartments is strong. This increase in vacancy has
alleviated unnaturally tight market conditions. The large pipeline of
multifamily projects in Orange County which are either under
construction or proposed causes us to believe that new supply will
temporarily exceed demand and that the apartment vacancy rate will rise
beyond 5% by the end of 1997, before falling between 1998 and 2000 to
approximately 3.9%. By 2000, apartment rent growth will accelerate to
more than 4% per year, as demand, reflected in net absorption
statistics, accelerates more quickly than construction activity.
SANTA CLARA COUNTY
- Economic activity in Santa Clara County was very strong during 1995 and
is expected to be even stronger during 1996. Much of the recent growth
can be attributed to the semiconductor and the related semiconductor
equipment industry. However, the book-to-bill ratio, a leading
indicator for demand in the semiconductor industry, has dropped below
1.0 during 1996 from a peak of 1.2 in May of 1995, which indicates a
slowing in the semiconductor industry. This slowdown is expected to be
temporary since overall demand for semiconductors has risen
dramatically during the past several years because of the recovery in
consumer spending and the increased use of semiconductor chips in
autos, homes and consumer electronic devices. World chip revenues
increased 41.7% in 1995, following growth of 31.8% in 1994 and 29.1% in
1993, according to the Semiconductor Industry Association. Sectors such
as business services are also growing at a moderately strong pace
because of the increase in employment at software and temporary help
agencies. However, we do not believe that the economy will maintain its
recent rate of growth of 5.0% between April of 1995 and 1996. As a
result, we believe that employment growth will average 2.5% per year
between 1996 and 2000.
Rosen Consulting Group iii
<PAGE> 6
- The employment trends discussed above bode well for household growth in
Santa Clara County. Healthy levels of employment growth and net
migration will lead to the formation of approximately 33,000 new
households between 1995 and 2000. Because fewer than half of the
households can afford to own a single family home, a large number of
new rental households will be created between 1995 and 2000. Given the
age structure of the population and the historical propensity to rent
versus own (also called tenure choice) by age group in Santa Clara
County, we anticipate demand for approximately 9,500 rental units
between 1995 and 2000, around 30% of which will live in projects of
greater than 100 units.
- The apartment inventory in Santa Clara County grew minimally during the
1992 to 1994 time period because of the economic slowdown and the lack
of credit available for apartment construction. By year-end 1995, the
economic recovery had pushed the apartment vacancy rate for projects
with over 100 units down to 2.2%. Spurred by low apartment vacancy
rates and accelerating rent growth, apartment construction has
increased during 1995 and 1996, although 1997 and 1998 should be much
stronger years for new construction, with almost 4,400 units in the
pipeline. We believe that apartment market conditions will tighten
further during 1996, but in 1997 and 1998, the high level of new
construction will exceed demand and cause the apartment vacancy rate to
rise to 4.1%. We also believe that, despite a lower level of demand
resulting from slower economic and demographic growth late in the
decade, construction activity will slow sufficiently in 1999 and 2000
to cause the apartment vacancy rate to fall to approximately 3.1% in
2000. As a result of the tight apartment market conditions, rent growth
will average 5.4% per year between 1995 and 2000.
ALAMEDA COUNTY
- The Oakland metropolitan economy is slowly recovering, to a large
extent fueled by growth from high technology companies, which are
finding southern Alameda County an attractive alternative to Santa
Clara County, especially for large distribution facilities. In
addition, areas in northern Alameda County which are near the
University of California at Berkeley, such as Emeryville, have
attracted a concentration of biotechnology companies which use the
resources of the university. Other sectors of the Alameda County
economy are also growing, such as software developers and port-related
activity. As a result, we expect employment growth for the metropolitan
area to average 2.7% between 1995 and 2000. Most of the growth will
occur in the manufacturing sector, as well as services and trade,
especially where related to the Port of Oakland. However, government
employment growth will weaken as employment decreases at several
military bases which have been slated for closure by the Base
Realignment and Closure Commission.
- As economic growth strengthens, households will move into Alameda
County to take advantage of employment opportunities, and people who
had lived together out of financial necessity will be able to form new
households. We estimate that more than 26,000 net new households will
be created in Alameda County between 1995 and 2000. Of the new
households, approximately 7,800 households that will choose to rent
versus own will be created in Alameda County. Between 20% and 25% of
the total new renter households will rent in apartment complexes of
greater than 100 units.
Rosen Consulting Group iv
<PAGE> 7
- Strong absorption caused the Alameda County apartment vacancy rate to
fall to 3.4% during 1995, and we believe that the apartment market will
remain balanced between 1995 and 2000. An increase in apartment
construction will cause the apartment vacancy rate to rise modestly in
1997 and 1998, but it will remain relatively low, at just over 4%.
Healthy apartment market conditions between 1995 and 2000 will cause
apartment rent growth to accelerate from 2.1% in 1995 to an average of
4.9% per year between 1995 and 2000.
SAN FRANCISCO COUNTY
- Employment in San Francisco County is expected to grow about 1% per
year between 1995 and 2000. The recent employment growth has been
largely fueled by the county's large services sector. The services
sector is large because the city is a legal and accounting center, as
well as a regional medical center. The area also has a large tourism
and convention industry. These visitors make purchases, thereby
contributing to the retail trade sector. Among the weakest links in the
economy is government, where growth has been constrained by the closure
of military bases, the opening of the new federal office complex in
downtown Oakland, and pressure at the state and county level to cut
employment. Since San Francisco County is largely built-out, with
little vacant land available for commercial or residential development,
and an expensive place to locate a business, we expect much of the
growth over the next ten years to come from expansion of existing
businesses.
- Population growth in San Francisco County has averaged 0.7% per year
during the last five years, a rate which we expect will continue
between 1995 and 2000. Since the county is small and relatively
built-out, sites for new residential construction are limited, leaving
little room for population to grow. In addition, the population in the
area is highly influenced by international in-migration, which is not
sensitive to domestic economic cycles. These factors help explain the
steady population and household increase during the recession of the
early 1990s and the slower growth during the more recent period of
economic expansion.
- Household growth will accelerate slightly, as a result of the age
distribution of the projected population growth. Because of San
Francisco's high proportion of renters (65.5% in 1990) compared to the
national average (35.8% in 1990), a large number of the new households
created through 2000 will become renters. We expect household growth
will generate demand growth for between 500 and 600 units per year
between 1995 and 2000. Through the end of the decade, we expect demand
growth to outpace new construction. The apartment vacancy rate is
expected to be in the 3% range during much of that time, although it is
likely to rise to 4.7% by 2000 as construction activity increases,
particularly in the Mission Bay area. The low apartment vacancy rate
will keep rent growth strong, ranging from 6% per year in the next few
years down to 4% per year after 1998, when supply additions catch up
with demand growth.
Rosen Consulting Group v
<PAGE> 8
SAN MATEO COUNTY
- Employment growth in the San Francisco metropolitan area, which
includes San Mateo County, accelerated to 1.2% in 1995, fueled in part
by the expanding high technology and biotechnology industries, as well
as airport-related activity occurring in San Mateo County. Reflecting
the strong role which San Mateo County plays in the growth of the San
Francisco economy, San Mateo's employment growth during 1995 was 1.5%.
We anticipate that employment growth in San Mateo County will continue
to be a major driver of metropolitan economic growth, averaging in the
2.4% to 2.5% per year range over the next four years.
- Demographic trends will mirror these employment growth projections,
with household growth accelerating to 0.9% per year during the 1995 to
2000 period, from 0.6% per year during the first half of the 1990s. We
expect that this growth will lead to the creation of over 11,000 new
households over the second half of the decade, which, given
affordability and other factors such as the propensity of different age
groups to rent, should result in total demand for rental housing of
over 2,000 new units, or 400 units per year.
- The San Mateo County apartment market is currently extremely tight,
with a low vacancy rate among projects of more than 100 units of 2.8%
as of year-end 1995. The demand and supply outlook for the San Mateo
County apartment market suggest that apartment market conditions will
tighten further during the next two years, before receiving relief in
the form of several new apartment project completions in 1998. As a
result, apartment rent growth will be strong, in the 6% to 7% range
during each of the next two years, decelerating slowly thereafter as
the apartment vacancy rate eases somewhat.
Rosen Consulting Group vi
<PAGE> 9
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ORANGE COUNTY, CA
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RECENT ECONOMIC TRENDS
Orange County has a healthy and expanding economy, even though some people
predicted that the county's declaration of bankruptcy in late 1994 would
devastate the local economy. Between April of 1995 and 1996, nonagricultural
payroll employment in Orange County increased at a healthy rate of 2.1%,
representing the addition of 23,700 jobs. This rate of growth is stronger than
the national average of 1.5% during the same time period and leads us to believe
that, following several years of weak employment growth in the early 1990s,
employment growth in Orange County will surpass the national average in 1996 and
through 2000 (see Figure 1.1).
The services sector is the largest and most rapidly growing part of the economy,
with an employment increase of 4.3% between April of 1995 and 1996. Within the
services sector, business services employment increased 10.5% in 1995 and growth
through April indicates that the business services subsector will experience a
7.4% increase in employment during 1996 (see Table 1.1). Growth in business
services is driven by industries ranging from temporary agencies to software
development. As the home of Disneyland, Orange County's second largest employer,
and other resorts, Orange County is a major tourist destination (see Table 1.2).
As a result, the hotel employment sector is more highly concentrated in Orange
County than in the nation as a whole (see Table 1.3). Disney has planned a major
expansion in Orange County, although a date for construction has not been set.
The expansion, similar to Epcot Center in Florida, will be called Wescot and
will be located on the current parking lot and adjacent properties of
Disneyland. The project potentially could include thousands of new hotel rooms.
It is
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FIGURE 1.1
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Total Non-Ag Employment Growth
Orange County, CA MSA
---------------------
[GRAPHIC OMITTED]
Sources: Historical data-Bureau of Labor Statistics,
Calculations and Forcasts-RCG
Rosen Consulting Group 1
<PAGE> 10
<TABLE>
<CAPTION>
TABLE 1.1
ORANGE COUNTY DETAILED EMPLOYMENT (000)
1989 1990 1991 1992 1993 1994 1995 1996e
------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 1156.7 1172.4 1143.7 1126.0 1115.4 1126.8 1148.7 1172.9
% Change 2.4% 1.4% -2.4% -1.5% -0.9% 1.0% 1.9% 2.1%
Construction 62.7 57.2 51.1 47.7 44.5 47.3 49.5 51.4
% Change 5.7% -8.8% -10.7% -6.7% -6.7% 6.3% 4.7% 3.8%
Manufacturing 251.0 244.0 229.6 218.8 207.2 205.0 204.4 204.1
% Change -1.3% -2.8% -5.9% -4.7% -5.3% -1.1% -0.3% -0.1%
Industrial M/C & Equip 31.9 31.0 29.6 30.6 28.8 25.6 23.9 25.0
% Change -2.8% -4.5% 3.4% -5.9% -11.1% -6.6% 4.6%
Computer & Off Equip 13.3 12.9 12.1 13.7 12.9 10.3 8.5 8.9
% Change -7.0% -3.0% -6.2% 13.2% -5.8% -20.2% -17.5% 4.7%
Electronic Equip 37.1 35.7 33.1 28.1 24.5 25.1 26.7 27.0
% Change -3.8% -7.3% -15.1% -12.8% 2.4% 6.4% 1.1%
Guided Missiles 14.7 15.0 13.7 11.9 9.9 8.7 7.6 7.3
% Change -0.7% 2.0% -8.7% -13.1% -16.8% -12.1% -12.6% -3.9%
Instruments & Rel Prod 40.2 36.3 34.9 34.1 31.2 30.2 28.0 26.3
% Change -9.7% -3.9% -2.3% -8.5% -3.2% -7.3% -6.1%
Search & Navigation Equip 16.9 15.6 14.9 12.0 11.6 9.1 7.8
% Change -7.7% -4.5% -19.5% -3.3% -21.6% -14.3%
Measuring Devices 8.6 8.3 8.0 8.1 8.3 7.8 8.5 8.3
% Change -3.5% -3.6% 1.2% 2.5% -6.0% 9.0% -2.4%
Aircraft & Parts 6.8 8.3 8.6 6.8 5.8 5.6 6.0 6.3
% Change 22.1% 3.6% -20.9% -14.7% -3.4% 7.1% 5.0%
T.C.P.U. 34.3 36.4 36.5 35.4 36.7 39.4 42.5 43.9
% Change 0.3% 6.1% 0.3% -3.0% 3.7% 7.4% 7.9% 3.3%
Trade 295.8 299.0 283.2 280.7 277.7 282.7 290.9 297.0
% Change 2.7% 1.1% -5.3% -0.9% -1.1% 1.8% 2.9% 2.1%
Wholesale Trade 76.8 81.4 79.3 79.2 76.7 79.3 84.7 88.7
% Change 6.8% 6.0% -2.6% -0.1% -3.2% 3.4% 6.8% 4.7%
Retail Trade 218.9 217.6 203.9 201.5 201.0 203.4 206.2 208.3
% Change 1.2% -0.6% -6.3% -1.2% -0.2% 1.2% 1.4% 1.0%
F.I.R.E. 91.8 96.0 94.2 94.2 93.8 91.8 85.5 83.9
% Change 2.3% 4.6% -1.9% 0.0% -0.4% -2.1% -6.9% -1.9%
Insurance 28.1 29.1 29.4 29.6 29.0 29.2 28.0 27.5
% Change -1.1% 3.6% 1.0% 0.7% -2.0% 0.7% -4.1% -1.8%
Real Estate 27.6 29.3 28.0 26.8 25.0 25.1 24.5 24.3
% Change 5.7% 6.2% -4.4% -4.3% -6.7% 0.4% -2.4% -0.8%
Services 299.5 312.6 319.1 320.7 326.9 330.6 346.9 362.8
% Change 5.0% 4.4% 2.1% 0.5% 1.9% 1.1% 4.9% 4.6%
Hotels & Oth Lodging 20.1 20.1 19.5 17.3 17.2 17.0 17.5 18.3
% Change 1.0% 0.0% -3.0% -11.3% -0.6% -1.2% 2.9% 4.6%
Business Services 75.3 77.3 76.1 80.9 83.8 85.6 94.6 101.6
% Change 7.4% 2.7% -1.6% 6.3% 3.6% 2.1% 10.5% 7.4%
Health Services 64.0 68.9 74.5 74.7 75.8 76.3 76.5 77.8
% Change 3.9% 7.7% 8.1% 0.3% 1.5% 0.7% 0.3% 1.7%
Engineering & Mgm't Svcs 37.4 40.0 40.0 38.6 38.4 38.0 39.4 39.7
% Change 9.7% 7.0% 0.0% -3.5% -0.5% -1.0% 3.7% 0.8%
Total Government 120.5 126.1 128.7 127.5 127.8 129.2 128.1 129.3
% Change 2.3% 4.6% 2.1% -0.9% 0.2% 1.1% -0.9% 0.9%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics; Calculations and
Forecasts-RCG.
Rosen Consulting Group 2
<PAGE> 11
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TABLE 1.2
ORANGE COUNTY'S LARGEST EMPLOYERS
Company Employees
------- ---------
Family Restaurants 14,000
Disneyland 9,000
University of California, Irvine 8,370
Rockwell Corporation 6,900
Hughes Aircraft Company 6,800
McDonnell Douglas Aerospace 6,664
Freedom Communications 6,000
Bank of America 5,800
FHP International 5,500
Fluor Daniel 5,000
Pacific Bell 4,860
Food 4 Less 4,800
Pacificare Health Systems 4,600
Knott's Berry Farm 4,000
Taco Bell Corp. 4,000
Source: Orange County Business Council, Jan 31, 1996
- --------------------------------------------------------------------------------
expected to create thousands of construction jobs and permanent positions.
In other recreation related projects, the city of Anaheim and Disney have
reached an agreement for a $100 million renovation of Anaheim Stadium which will
convert the stadium to a 45,000 to 47,000-seat purely baseball facility. Disney,
which owns 25% of the California Angels baseball team and manages the team, will
manage construction on the stadium project over the next two to three years. In
addition, Anaheim's planning department has approved Sportstown Anaheim, a
mixed-use entertainment project on the same site, which will include a
70,500-seat football stadium, as well as retail, restaurant, hotel, and
exhibition uses. The city hopes to attract a National Football League franchise
with the new football stadium.
Following the services sector, the trade sector added the largest number of new
jobs during the past year. The wholesale trade subsector, which comprises
approximately 30% of trade sector employment, has grown at a rapid pace for more
than two years, reflecting strong demand for warehouse space in the Orange
County market. In one of the most recent large transactions, in the first
quarter of 1996, Cerritos EPT Warehouse relocated from Amarillo, Texas, into
200,000 square feet in Anaheim.
Approximately 70% of trade sector employment is in retail trade. Like many parts
of the country, Orange County has experienced a surge in retail construction
during the past several years. One reason that Orange County is attractive to
retailers is the high level of disposable income of its residents. Of the top
317 metropolitan areas in the country, Orange County ranks 12th in total
disposable income and 13th in total retail sales. Half of all households have
incomes greater than $50,000, making Orange County one of the wealthiest
metropolitan areas in the country. National chains, existing and new
restaurants, home improvement stores and office supply stores are all expanding
in the market. During 1995, the new 250,000 square-foot Entertainment Center in
Irvine Spectrum opened. A number of other shopping centers are under
construction or recently completed. These new shopping centers will lead to an
increase in retail trade employment when their tenants hire employees to staff
their stores.
Rosen Consulting Group 3
<PAGE> 12
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TABLE 1.3
ORANGE COUNTY LOCATION QUOTIENTS
Sector Location Quotient*
- ------ ------------------
Guided Missiles, Space Vehicles, Parts 7.23
Search and Navigation Equipment 5.37
Instruments and Related Products 3.27
Measuring and Controlling Devices 2.92
Computer and Office Equipment 2.49
Real Estate 1.82
Electronic & Other Electric Equipment 1.65
Engineering & Management Services 1.50
Business Services 1.48
Wholesale Trade 1.36
Aircraft and Parts 1.30
Durable Goods 1.26
Insurance 1.25
Miscellaneous Manufacturing Industries 1.24
Industrial Machinery and Equipment 1.18
Hotels and Other Lodging Places 1.14
Eating and Drinking Places 1.14
Apparel and Accessory Stores 1.13
* A location quotient measures the regional concentration of employment in a
particular industry. If employment in an industry were evenly distributed
throughout the U.S., a region's location quotient would be 1.0. Mathematically,
it is defined as the ratio of the percentage of total employment in industry x
in a given region divided by the percentage of total employment in industry x
nationally.
Sources: U.S. Bureau of Labor Statistics- 1995 data; Calculations-RCG
- --------------------------------------------------------------------------------
The retail trade sector has experienced only modest
growth during the past several years, in spite of the market's robust retail
expansion, because the sector has been negatively affected by downsizing among
retailers. For example, several Alpha Beta stores were closed in 1995 when Alpha
Beta merged with Ralphs grocery stores. In addition, as a result of the purchase
of Broadway Stores by Federated, the fate of two of the six Broadway stores
which anchor Orange County malls is unknown. Finally, Irvine-based Family
Restaurants announced in April of 1996 that it is closing its remaining 21
Charley Brown's and Reuben's dinner houses and eliminating 1,350 employees
statewide.
The Orange County bankruptcy filing has not had the negative impact anticipated
by some followers of the market. Some construction projects have been delayed or
canceled, but businesses are expanding and relocating to Orange County,
indicating that they have not lost confidence in the area. Orange County emerged
from bankruptcy in June of 1996. In response to the bankruptcy, by year-end
1995, the county had eliminated 3,000 government sector jobs and cut various
government services. The job loss is reflected in government sector employment,
which declined 0.9% in 1995, but grew at a modest rate of 1.0% between April of
1995 and 1996. The incorporated cities, school districts, and special districts
which had invested in the fund recovered 75% of their invested funds. In October
of 1995, Governor
Rosen Consulting Group 4
<PAGE> 13
Wilson signed three bills to allow county officials to pay off
more than $700 million in bond debt over the next twenty years, primarily by
diverting over $800 million in transportation revenue and other funds. The
county is also seeking damages from Wall Street brokers, law firms and auditors
to help repay its debt, although these attempts may be curtailed by a report
which places most of the blame for the bankruptcy on the county's officials and
residents.
Government sector employment has also been affected by the closure of two Marine
air bases, El Toro and Tustin. Both were slated for closure by the 1993 Base
Realignment and Closure Commission meetings. They are beginning to wind down
operations and will be fully closed by July of 1999. At fiscal year-end 1995, El
Toro had 4,400 military and 1,000 civilian employees, while Tustin had 4,000
military and just 100 civilian employees. The two bases also had about 1,200
employees categorized as "other." Voters approved a plan to turn the 4,738-acre
El Toro base into a commercial airport, but no progress on development has been
made because nearby residents oppose the plan. Three mixed-use alternatives are
being considered for the 1,558-acre Tustin site.
Growth in the transportation, communications, and public utilities (TCPU) sector
has slowed during 1996, although it has remained healthy. TCPU sector employment
gained 7.9% during 1995, but between April of 1995 and 1996, employment in the
TCPU sector increased 3.4%. A number of communications companies have
established significant operations in Orange County. Companies moving into the
area include Cox Communications, which leased more than 100,000 square feet in
Irvine for its Wireless Communications division. L.A. Cellular expanded from Los
Angeles County into a data center in Canyon Corporate Center in Anaheim. Air
Touch expanded its existing 200,000 square-foot lease by another 189,000 square
feet.
Growth in the construction sector has also slowed during 1996. Construction
sector employment gained 1.8% between April of 1995 and 1996, versus gains of
6.3% in 1994 and 4.7% in 1995. The investment pool losses are dampening
construction sector growth because several construction projects have been
postponed or delayed. The Orange County Transportation Authority was the largest
single fund participant. As a result of its losses and its outlook for less
funds in the future, Orange County is developing the first tollways in the state
of California. By 1995, 7.5 miles of the Foothill Tollway had opened. When
completed around 2010, the 30-mile tollway will extend from the Eastern Tollway
in Tustin to the San Diego Freeway in San Clemente in extreme southern Orange
County and will provide improved access for the foothill communities of Foothill
Ranch, Rancho Santa Margarita, Dove Canyon, Coto de Caza, and northern Mission
Viejo. Construction is also underway on the 15-mile San Joaquin Hills Tollway
which stretches from MacArthur Boulevard and the Corona del Mar Freeway to the
San Diego Freeway south of Crown Valley Parkway. When completed in 1997, it will
provide an alternative to the congested San Diego Freeway. The 23-mile Eastern
Tollway will begin construction in 1996 and will stretch from the Riverside
Freeway south to the Santa Ana Freeway.
The manufacturing sector, which includes both defense and non-defense high tech
activity, has experienced the greatest job loss during the 1990s. Between April
of 1995 and 1996, manufacturing sector employment decreased 0.5%, reflecting
continued weakness in the defense industry. Even after defense sector cutbacks
during the past several years, the four most highly concentrated employment
sectors are all related to defense manufacturing. These include guided missiles,
search and navigation equipment, instruments, and measuring devices. In
addition, three of Orange County's six largest private
Rosen Consulting Group 5
<PAGE> 14
sector employers, Rockwell International, Hughes Aircraft, and McDonnell Douglas
Aerospace, are heavily involved in the defense industry. In positive news for
the manufacturing sector, the aerospace industry is close to stabilizing.
Rockwell International has expanded into 100,000 square feet of leased space,
and the company acquired two office buildings totaling 67,000 square feet near
its Newport Beach manufacturing plant at the end of 1995.
Parts of the non-defense high technology industry have been growing for several
years. For example, employment in the electronic and communications equipment
sectors has increased at a healthy pace for more than two years. Motorola is
increasing employment at its MOS 10 integrated circuit semiconductor facility in
Irvine. BEI Sensors and Motion Systems is consolidating its San Marcos and Costa
Mesa operations to the Irvine Business Complex. The new location will initially
employ 250 workers, and the company expects to add another 200 employees during
the next several years. In addition, the presence of the University of
California at Irvine has made Orange County a more significant player in the
biotech industry.
In more traditional manufacturing employment sectors, RSI Home Products will
occupy two distribution centers, totaling nearly 1.2 million square feet, which
are currently under construction in Orange County. Universal Alloy Corporation
plans to expand its aluminum extrusion mill in Anaheim, boosting the complex's
size from 170,000 square feet to more than 235,000 square feet. The project will
be completed in early 1997. Purged Sled Company plans to move its snowboard
manufacturing operations to a 35,000 square-foot location in Irvine.
FORECASTED EMPLOYMENT TRENDS
Orange County's location in the lucrative Southern California market, the
proximity to a large and highly talented labor force, the presence of a major
research university, and the availability of transportation, all suggest that
this market will grow well into the next century. However, Orange County's
growth rates will be lower than in previous decades. Between 1995 and 2000, we
anticipate employment growth to occur at a 2.5% compound annual growth rate,
compared with growth of 1.0% between 1990 and 1995 (see Table 1.4).
The bulk of the new jobs added will be in the services and trade sectors. The
TCPU sector will also show healthy growth as Orange County continues to attract
communications companies. Increased construction activity in both the commercial
and residential markets, as well as major infrastructure projects, will keep
growth in the construction sector healthy. As the aerospace industry stabilizes,
we anticipate slow growth in the manufacturing sector beginning in 1997.
Finally, growth in the government sector will be modest as the impact of the
1994 bankruptcy is felt in future fiscal years.
Rosen Consulting Group 6
<PAGE> 15
TABLE 1.4
ORANGE COUNTY EMPLOYMENT FORECAST
<TABLE>
<CAPTION>
1993 1994 1995 4/96 1996f 1997f 1998f 1999f 2000f
------ ------ ------- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 1115.4 1126.8 1148.7 1170.3 1172.9 1200.0 1229.5 1262.6 1300.8
% Change -0.9% 1.0% 1.9% 2.1% 2.1% 2.3% 2.5% 2.7% 3.0%
Construction 44.5 47.3 49.5 50.3 51.4 52.1 53.3 54.9 56.8
% Change -6.7% 6.3% 4.7% 1.8% 3.8% 1.3% 2.3% 3.0% 3.5%
Manufacturing 207.2 205.0 204.4 204.1 204.1 204.9 206.8 208.8 211.3
% Change -5.3% -1.1% -0.3% -0.5% -0.1% 0.4% 0.9% 1.0% 1.2%
T.C.P.U. 36.7 39.4 42.5 43.6 43.9 45.0 46.3 47.8 49.5
% Change 3.7% 7.4% 7.9% 3.4% 3.3% 2.5% 2.9% 3.3% 3.6%
Trade 277.7 282.7 290.9 296.8 297.0 303.5 311.1 319.2 326.1
% Change -1.1% 1.8% 2.9% 2.4% 2.1% 2.2% 2.5% 2.6% 2.8%
F.I.R.E 93.8 91.8 85.5 84.7 83.9 85.3 87.2 89.3 91.7
% Change -0.4% -2.1% -6.9% -1.0% -1.9% 1.7% 2.2% 2.4% 2.7%
Services 326.9 330.6 346.9 360.3 362.8 378.8 395.4 413.2 432.6
% Change 1.9% 1.1% 4.9% 4.3% 4.6% 4.4% 4.4% 4.5% 4.7%
Total Government 127.8 129.2 128.1 129.5 129.3 129.4 128.4 128.4 129.7
% Change 0.2% 1.1% -0.9% 1.0% 0.9% 0.1% -0.8% 0.0% 1.0%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics, Calculations and
forecasts-RCG.
Rosen Consulting Group 7
<PAGE> 16
DEMOGRAPHIC TRENDS
As Orange County's economy has strengthened, population growth is accelerating.
Between 1990 and 1995, population growth averaged 1.3% per year for Orange
County. This low level of growth reflects weak economic conditions and people
leaving the metropolitan area in search of job opportunities. Some people
predicted continued weakness in population growth following the bankruptcy
filing, which brought the prospect of higher taxes and fewer services. However,
people have not been deterred by the bankruptcy, and population growth is
expected to accelerate to an average rate of 1.5% per year between 1995 and 2000
(see Table 1.5). Although this rate is significantly lower than that experienced
during the 1980s, when Orange County's population increased an average of 2.2%
per year, it is significantly higher than the national average of 1.0% per year.
A 1.5% compound annual growth rate will lead to the addition of almost 200,000
people to the county's population base between 1995 and 2000.
<TABLE>
<CAPTION>
TABLE 1.5
ORANGE COUNTY POPULATION BY AGE
COMPOUND ANNUAL GROWTH RATE
AGE GROUP 1980 1990 1995 2000 1980-1990 1990-1995 1995-2000
- --------- ---- ---- ---- ---- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Under 19 602,572 663,212 669,871 679,979 1.0% 0.2% 0.3%
20-24 201,086 219,145 226,923 237,320 0.9% 0.7% 0.9%
25-34 346,183 489,232 516,738 543,097 3.5% 1.1% 1.0%
35-44 250,743 378,712 443,310 521,446 4.2% 3.2% 3.3%
45-54 206,545 259,699 281,150 311,937 2.3% 1.6% 2.1%
55-64 164,667 181,565 188,009 198,580 1.0% 0.7% 1.1%
65+ 160,913 218,991 241,784 273,556 3.1% 2.0% 2.5%
Total 1,932,709 2,410,556 2,567,786 2,765,916 2.2% 1.3% 1.5%
Sources: Historical data - U.S. Census Bureau; Calculations and forecasts - RCG.
</TABLE>
Most of the population gain during recent years in Orange County is attributable
to natural increase (births less deaths), as opposed to in-migration. Natural
increase has been fueled by a high level of births. Because homes in Orange
County are more affordable than in other parts of southern California, it is a
popular location for young households which are buying first homes and starting
families.
Net migration also plays an important role in population growth. Negative net
migration through most of the first half of the decade caused population growth
to slow. The response of migration can be seen using change of address data from
the Department of Motor Vehicles. Data for Orange County shows that, when
employment growth resumed in 1994, out-migration slowed significantly (see Table
1.6). For the fiscal year which will end June 30, 1996, we anticipate that the
net flow of drivers to Orange County will have turned positive, representing
positive in-migration to Orange County for the first time since 1992.
Rosen Consulting Group 8
<PAGE> 17
TABLE 1.6
ORANGE COUNTY DRIVERS LICENSE MIGRATION DATA
<TABLE>
<CAPTION>
Estimated Net
Net Drivers Population
Fiscal Year Drivers to: Drivers from: In (Out) In (Out)
- ----------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
89-90 122,749 130,449 (7,700) (11,550)
90-91 120,950 127,839 (6,889) (10,334)
91-92 116,088 122,602 (6,514) (9,771)
92-93 98,848 112,772 (13,924) (20,886)
93-94 113,745 124,174 (10,429) (15,644)
94-95 109,857 111,774 (1,917) (2,876)
</TABLE>
Sources: Historical Data-California Department of Motor Vehicles Driver License
Address Change Report-August 1990-1995; Calculations-RCG.
Like population growth, household formation was weak during the first half of
the 1990s. Between 1990 and 1995, approximately 46,000 new households were
created in Orange County. As population growth accelerates in the second half of
the decade, we anticipate that household formation will strengthen to 1.4% per
year, representing the total addition during that period of about 63,000
households (see Table 1.7). The largest number of new households will be added
in the 35 to 44 year old age group, followed by the over 65 age group.
TABLE 1.7
ORANGE COUNTY HOUSEHOLDS BY AGE
<TABLE>
<CAPTION>
Compound Annual Growth Rate
----------------------------------------
Age Groups 1980 1990 1995 2000 1980-1990 1990-1995 1995-2000
- ---------- ------- ------- ------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
15-24 60,181 41,640 41,640 42,058 -3.6% 0.0% 0.2%
25-34 173,048 201,770 205,838 212,087 1.5% 0.4% 0.6%
35-44 141,125 197,632 223,602 254,222 3.4% 2.5% 2.6%
45-54 119,091 147,546 153,543 163,786 2.2% 0.8% 1.3%
55-64 97,696 107,136 108,212 111,497 0.9% 0.2% 0.6%
65+ 95,918 133,125 142,006 154,494 3.3% 1.3% 1.7%
Total 687,059 828,849 874,841 938,145 1.9% 1.1% 1.4%
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Rosen Consulting Group 9
<PAGE> 18
AFFORDABILITY, TENURE CHOICE, AND THE DEMAND FOR RENTAL UNITS
Between 1990 and 1993, affordability of single family homes in Orange County
increased significantly, because of the combination of falling interest rates
and declining house prices. By 1993, 42.7% of the county's households could
afford the median-priced home of $217,200, versus 22.5% in 1990 when the median
price of an existing single family home was $242,358 (see Table 1.8). Although
affordability dropped slightly in 1994 as interest rates rose, falling interest
rates in 1995 caused affordability to increase to its highest level in recent
history. Even though affordability is currently high for Orange County, fewer
households in the county than in the nation as a whole can afford the
median-priced home, because home prices in Orange County are well above the
national average. Because of the relatively low proportion of households which
can afford to own, almost 40% of Orange County's households rented in 1990,
compared to a lower 35.8% for the nation in 1990.
<TABLE>
<CAPTION>
TABLE 1.8
AFFORDABILITY DATA
ORANGE COUNTY AND THE UNITED STATES
1990 1991 1992 1993 1994 1995 1996e
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Median Existing
Home Price
Orange County $242,358 $239,680 $230,860 $217,200 $211,000 $208,800 $212,350
% Change 0.3% -1.1% -3.7% -5.9% -2.9% -1.0% 1.7%
United States $95,500 $100,300 $103,700 $106,800 $109,800 $112,900 $117,500
% Change 2.6% 5.0% 3.4% 3.0% 2.8% 2.8% 4.1%
Household Income
Orange County $70,789 $71,190 $73,208 $73,712 $76,919 $79,096 $81,859
% Change 6.0% 0.6% 2.8% 0.7% 4.4% 2.8% 3.5%
United States $37,403 $37,922 $39,020 $41,428 $43,845 $45,999
% Change 2.4% 1.4% 2.9% 6.2% 5.8% 4.9%
Mortgage Int.
Rate 10.1% 9.2% 8.4% 7.3% 8.4% 8.0% 7.5%
Households Able
to Afford Median-
Priced Home
Orange County 22.5% 27.1% 33.8% 42.7% 41.7% 45.9% 51.3%
United States 50.0% 51.0% 55.0% 58.0% 57.0% 54.8%
</TABLE>
Sources: Historical data-National Association of Realtors, Federal Reserve Board
of Governors, U.S. Bureau of the Census; Calculations and 1996 estimate-RCG.
A number of factors other than affordability also affect tenure choice, which is
a household's decision of whether to rent or own its residence. For example,
some households make a lifestyle decision to rent. Households which face
economic uncertainty may elect not to commit themselves to a mortgage. In
addition, some householders want the amenities offered in many of the recently
constructed upscale apartment projects. These amenities often include swimming
pools, workout facilities, concierge services and even attached garages.
Rosen Consulting Group 10
<PAGE> 19
While the proportion of households choosing to rent either apartments or other
residences was steady between 1980s and 1990, we believe the proportion of
households choosing to rent fell during the first half of the 1990s because of
the increased affordability of housing and the aging of the Orange County
population. Older households, all else equal, have a higher rate of
home-ownership than do younger households. Thus, we have lowered the proportion
of households that we expect will rent.
This renter proportion is applied to the new households forecasted to be created
between 1995 and 2000 in order to determine the new rental households formed
during the second half of the decade. The calculation shows that about 22,400
new renter households will be created during the second half of the 1990s in
Orange County (see Table 1.9). The marginal renter proportion of 35.4% is lower
than the average renter proportion of 39.9% because of slow growth in the
younger age groups which have the highest propensity to rent.
TABLE 1.9
PROJECTION OF APARTMENT DEMAND BY AGE
ORANGE COUNTY
<TABLE>
<CAPTION>
Change in
1990 1995 2000 Households Renter New
Age Groups Households Households Households 1995-2000 Proportion Rental Units
- ---------- ---------- ---------- ---------- ----------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
15-24 41,640 41,640 42,058 418 90.0% 376
25-34 201,770 205,838 212,087 6,250 63.0% 3,934
35-44 197,632 223,602 254,222 30,620 39.2% 11,994
45-54 147,546 153,543 163,786 10,243 26.6% 2,720
55-64 107,136 108,212 111,497 3,286 20.1% 659
65+ 133,125 142,006 154,494 12,488 21.9% 2,733
Total 828,849 874,841 938,145 63,304 35.4% 22,417
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Rosen Consulting Group 11
<PAGE> 20
Apartment Market Trends
Renewed economic and demographic growth during the past several years is
creating the stimulus for apartment demand in Orange County. On the strength of
this demand, the apartment vacancy rate in Orange County fell to 4.2% in 1995
(see Table 1.10). High levels of new construction, however, caused the vacancy
rate to increase to 5% in the spring of 1996. This increase in vacancy is not a
sign of weakness in the market. Rather, it alleviates unnaturally tight market
conditions and allows for the normal turnover of tenants. Also attesting to the
strength of the market, asking rents in apartment projects are rising more
quickly than during any year since 1991, despite the recent increase in vacancy.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
TABLE 1.10
HISTORICAL TRENDS IN ORANGE COUNTY'S APARTMENT MARKET
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1989 1990 1991 1992 1993 1994 1995 1996e
---- ---- ---- ---- ---- ---- ---- -----
Total Stock 90,592 93,531 96,498 97,172 97,982 97,692 99,451 101,186
New Construction 5,871 2,939 2,967 674 810 (290) 1,759 1,735
Net Absorption 3,017 2,863 (516) 1,458 (767) 1,978 853
Occupied Stock 87,240 90,257 93,121 92,605 94,063 93,296 95,274 96,127
Vacancy Rate 3.7% 3.5% 3.5% 4.7% 4.0% 4.5% 4.2% 5.0%
Avg. Asking Rent $751 $773 $794 $778 $775 $782 $781 $802
% Change 2.9% 2.7% -2.0% -0.4% 0.9% -0.1% 2.7%
Sources: Historical data-Research Network Ltd.; Calculations and forecasts-RCG.
- -------------------------------------------------------------------------------------------------------------
</TABLE>
Submarket vacancy rates in Orange County range from less than 2% in Seal Beach,
La Palma, and Cypress to 17.1% in Rancho Santa Margarita and 8.8% in Irvine. The
submarkets mentioned above with the lowest vacancy rates are all small markets
with a small rental stock. During the past year, vacancy rates have fallen in
about half of the submarkets. La Palma experienced the greatest improvement in
apartment vacancy, followed by Los Alamitos, Stanton and Mission Viejo. The
submarkets which experienced the greatest increase in apartment vacancy were
Rancho Santa Margarita and Irvine, both communities which have had a significant
amount of new apartment construction.
Average county-wide apartment rent growth during the past year was 2.7%. Seal
Beach not only has the lowest apartment vacancy rate, but it also has the
highest apartment rent in the county. Other submarkets with high apartment rent
levels include Newport Beach, Irvine, and Aliso Viejo. During the past year,
apartment rents increased the most in Rancho Santa Margarita, Stanton and Lake
Forest. Laguna Hills was the weakest market in terms of apartment rent growth.
Apartment construction activity has been strong into 1996, with an estimated
1,735 new apartment units scheduled for completion during the year. This level
of apartment construction activity is on par with 1995, and it is well above
apartment construction completions since 1991. In fact, during 1994, building
completions are reported as negative because the 325-unit Monarch Hills project,
formerly managed by Sares-Regis, was converted from apartments to condominiums
and taken off the market.
Rosen Consulting Group 12
<PAGE> 21
The most active single developer in Orange County is Irvine Apartment
Communities (IAC), a publicly traded real estate investment trust. During the
first quarter of 1996, IAC completed two apartment projects totaling 746 units,
and IAC had an additional 1,689 apartment units under construction or proposed
(see Table 1.11). Most of these projects are located in Irvine. Unincorporated
parts of the county are the next most popular location for IAC's new apartment
construction.
The largest single apartment project under construction is IAC's Villa Coronado.
Most of the 513 units in this project have been completed. In addition, IAC has
completed about half of the 512 units in its Newport Ridge project. Other large
projects are Rancho Monterey in Tustin with 436 units and Rancho Santa Fe with
350 units, also in Tustin. Both of these are IAC projects. The largest single
project under construction that is not an IAC project is Villas Antonio, a
316-unit project being developed by Santa Margarita Realty Company in Rancho
Santa Margarita.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TABLE 1.11
ORANGE COUNTY CONSTRUCTION PIPELINE
UNDER
PROJECT LOCATION DEVELOPER COMPLETED CONSTRUCTION TOTAL
- ------- -------- --------- --------- ------------ -----
Villa Coronado Irvine Irvine Apartment Communities 483 30 513
Santa Rosa Irvine Irvine Apartment Communities 368 0 368
Santa Clara Irvine Irvine Apartment Communities 378 0 378
Rancho Monterey Tustin Irvine Apartment Communities 323 113 436
Newport Ridge Unincorporated Irvine Apartment Communities 298 214 512
Baypointe Newport Beach Irvine Apartment Communities 300 300
Santa Maria Irvine Irvine Apartment Communities 227 227
The Colony Newport Beach Irvine Apartment Communities * 245 245
Santa Rosa II Irvine Irvine Apartment Communities * 210 210
Rancho Santa Fe Tustin Irvine Apartment Communities * 350 350
Subtotal 1,850 1,689 3,539
Villas Antonio Rancho Santa Margarita Santa Margarita Realty Co. 316
One Park Place Apts. Newport Beach William Lyon Company 216
Eastridge Apt. Homes Orange Tracy Department 128
Arroyo Vista A.F. Evans A.F. Evans 156
Sonterra Foothill Ranch Westwood Residential 300
Total 4,655
* Scheduled to commence construction in 1996
Sources: Irvine Apartment Communities, Form 10-K; Real Facts
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Rosen Consulting Group 13
<PAGE> 22
The ratio of new households created to multifamily permits issued has been
higher in the 1990s than it was in the 1980s (see Figure 1.2). On average, one
multifamily permit was issued for every 3.2 households formed between 1990 and
1996, compared to a ratio of one permit for every 2.1 households created in the
1980s. While not all of the new households rented, we believe that the ratio of
new supply to demand has been low in the 1990s. However, this situation is
changing, as seen in the 1996 estimated ratio of households to multifamily
permits. Although the number of households created is growing, increased
construction activity is causing the ratio to fall.
- --------------------------------------------------------------------------------
FIGURE 1.2
- --------------------------------------------------------------------------------
NEW HOUSEHOLDS TO MULTI-FAMILY PERMITS
ORANGE COUNTY
--------------------------------------
[GRAPHIC OMITTED]
Sources: Historical data-US Census Bureau: Calculations and forcasts-RCO
Additions to supply should cause the apartment vacancy rate to rise through
1997, as new supply outpaces demand (see Table 1.12). However, by 2000, we
anticipate that a strengthening economy will cause absorption to increase
substantially. As a result, the apartment vacancy rate will fall below 4%, while
rent growth accelerates to more than 4% per year.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
TABLE 1.12
FORECASTED TRENDS IN ORANGE COUNTY'S APARTMENT MARKET
<S> <C> <C> <C> <C> <C>
1996e 1997f 1998f 1999f 2000f
Total Stock 101,186 103,136 105,286 107,736 110,386
New Construction 1,735 1,950 2,150 2,450 2,650
Net Absorption 853 1,400 2,600 2,850 3,075
Occupied Stock 96,127 97,527 100,127 102,977 106,052
Vacancy Rate 5.0% 5.4% 4.9% 4.4% 3.9%
Avg. Asking Rent $802 $823 $848 $878 $914
% Change 2.7% 2.6% 3.1% 3.6% 4.1%
Sources: Research Network Ltd, RCG
- ---------------------------------------------------------------------------
</TABLE>
Rosen Consulting Group 14
<PAGE> 23
- --------------------------------------------------------------------------------
Santa Clara County
- --------------------------------------------------------------------------------
RECENT ECONOMIC TRENDS
Santa Clara County, which is coterminous with the San Jose metropolitan area,
has enjoyed a surge in employment growth during 1995 after six years of weak to
negative employment growth. The booming high technology industry in Silicon
Valley has triggered growth in other employment sectors, causing the Santa Clara
County economy to strengthen during each of the past two years. Following
employment growth of 3.5% during 1995, Santa Clara's economy grew 5.0% between
April of 1995 and 1996 (see Table 2.1). We expect Santa Clara's economy to be
moderately strong during each of the next three years.
The Manufacturing Sector
Manufacturing is the driving force behind the Santa Clara County economy, and
more than 90% of manufacturing sector employment is concentrated in the durable
goods sector. The manufacturing sector rebounded in 1995 with growth of 1.6%
after contracting 2.5% in 1994. As of April of 1996, manufacturing employment is
up a dramatic 6.6% on average compared to April of 1995. The growth in the
manufacturing sector disguises the significant restructuring and revolution
which is occurring in the industries which comprise this sector. While the
consumer electronics industry and related industries in other sectors (for
instance, software, which is classified as a service sector) are booming, other
manufacturing industries continue to shrink. Table 2.1 illustrates the vast
differences in growth patterns within the durable goods manufacturing industry
in Santa Clara County. Employment in communications equipment and other
electronic goods was up 7.0% during 1995, while transportation equipment
employment declined 10.5%, the latest in a string of losses dating back to the
late 1980s. The net result of this dramatic transformation which is taking place
within Santa Clara's manufacturing sector is that its manufacturing base is
becoming much more entrepreneurial and commercially-oriented, while its
dependence on government contracts has become much less significant.
During late 1994 and early 1995, the strong demand for semiconductor chips and
the consumer electronic products which have become increasingly dependent on
chips jump-started the Silicon Valley economic recovery. However, during the
past year, growth has spread to other high technology sectors such as software,
networking and the increasingly wide array of computer peripherals. As a result,
employment in durable goods grew at a fast pace of 7.8% during the year ending
in April 1996, and business services, of which software is a component, grew at
a strong 13.1% rate. Construction employment has also benefited from the recent
strength in the Santa Clara County economy, growing at a rate of 11.6% during
the year ending in April.
The high concentration of employment in the durable goods manufacturing sector
serves the metropolitan economy well since durable goods manufacturing jobs are
generally high-paying, moderate-skill jobs. In addition, because durable goods
manufacturing is export-producing, it brings earnings into the local economy,
instead of being population-serving, like many industries in the services
sector.
Rosen Consulting Group 15
<PAGE> 24
TABLE 2.1
SANTA CLARA COUNTY EMPLOYMENT DETAIL
<TABLE>
<CAPTION>
1989 1990 1991 1992 1993 1994 1995 Apr-96 1996f
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 809.3 814.5 805.8 792.1 796.6 799.9 828.0 857.7 872.9
% Change 0.7% 0.6% -1.1% -1.7% 0.6% 0.4% 3.5% 5.0% 5.4%
Construction 29.2 29.5 28.1 27.3 26.1 26.4 27.6 28.9 32.1
% Change 1.7% 1.0% -4.7% -2.8% -4.4% 1.1% 4.5% 11.6% 16.3%
Manufacturing 262.5 258.2 251.5 236.8 231.7 226.0 229.6 240.3 244.0
% Change 1.0% -1.6% -2.6% -5.8% -2.2% -2.5% 1.6% 6.6% 6.3%
Durable Goods 235.5 231.1 224.4 210.2 205.6 200.5 205.5 217.8
% Change 1.1% -1.9% -2.9% -6.3% -2.2% -2.5% 2.5% 7.8%
Industrial 63.6 63.3 64.6 56.9 57.3 56.1 59.7 63.6
% Change 5.8% -0.5% 2.1% -11.9% 0.7% -2.1% 6.4% 8.9%
Computer 55.5 54.6 55.9 47.6 47.3 44.8 46.0 47.5
% Change 6.7% -1.6% 2.4% -14.8% -0.6% -5.3% 2.7% 4.4%
Electronic 84.9 83.4 79.7 76.9 76.1 75.5 79.0 86.2
% Change -1.0% -1.8% -4.4% -3.5% -1.0% -0.8% 4.6% 12.1%
Transportation 30.5 29.1 26.8 24.3 20.4 17.2 15.4 14.6
% Change -2.9% -4.6% -7.9% -9.3% -16.0% -15.7% -10.5% -5.8%
Aircraft & Space 25.8 24.7 22.9 20.8 17.5 14.3 13.0 12.5
% Change -2.3% -4.3% -7.3% -9.2% -15.9% -18.3% -9.1% -3.8%
Instruments 44.9 43.6 42.4 41.7 40.6 39.8 38.8 40.1
% Change 3.5% -2.9% -2.8% -1.7% -2.6% -2.0% -2.5% 4.2%
Search & Navig 10.7 10.2 9.7 9.2 8.2 7.6 7.0 6.9
% Change 0.0% -4.7% -4.9% -5.2% -10.9% -7.3% -7.9% -1.4%
Measuring Dev 28.1 26.7 25.4 24.4 23.9 24.1 24.4 25.7
% Change 5.2% -5.0% -4.9% -3.9% -2.0% 0.8% 1.2% 6.6%
T.C.P.U. 21.5 22.2 22.6 22.4 23.6 23.8 23.9 24.2 24.6
% Change -1.4% 3.3% 1.8% -0.9% 5.4% 0.8% 0.4% 3.0% 2.9%
Trade 169.7 169.0 165.0 158.6 157.7 160.3 167.6 171.4 174.9
% Change 1.2% -0.4% -2.4% -3.9% -0.6% 1.6% 4.6% 4.4% 4.4%
Wholesale Trade 53.5 52.9 50.4 47.2 45.5 46.0 49.6 52.0
% Change 3.9% -1.1% -4.7% -6.3% -3.6% 1.1% 7.8% 6.8%
Retail Trade 116.3 116.1 114.6 111.4 112.2 114.3 118.1 119.4
% Change 0.1% -0.2% -1.3% -2.8% 0.7% 1.9% 3.3% 3.5%
F.I.R.E. 30.7 31.6 31.5 31.5 31.5 30.0 28.7 28.3 28.1
% Change 0.0% 2.9% -0.3% 0.0% 0.0% -4.8% -4.3% -1.7% -2.1%
Services 208.6 214.4 217.7 226.6 237.9 245.1 263.7 277.0 282.4
% Change 0.0% 2.8% 1.5% 4.1% 5.0% 3.0% 7.6% 6.2% 7.1%
Business Services 56.4 58.0 59.0 65.5 74.2 81.9 94.8 103.6
% Change -0.5% 2.8% 1.7% 11.0% 13.3% 10.4% 15.8% 13.1%
Health Services 38.5 40.0 42.1 43.4 43.6 45.2 47.3 47.7
% Change 1.0% 3.9% 5.3% 3.1% 0.5% 3.7% 4.6% 1.7%
Engin & Mgm't 34.8 35.1 35.1 35.0 35.6 32.8 34.1 35.6
% Change -1.1% 0.9% 0.0% -0.3% 1.7% -7.9% 4.0% 5.3%
Total Government 86.9 89.4 89.1 88.8 87.9 88.3 86.8 87.5 86.5
% Change 0.6% 2.9% -0.3% -0.3% -1.0% 0.5% -1.7% -0.3% -0.3%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics:
Calculations and forecasts-RCG
Rosen Consulting Group 16
<PAGE> 25
The computer industry, which is the most concentrated industry in the county,
has thrived during the past several years. Semiconductor companies such as
Intel, National Semiconductor, and Advanced Micro Devices have experienced
dramatic growth in output and profitability. Intel alone hired aggressively
during 1995 in an effort to keep up with the increasing demand for its Pentium
microprocessors, and although industry-wide book-to-bill ratios have dropped to
below 1.0 during the first five months of 1996 (see Figure 1.1), chip
fabrication plant construction is at a peak. Intel has completed a $500 million
expansion to its chip manufacturing facility on Mission College Boulevard in
Santa Clara, called D2, and is now ramping up production on a new process for
.25 and .18 micron processors. Intel has also recently acquired land on which to
build a new 550,000 square-foot office building adjacent to its headquarters in
Santa Clara, although construction on the site is not currently underway. Atmel,
Hyundai Electronics, and Altera, which also manufacture semiconductor chips,
have all recently acquired land in the northern San Jose region for future
development. This recent dramatic increase in demand for land has caused
industrial land prices to double during the last year or so in the San Jose
area.
The decline in the book-to-bill ratio is the result of several factors, most of
which relate to supply, as opposed to declining demand. First, an inventory glut
of chips resulted from makers of personal computers overestimating demand at the
end of last year. Computer makers are now working through their existing
inventory of chips. Second, with personal computers being the largest single
source of demand for chips, the slowdown in personal computer sales has reduced
the underlying demand for chips. Third, the price of chips has declined because
of competition in the industry, resulting from the addition of a substantial
amount of new chip-making capacity. Intel alone has six chip fabrication plants
underway, including two in the Southwest (Chandler, AZ and Rio Ranch, NM, which
will be producing in 1997). Another plant in Hillsboro, OR, will also be ready
in 1997, a flash fab plant in Israel will be ready for production in late 1997,
and another fab plant in Ireland should be completed in 1998. On the demand
side, Dataquest continues to forecast personal computer demand growth of 18% to
20% per year through the year 2000, and in its May of 1996 Semiconductor
Forecast Summary, the Semiconductor Industry Association forecasted a 7.8%
increase in semiconductor chip shipments in the Americas in 1996, increasing to
9.2% in 1997 and 15.7% in 1998.
- --------------------------------------------------------------------------------
FIGURE 2.1
- --------------------------------------------------------------------------------
Book-to-Bill Ratio
Three Month Moving Average
-----------------------------------
[GRAPHIC OMITTED]
Source: Semiconductor Industry Association
Rosen Consulting Group 17
<PAGE> 26
The strong growth in chip demand through 1995 has caused ripple effects through
the Santa Clara, southern San Mateo and southern Alameda County economies.
Semiconductor shipments increased 30% during each of 1994 and 1995. Eight of the
eleven largest semiconductor firms are based in Santa Clara County, suggesting
that a high percentage of the U.S.'s share of the market flowed from Santa Clara
County (while most of the engineering, software programming and research jobs
are located in Santa Clara County, the manufacturing jobs are often located
elsewhere). As a result of this strong growth in chip demand, the demand for new
semiconductor plants and equipment skyrocketed. The semiconductor equipment
industry experienced a dramatic growth in demand, with 25 to 30 new
semiconductor plants being built every year. Semiconductor equipment
manufacturers rely heavily on technical labor, which increases their need to be
in markets like the Silicon Valley with a large pool of technical labor. Total
employment at Applied Materials, the world's largest semiconductor equipment
company, increased from 6,500 in 1994 to 10,500 in 1995. Much of this increase
occurred in the Bay Area, where the company has completed two new facilities
since early 1995, including a new building at its central campus, as well as the
Applied Komatsu facility for its joint venture with Komatsu. KLA Instruments in
San Jose has 2,100 employees, and the company expects to add 600 more by the end
of the third quarter of 1996. In addition, Tencor Instruments, the Mountain
View-based manufacturer of chip equipment, acquired LSI Logic's 34-acre parcel
in Milpitas and began construction in December of 1995 on its new five-building,
500,000 square-foot corporate headquarters and manufacturing complex. The Tencor
project is expected to be completed in late 1996, and by March of 1997, 1,400
employees will be working in the new facility, 175 to 200 of which will be new
hires.
Companies located in Santa Clara County lead worldwide not only in the research,
development and sale of semiconductors, but also in computer workstations, disk
drives and networking hardware. Silicon Graphics of Mountain View increased Bay
Area employment by 2,200 during the past year. The company is currently building
a 500,000 square-foot corporate campus. The first two buildings will be
completed by October of 1996, and the second two buildings will be completed in
1997. However, with its recent acquisition of Cray Computers, Silicon Graphics
does not expect to do more than normal hiring in 1996. IBM employs 7,000 in
Santa Clara County, including 5,000 at its Storage Systems Division, which is
headquartered in San Jose. Employment in Santa Clara County has been stable for
the past year and is expected to be stable through at least the end of 1996. IBM
decided not to vacate several buildings which it owned, totaling nearly one
million square feet of space. The company is currently investing $500 million
worldwide in its storage technology business. Cisco Systems, which makes
networking hardware, acquired 130-acres of land in north San Jose in April of
1996 for future expansion. Cisco plans to hire more than a total of 1,000
employees during the next several years.
The outlook for defense-related companies in Santa Clara County is improving,
following years of declining employment. Lockheed Martin's Sunnyvale operation,
which employed just under 10,000 in March of 1996, was once Sunnyvale's largest
employer with 25,000 employees in 1986. Downsizing continues in some areas, such
as the Trident II missile program, which has contracts at least through 2000.
However, Lockheed Martin is currently consolidating its space and strategic
missile sector in Sunnyvale and Denver. As Sunnyvale picks up satellite programs
from closed facilities on the east coast, local employment should increase by
approximately a total of 3,500 by early 1999. The company is currently testing
the Theater High Altitude Area Defense (THAAD), which is the next generation of
the Patriot missile and protects a larger area than the Patriot. In addition, as
United Defense L.P., formerly FMC, has shifted its business strategy, it has won
additional contracts. United Defense is adding engineering support but cutting
manufacturing for an average head count of 1,656 during 1996.
Rosen Consulting Group 18
<PAGE> 27
Other Sectors of the Santa Clara Economy
Defense budget cutbacks continue to affect military bases, which will contribute
to future weak growth in government employment. Onizuka Air Force Base in
Sunnyvale will downsize by approximately 50% by 2000, resulting to the
elimination of approximately 1,500 jobs. The NASA Ames Research Center is also
slated for cutbacks. The current strategy is to eliminate 300 of the 1,700 civil
servants at the site and to cut the number of support service contractors in
half from 2,300 to 1,150. The reductions are expected to take place by the year
2000.
The high level of manufacturing sector output has contributed to an increase in
Pacific Rim trade. Wholesale trade in Santa Clara County increased 6.8% between
April of 1995 and 1996, fueled by trade with the Pacific Rim countries. Pacific
Rim countries account for approximately three-quarters of total trade activity
to and from California, a proportion which will undoubtedly grow over the next
decade because of the fast growth in U.S. trade volume with these countries.
Retail trade, which comprises 70% of trade sector jobs, posted a strong gain of
3.5% during the same period, bringing the overall trade sector gain to 4.4% for
the year ending in April of 1996.
Santa Clara County also has a high concentration in service sector employment,
particularly educational and business services. Some of this concentration owes
to the presence of Stanford University, which, along with other local colleges
and universities, has produced a highly-educated labor pool that provides
engineers and other professionals for the high technology industry. However, by
far the largest and most dynamic portion of the service sector in Santa Clara
County is business services. Business services employs approximately 100,000 in
Santa Clara County, which represents more than a third of the services sector
and more than 12% of the employment base. The size of the business services
sector is largely attributable to the software industry. Software companies,
such as Adobe Systems, have been expanding at a strong rate during the last few
years, fueled by advances in chip technology and computer memory capacity. Adobe
is building a second headquarters building in the San Jose central business
district. When the facility is completed, Adobe will relocate 1,100 employees
from Mountain View, and it plans to eventually employ 2,200 at the new complex.
Another vibrant industry within business services is temporary employees. Many
high tech companies rely extensively on temporary employees so as to be able to
quickly adjust employment levels to meet their needs.
The creation of hundreds of new high technology businesses has attracted a vast
and sophisticated infrastructure of financial and legal service companies to
Santa Clara County. As a result, legal services has been a rapidly growing
component of the services sector. Many of the nation's largest law firms have
branch offices in Palo Alto, as a result of the large number of initial public
offerings which Silicon Valley's entrepreneurial culture generates. The
epicenter of much of the high technology activity is the Stanford Research Park
in Palo Alto, which is the home of a number of high technology companies, as
well as several law firms. One of these law firms, Wilson, Sonsini, Goodrich &
Rosati is, by far, the largest law firm in Palo Alto with approximately 750
employees. The Stanford Research Park is also home to companies in other
industries such as biosciences. Shaklee Corporation, the pharmaceutical giant,
will break ground on its new research center in the Stanford Research Park in
July of 1996. Completion of the two buildings, totaling 75,000 square feet,
where Shaklee will develop new technology for nutritional and pharmaceutical
compounds, is slated for September of 1997. Shaklee will initially employ about
40 people at the complex.
Rosen Consulting Group 19
<PAGE> 28
FORECASTED EMPLOYMENT TRENDS
Employment growth in San Jose will be strong during the next year, with
employment growth exceeding 5% during 1996. We do not believe that the economy
can maintain such a strong rate of growth for long, and as a result, we expect
to see slower rates of employment growth thereafter (see Table 2.2). While
demand for personal computers and chips will remain moderately strong over the
forecast horizon, we do not expect that the high technology industry will be
able to maintain its recent rate of growth.
Longer term growth in San Jose will depend on further expansion in the computer,
electronics and biotechnology industries. Growth in these core industries brings
billions of additional dollars and, as a result, tens of thousands of new jobs
in related sectors such as trade and services to the local economy. Actually,
many of the jobs associated with the research and design of new high technology
products are service sector jobs, including engineering and software
development. These jobs are all highly-skilled positions which command high
salaries.
The qualities which enabled Santa Clara County to become a world center of the
computer and consumer electronics industry (world class educational institutions
and an entrepreneurial culture) will continue to fuel entrepreneurial activity
in Silicon Valley. Technological revolution seems to be ongoing in Silicon
Valley, with current activity focusing on the fusion of technologies from
multiple industries. While most of the new fusion technologies are in the early
stages of development, they promise to attract new entrepreneurs, create new
markets and business opportunities, and to bring new workers to Silicon Valley.
TABLE 2.2
SANTA CLARA COUNTY EMPLOYMENT FORECAST
<TABLE>
<CAPTION>
1992 1993 1994 1995 1996f 1997f 1998f 1999f 2000f
---- ---- ---- ---- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 792.1 796.6 799.9 828.0 872.9 903.6 931.2 938.0 965.2
% Change -1.7% 0.6% 0.4% 3.5% 5.4% 3.5% 3.1% 0.7% 2.9%
Construction 27.3 26.1 26.4 27.6 32.1 33.8 35.6 35.2 36.1
% Change -2.8% -4.4% 1.1% 4.5% 16.3% 5.3% 2.0% -1.0% 2.5%
Manufacturing 236.8 231.7 226.0 229.6 244.0 247.2 249.5 244.5 251.8
% Change -5.8% -2.2% -2.5% 1.6% 6.3% 1.3% 0.9% -2.0% 3.0%
T.C.P.U. 22.4 23.6 23.8 23.9 24.6 25.3 25.8 26.9 26.2
% Change -0.9% 5.4% 0.8% 0.4% 2.9% 2.8% 2.0% 0.5% 1.0%
Trade 158.6 157.7 160.3 167.6 174.9 181.2 187.4 186.5 189.8
% Change -3.9% -0.6% 1.6% 4.6% 4.4% 3.6% 3.4% -0.5% 1.8%
F.I.R.E. 31.5 31.5 30.0 28.7 28.1 29.3 30.4 30.7 31.3
% Change 0.0% 0.0% -4.8% -4.3% -2.1% 4.3% 3.8% 1.0% 2.0%
Services 226.6 237.9 245.1 263.7 282.4 298.7 314.3 326.2 339.9
% Change 4.1% 5.0% 3.0% 7.6% 7.1% 5.8% 5.2% 3.8% 4.2%
Total Government 88.8 87.9 88.3 86.8 86.5 87.5 87.8 88.5 89.6
% Change -0.3% -1.0% 0.5% -1.7% -0.3% 1.2% 0.3% 0.8% 1.2%
Sources: Historical data-Bureau of Labor Statistics; Calculations and forecasts-RCG.
</TABLE>
Rosen Consulting Group 20
<PAGE> 29
DEMOGRAPHIC TRENDS
The dramatic turnaround which the Santa Clara County economy has experienced
during the last year or so has caused population growth to accelerate. The most
direct influence which stronger job market trends have on population growth is
that as new positions are created, households move into the area to fill the
jobs. However, population growth also accelerates because of an increased level
of births, due to the greater job certainty experienced by employed people. In
Santa Clara County, population growth has averaged 1.5% for each year between
1980 and 1990, above the national average of 0.9% for each year over the same
period (see Table 2.3). Due to weak economic conditions during the early 1990s,
average population growth slowed to approximately 1.3% for each year from 1990
to 1995, representing the addition of a total of slightly under 100,000 new
residents for the entire period. With the strong recovery which has occurred in
the Santa Clara County economy during the last eighteen months, we expect job
growth will accelerate to at least 1.4% per year during the 1995 to 2000 period,
representing the addition of a total of about 110,000 new residents for the
entire period.
The historical and forecasted age distribution data reflects the rapid growth in
the 45 to 54 and 55 to 59 year-old age categories during the 1990s as those born
during the post-World War II baby-boom enter that age group. These population
trends have significance for household formation and the decision of whether to
own or rent, also called tenure choice.
- ---------------------------------------------------------------------
TABLE 2.3
SANTA CLARA COUNTY POPULATION BY AGE
<TABLE>
<CAPTION>
AGE GROUP 1980 1990 1995 2000
- --------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
19 & Under 409,466 404,578 442,100 473,500
20-24 133,172 125,178 110,300 111,900
25-34 243,550 316,883 307,600 310,500
35-44 172,994 244,694 271,100 274,800
45-54 133,619 163,214 187,500 222,100
55-64 105,637 112,712 128,200 150,900
65+ 96,635 130,318 148,100 162,200
TOTAL 1,295,073 1,497,577 1,594,900 1,705,900
<CAPTION>
COMPOUND ANNUAL GROWTH RATE
----------------------------------
AGE GROUP 1980-1990 1990-1995 1995-2000
- --------- --------- --------- ---------
<S> <C> <C> <C>
19 & Under -0.1% 1.8% 1.4%
20-24 -0.6% -2.5% 0.3%
25-34 2.7% -0.6% 0.2%
35-44 3.5% 2.1% 0.3%
45-54 2.0% 2.8% 3.4%
55-64 0.7% 2.6% 3.3%
65+ 3.0% 2.6% 1.8%
TOTAL 1.5% 1.3% 1.4%
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
- ----------------------------------------------------------------------------
Drivers license data illustrates the population growth trends mentioned above.
Net migration, a major contributor to population growth, was negative between
fiscal year 1989-1990 to fiscal year 1993-1994 (see Table 2.4). In the 1995 to
2000 time period, we believe that Santa Clara will experience a low level of
in-migration as the economy continues to create more jobs than there are
residents to fill them. This will help to maintain population growth at an
average of 1.4% per year through 2000.
Rosen Consulting Group 21
<PAGE> 30
<TABLE>
<CAPTION>
TABLE 2.4
SANTA CLARA COUNTY DRIVERS LICENSE MIGRATION DATA
Estimated Net
Fiscal Net Drivers Population
Year Drivers to: Drivers from: In (Out) In (Out)
- ------ ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
89-90 66,540 78,510 (11,970) (17,955)
90-91 65,011 75,915 (10,904) (16,356)
91-92 62,504 72,327 (9,823) (14,735)
92-93 55,021 65,023 (10,002) (15,003)
93-94 66,201 71,133 (4,932) (7,398)
94-95 72,239 64,874 7,365 11,048
Sources: Historical Data-California Department of Motor Vehicles Driver License
Address Change Report-August 1990-1995; Calculations-RCG.
</TABLE>
Household growth has recovered more strongly than population growth during the
past year or so, for two principal reasons. Stronger economic conditions have
caused people to become more confident about the economy which, in turn, has led
people who may have lived with roommates or extended family to form their own
households. In addition, many of the new jobs being created are for younger
employees, who tend to create single-person households. As a result, household
formation averaged roughly 0.9% per year during the first half of the 1990s, but
will accelerate to approximately 1.2% per year during the 1995 to 2000 period
(see Table 2.5). Based on our economic and demographic projections, during the
1995 to 2000 period, we anticipate that more than 33,000 new households will be
formed, creating substantial new demand in the residential markets.
<TABLE>
<CAPTION>
TABLE 2.5
SANTA CLARA COUNTY HOUSEHOLDS BY AGE
Compounded Annual Avg Growth
----------------------------
Age Groups 1990 1995 2000 1990-1995 1996-2000
- ---------- ---- ---- ---- --------- ---------
<S> <C> <C> <C> <C> <C>
15-24 22,888 21,859 21,788 -0.9% -0.1%
25-34 134,727 135,589 137,998 0.1% 0.4%
35-44 128,484 131,190 135,971 0.4% 0.7%
45-54 93,112 101,098 111,882 1.7% 2.0%
55-64 64,502 72,436 82,132 2.3% 2.5%
65+ 76,466 81,398 86,994 1.3% 1.3%
Total 520,179 543,570 576,765 0.9% 1.2%
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
</TABLE>
Rosen Consulting Group 22
<PAGE> 31
AFFORDABILITY, TENURE CHOICE, AND THE DEMAND FOR RENTAL UNITS
Like most of the San Francisco Bay Area, Santa Clara County is an expensive
housing market. The median existing home price as of year-end 1995 was $253,372
compared to a national median home price in 1995 of $112,900 (see Table 2.6).
The percentage of households able to afford the median-priced home in Santa
Clara County has increased dramatically during the last five years, primarily
owing to the rapid rise in household incomes relative to home prices, but also
to declining mortgage interest rates. However, while housing has become more
affordable in recent years in Santa Clara County, it still remains very
expensive. In 1995, only 42.9% of Santa Clara's households can afford the
median-priced home compared to 54.8% nationally.
The low level of housing affordability bodes well for rental housing demand. As
of the 1990 Census, 40.9% of the households in Santa Clara County rented,
compared with 35.8% for the nation as a whole. The high proportion of renters is
also attributable to a relatively young population base with a higher propensity
to rent. In addition, some people make a lifestyle decision to rent because it
offers increased flexibility without the responsibilities of home-ownership.
Recent trends in the luxury apartment market suggest that people are choosing to
rent increasingly because they can rent a higher quality home with more
amenities than they could purchase and without the responsibilities of
home-ownership.
TABLE 2.6
AFFORDABILITY DATA
SANTA CLARA COUNTY AND THE UNITED STATES
<TABLE>
<CAPTION>
1990 1991 1992 1993 1994 1995 1996a
---- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Median Existing Home Price
- --------------------------
Santa Clara County $268,890 $256,640 $248,260 $246,510 $254,390 $253,372 $260,878
% Change -2.3% -4.6% -3.3% -0.7% 3.2% 1.5% 3.2%
United States $95,500 $100,300 $103,700 $106,800 $109,800 $112,900 $117,500
% Change 2.6% 5.0% 3.4% 3.0% 2.8% 2.8% 4.1%
Household Income
- ----------------
Santa Clara County $70,700 $73,000 $77,300 $79,200 $83,500 $87,400 $92,500
% Change 5.7% 3.3% 5.8% 2.5% 2.8% 2.9% 4.0%
United States $37,403 $37,922 $39,020 $41,428 $43,845 $45,999
% Change 2.4% 1.4% 2.9% 6.2% 5.8% 4.9%
Mortgage Int. Rate 10.1% 9.2% 8.4% 7.3% 8.4% 8.0% 7.5%
- ------------------
Households Able to Afford Median-Priced Home
- --------------------------------------------
Santa Clara County 19.1% 26.4% 35.2% 41.9% 38.1% 42.9% 49.2%
United States 50.0% 51.0% 55.0% 58.0% 57.0% 54.8%
</TABLE>
Source: Historical data-National Association of Realtors, Federal Reserve Board
of Governors, U.S. Bureau of the Census; Calculations and 1996 estimate-RCG.
Rosen Consulting Group 23
<PAGE> 32
To summarize, although we forecast only a modest rate of increase in population
and households for Santa Clara County during the next five years, more than
33,000 new households will be created. Due to the high growth rate of households
in the older age groups, which typically choose to own versus rent, a lower
proportion of the new households (i.e. 30% thereof) will rent. However, because
of the current strong growth in population and households, apartment demand
growth will remain strong, in the range of 10,000 units over the next five
years, or just under 2,000 units per year.
TABLE 2.7
PROJECTION OF APARTMENT DEMAND BY AGE
SANTA CLARA COUNTY
<TABLE>
<CAPTION>
Change in
1990 1995 2000 Households Renter New
Age Groups Households Households Households 1995-2000 Proportion Rental Units
- ---------- ---------- ---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
15-24 22,888 21,859 21,788 (71) 90.0% (64)
25-34 134,727 135,589 137,998 2,409 62.7% 1,510
35-44 128,484 131,190 135,971 4,781 40.4% 1,932
45-54 93,112 101,098 111,882 10,784 25.8% 2,782
55-64 64,502 72,436 82,132 9,696 20.2% 1,959
65+ 76,466 81,398 86,994 5,596 25.5% 1,427
Total 520,179 543,570 576,765 33,195 28.6% 9,494
</TABLE>
Sources: Historical data - U.S. Census Bureau; Calculations and
forecasts - RCG.
Rosen Consulting Group 24
<PAGE> 33
APARTMENT MARKET TRENDS
Current strong job growth has fueled the recent growth in demand for apartment
units, which, in turn, has in 1995 increased net absorption and pushed the
vacancy rate for projects with more than 100 units down to their lowest level
since 1986. At year-end 1995, the apartment vacancy rate in Santa Clara County
was 2.2%, a dramatic decline from 4.3% in 1994 (see Table 2.8). As a result of
the dramatic growth in apartment demand and low rental vacancy rates in 1995,
Santa Clara County apartment rents jumped 9.6% in 1995 from $886 per unit to
$971 per unit.
<TABLE>
<CAPTION>
TABLE 2.8
SANTA CLARA COUNTY APARTMENT MARKET TRENDS (100+ UNITS)
1987 1988 1989 1990 1991 1992 1993 1994 1995
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Stock 42,880 45,548 46,658 48,209 50,382 50,748 50,934 50,934 51,606
New Construction 1,497 2,668 1,110 1,551 2,173 366 186 0 672
Net Absorption 1,464 3,014 1,281 1,348 2,057 16 (630) 306 1,763
Occupied Stock 41,332 44,346 45,627 46,975 49,032 49,048 48,418 48,723 50,486
Vacancy Rate 3.6% 2.6% 2.2% 2.6% 2.7% 3.4% 4.9% 4.3% 2.2%
Average Rent $747 $770 $807 $842 $870 $864 $887 $886 $971
Avg. Rent Change -0.5% 3.1% 4.8% 4.3% 3.3% -0.7% 2.7% -0.1% 9.6%
Sources: New construction, vacancy, avg. rent, & stock-RealData; Net absorption & occupied stock calculations-RCG.
</TABLE>
While all of Santa Clara County's apartment submarkets are tight, the areas with
the lowest vacancy rates at year-end 1995 were the cities of Los Gatos,
Cupertino and Milpitas. Campbell, on the other hand, experienced an increase in
vacancy during 1995 because of the addition of 348 units at Canyon Creek (owned
by Bay Apartment Communities) during the first half of 1995. On a per square
foot basis, rents were highest at year-end 1995 in Palo Alto, Los Altos, and
Sunnyvale.
According to a year-end 1995 apartment survey of buildings with more than 100
units conducted by RealData, vacancy rates are extremely low in both Class A and
Class B buildings in the major rental submarkets in Santa Clara County, although
evidence suggests that Class A vacancy rates are slightly lower. While RealData
does not classify buildings as Class A or B, using proxies such as the age of
the building and its average rent relative to the city average, we found that in
most of the county's submarkets, specifically in Campbell, Cupertino, Milpitas,
Mountain View and Palo Alto, vacancy rates were slightly lower in newer projects
where rents were above the city average for those buildings surveyed. For
instance in Campbell, those projects built before 1975 had a rental vacancy rate
of 3.4% compared to 1.6% for projects constructed after 1975.
Current low vacancy rates and strong rent growth are spurring apartment
construction. Apartment building completions were at their highest level in 1995
than in any year since 1991. Bay Apartment Communities, Inc. (BAC) completed two
projects in Campbell and San Jose totaling 672 units during 1995. Illustrating
the strength of the apartment market, by mid-October 1995, BAC reported 98%
occupancy at the two projects.
Rosen Consulting Group 25
<PAGE> 34
Recent construction activity has not kept pace with growth in households in
Santa Clara County. As Figure 2.2 shows, far fewer permits were issued for new
construction in 1994 and 1995 than new households were created. This situation
has led to the tightening market conditions and the very low current vacancy
rate. Given the large pipeline of new construction, we expect the ratio of new
households to multifamily permits to drop during the next three years.
The large pipeline of new construction in Santa Clara County will alleviate
tight market conditions during the next several years. Almost 700 units are
scheduled for delivery during 1996 (see Table 2.9). In the downtown
redevelopment area, the 198-unit Villa Torina will have 42% "affordable" units.
BAC's $30.4 million, 300-unit Rosewalk at Waterford Park project in San Jose
will be completed in June of 1996. Also scheduled for delivery in 1996 is a
150-unit project developed by the Plymouth Group at the Old Mill site in
Mountain View.
The pipeline of new construction for 1997 includes more than 2,000 units. The
largest of these projects is BAC's The Mark in Sunnyvale. Construction on Forest
City's Renaissance Village, with 633 units, will begin in late 1996, and we
anticipate partial completion in 1997, with the remainder of the units completed
in 1998. Three projects will be completed in Cupertino during 1997, including a
140-unit apartment project at Citation Homes' Corsica of Cupertino, DeAnza
Properties' 196-unit Forge Homestead project, and Pegasus Development's 120-unit
Cupertino Park Center. Three other projects are slated for completion in San
Jose during 1997, as well as a 252-unit project in Santa Clara. Because of the
large number of new units coming on line in 1997 in conjunction with slightly
slower forecasted job growth, we expect the apartment vacancy rate to increase
to 2.8%.
- --------------------------------------------------------------------------------
FIGURE 2.2
- --------------------------------------------------------------------------------
New Households to Multifamily Permits
Santa Clara County
------------------------------------------
[GRAPHIC OMITTED]
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG
Rosen Consulting Group 26
<PAGE> 35
<TABLE>
<CAPTION>
TABLE 2.9
SANTA CLARA APARTMENT UNIT PIPELINE
Delivery Units Project Name City Developer/Owner Status/Comments
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1996 150 Old Mill Site Mtn. View Plymouth Group
1996 198 Villa Torino San Jose Sobrato Development 42% affordable; 58% high-end
1996 300 Rosewalk-Wtrfrd Park San Jose Bay Apt. Commun. In San Jose off Capital Expressway
1997 140 Corsica of Cupertino Cupertino Citation Homes Saratoga-Sunnyvale Rd., old Mariani site
1997 196 Forge Homestead Cupertino DeAnza Properties
1997 120 Cupertino Park Ctr. II Cupertino Pegasus Develop. Construction beginning 7/96
1997 200 Blossom Hill Site San Jose Security Capital
1997 145 Eden Palms San Jose Eden Housing Low-Income housing/affordable
1997 100 Willow Lake-Nrthprk San Jose Sobrato Development Addition, beginning construction 9/96
1997 252 Nantucket (formerly Santa Clara Interland Started early 1996 and due to completed 1/97
Bellavista Phase III)
1997 709 The Mark Sunnyvale Bay Apt. Commun. At 101 and Lawrence Expressway
1997/98 633 Renaissance Village San Jose Forest City 10%-20% tax-exempt; started in fall of 9/96
1998 310 NA Bay Apt. Commun. Lawrence Expressway & Stevens Creek Blvd
1998 300 Tandem Site Cupertino Thompson Residen. Land selling for $45,000/unit suggesting
eventual unit price of $150,000/unit
1998 374 McCarthy Ranch Milpitas Fairfield At 237 and McCarthy Blvd.
1998 120 Park Place Phase II Mtn. View Pegasus Develop. On hold
1998 250 Almaden Lake Village San Jose Alm. Lk. Vill. Assoc. 80% market/20% affordable; begin constr. 9/96
1998 250 NA San Jose Bay Apt. Commun. Folstaff Site near downtown San Jose
1998 276 Bellavista/Nantucket Santa Clara Interland Phase IV starting summer of 1997
1999 600 NA Palo Alto Stanford University Campus housing for university employees
2000 2,000 Moitozo Farm San Jose Pegasus Develop. Owns 80 acres at River Oaks Pkwy & N. First
Sources: Data gathered June of 1996 by RCG from RealData, RealFacts, Local Developers, Local Planning Departments.
</TABLE>
A number of projects totaling almost 2,200 units are in the pipeline for 1998.
The largest of these is a 374-unit project at McCarthy Ranch. Also slated for
delivery in 1998 is a 250-unit project in San Jose called Almaden Lake Village,
which will have 20% affordable units. Another unnamed phase of Interland's
Bellavista/Nantucket project in Santa Clara with 276-units is also in the
construction pipeline for 1998. In addition, Thompson Residential is developing
a 300-unit project on the Tandem site, which will be completed in 1998 at the
earliest. Bay Apartment Communities has two projects slated for delivery in
1998, and the second phase of Pegasus Development's Park Place II in Mountain
View, which is currently on hold, may be completed by then. Beyond 1998,
Stanford University has proposed a 600-unit development for university
employees, and Pegasus Development plans to build apartments at the Moitozo Farm
site in San Jose, whose general plan supports some form of housing on the site.
Rosen Consulting Group 27
<PAGE> 36
The outlook for Santa Clara County's apartment market is very strong for the
next several years. The apartment vacancy rate is forecasted to rise from its
current unnaturally low level to 4.1% in 1998 if all the projects in the
construction pipeline are built (see Table 2.10). Rent growth will remain
moderately strong during the next few years. The main factor constraining rent
growth will be the large pipeline of rental construction projects whose
deliveries will begin to offset the growth in demand. While we do not expect the
rent spike of 1995 to repeat in 1996, rent growth will be very healthy at an
estimated 6.8%. By 1997 and 1998, the large amount of new construction entering
the market will increase competition among landlords and will cause rent growth
to slow to the 5% range. However, the possibility is strong that some of the
proposed projects reflected in our forecasts may be postponed or scrapped, which
would cause vacancy to remain very low and rent growth to be higher than
projected.
TABLE 2.10
SANTA CLARA COUNTY APARTMENT MARKET FORECAST (100+ UNITS)
<TABLE>
<CAPTION>
1995 1996f 1997f 1998f 1999f 2000f
<S> <C> <C> <C> <C> <C> <C>
Total Stock 51,606 52,254 54,433 56,630 57,230 57.730
New Construction 672 648 2,179 2,197 600 500
Net Absorption 1,763 875 1,525 1,450 800 800
Occupied Stock 50,486 51,361 52,886 54,336 55,136 55,836
Vacancy Rate 2.2% 1.7% 2.8% 4.1% 3.7% 3.1%
Average Rent $971 $1,037 $1,096 $1,144 $1,200 $1,264
Average Rent Change 9.6% 6.8% 5.7% 4.4% 4.8% 5.4%
</TABLE>
Sources: 1995 statistics-RealData; Forecasted construction-Local developers &
Planning Departments; Forecasted net absorption, vacancy & rent growth-RCG.
Rosen Consulting Group 28
<PAGE> 37
- --------------------------------------------------------------------------------
Alameda County
- --------------------------------------------------------------------------------
RECENT ECONOMIC TRENDS
Nonagricultural payroll employment in the Oakland metropolitan area, which is
comprised of Alameda and Contra Costa Counties, gained 1.4% in the year ended in
April of 1996 (see Table 3.1a). While slightly slower than the rate of growth
experienced during most of 1995, when the Oakland economy grew at an average
rate of 2.1% for the year, this increase indicates that the economy is
recovering from the defense industry cuts and consolidation in the high
technology sector that plagued the region in the early 1990s. The Alameda County
employment base grew at a 1.5% rate during 1995, slightly surpassing the growth
of the overall metropolitan area (see Table 3.1b). Alameda County's unemployment
rate has fallen to its pre-recession levels, registering a low 4.8% as of April
of 1996.
The services sector is the largest and most quickly growing component of the
Oakland economy, with an employment increase of 4.5% between April of 1995 and
1996. Business services comprises just over one-fourth of services sector
employment. Growth in business services, which includes software development and
temporary services, was 9% in 1995, representing the addition of approximately
5,400 jobs. Between April of 1995 and 1996, growth in business services
employment continued at a strong rate of 7.5%. An example of current expansion
in the software industry is People Soft's purchase in 1995 of three buildings,
totaling 225,000 square feet in Hacienda Business Park in Pleasanton. People
Soft currently employs approximately 200 people in 180,000 square feet in
Pleasanton, but between consolidating its Walnut Creek offices and anticipated
further expansion, the company expects its future requirements to double the
space it recently acquired. Another software expansion involves the joint
venture between Tokyo-based Softbank and Sega of America, which will distribute
video games and personal computer software. The joint venture will be located in
Hayward at a site currently used by Sega. Also in the business services sector,
Robert Half, an employment agency, has leased part of a 71,000 square-foot
building under construction at Hacienda Business Park. The company has also
pre-leased a portion of another building to be built at Hacienda.
Health services also represents almost one-fourth of service sector employment.
Kaiser Permanente is the East Bay's largest employer with more than 12,000
employees as of year-end 1995. Many of Kaiser's jobs are unionized and
relatively well-paying. Also among the largest employers is Alta Bates Health
System, with approximately 2,700 employees. Kaiser recently scrapped plans to
build a new hospital on a 30-acre site in Emeryville and is considering
outsourcing care to other hospitals in a cost-cutting move. These moves indicate
that Kaiser will likely remain a stable source of employment in Oakland, neither
growing rapidly or seriously contracting. Health services employment will be
slower over the next year due to the relocation of U.S. Behavioral Health, a
fast-growing managed health care firm, from Oakland to San Francisco. The move
will mean a loss of 500 current jobs from Oakland and 1,500 future jobs.
The Los Angeles Raiders moved back to Oakland for the 1995 NFL football season.
As part of the agreement with the Raiders, the Oakland Coliseum is undergoing an
$85 million renovation. The return of the Raiders is expected to have a
multiplier effect on local trade and services sector employment. Plans are also
underway to expand the Oakland Coliseum. As a result of the coliseum expansion,
the Golden State Warriors will play in San Jose during the 1996-1997 basketball
season, which could hurt nearby stores and restaurants.
Rosen Consulting Group 29
<PAGE> 38
<TABLE>
<CAPTION>
TABLE 3.1a
OAKLAND MSA EMPLOYMENT DETAIL
1989 1990 1991 1992 1993 1994 1995 Apr-96 1996f
---- ---- ---- ---- ---- ---- ---- ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 857.2 879.2 879.7 870.2 873.4 877.4 895.6 904.5 916.2
% Change 2.6% 2.6% 0.1% -1.1% 0.4% 0.5% 2.1% 1.4% 2.3%
Construction 45.5 44.6 42.6 40.7 40.8 40.7 42.9 42.8 45.0
% Change 1.6% -2.0% -4.5% -4.5% 0.2% -0.2% 5.4% 3.4% 4.8%
Manufacturing 110.8 111.0 109.7 109.1 102.7 102.3 106.3 107.7 107.6
% Change 2.4% 0.2% -1.2% -0.5% -5.9% -0.4% 3.9% 1.1% 1.2%
Computer Office 4.7 5.3 5.0 6.1 4.4 3.4 3.9 4.4
% Change 23.7% 12.8% -5.7% 22.0% -27.9% -22.7% 14.7% 15.8%
Petroleum & Coal 9.1 9.3 9.3 9.9 8.1 7.9 7.5 6.9
% Change 1.1% 2.2% 0.0% 6.5% -18.2% -2.5% -5.1% -13.7%
T.C.P.U. 57.2 58.2 57.8 54.8 56.8 57.3 58.9 58.6 60.4
% Change 2.7% 1.7% -0.7% -5.2% 3.6% 0.9% 2.8% 1.0% 2.6%
Trucking & Whse 15.1 15.1 14.8 14.0 15.2 16.0 16.2 16.3
% Change 6.3% 0.0% -2.0% -5.4% 8.6% 5.3% 1.2% 2.5%
Water Transport 4.0 3.9 3.5 2.5 2.4 2.3 2.4 2.2
% Change 2.6% -2.5% -10.3% -28.6% -4.0% -4.2% 4.3% -8.3%
Communications 20.9 20.6 20.3 18.9 19.1 18.5 18.5 18.2
% Change -5.9% -1.4% -1.5% -6.9% 1.1% -3.1% 0.0% -0.5%
Trade 212.3 217.5 214.2 204.6 203.9 203.5 205.4 205.0 209.9
% Change 1.4% 2.4% -1.5% -4.5% -0.3% -0.2% 0.9% 1.3% 2.2%
Wholesale Trade 51.2 52.4 54.5 52.6 51.1 51.7 53.7 54.8
% Change 4.9% 2.3% 4.0% -3.5% -2.9% 1.2% 3.9% 3.2%
Retail Trade 161.1 165.1 159.6 152.0 152.8 151.8 151.7 150.2
% Change 0.3% 2.5% -3.3% -4.8% 0.5% -0.7% -0.1% 0.7%
F.I.R.E. 54.1 55.7 54.7 57.8 58.7 56.5 53.4 52.6 52.0
% Change 0.7% 3.0% -1.8% 5.7% 1.6% -3.7% -5.5% -2.2% -2.7%
Services 209.0 221.1 229.1 230.0 237.8 244.4 256.5 265.8 270.3
% Change 4.7% 5.8% 3.6% 0.4% 3.4% 2.8% 5.0% 4.5% 5.4%
Business 50.3 54.2 54.3 52.9 56.2 59.7 65.1 67.5
% Change 10.3% 7.8% 0.2% -2.6% 6.2% 6.2% 9.0% 7.5%
Health 55.0 57.7 60.4 61.4 62.2 62.4 64.1 64.5
% Change 0.2% 4.9% 4.7% 1.7% 1.3% 0.3% 2.7% 1.3%
Engin & Mgm't 22.9 25.0 27.0 27.1 28.6 29.4 31.3 31.3
% Change 11.2% 9.2% 8.0% 0.4% 5.5% 2.8% 6.5% 0.0%
Total Government 164.6 168.0 168.7 169.8 169.6 169.9 170.0 169.6 167.9
% Change 2.4% 2.1% 0.4% 0.7% -0.1% 0.2% 0.1% -2.1% -1.2%
Total Federal 30.8 31.0 30.3 30.2 29.0 28.1 26.8 24.2
% Change 1.7% 0.6% -2.3% -0.3% -4.0% -3.1% -4.6% -12.6%
U.S. Dept of Def 12.1 12.1 11.9 12.3 11.8 10.2 8.3 6.0
% Change 0.8% 0.0% -1.7% 3.4% -4.1% -13.6% -18.6% -32.6%
State Education 23.0 23.3 23.0 22.9 22.9 23.4 23.8 24.5
% Change 1.8% 1.3% -1.3% -0.4% 0.0% 2.2% 1.7% -0.4%
Sources: Historical data-Bureau of Labor Statistics; Calculations and forecasts-RCG.
</TABLE>
Rosen Consulting Group 30
<PAGE> 39
TABLE 3.1b
ALAMEDA COUNTY EMPLOYMENT
<TABLE>
<CAPTION>
1990 1991 1992 1993 1994 1995 Apr-96
---- ---- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Employment 649,038 631,494 626,212 627,297 637,247 647,060 --
% Change 1.9% -2.7% -0.8% 0.2% 1.6% 1.5% --
Unemployment Rate 4.0% 6.3% 6.5% 6.6% 6.1% 5.8% 4.8%
</TABLE>
Sources: Bureau of Economic Analysis, California Employment Development
Department, RCG.
The manufacturing sector is another growing component of the Oakland economy,
posting an employment gain of 1.1% in the year ending in April of 1996. The gain
of 1.1% disguises dramatic growth in the high technology industry in Alameda
County which has been largely offset by large losses in Oakland's traditional
manufacturing industries, particularly petroleum and coal products, which is
concentrated in northern Contra Costa County, where Chevron, Shell, and Tosco
refineries are all located. (Chevron also has a significant presence in San
Ramon). Employment in the petroleum and coal products subsector has dropped by
almost a third since 1992 to 6,900, eliminating many high-paying jobs. Since
1992, Chevron has downsized significantly at its refinery and at its San Ramon
facility. In addition, Pacific Refinery, an independent operation in Hercules,
shut down, eliminating 750 to 1,000 jobs, and Unocal is downsizing at its
refinery in Contra Costa County.
The presence of the University of California at Berkeley, a major research
university, has helped to attract technology-related companies, ranging from
software development to biotechnology. The engineering and manufacturing jobs at
these companies generally pay well. Nearby Emeryville is the location of much of
the recent expansion in these industries. In Emeryville, Sybase is planning two
new buildings, totaling approximately 550,000 square feet, to house software
engineers. Construction will begin on the first building in 1996 and on the
second building in 1997. Also in Emeryville, Chiron Corporation has announced
plans to build an $800 million new corporate headquarters. The project is
expected to house approximately 1,000 workers when completed after the turn of
the century. Chiron expects to break ground in early 1997 on its first
laboratory building, which will be followed by a second lab building in 1998 or
1999. The last phase of the project will be an office tower, which will not be
under construction until at least the year 2000. Further, Chiron announced plans
to put up $250,000 in funds for an Oakland-based biotechnology center aimed at
helping start-up companies find laboratory space.
Perhaps the most dynamic pocket of economic activity in Alameda County is the
southern portion of the county bordering Santa Clara County. The high technology
boom which is centered in Santa Clara County has spilled over into southern
Alameda County as companies look for room to expand. Growth in the computer and
office equipment manufacturing subsector, a highly concentrated part of the
Oakland and, specifically, Alameda County economy, was 14.7% during 1995 and
15.8% as of April of 1996 in Oakland, following significant employment decreases
in 1993 and 1994. A number of companies have selected southern Alameda County
for new facilities. For example, Tandem Computers subleased 495,000 square feet
of space from Xerox in Fremont in February of 1995, and Compaq, the computer
maker, chose Fremont for a distribution facility. Fremont-based LAM Research, a
manufacturer of semiconductor equipment, added 1,500 new employees in 1995. The
company is building a new facility, which is scheduled for occupancy in August
of 1996, and it is searching the Bay Area for a place to build
Rosen Consulting Group 31
<PAGE> 40
a new plant. Also in Fremont, Altratron leased 84,000 square feet of R&D space.
In Hayward, South San Francisco-based Heat & Control is building a new $9.5
million, 144,000 square-foot headquarters, scheduled for completion in late 1996
or early 1997. The company, which employs 300, will increase its staff by 10% at
the new facility.
Manufacturing sector expansion has also occurred to the east, both in high
technology and more traditional manufacturing industries. Seaway Semiconductor
is purchasing the former Intel factory in Livermore as part of a major expansion
that could create 150 jobs during 1996. In Pleasanton, a hot spot for all types
of job growth in Alameda County, Unisource, a paper distributor, completed a
375,000 square-foot facility at Hacienda Business Park. The company employs 300
at the facility which was completed in 1995. The Cooper Companies, a developer
and manufacturer of contact lenses and other health care products, is moving its
headquarters from New Jersey to Pleasanton. The company employs 960 people with
sales of $100 million. Boehringer Manheim, a company which makes test kits for
the government and other agencies, is negotiating on a large complex at Hacienda
which would include offices, manufacturing, and warehouse space.
Traditional manufacturing industries, such as automobile manufacturing and food
processing, also play an important role in Oakland's manufacturing sector. The
New United Motors Manufacturing plant (Toyota/General Motors joint venture) is
one of Alameda County's largest employers, with approximately 4,500 employees.
Pepsi-Cola will begin operating a new manufacturing and distribution plant in
Hayward in mid-1996. The company will consolidate operations from four other
smaller Bay Area installations and will employ approximately 475 people at the
new facility. Some traditional manufacturers are cutting employment. Los
Angeles-based Mission Foods will close its Richmond tortilla factory in the
spring of 1996, eliminating 165 jobs. In addition, Del Monte Foods announced
plans to lay off 150 administrative and research employees, some of whom are
located in its Walnut Creek research and development facility.
Some manufacturers are attracted to Oakland because of the accessibility of the
Port of Oakland, which is the largest Bay Area port facility. The Port of
Oakland is the fifth largest in the country in terms of international
containerized trade. Import/export activity through the port increased 4.6%
during 1995. The Port of Oakland is being expanded through the acquisition of
the Naval Supply Center property. Expansion plans include dredging the main
channel to 42 feet, building an intermodal rail terminal serving two rail roads,
including the combined Union Pacific and Southern Pacific roads, and upgrading
existing facilities. Approximately 134 acres of the former Naval Supply Center
has been transferred to the Port of Oakland and has been leased out to thirty
companies employing 500 people. Most of the businesses on the site support the
steamship industry at the Port. An additional 400 acres of Navy land will be
transferred in parcels by September of 1998.
Growth at the Port contributed to an employment gain of 1.0% in the
transportation, communications, and public utilities (TCPU) sector between April
of 1995 and 1996. Also contributing to the increase is the trucking and
warehousing industry, whose growth has been fed by the expanding manufacturing
sector. At Oakland International Airport, passenger volume increased almost 18%
during 1995 because of expansions at Southwest Airlines, Shuttle by United, and
Alaska Airlines. Cargo volume at the airport increased 12% during 1995. Federal
Express opened a clearance center at Oakland during 1995, hiring an additional
100 employees, and the airport authority is undertaking a major airport
expansion.
Rosen Consulting Group 32
<PAGE> 41
Bay Area international trade was up 27.7% last year, more than double the growth
rate of the nation's other ports. The region ranked fourth-largest, behind New
York, Los Angeles and Detroit. However, the Bay Area will likely overtake
Detroit within the year for third spot honors. The trade boom is linked to the
region's explosive computer electronics industry. The top five trading partners
of the Bay Area are the Asian nations of Japan, Korea, Singapore, Taiwan and
Malaysia. The Bay Area shipping trade is conducted through the ports of Oakland
and Alameda.
Increased manufacturing and port activity have driven growth in the wholesale
trade sector. During 1995, wholesale trade employment, which represents
one-fourth of the trade sector, increased 3.9%. Retail trade did not fare as
well, with employment remaining fairly stable for 1995, although employment data
as of April of 1996 reveals small job gains in this sector. A number of retail
projects are underway, which should cause retail trade to gain during the next
several years. In Emeryville, one of Oakland's most active retail submarkets,
plans are underway for the second phase of East Bay Bridge Center, the first
phase of which was completed in late 1994. In addition, an entertainment-based
"Retail Village" is pre-leasing and expected to be under construction within a
year in Emeryville. In downtown Oakland, Sears has purchased the landmark
Emporium department store which closed in early 1996. Sears will open a store at
the site in the fall of 1996. At Jack London Square near downtown Oakland, the
retail space is nearly fully occupied, and plans are underway for a second
development phase.
Away from downtown, Safeway is moving its corporate headquarters from Oakland to
Pleasanton. Safeway is consolidating 1,110 employees currently working at three
facilities in Oakland, Fremont and Walnut Creek to existing buildings at
Centrepoint Office Park in Pleasanton. Safeway expects to complete the move by
early July of 1996. Safeway chose Pleasanton because many of its employees live
nearby and because BART is scheduled to open a Pleasanton station during 1996.
Safeway's move will boost Pleasanton's employment base, although it will not
notably impact the overall metropolitan area.
A number of other retail projects are underway which will create new jobs in the
retail trade sector. These projects range from Chicago-based Homart Community
Centers' planned 800,000 square-foot shopping center, Tri-Valley Crossings in
Dublin, to smaller shopping centers of approximately 135,000 square feet each
which are underway in San Ramon and Livermore.
Employment in the highly concentrated government sector declined during the year
ended in April of 1996, largely because of declining federal government
employment which sustained a loss of 12.6% for the year ending in April of 1996.
The decrease in the federal government employment has been fueled by military
base closures, and it occurred in spite of increased employment resulting from
the completion of the new twin Federal Towers in downtown Oakland during 1994.
U.S. Department of Defense employment was responsible for more than the total
amount of federal government shrinkage, with employment declining by a third
during the last year alone, representing the loss of nearly 2,000 jobs. As a
result of the actions of the Base Realignment and Closure (BRAC) Commission, the
Alameda Naval Air Station, the Naval Aviation Depot, the Defense Depot, the
Naval Hospital, the Naval Supply Center, and the Oakland Army Base will be
closed by the turn of the century.
Reuse of the military facilities will ease the impact of the base closures. As
one of the first steps in converting the Naval Air Station to civilian uses,
Burbank-based Calstart leased the 65,000 square-foot Hanger 20 at the Alameda
Naval Air Station for use as an electric-car production facility that could
create 100 jobs by the end of 1996. In addition, as previously mentioned, 134
acres of the Naval Supply Center
Rosen Consulting Group 33
<PAGE> 42
in Oakland has been transferred to the Port of Oakland, with an additional 400
acres to follow by late 1998. Although reuse will help the transition, the
closure of military bases will create downward pressure on Oakland's employment
growth during the next several years.
Other major federal government employers are the Lawrence Livermore National
Laboratory and the Lawrence Berkeley National Laboratory, which together employ
almost 11,000 people. Employees at these facilities, as well as the state
operated University of California at Berkeley, are generally highly educated,
highly skilled researchers and professors who drive much of the scientific and
entrepreneurial growth in the region. Overall employment at these facilities has
declined by approximately 1,100 during the past two years. This decline is also
reflected in government sector employment statistics.
FORECASTED EMPLOYMENT TRENDS
The Oakland metropolitan economy is in the midst of its recovery. Employment is
expected to increase at an average rate of 2.7% per year between 1995 and 2000
(see Table 3.2). Much of the growth will be in the southern portion of Alameda
County (Fremont and nearby cities) and in the Tri-Valley area (Livermore, Dublin
and Pleasanton). The services sector will lead the growth because of increased
demand for temporary workers and expected strong growth in the software
industry. Growth in the manufacturing sector will slow from 1995's level as the
semiconductor industry slows, but it will stay positive as expanding companies
continue to find that the East Bay offers more room to expand and more
reasonable prices than other Bay Area locations. Economic growth will be
dampened by a weak government sector affected by military base closures.
However, the completion of a $97 million state office complex in downtown
Oakland in April of 1998 will mitigate the government sector losses. Over the
long term, reuse of the closed military bases will create a unique opportunity
to establish new business.
TABLE 3.2
OAKLAND MSA EMPLOYMENT FORECAST
<TABLE>
<CAPTION>
1992 1993 1994 1995 1996f 1997f 1998f 1999f 2000f
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 870.2 873.4 877.4 895.6 916.2 939.1 967.3 994.9 1023.1
% Change -1.1% 0.4% 0.5% 2.1% 2.3% 2.5% 3.0% 2.9% 2.8%
Construction 40.7 40.8 40.7 42.9 45.0 44.1 44.6 45.2 46.2
% Change -4.5% 0.2% -0.2% 5.4% 4.8% -1.8% 1.0% 1.5% 2.2%
Manufacturing 109.1 102.7 102.3 106.3 107.6 107.9 109.2 110.7 112.3
% Change -0.5% -5.9% -0.4% 3.9% 1.2% 0.3% 1.2% 1.3% 1.5%
T.C.P.U. 54.8 56.8 57.3 58.9 60.4 61.4 62.5 63.8 65.1
% Change -5.2% 3.6% 0.9% 2.8% 2.6% 1.7% 1.8% 2.0% 2.1%
Trade 204.6 203.9 203.5 205.4 209.9 215.0 221.7 227.0 231.7
% Change -4.5% -0.3% -0.2% 0.9% 2.2% 2.4% 3.1% 2.4% 2.1%
F.I.R.E. 57.8 58.7 56.5 53.4 52.0 53.3 55.1 56.6 57.8
% Change 5.7% 1.6% -3.7% -5.5% -2.7% 2.6% 3.3% 2.7% 2.1%
Services 230.0 237.8 244.4 256.5 270.3 282.9 296.9 311.7 327.6
% Change 0.4% 3.4% 2.8% 5.0% 5.4% 4.6% 4.9% 5.0% 5.1%
Total Government 169.8 169.6 169.9 170.0 167.9 171.1 174.1 176.8 179.1
% Change 0.7% -0.1% 0.2% 0.1% -1.2% 1.9% 1.8% 1.5% 1.3%
Total Alameda City 626.2 627.3 637.2 647.1 658.4 671.1 687.1 702.1 718.4
% Change -0.8% 0.2% 1.6% 1.5% 1.7% 1.9% 2.4% 2.3% 2.2%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics;
Calculations and forecasts-RCG.
Rosen Consulting Group 34
<PAGE> 43
DEMOGRAPHIC TRENDS
As Alameda County's economy slowly recovers from the dual forces of recession
and military downsizing, population growth is currently rebounding. For the five
years from 1990 to 1995, however, population growth averaged 1.1% per year, a
drop from the average annual growth of 1.5% from 1980 to 1990 (see Table 3.3).
During the next five years, we expect population growth will continue to
accelerate, reflecting the higher rates of job creation. Population growth will
be highest in the oldest groups, as the baby boom begins to move into the 55 to
64 year old age group and moves completely out of the 25 to 34 year old age
group. Due to the echo baby boom, which includes the children of the baby
boomers, population growth in the youngest age group will also be strong.
Overall, we expect that population growth will average 1.2% per year during the
last half of the 1990s, resulting in absolute annual population growth which is
comparable to that of the 1980s, if not slightly higher.
TABLE 3.3
ALAMEDA COUNTY POPULATION BY AGE
<TABLE>
<CAPTION>
Compound Annual Growth Rate
Age Group 1980 1990 1995 2000 1980-1990 1990-1995 1995-2000
- --------- ---- ---- ---- ---- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
19 & Under 318,597 338,267 360,800 389,700 0.6% 1.3% 1.6%
20-24 110,499 106,064 97,200 100,500 -0.4% -1.7% 0.7%
25-34 213,069 251,290 239,700 228,300 1.7% -0.9% -1.0%
35-44 136,139 219,401 231,400 232,100 4.9% 1.1% 0.1%
45-54 109,272 131,504 159,900 182,600 1.9% 4.0% 2.7%
55-64 103,597 94,394 111,600 135,300 -0.9% 3.4% 3.9%
65+ 114,206 135,782 149,000 161,500 1.7% 1.9% 1.6%
Total 1,105,379 1,276,702 1,349,600 1,430,000 1.5% 1.1% 1.2%
</TABLE>
Sources: Historical data - U.S. Census Bureau; Calculations and forecasts-RCG.
The effect of improving economic conditions on net migration can clearly be seen
from the Department of Motor Vehicles Drivers License data for the fiscal years
1989-1990 to 1994-1995 (see Table 3.4). Economic growth slowed in California
during 1989 and was reflected in weak job growth in Oakland in 1991. The data
for net drivers entering Alameda County began to plummet in the 1989-1990 fiscal
year (July 1 to June 30) and it continued negative through 1993-1994. For the
fiscal year ended on June 30, 1995, the net flow of drivers to Alameda County
had once again turned positive, and we estimate that the inflow has expanded
during the current fiscal year (1995-1996).
Rosen Consulting Group 35
<PAGE> 44
TABLE 3.4
ALAMEDA COUNTY DRIVERS LICENSE MIGRATION DATA
<TABLE>
<CAPTION>
Estimated Net
Net Drivers Population
Fiscal Year Drivers To: Drivers From: In (Out) In (Out)
- ----------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
89-90 67,692 68,520 (558) (837)
90-91 68,203 68,943 (740) (1,110)
91-92 65,468 67,865 (2,397) (3,596)
92-93 57,424 62,303 (4,879) (7,319)
93-94 65,485 68,681 (3,196) (4,794)
94-95 67,083 63,078 4,005 6,008
</TABLE>
Sources: Historical Data-California Department of Motor Vehicles Driver License
Address Change Report-August 1990-1995; Calculations-RCG.
Household formation in Alameda County has reflected a similar pattern to overall
population growth during the past fifteen years. During the 1980s, the number of
households in Alameda County grew at an average rate of 1.2% per year. From 1990
to 1995, the average rate of household growth slowed to 0.6% per year. In the
1995 to 2000 period, we anticipate that the rate of household formation will
rebound, but not to the rate of the 1980s. In the next five years, we expect
that household growth in Alameda County will average 1% per year, representing
the creation of approximately 5,200 households per year (see Table 3.5).
Similar to population growth, household formation will be strongest in the
younger and older age groups. The age distribution reveals a decline in the
population in the so-called baby-dearth generation. The nadir in birth rates in
California occurred in the 1974 to 1975 period, which means that in 1995 those
people would be entering the 20 to 24 year-old age group, which is typically the
age at which people form new households, fuelling household growth. In the 1995
to 2000 period, the falling birthrates of two decades ago imply reduced numbers
in both the 25 to 34 year-old age group and the 35 to 44 year-old age group.
Trailing the baby-dearth generation is the baby-boom echo, which can clearly be
seen in the growth of
TABLE 3.5
ALAMEDA COUNTY HOUSEHOLDS BY AGE
<TABLE>
<CAPTION>
Comp Ann Growth Rate
----------------------
Age Groups 1990 1995 2000 1990-1995 1995-2000
- ---------- ------- ------- ------- --------- ---------
<S> <C> <C> <C> <C> <C>
15-24 24,935 24,553 24,712 -0.3% 0.1%
25-34 113,646 110,310 109,511 -0.6% -0.1%
35-44 119,880 118,759 119,985 -0.2% 0.2%
45-54 79,120 86,624 96,745 1.8% 2.2%
55-64 55,624 62,477 71,432 2.4% 2.7%
65+ 86,313 90,606 97,012 1.0% 1.4%
Total 479,518 493,329 519,397 0.6% 1.0%
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Rosen Consulting Group 36
<PAGE> 45
the 0 to 19 year-old age group in the 1995 to 2000 period. The number of
households in the 45 to 54 year-old age category will grow rapidly during the
decade of the 1990s as those born during the post-World War II baby-boom enter
that age group. These population trends have significance for household
formation and tenure choice and the demand for rental units.
AFFORDABILITY, TENURE CHOICE, AND THE DEMAND FOR RENTAL UNITS
Alameda County is one of the most affordable of the nine counties which form the
San Francisco Bay Area. The median price of an existing single family home was
$182,738 as of year-end 1995 compared to $112,900 for the nation as a whole.
Housing affordability, which is measured by the proportion of households able to
afford the median-priced house under standard conventional mortgage terms,
increased fairly steadily between 1990 and 1994 for both the U.S. and Alameda
County, driven primarily by lower mortgage rates. By that measure, affordability
rose more in Alameda County than in the United States because the ratio of
household income to median home price rose more in relative terms in Alameda
County than it did in the United States. Nevertheless, even though affordability
rose more in Alameda County than in the United States in the 1990 to 1994
period, affordability was still much lower in Alameda than in the nation. As of
year-end 1995, 47.4% of households could afford the median-priced home in
Alameda County compared with 54.8% nationwide.
The lower level of housing affordability in Alameda County has resulted in a
higher proportion of renters in Alameda County than in the nation, similar to
most of the San Francisco Bay Area. Nearly 47% of households in Alameda County
are renters compared with 35.8% nationwide. The proportion of households
choosing to rent was very steady during the 1980 to 1990 period and, despite the
change in
TABLE 3.6
AFFORDABILITY DATA
ALAMEDA COUNTY AND THE UNITED STATES
<TABLE>
<CAPTION>
1990 1991 1992 1993 1994 1995 1996e
-------- -------- ------- --------- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Median Existing
Home Price
Alameda County $180,000 $185,000 $181,000 $183,500 $183,600 $182,738 $186,027
% Change 0.0% 2.8% -2.2% 1.4% 0.1% -0.5% 1.8%
United States $95,500 $100,300 $103,700 $106,800 $109,800 $112,900 $117,500
% Change 2.6% 5.0% 3.4% 3.0% 2.8% 2.8% 4.1%
Household Income
Alameda County $62,400 $63,100 $66,900 $68,700 $72,000 $74,400 $77,300
% Change 7.2% 1.1% 6.0% 2.7% 4.8% 3.3% 3.9%
United States $37,403 $37,922 $39,020 $41,428 $43,845 $45,999
% Change 2.4% 1.4% 2.9% 6.2% 5.8% 4.9%
Mortgage Int. Rate 10.1% 9.2% 8.4% 7.3% 8.4% 8.0% 7.5%
Households Able to
Afford Median-
Priced Home
- --------------------------------------------
Alameda County 31.2% 33.4% 40.7% 46.0% 43.9% 47.4% 50.3%
United Staes 50.0% 51.0% 55.0% 58.0% 57.0% 54.8%
</TABLE>
Sources: Historical data-National Association of Realtors, Federal Reserve
Board of Governors, U.S. Bureau of the Census; Calculations and 1996
estimate-RCG.
Rosen Consulting Group 37
<PAGE> 46
housing affordability, we suspect that it will remain fairly steady over the
1990s, when viewed by age group. That is, a similar percentage of households in
each age group will chose to rent as did during the 1980s, but, due to the
higher volume of households being created in both younger and older age groups,
the marginal rate of tenure selection will be different. Specifically, a lower
percentage of the new households being formed will choose to rent, as a result
of their age and the effect that age typically has on decisions to rent versus
own.
In order to calculate the underlying demographic demand for rental units in
Alameda County during the next five years, we combined our projections of
household growth by age group with the age-specific renter proportion data
observed during the 1980 and 1990 censuses. This calculation provides the
age-specific demographic demand for rental units. In Alameda County through the
year 2000, we anticipate that demographic demand will exist for more than 7,700
rental units, or about 30% of the new households. This represents total rental
demand of nearly 780 units per year during the 1995 to 2000 time period.
<TABLE>
<CAPTION>
TABLE 3.7
PROJECTION OF APARTMENT DEMAND BY AGE
ALAMEDA COUNTY
Change in
1990 1995 2000 Households Renter New
Age Groups Households Households Households 1995-2000 Proportion Rental Units
<S> <C> <C> <C> <C> <C> <C>
15-24 24,935 24,553 24,712 159 92.1% 146
25-34 113,646 110,310 109,511 (799) 68.5% (547)
35-44 119,880 118,759 119,985 1,226 45.7% 560
45-54 79,120 86,624 96,745 10,121 32.8% 3,320
55-64 55,624 62,477 71,432 8,955 28.2% 2,525
65+ 86,313 90,606 97,012 6,406 31.8% 2,037
Total 479,518 493,329 519,397 26,068 29.9% 7,794
Sources: Historical data - U.S. Census Bureau; Calculations and forecasts-RCG.
</TABLE>
Rosen Consulting Group 38
<PAGE> 47
APARTMENT MARKET TRENDS
Alameda County's apartment market tightened during 1995. Despite the addition of
more than 400 new units in the La Vina project in Livermore and the Red Hawk
Ranch project in Fremont during 1995, the vacancy rate for projects with more
than 100 units dropped to 3.4% during the year, representing the absorption of
more than 600 units (see Table 3.8). The hottest portion of Alameda County's
rental market is in the southern portion of the county, where Silicon Valley
high technology activity is spilling over into Alameda County. The vacancy rate
is lowest in Newark, followed by Emeryville, Union City and Livermore. The
decrease in vacancy during 1995 was accompanied by a 2.1% increase in average
rents. While this increase is not especially large, it is the strongest growth
experienced in the county since 1990.
<TABLE>
<CAPTION>
TABLE 3.8
ALAMEDA COUNTY APARTMENT MARKET TRENDS (100+ UNITS)
1987 1988 1989 1990 1991 1992 1993 1994 1995
---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Stock 25,274 27,914 29,300 29,614 30,093 30,401 30,401 30,401 30,808
New Construction 1,806 2,640 1,386 314 479 308 0 0 407
Net Absorption 1,530 2,441 1,356 574 281 637 (815) 310 633
Occupied Stock 24,334 26,775 28,131 28,705 28,986 29,623 28,808 29,118 29,751
Vacancy Rate 3.7% 4.1% 4.0% 3.1% 3.7% 2.6% 5.2% 4.2% 3.4%
Average Rent $656 $684 $723 $753 $766 $778 $792 $803 $820
Avg Rent Change 2.0% 4.3% 5.7% 4.1% 1.7% 1.6% 1.8% 1.4% 2.1%
</TABLE>
Sources: New construction, vacancy, avg. rent, & stock-RealData; Net absorption
& occupied stock calculations-RCG.
Tightening rental market conditions during the past two years have created the
anticipation of stronger rent growth, which in turn has caused developers to
increase activity. During early 1996, Sobrato Development delivered a 211-unit
project called Watermark Place in Fremont (see Table 3.9). Several other large
projects are slated for delivery in Alameda County this year. Kaufman and
Broad's California Highlands will add 234 units to the Dublin market during
1996. While most of the California Highlands units are townhomes for sale, some
will be rented. In 1996 or 1997, A.F. Evans will complete a 146-unit project
called the Promenade in Pleasanton.
The pipeline for 1997 is stronger than 1996, with almost 700 units scheduled for
delivery in projects of over 100 units. The largest of these projects is a
462-unit A.G. Spanos Company community call Park View in Pleasanton. The
proposed project went before the local planning commission for approval in
March, and would be completed in 1997 at the earliest. In addition, the first
phase of developer M.H. Podell's Presidio project, with 228 units, is scheduled
for delivery in Fremont in 1997. A second phase of this project, with 204 units,
should be delivered in 1998, along with the second phase of Podell's Red Hawk
Ranch project, with 180 units. Developer SNK has proposed a 240-unit project for
the Dividend site in Fremont, which would be completed in 1998 at the earliest,
and the Mid-Peninsula Housing Group has proposed a 100-unit low
income/affordable project in Fremont for which no completion date is known.
Rosen Consulting Group 39
<PAGE> 48
TABLE 3.9
ALAMEDA COUNTY APARTMENT UNIT PIPELINE
<TABLE>
<CAPTION>
Delivery Units Project Name City Developer/Owner Status/Comments
- -------- ---- ------------ ---- --------------- ---------------
<S> <C> <C> <C> <C> <C>
1996 211 Watermark Place Fremont Sabrato Compl. 1/96; 1 bdrm units ranging $985-$1075
1996 234 California Highlands Dublin K&B Townhomes for sale; but some may be rented
1996/97 146 The Promenade Pleasanton A.F. Evans
1997 462 Park View Pleasanton A.G. Spanos Former Spanish Oaks; planning commiss 3/96
1997 228 Presidio Fremont M.H. Podell Phase I
1998 204 Presidio Fremont M.H. Podell Phase II
1998 180 Red Hawk Ranch-II Fremont M.H. Podell First phase of 303 units completed in 1995
1998 240 Dividend Site Fremont SNK
NA 100 No Name Fremont Mid-Penins, Hsg Grp Low-income/affordable
</TABLE>
Sources: Data gathered June of 1996 by RCG from RealData, RealFacts, Local
Developers, Local Planning Departments.
Although the pipeline of new supply in Alameda County has increased, it remains
small in comparison to Santa Clara County. The ratio of new households created
to multifamily permits issued shows that more new households have been created
than multifamily permits have been issued during recent years (see Figure 3.1).
Through 2000, we anticipate that demand for apartments, especially upscale units
offering numerous amenities, will be created by the expanding high technology
sector, although overall demand growth, particularly in low to medium-rent units
will be dampened by military employees leaving the area. Although our forecasts
suggest that the apartment vacancy rate will increase in 1997 and 1998, the
market will remain healthy with vacancy below 5% (see Table 3.10). By 1999,
construction activity will slow notably, and the rental vacancy rate for large
projects will return to the 3% range. Meanwhile, we project rent growth will
increase an average of 4.9% per year between 1995 and 2000.
- --------------------------------------------------------------------------------
Figure 3.1
- --------------------------------------------------------------------------------
New Households to Multifamily Permits
Alameda County
--------------------------------------------
[Copy to be Supplied by Client]
Sources: Historical data-U.S. Census Bureau; Calculations and forcasts-RCG
Rosen Consulting Group 40
<PAGE> 49
<TABLE>
<CAPTION>
TABLE 3.10
ALAMEDA COUNTY APARTMENT MARKET FORECAST (100+ UNITS)
1995 1996f 1997f 1998f 1999f 2000f
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Stock 30,808 31,308 31,998 32,572 32,792 32,892
New Construction 407 500 690 574 220 100
Net Absorption 633 550 500 450 350 250
Occupied Stock 29,751 30,301 30,801 31,251 31,601 31,851
Vacancy Rate 3.4% 3.2% 3.7% 4.1% 3.6% 3.2%
Average Rent $820 $863 $904 $945 $991 $1,043
Average Rent Change 2.1% 5.3% 4.8% 4.4% 4.9% 5.3%
</TABLE>
- ------------
Sources: 1995 statistics-Real Data; Forecasted construction-Local developers &
Planning Departments; Forecasted net absorption, vacancy & rent
growth-RCG.
Rosen Consulting Group 41
<PAGE> 50
San Francisco County
RECENT ECONOMIC TRENDS
The San Francisco metropolitan area, which includes the counties of San
Francisco, San Mateo, and Marin, is a financial and legal center, with a large
tourism industry. The high technology and biotechnology industries also play an
important role in the economy, as does San Francisco International Airport and
related activities. Of diminishing importance to the metropolitan area are the
government and military presence. During the year ended in April of 1996,
metropolitan area payroll employment grew 1.5% (see Table 4.1a). At the county
level, data for 1995 (the most recent time period available) suggests that
employment grew 0.5% in San Francisco County in 1995, compared to 1.2% for the
metropolitan area over the same period. Employment in San Francisco County
typically grows more slowly than the nation, even during boom times, because the
area is relatively built-out and expensive. The unemployment rate for San
Francisco County was 4.8% in April of 1996.
The employment recovery is concentrated in the services, trade, and construction
sectors, although the small manufacturing sector had a growth bounce during the
past year. Between April of 1995 and 1996, the construction sector was the
fastest growing, with growth of 6.1%. The strong gains in construction
employment can be partially attributed to work on the airport expansion.
The services sector added the most jobs in absolute terms between April of 1995
and 1996, with almost 7,000 new jobs, representing a growth rate of 2.5%. The
services sector includes consulting, legal, accounting, business and health
services, and pre-packaged software. The large relative size of this sector is
indicative of San Francisco's role as a regional legal and accounting center, as
well as a regional medical center. UCSF, the medical school of the University of
California, has decided, as part of its long range plan, to build its second
campus in San Francisco. The decision to stay in San Francisco will result in
the addition of between 5,000 and 6,000 jobs to the San Francisco economy during
the next several decades. Over the shorter term, the business services sector
has grown during 1995 and into 1996 as many companies out-source functions that
were at one time performed within the corporation. Another growing component of
the services sector, especially in San Mateo County, is the software industry.
The position of San Francisco as a tourist and convention destination is firmly
established. Tourism and convention activity have increased during the past
several years as the national economy has recovered from the recession of the
early 1990s, providing a boost to service sector employment. Hotel occupancy in
the City of San Francisco has increased from 68.5% in July of 1994 to 74.6% in
December of 1995, according to PKF Consulting. Increasing numbers of European
visitors have made San Francisco a stop on their itinerary, taking advantage of
the favorably priced dollar. The new San Francisco Museum of Modern Art opened
in early 1995. Another new attraction which is adding to service sector
employment is Underwater World at Pier 39, an aquarium and science center that
recently opened. In addition, the recent expansion of Moscone convention center
has fueled an increase in convention business.
Rosen Consulting Group
42
<PAGE> 51
<TABLE>
<CAPTION>
TABLE 4.1A
SAN FRANCISCO MSA EMPLOYMENT DETAIL
1989 1990 1991 1992 1993 1994 1995 Apr-96 1996f
------ ------ ------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 933.2 947.3 939.6 914.4 908.3 903.7 914.1 917.7 926.6
% Change 1.1% 1.5% -0.8% -2.7% -0.7% -0.5% 1.2% 1.5% 1.4%
Construction 30.0 31.5 30.4 27.4 26.1 26.6 27.7 27.9 30.0
% Change 2.0% 5.0% -3.5% -9.9% -4.7% 1.9% 4.1% 6.1% 8.3%
Manufacturing 79.0 78.0 78.0 75.2 75.0 73.2 72.3 73.8 74.1
% Change 0.9% -1.3% 0.0% -3.6% -0.3% -2.4% -1.2% 3.4% 2.5%
Electronic Equip 6.9 6.7 7.0 7.2 6.9 7.0 7.5 7.9
% Change 9.5% -2.9% 4.5% 2.9% -4.2% -1.4% 7.1% 6.8%
Apparel Prod 13.7 14.5 15.0 15.0 15.4 15.1 15.1 15.3
% Change 3.0% 5.8% 3.4% 0.0% 2.7% -1.9% 0.0% 0.7%
T.C.P.U. 74.8 76.2 76.8 77.9 76.4 75.1 73.2 72.6 72.8
% Change -0.9% 1.9% 0.8% 1.4% -1.9% -1.7% -2.5% 0.0% -0.5%
Water Transport 3.0 3.1 2.9 3.7 3.4 3.2 3.1 3.0
% Change 0.0% 3.3% -6.5% 27.6% -8.1% -5.9% -3.1% -3.2%
Transport By Air 26.2 28.0 29.3 29.1 28.0 26.2 25.8 25.6
% Change 5.2% 6.9% 4.6% -0.7% -3.8% -6.4% -1.5% -1.2%
Trade 215.6 211.7 205.4 195.4 192.0 194.1 199.6 197.5 201.9
% Change 0.9% -1.8% -3.0% -4.9% -1.7% 1.1% 2.8% 1.0% 1.2%
Wholesale Trade 60.1 57.8 54.9 51.1 47.3 47.4 49.2 49.6
% Change -1.3% -3.8% -5.0% -6.9% -7.4% 0.2% 3.8% 1.4%
Retail Trade 155.5 153.9 150.5 144.3 144.7 146.7 150.4 147.9
% Change 1.8% -1.0% -2.2% -4.1% -0.3% 1.4% 2.5% 0.8%
F.I.R.E. 103.6 104.4 104.8 101.3 100.6 98.8 95.6 94.5 94.7
% Change -1.3% 0.8% 0.4% -3.3% -0.7% -1.8% -3.2% -1.2% -0.9%
Finance 56.5 57.2 56.6 54.1 54.7 54.1 52.4 52.4
% Change -1.9% 1.2% -1.0% -4.4% 1.1% -1.1% -3.1% 0.2%
Services 293.4 305.9 304.8 303.4 308.2 308.1 319.8 323.1 329.1
% Change 2.6% 4.3% -0.4% -0.5% 1.6% -0.0% 3.8% 2.5% 2.9%
Business 72.8 76.2 73.7 73.7 78.0 75.5 79.3 82.3
% Change 4.3% 4.7% -3.3% 0.0% 5.8% -3.2% 5.0% 6.1%
Engin & Mgm't 41.6 44.4 45.0 42.6 42.3 43.1 45.9 44.6
% Change 2.0% 6.7% 1.4% -5.3% -0.7% 1.9% 6.5% -1.3%
Total Government 136.2 139.0 138.8 133.3 129.4 127.1 125.4 127.7 123.5
% Change 1.2% 2.1% -0.1% -4.0% -2.9% -1.8% -1.3% 0.9% -1.5%
Total Federal 36.7 36.0 35.7 33.0 30.9 29.1 26.8 26.5
% Change -0.8% -1.9% -0.8% -7.6% -6.4% -5.8% -7.9% -1.1%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics; Calculations and
Forecasts-RCG.
Rosen Consulting Group 43
<PAGE> 52
TABLE 4.1B
SAN FRANCISCO COUNTY EMPLOYMENT
<TABLE>
<CAPTION>
1990 1991 1992 1993 1994 1995 Apr-96
---- ---- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Employment 628,600 594,666 581,877 575,903 572,109 575,025 --
% Change 0.0% -5.4% -2.2% -1.0% -0.7% 0.5% --
Unemployment Rate 3.8% 5.4% 6.9% 7.0% 6.4% 6.1% 4.8%
</TABLE>
Sources: Bureau of Economic Analysis, California Employment Development
Department, RCG.
Health services stands to gain as a result of the relocation of U.S. Behavioral
Health, a fast growing managed health care firm, which is moving to San
Francisco from Oakland in July of 1996. The move will result in a gain of 500
jobs immediately for San Francisco County's economy, in addition to the prospect
of an additional 1,500 jobs over the long term as the company expands.
Trade sector employment increased 1.0% between April of 1995 and 1996. Much of
the trade sector involves retail trade, which has increased as retailers expand
in San Francisco. However, wholesale trade employment has also grown as a result
of increased exports to the so-called Asian Tigers (South Korea, Singapore, Hong
Kong and Taiwan). The expansion of trade resulting from General Agreement on
Tariffs and Trade (GATT), the low exchange value of the dollar, and the economic
health of the Pacific Rim countries are responsible for a boost in exports.
The manufacturing sector is recovering, posting a gain of 3.4% in employment
during the year ended in April of 1996, largely due to the strength of the high
technology industry, which is concentrated in San Mateo County (see discussion
on San Mateo County on page 54). The biotechnology industry is growing rapidly,
both in San Mateo County and throughout the country.
San Francisco's finance, insurance, and real estate (FIRE) sector has not yet
recovered, with employment declining by 1.2% in the year ending in April 1996.
The softening of residential property markets, especially the decline in volumes
during the past year, has reduced the demand for financing and created weakness
in the real estate market. In addition, consolidation in the banking industry
continues to affect the finance sector. Two bank mergers will have an impact on
employment in San Francisco. Union Bank and Bank of California are merging, a
move which will result in the loss of approximately 850 jobs as the merger is
completed. The combined Union Bank of California will be headquartered in San
Francisco. With San Francisco-based Wells Fargo Bank taking over Los
Angeles-based First Interstate Bank, approximately 9,000 jobs will be
eliminated. Some of the retail-level and administrative jobs to be eliminated
will be in San Francisco. However, the Los Angeles headquarters of First
Interstate Bank will be affected far more significantly than the San Francisco
headquarters of Wells Fargo.
The transportation, communication, and public utilities (TCPU) sector is another
part of the San Francisco economy which is weak, with employment remaining
stable during the last year. The weakness in the TCPU sector is primarily the
result of continuing layoffs by PG&E, the giant San Francisco- based utility. In
addition, if Union Pacific overcomes federal-level concerns in its bid to
acquire Southern Pacific Railroad, nearly 1,300 Bay Area employees would lose
their jobs, and the San Francisco headquarters of Southern Pacific will be
closed. During the next three years, California is at risk to lose
Rosen Consulting Group 44
<PAGE> 53
1,940 out of the 7,930 jobs the two companies currently have in the state; about
half of the jobs would be eliminated, while the other half would be transferred
out of state. San Francisco International Airport (SFO), located in San Mateo
County, is another strong force in the TCPU sector for the metropolitan area.
Government sector employment in San Francisco has been constrained by the
closure of military bases, the opening of the new federal office complex in
downtown Oakland, and pressure at the county and state level to restrain
employment growth. Government employment was up a slight 0.9% in the year ended
in April of 1996, despite federal government employment declining at a rate of
1.1% over the same period. Civilian Pentagon jobs in the San Francisco MSA have
declined from 8,000 in 1988 to an estimated 1,700 this year, largely because of
the closure of the Presidio and several smaller bases. However, the Presidio has
been turned over to the National Park Service, which is seeking tenants for many
of the vacant buildings. The first tenant was the Gorbachev Foundation. The Park
Service has also reopened the Presidio Golf Course for public use. Other
potential tenants include Golden Gate University, the American Field Service,
and the California Institute for Integral Studies. Congress may pass legislation
that would assist developers in renovating the Presidio by establishing a
federally guaranteed loan program. The bill would also allow up to $150 million
in funds to offset the costs of renovating the former Army base. An advisory
group has recommended that San Francisco consider building a theme park,
possibly oriented toward the electronics industry, on land at Treasure Island
after the Navy leaves in 1997.
FORECASTED EMPLOYMENT TRENDS
The San Francisco metropolitan area is positioned for solid, though slow,
employment growth averaging 1.6% per year between 1995 and 2000 (see Table 4.2).
While much of this growth will occur in San Mateo and, to a lesser extent, Marin
County, San Francisco County will experience moderately strong employment growth
averaging 1.1% over the 1995 to 2000 period. The growth will come more from
private sector activity, and less from government and military activity than it
has in the past. The role of San Francisco as a finance and legal center will
serve as its economic base for the long term, but industry-wide pressures will
continue to reshape this sector. For example, the Pacific Stock Exchange (PSE)
is considering leaving San Francisco. The action is mainly a result of the
proposed stock exchange transfer tax, and the proposed 2% license fee for
individuals making $150,000 or more each year in San Francisco. International
trade and tourism will also serve as long-term and growing bases of economic
activity, as will the high technology and biotechnology industries. In addition,
the newly expanded airport will contribute to the economic base of both the
metropolitan area and the county.
Rosen Consulting Group
45
<PAGE> 54
<TABLE>
<CAPTION>
TABLE 4.2
SAN FRANCISCO MSA EMPLOYMENT FORECAST
1992 1993 1994 1995 1996f 1997f 1998f 1999f 2000f
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 914.4 908.3 903.7 914.1 926.6 940.5 956.5 973.6 991.3
% Change -2.7% -0.7% -0.5% 1.2% 1.4% 1.5% 1.7% 1.8% 1.8%
Construction 27.4 26.1 26.6 27.7 30.0 29.1 29.1 29.4 30.0
% Change -9.9% -4.7% 1.9% 4.1% 8.3% -3.0% -0.0% 1.0% 2.0%
Manufacturing 75.2 75.0 73.2 72.3 74.1 73.2 72.8 72.6 72.5
% Change -3.6% -0.3% -2.4% -1.2% 2.5% -1.2% -0.6% -0.3% -0.2%
T.C.P.U. 77.9 76.4 75.1 73.2 72.8 73.0 73.2 73.5 73.9
% Change 1.4% -1.9% -1.7% -2.5% -0.5% 0.3% 0.3% 0.4% 0.5%
Trade 195.4 192.0 194.1 199.6 201.9 204.1 207.0 210.3 213.9
% Change -4.9% -1.7% 1.1% 2.8% 1.2% 1.1% 1.4% 1.6% 1.7%
F.I.R.E. 101.3 100.6 98.8 95.6 94.7 96.0 97.5 98.9 100.5
% Change -3.3% -0.7% -1.8% -3.2% -0.9% 1.4% 1.5% 1.5% 1.6%
Services 303.4 308.2 308.1 319.8 329.1 340.1 351.4 363.4 375.4
% Change -0.5% 1.6% -0.0% 3.8% 2.9% 3.3% 3.3% 3.4% 3.3%
Total Government 133.3 129.4 127.1 125.4 123.5 124.5 124.7 124.9 124.6
% Change -4.0% -2.9% -1.8% -1.3% -1.5% 0.8% 0.2% 0.1% -0.2%
Total S.F. County 581.9 575.9 572.1 575.0 579.3 584.3 590.7 597.6 604.9
% Change -2.2% -1.0% -0.7% 0.5% 0.7% 0.9% 1.1% 1.2% 1.2%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics; Calculations and
forecasts-RCG.
Rosen Consulting Group 46
<PAGE> 55
DEMOGRAPHIC TRENDS
Population growth in the county of San Francisco averaged 0.6% per year during
the 1980s (see Table 4.3). San Francisco's relatively slow population growth
rate can be attributed to its relatively small size and geographical constraints
(bounded by water on three sides) and relatively built-out condition. From 1990
to 1995, population growth in San Francisco accelerated slightly to a 0.7% per
year average rate. The population is disproportionately influenced by
international in-migration which is not sensitive to domestic economic cycles.
During the next five years, population growth will be fairly stable. The
trailing edge of the baby-boomers who are currently in their middle-thirties
have already largely deserted the city in favor of a suburban setting to start
or expand families, and the baby-echo generation is entering its early twenties,
the age at which they traditionally set up their own households. However, growth
in the population age groups from 19 to 34 will be slightly negative in San
Francisco during the next five years as the tail end of the baby boom generation
moves out of these age groups.
<TABLE>
<CAPTION>
TABLE 4.3
SAN FRANCISCO COUNTY POPULATION BY AGE
Compound Annual Growth Rate
AGE GROUP 1980 1990 1995 2000 1980-1990 1990-1995 1995-2000
<S> <C> <C> <C> <C> <C> <C> <C>
19 & Under 135,181 132,663 139,959 156,800 -0.2% 1.1% 2.3%
20-24 65,242 59,103 53,600 48,500 -1.0% -1.9% -2.0%
25-34 151,222 158,534 159,961 135,200 0.5% 0.2% -3.3%
35-44 81,143 129,853 139,073 139,700 4.8% 1.4% 0.1%
45-54 70,025 74,865 84,672 103,300 0.7% 2.5% 4.1%
55-64 71,876 63,561 66,231 78,800 -1.2% 0.8% 3.5%
65+ 104,285 105,380 107,488 113,600 0.1% 0.4% 1.1%
TOTAL 678,974 723,959 750,984 775,900 0.6% 0.7% 0.7%
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Fueling population growth during the 1995 to 2000 period in San Francisco will
be higher levels of net migration. Data from the Department of Motor Vehicles
for fiscal years 1989-1990 to 1994-1995 which tracks drivers' licenses, suggests
that the numbers of net migrants into San Francisco County has turned positive
once again (see Table 4.4). As the San Francisco economy weakened in the early
1990s and job growth slowed and then turned negative, the county was a net
exporter of labor. However, with the resumption of job growth in 1995, net
migration has also turned positive, as new residents move into the county to
fill job openings.
47
<PAGE> 56
<TABLE>
<CAPTION>
TABLE 4.4
SAN FRANCISCO COUNTY DRIVERS LICENSE MIGRATION DATA
Estimated Net
Net Drivers Population
Fiscal Year Drivers to: Drivers from: In (Out) In (Out)
- ----------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
89-90 47,116 52,288 (5,172) (7,758)
90-91 49,462 52,180 (2,718) (4,077)
91-92 50,165 52,401 (2,236) (3,354)
92-93 45,023 46,730 (1,707) (2,561)
93-94 49,484 50,339 (855) (1,283)
94-95 48,951 45,915 3,036 4,554
</TABLE>
Sources: Historical Data-California Department of Motor Vehicles Driver License
Address Change Report-August 1990-1995; Calculations-RCG.
Household formation shows a similar pattern to population growth. In San
Francisco County, a greater number of households was formed during the five year
period from 1990 to 1995 than was formed during the entire decade of the 1980s.
During the next five years, the rate of household formation will accelerate
slightly from the rate of the past five years as the number of households headed
by people in the older age groups, also called headship rates, grows more
rapidly than the number of households headed by people in the younger age
groups, which is either shrinking or growing very slowly. Between 1995 and 2000
in San Francisco County, households will grow at an average rate of 0.7% per
year, compared with 0.5% per year during the past five years, representing the
addition of approximately 11,000 new households over the period, or, just under
2,200 new households each year (see Table 4.5).
<TABLE>
<CAPTION>
TABLE 4.5
SAN FRANCISCO COUNTY HOUSEHOLDS BY AGE
Comp Ann Growth Rate
------------------------
Age Groups 1990 1995 2000 1990-1995 1995-2000
- ---------- ---- ---- ---- --------- ---------
<S> <C> <C> <C> <C> <C>
15-24 14,057 13,249 12,354 -1.2% -1.4%
25-34 69,062 68,185 67,658 -0.3% -0.2%
35-44 70,284 70,712 71,579 0.1% 0.2%
45-54 46,143 52,921 60,897 2.8% 2.8%
55-64 36,976 39,133 41,982 1.1% 1.4%
65+ 69,062 69,300 69,991 0.1% 0.2%
Total 305,584 313,500 324,461 0.5% 0.7%
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Rosen Consulting Group
48
<PAGE> 57
AFFORDABILITY, TENURE CHOICE, AND THE DEMAND FOR RENTAL UNITS
San Francisco has one of the least affordable single family housing stocks of
any of the nine Bay Area counties. With a median home price of $252,808 as of
year-end 1995 compared to $112,900 nationally, only 27.4% of the households in
San Francisco can afford the median-priced home. From 1990 to 1995, the
affordability of single-family housing increased in both the United States and
San Francisco County because of declining interest rates and household income
growth which outpaced the increase in home prices. Despite the increase in
housing affordability, San Francisco housing remains very expensive by any
benchmark and, thus, creates an ideal environment for rental housing. Not
surprisingly, as of the 1990 Census, nearly 65.5% of households in San Francisco
County were renters compared with 35.8% nationwide.
Moreover, the proportion of households choosing to rent was very steady during
the decade from 1980 to 1990. For this reason, we believe that the age-specific
renter proportion does not change much over time, and we think that using the
1990 age-specific renter proportion is justified during the next five years.
<TABLE>
<CAPTION>
TABLE 4.6
AFFORDABILITY DATA
SAN FRANCISCO COUNTY AND THE UNITED STATES
1990 1991 1992 1993 1994 1995 1996a
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Median Existing
Home Price
San Francisco Cnty. $250,000 $260,000 $260,000 $250,000 $254,000 $252,808 $256,600
% Change 2.0% 4.0% 0.0% -3.8% 1.6% -0.5% 1.5%
United States $95,000 $100,300 $103,700 $106,800 $109,800 $112,900 $117,500
% Change 2.6% 5.0% 3.4% 3.0% 2.8% 2.8% 4.1%
Household Income
San Francisco Cnty. $74,100 $75,800 $80,200 $82,200 $85,600 $88,100 $91,200
% Change 8.0% 2.3% 5.8% 2.5% 4.1% 2.9% 3.5%
United States $37,403 $37,922 $39,020 $41,428 $43,845 $45,999
% Change 2.4% 1.4% 2.9% 6.2% 5.8% 4.9%
Mortgage Int. Rate 10.1% 9.2% 8.4% 7.3% 8.4% 8.0% 7.5%
Households Able to
Afford Median-
Priced Home
San Francisco Cnty. 19.3% 21.7% 28.0% 35.0% 32.2% 35.1% 37.6%
United States 50.0% 51.0% 55.0% 58.0% 57.0% 54.8%
</TABLE>
Sources: Historical data-National Association of Realtors, Federal Reserve Board
of Governors, U.S. Bureau of the Census; Calculations and 1996 estimate-RCG.
Rosen Consulting Group 49
<PAGE> 58
To calculate the underlying demographic demand for rental units in San Francisco
County during the next five years, we relied on 1990 age-specific renter
proportion data in conjunction with our projections of household growth by age
group. These projections appear in Table 4.7. In San Francisco County between
the years 1995 and 2000, we anticipate that demographic demand will exist for
nearly 5,700 rental units, or about 52% of the new households. The marginal
renter proportion of 52% is lower than the average renter proportion of 65.5%
because of a low or negative growth in young householders, which traditionally
have a high propensity to rent.
<TABLE>
<CAPTION>
TABLE 4.7
PROJECTION OF APARTMENT DEMAND BY AGE
SAN FRANCISCO COUNTY
Change in
1990 1995 2000 Households Renter New
Age Groups Households Households Households 1995-2000 Proportion Rental/Units
<S> <C> <C> <C> <C> <C> <C>
15-24 14,057 13,249 12,354 (895) 94.5% (846)
25-34 69,062 68,185 67,658 (527) 86.7% (457)
35-44 70,284 70,712 71,579 867 70.1% 608
45-54 46,143 52,921 60,897 7,976 59.1% 4,714
55-64 36,976 39,133 41,982 2,849 49.7% 1,416
65+ 69,062 69,300 69,991 691 46.8% 323
Total 305,584 313,500 324,461 10,961 51.9% 5,689
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Rosen Consulting Group 50
<PAGE> 59
APARTMENT MARKET TRENDS
The market for apartment buildings with more than 100 units is extremely tight
in San Francisco, with a rental vacancy rate as of year-end 1995 of 3.1% (see
Table 4.8). Currently, the apartment vacancy rate is at its lowest point since
1988, which was the height of the last economic expansion in San Francisco
County when job market and residential market conditions were extremely strong,
as reflected in high rates of job growth, housing price appreciation and rent
growth.
TABLE 4.8
SAN FRANCISCO COUNTY RENTAL MARKET TRENDS (100+ UNITS)
<TABLE>
<CAPTION>
1987 1988 1989 1990 1991 1992 1993 1994 1995
----- ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Stock 9,910 11,984 13,417 13,766 13,973 14,081 14,256 14,256 14,256
New Construction 0 2,074 1,433 349 207 108 175 0 0
Net Absorption (185) 2,159 1,054 126 613 90 (59) 114 140
Occupied Stock 9,573 11,732 12,786 12,913 13,526 13,616 13,557 13,672 13,811
Vacancy Rate 3.4% 2.1% 4.7% 6.2% 3.2% 3.3% 4.9% 4.1% 3.1%
Average Rent $724 $763 $798 $865 $894 $876 $886 $901 $946
Average Rent Change -2.0% 5.4% 4.6% 8.4% 3.4% -2.0% 1.1% 1.7% 5.0%
</TABLE>
Sources: New construction, vacancy, avg. rent, & stock-RealData; Net absorption
& occupied stock calculations-RCG.
While demand is growing at a moderate rate, it is constrained by a lack of new
apartment construction. No new projects of more than 100 units have been
delivered to the San Francisco market since 1993. As a result, the rental
vacancy rate for apartment buildings with more than 100 units has tightened,
with vacancy rates falling from 4.9% in 1993 to 3.1% at year-end 1995. As a
result of the tight conditions of the apartment market, rent growth accelerated
to 5% during 1995.
The imbalance between demand and supply during recent years in the San Francisco
apartment market is illustrated in Figure 4.1. The ratio of new households to
multifamily permits has risen since the late 1980s significantly, reflecting the
much faster rate of demand growth compared to supply growth.
Rosen Consulting Group 51
<PAGE> 60
- --------------------------------------------------------------------------------
FIGURE 4.1
- --------------------------------------------------------------------------------
New Households to Multifamily Permits
San Francisco County
-------------------------------------
[Graph omitted]
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
Despite extremely tight apartment market conditions, the pipeline of new
apartment projects greater than 100 units in San Francisco is fairly small, and
many of the larger projects have not finalized their build-out plans (see Table
4.9). Three main apartment projects have been proposed. Nothing is scheduled for
delivery in 1996, although the 509-unit 78-82 Natoma Street project is slated to
begin construction in late 1996 in the South of Market area. However, problems
with variances may delay construction of this project. The best case scenario is
that the first phase of 200 to 300 units would come on line in 1997. In 1998,
the two additional projects of over 100 units which are slated for delivery are
the first phase of Catellus' "North Channel" rental project, which is within the
Mission Bay area, and the Redevelopment Agency's Site K, which is a 247-unit
project in the Embarcadero area. Several other smaller rental projects are in
various stages of construction, planning or proposal, but, due to their size,
would not be included in our forecast.
<TABLE>
<CAPTION>
TABLE 4.9
SAN FRANCISCO COUNTY APARTMENT UNIT PIPELINE
Delivery Units Project Name City Developer/Owner Status/Comments
- -------- ----- ------------ ---- --------------- ---------------
<S> <C> <C> <C> <C> <C>
1997 200-300 78-82 Natoma St. SF PCI Part of 509-unit multifamily and
mixed-use project south of Market Street
to start in late 1996.
1998 500-600 North Channel SF Catallus First phase of Mission Bay; will apply
for entitlements in 9/96; eventually three
phases of rental units through 2005
1998 247 Site K SF Unknown Redevelopment Agency site near Embarcadero
w/unit cost of $230,000; high rise.
</TABLE>
Source: Data gathered June of 1996 by RCG from RealData, RealFacts, Local
Developers, Local Planning Departments.
Rosen Consulting Group
52
<PAGE> 61
Reflecting this small pipeline, we project that rental vacancy rates will
continue to experience downward pressure, which will keep rent growth strong, in
the 4% to 6% range, between 1995 and 2000 (see Table 4.10).
<TABLE>
<CAPTION>
TABLE 4.10
SAN FRANCISCO COUNTY RENTAL MARKET FORECAST (100+ UNITS)
1995 1996f 1997f 1998f 1999f 2000f
<S> <C> <C> <C> <C> <C> <C>
Total Stock 14,256 14,256 14,456 14,956 15,206 15,406
New Construction 0 0 200 500 250 200
Net Absorption 140 130 200 250 160 150
Occupied Stock 13,811 13,941 14,141 14,391 14,551 14,701
Vacancy Rate 3.1% 2.2% 2.2% 3.8% 4.3% 4.6%
Average Rent $946 $1,006 $1,069 $1,120 $1,166 $1,212
Average Rent Change 5.0% 6.3% 6.3% 4.7% 4.2% 3.9%
</TABLE>
Ssources: 1995 statistics-RealData; Forecasted construction-Local developers
& Planning Departments; Forecasted net absorption, vacancy & rent growth-RCG.
53
<PAGE> 62
San Mateo County
RECENT ECONOMIC TRENDS
The San Francisco metropolitan economy turned around during 1995, fueled largely
by growth in San Mateo's high technology and biotechnology industries, as well
as by an increase in airport-related activity. San Mateo County, sandwiched
between San Francisco and Santa Clara counties, is one of three counties which
comprise the San Francisco metropolitan area. (Since recent detailed county
level employment data is not available, we will base our discussion of the San
Mateo economy on statistics for the San Francisco metropolitan area as well as
on total employment data for San Mateo County.) While the San Francisco County
economy is driven by the finance and legal industries as well as tourism, San
Mateo County's economy is driven by the high technology and biotechnology
industries, as well as by San Francisco International Airport and related
activities. Overall metropolitan area economic growth is accelerating, and jobs
added in San Mateo County are contributing to the increase. During 1995, the San
Francisco metropolitan employment base grew by 1.2% compared to 1.5% growth for
the San Mateo County employment base.
As in southern Alameda County, growth in the high tech industry has spilled over
into San Mateo County. Oracle, the county's second largest employer with 4,300
employees in 1995, is expanding back into its former 155,000 square-foot
headquarter buildings in Belmont Hills. The company announced plans to add 3,000
employees in fiscal 1997, and it has outgrown its world headquarters in Redwood
Shores. The company is moving 500 employees who handle technical support via
phone to one building by July 1. By October, 1,450 employees will relocate into
the other building in Belmont Hills. In addition, Sun Microsystems is currently
building a one million square-foot corporate headquarters in Menlo Park.
Finally, Electronic Arts has acquired a 42-acre site in Redwood Shores on which
it will build an 800,000 square-foot office complex in four phases. Construction
on the first phase is scheduled to begin in early 1997, with completion in
mid-1998, at which time the company expects local employment to have increased
from 600 to 1,000.
The biotechnology industry is growing rapidly, both in San Mateo County and
throughout the country. The San Francisco Bay Area was home to 207 biotechnology
companies in June of 1995, fifty of which are publicly traded. This is the
highest concentration of biotech companies in the country. The fifty publicly
traded companies employed almost 14,000 with sales of $1.6 billion in 1994, a
31% increase over 1993. The presence of research universities is critical to the
nurturing and development of the
<TABLE>
<CAPTION>
TABLE 5.1
SAN MATEO COUNTY EMPLOYMENT
1990 1991 1992 1993 1994 1995 Apr-96
------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Employment 327,943 319,913 307,824 306,738 309,882 314,530 --
% Change 1.7% -2.4% -3.8% -0.4% 1.0% 1.9% --
Unemployment Rate 2.6% 4.0% 5.1% 5.0% 4.7% 4.3% 3.6%
</TABLE>
Sources: Bureau of Economic Analysis, California Employment Development
Department, RCG.
Rosen Consulting Group 54
<PAGE> 63
bioscience industry. Resources available through Stanford University, the
University of California at Berkeley, and the University of California Medical
School in San Francisco are instrumental to the development of the bioscience
industry. San Mateo County, located in the midst of these three major
universities, is a good location for biotech companies. It is home to some of
the early pioneers in the bioscience industry. South San Francisco-based
Genentech, is considered to be one of the industry leaders and is one of San
Mateo County's largest employers. Although Genentech is not currently expanding
its operations in San Mateo County, it has a major facility under construction
north of San Francisco in Solano County.
San Francisco International Airport (SFO) is another strong force in the San
Mateo County economy. The transportation by air employment subsector is the most
highly concentrated in the metropolitan area (see Table 3.3). Employment in this
sector has decreased for the past four years as United and American Airlines
have downsized. Despite decreasing employment, United is by far the county's
largest employer, with approximately 17,000 employees in 1995. Not only does
United have a significant domestic and international flight base out of SFO, but
it also operates a maintenance base. United's employment base has decreased by
more than 1,200 over the last three years and is expected to fall further as
maintenance jobs move to United's new maintenance facility in Indianapolis. Up
to 1,000 jobs could be transferred from San Francisco to Indianapolis by 2000.
However, the Shuttle by United operation is growing, and additional
international service is being added. American Airlines also ranks among the ten
largest employers in the county, with 2,100 employees.
Although employment at some of the major airlines has decreased, traffic
activity at the airport is increasing. Passenger traffic increased 4.7% during
1995, a rate which accelerated to 10.7% between January of 1995 and 1996. Total
cargo (excluding mail) was up 2.9% during 1995, although it decreased 1.7% in
January. The bulk of the increase in both passenger and cargo traffic is
internationally-related. Passenger and cargo traffic from Mexico, the Caribbean,
and Central America declined, while activity from the Far East was up
substantially.
SFO is undergoing a $2.4 billion expansion which will make it the premier West
Coast gateway to the Pacific. A new $35 million, 7-level parking garage at the
United Airlines Maintenance and Operations Center is almost complete. The
centerpiece of the SFO expansion project is a new international terminal with 26
gates, instead of the present 10. The project also includes a ground
transportation center, light rail system, and an elevated loop roadway. The
project is scheduled for completion by 2000 and is expected to create 3,500
construction jobs during the course of construction.
Job creation in San Mateo County is limited by the lack of available office and
industrial space. At year-end 1995, the office vacancy rate was 4.9%. Office
vacancy was even lower in the southern part of the county, at 2.1%. Belmont, San
Carlos, and Redwood Shores have virtually no available space, while Redwood City
and Menlo Park have only a small amount available. The industrial market is
similarly tight, leaving little room for growth. R&D vacancy was 7.9% at
year-end 1995, and the vacancy rate for warehouse space was even lower at 6.0%.
Rosen Consulting Group
55
<PAGE> 64
Transportation bottlenecks and limited availability of developable sites have
kept commercial construction to a minimum. However, a large new project is in
its preliminary stages at Bay Meadows in San Mateo. Included in the plan for 73
acres of race track land are 900,000 square feet of office space spread over
eight buildings in a campus setting, a new freeway on-ramp and off-ramp, a
200-room hotel, 750 units of condominium and townhouse housing, and a grocery
store. Furthermore, brokers in the county expect activity to increase as
build-to-suit corporate campuses, such as those previously mentioned for Sun
Microsystems and Electronic Arts, are completed during the next several years,
causing companies to put existing leased space on the market.
FORECASTED EMPLOYMENT TRENDS
We anticipate that employment growth in the San Francisco metropolitan area will
grow at a moderate pace averaging 1.6% per year between 1995 and 2000 (see Table
5.2). Job growth in San Mateo County will be slightly higher, averaging 2.5% per
year over the same period, because the high technology and biotechnology
industries in San Mateo County will be strong sources of growth. In addition,
the newly expanded airport will add to San Mateo County's job base. The county
will also experience an increase in employment in industries, such as shipping,
which are related to SFO.
TABLE 5.2
SAN FRANCISCO MSA EMPLOYMENT FORECAST
<TABLE>
<CAPTION>
1992 1993 1994 1995 1996f 1997f 1998f 1999f 2000f
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Nonagricultural 914.4 908.3 903.7 914.1 926.6 940.5 956.5 973.6 991.3
% Change -2.7% -0.7% -0.5% 1.2% 1.4% 1.5% 1.7% 1.8% 1.8%
Construction 27.4 26.1 26.6 27.7 30.0 29.1 29.1 29.4 30.0
% Change -9.9% -4.7% 1.9% 4.1% 8.3% -3.0% -0.0% 1.0% 2.0%
Manufacturing 75.2 75.0 73.2 72.3 74.1 73.2 72.8 72.6 72.5
% Change -3.6% -0.3% -2.4% -1.2% 2.5% -1.2% -0.6% -0.3% -0.2%
T.C.P.U. 77.9 76.4 75.1 73.2 72.8 73.0 73.2 73.5 73.9
% Change 1.4% -1.9% -1.7% -2.5% -0.5% 0.3% 0.3% 0.4% 0.5%
Trade 195.4 192.0 194.1 199.6 201.9 204.1 207.0 210.3 213.9
% Change -4.9% -1.7% 1.1% 2.8% 1.2% 1.1% 1.4% 1.6% 1.7%
F.I.R.E. 101.3 100.6 98.8 95.6 94.7 96.0 97.5 98.9 100.5
% Change -3.3% -0.7% -1.8% -3.2% -0.9% 1.4% 1.5% 1.5% 1.6%
Services 303.4 308.2 308.1 319.8 329.1 340.1 351.4 363.4 375.4
% Change -0.5% 1.6% -0.0% 3.8% 2.9% 3.3% 3.3% 3.4% 3.3%
Total Government 133.3 129.4 127.1 125.4 123.5 124.5 124.7 124.9 124.6
% Change -4.0% -2.9% -1.8% -1.3% -1.5% 0.8% 0.2% 0.1% -0.2%
Total San Mateo Cty 307.8 306.7 309.9 314.5 321.3 328.7 337.0 345.9 354.2
% Change -3.8% -0.4% 1.0% 1.5% 2.1% 2.3% 2.5% 2.6% 2.4%
</TABLE>
Sources: Historical data-Bureau of Labor Statistics; Calculations and
forecasts-RCG.
Rosen Consulting Group 56
<PAGE> 65
DEMOGRAPHIC TRENDS
Stronger economic trends during recent years have resulted in stronger
demographic trends in San Mateo County. Stronger job growth during 1994 and 1995
caused population growth in San Mateo County to accelerate from very slow growth
in the early 1990s to a 1% per year average for the five-year period between
1990 and 1995. As a result, population growth has averaged 1% per year since
1980 (see Table 5.3). Based on forecasted economic trends and other factors,
such as growth potential, we estimate that population growth will be fairly
steady at 1.0% between 1995 and 2000. The age-specific growth rates indicate a
pattern similar to the other counties under study. The middle and older age
groups will grow more rapidly during the 1990s, while the 25 to 44 year-old
group will grow more slowly, as the baby-dearth generation moves through this
age group of the population. The youngest age group will show more rapid growth
during the 1990s than in the 1980s due to the "echo" baby boom.
TABLE 5.3
SAN MATEO COUNTY POPULATION BY AGE
<TABLE>
<CAPTION>
Compound Annual Growth Rate
---------------------------------------
Age Group 1980 1990 1995 2000 1980-1990 1990-1995 1995-2000
- --------- ---- ---- ---- ---- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
19 & Under 157,785 157,884 170,900 179,200 0.0% 1.6% 1.0%
20-24 51,077 46,450 42,500 41.900 -0.9% -1.8% -0.3%
25-34 106,394 122,716 118,100 114,800 1.4% -0.8% -0.6%
35-44 77,224 110,280 113,200 116,900 3.6% 0.5% 0.6%
45-54 67,823 74,503 83,600 91,500 0.9% 2.3% 1.8%
55-64 64,978 57,792 65,300 74,600 -1.2% 2.5% 2.7%
65+ 62,048 79,998 87,600 96,900 2.6% 1.8% 2.0%
Total 587,329 649,623 681,200 715,800 1.0% 1.0% 1.0%
</TABLE>
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
The effect of improved economic trends on demographic trends is evident in
looking at net migration data. As the high technology industry began to recover
during 1994, San Mateo's economic conditions began to improve, attracting an
increasing flow of new residents to fill new job openings. While exact data on
net migration is not available, the number of net drivers surrendering drivers'
licenses provides a trend line for net migration, if not an exact absolute level
(see Table 5.4). Through the early 1990s, as the economy was weakening, the net
number of drivers was negative. However, starting in fiscal year 1993-1994, as
economic conditions in San Mateo County began to stabilize, the estimated net
population flow based on the Department of Motor Vehicle drivers license data
for fiscal years 1989-1990 to 1995-1995 turned positive. Based on our employment
forecasts for San Mateo County and the counties to the north and south, San
Francisco and Santa Clara County (since many San Mateo residents commute to
these counties), we anticipate that net migration will continue to be an
important source of population growth for San Mateo County during the remainder
of the decade.
57
<PAGE> 66
TABLE 5.4
SAN MATEO COUNTY DRIVERS LICENSE MIGRATION DATA
<TABLE>
<CAPTION>
Estimated Net
Net Drivers Population
Fiscal Year Drivers to: Drivers from: In (Out) In (Out)
- ----------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
89-90 39,152 44,192 (5,040) (7,560)
90-91 39,346 43,123 (3,777) (5,666)
91-92 38,449 41,759 (3,310) (4,965)
92-93 33,999 36,750 (2,751) (4,127)
93-94 40,490 40,182 308 462
94-95 39,810 36,233 3,577 5,366
Source: California Department of Motor Vehicles
</TABLE>
Household formation rates in San Mateo County will accelerate somewhat between
1995 and 2000 as the number of young residents forming households, many of them
the leading edge of the "echo" baby boom, increases. Household growth will
accelerate to 0.9% per year in the 1995 to 2000 period, compared to 0.6% during
the prior five years (see Table 5.5). The discrepancy between population and
household growth results when most of the population growth is in the age groups
that have the highest headship rates, and weak population growth in the age
groups with lower headship rates. During the 1995 to 2000 period, we estimate
that about 11,300 new households will be formed in San Mateo County.
TABLE 5.5
SAN MATEO COUNTY HOUSEHOLDS BY AGE
<TABLE>
<CAPTION>
Comp Ann Growth Rate
------------------------
Age Groups 1990 1995 2000 1990-1995 1995-2000
- ---------- ---- ---- ---- --------- ---------
<S> <C> <C> <C> <C> <C>
15-24 7,815 8,052 9,124 0.6% 2.5%
25-34 51,405 52,966 50,050 0.6% -1.1%
35-44 57,828 59,584 57,216 0.6% -0.8%
45-54 42,195 43,476 50,832 0.6% 3.2%
55-64 33,517 34,535 40,405 0.6% 3.2%
65+ 49,154 50,646 52,918 0.6% 0.9%
Total 241,914 249,259 260,545 0.6% 0.9%
Sources: Historical data-U.S. Census Bureau; Calculations and forecasts-RCG.
</TABLE>
Rosen Consulting Group 58
<PAGE> 67
AFFORDABILITY, TENURE CHOICE, AND THE DEMAND FOR RENTAL UNITS
Single-family homes are very expensive in San Mateo County and, by comparison to
the U.S., not nearly as affordable (see Table 5.6). As of year-end 1995, the
median existing home price for San Mateo County was $257,784, well over double
the national median existing home price of $112,900. Incorporating data on
household income and mortgage rates, we estimate that only 34.2% of households
in San Mateo County were able to afford the median-priced home in 1995, compared
to 54.8% for the U.S. during the same period.
As a result of the highly expensive housing stock, many households choose to
rent. As of the 1990 Census, 39.8% of households in San Mateo County were
renters compared with 35.8% nationwide. While the proportion of households
choosing to rent was relatively steady during the decade from 1980 to 1990, we
anticipate that the marginal rate of households choosing to rent will decline
for one main reason. There will be a net decline in the number of households in
age groups which have a high rate of rental tenure. While housing affordability
has increased during the last five years, primarily as a result of declining
interest rates, the effect of increased affordability has been largely offset by
changing lifestyle preferences and changing perceptions about the usefulness of
housing as a tool for savings or investment.
<TABLE>
<CAPTION>
TABLE 5.6
AFFORDABILITY DATA
SAN MATEO COUNTY AND THE UNITED STATES
1990 1991 1992 1993 1994 1995 1996e
---- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Median Existing Home Price
- --------------------------
San Mateo County $262,000 $259,000 $258,000 $253,000 $259,000 $257,784 $261,651
% Change 0.8% -1.1% -0.4% -1.9% 2.4% -0.5% 1.5%
United States $ 95,500 $100,300 $103,700 $106,800 $109,800 $112,900 $117,500
% Change 2.6% 5.0% 3.4% 3.0% 2.8% 2.8% 4.1%
Household Income
- ----------------
San Mateo County $ 74,100 $ 75,800 $ 80,200 $ 82,200 $ 85,600 $ 88,100 $ 91,200
% Change 8.0% 2.3% 5.8% 2.5% 4.1% 2.9% 3.5%
United States $ 37,403 $ 37,922 $ 39,020 $ 41,428 $ 43,845 $ 45,999
% Change 2.4% 1.4% 2.9% 6.2% 5.8% 4.9%
Mortgage Int. Rate 10.1% 9.2% 8.4% 7.3% 8.4% 8.0% 7.5%
- ------------------
Households Able to Afford Median-Priced Home
- --------------------------------------------
San Mateo County 18.0% 21.9% 28.4% 34.5% 31.3% 34.2% 36.8%
United States 50.0% 51.0% 55.0% 58.0% 57.0% 54.8%
Sources: Historical data-National Association of Realtors, Federal Reserve
Board of Govenors, U.S. Bureau of the Census; Calculations and 1996 estimate-RCG.
</TABLE>
Rosen Consulting Group 59
<PAGE> 68
Using the household by age forecasts and applying the rates of tenure by age
group shown in Table 5.7, we calculate a five-year forecast for apartment
housing demand in San Mateo. Between 1995 and 2000, we anticipate that
demographic demand will exist for more than 2,000 apartment units, or about 18%
of the new households. As mentioned previously, the marginal renter proportion
of 18% is lower than the average renter proportion of 39.8% because of a low or
negative growth in the young householders, the age-groups that traditionally
have a high propensity to rent.
TABLE 5.7
PROJECTION OF APARTMENT DEMAND BY AGE
SAN MATEO COUNTY
<TABLE>
<CAPTION>
Change in
1990 1995 2000 Households Renter New
Age Groups Households Households Households 1995-2000 Proportion Rental Units
<S> <C> <C> <C> <C> <C> <C>
15-24 7,815 8,052 9,124 1,072 87.9% 942
25-34 51,405 52,966 50,050 (2,916) 65.9% (1,922)
35-44 57,828 59,584 57,216 (2,368) 41.1% (973)
45-54 42,195 43,476 50,832 7,356 27.8% 2,045
55-64 33,517 34,535 40,405 5,870 23.8% 1,397
65+ 49,154 50,646 52,918 2,272 25.2% 573
Total 241,914 249,259 260,545 11,286 18.3% 2,065
</TABLE>
Sources: Historical data-U.S. Census Bureau;
Calculations and forecasts-RCG.
Rosen Consulting Group 60
<PAGE> 69
APARTMENT MARKET TRENDS
The San Mateo apartment market is a fairly small market consisting of
approximately 16,000 units in buildings with over 100 units. San Mateo County's
location between the San Jose and San Francisco labor markets has made it a
popular rental market. However, low vacancy rates have kept rents fairly high,
not far below rents in Santa Clara County. In addition, due to the limited
development opportunities in San Mateo County, between 1990 and 1994, there was
no construction of apartment projects with more than 100 units, which has put
additional pressure on the market. While during 1995, 220 high-quality units
were delivered to the market by Bay Apartment Communities (a conversion of two
properties, Kimberly Woods and Pacific Highlands in Pacifica, into a new project
called Sea Ridge), the vacancy rate still declined, as demand growth surpassed
new construction. During 1995, rents grew at a rate of nearly 6% and the rental
vacancy rate fell to 2.8%, the lowest it has been since 1990 (see Table 5.8).
<TABLE>
<CAPTION>
TABLE 5.8
SAN MATEO COUNTY APARTMENT MARKET TRENDS (100+ UNITS)
1987 1988 1989 1990 1991 1992 1993 1994 1995
------ ------ ------ ------ ------ ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Stock 14,959 15,267 15,415 15,600 15,600 15,600 15,600 15,600 15,820
New Construction 1,194 308 148 185 0 0 0 0 220
Net Absorption 1,097 319 195 151 (112) 296 (339) 56 301
Occupied Stock 14,506 14,824 15,019 15,169 15,057 15,354 15,015 15,071 15,372
Vacancy Rate 3.0% 2.9% 2.6% 2.8% 3.5% 1.6% 3.8% 3.4% 2.8%
Average Rent $697 $717 $744 $782 $808 $815 $841 $864 $915
Avg Rent Change 1.2% 2.9% 3.8% 5.1% 3.3% 0.9% 3.2% 2.7% 5.9%
</TABLE>
Sources: New construction, vacancy, avg. rent, & stock-RealData; Net
absorption & occupied calculations-RCG.
Some of the tightest submarkets as of year-end 1995 in San Mateo County were in
the southern portion of the county in Foster City and San Mateo, where apartment
vacancy rates were in the high 2% range. Average rents per square foot for
apartment projects with more than 100 units were relatively high even by Bay
Area standards. In Foster City, apartment rents in projects with over 100 units
ranged from $0.92 up to $1.48 per square foot and averaged $1.28 per square
foot. In Redwood City and San Mateo, the range was similar, and rents averaged
$1.25 and $1.14 per square foot, respectively. In both Foster City and San
Mateo, slightly higher rental vacancy rates were found in older apartment
projects built prior to 1975 where rents were below the city average.
Due to the small size of the San Mateo County apartment market, additions to
supply are "lumpy". However, Figure 5.1 illustrates the degree to which demand
has grown faster than supply, particularly in certain years. The ratio of total
household growth to total multifamily permits issued has been very high,
surpassing 10.0 in three of the last seven years.
61
<PAGE> 70
- ------------------------------------------------------------------------------
FIGURE 5.1
- ------------------------------------------------------------------------------
NEW HOUSEHOLDS TO MULTIFAMILY PERMITS
SAN MATEO COUNTY
[GRAPHIC OMITTED]
Because of the lack of developable sites, there is comparatively little in the
San Mateo County construction pipeline (see Table 5.9). No large projects are
expected to be completed in 1996, although one project is in the pipeline for
1997. Bridge Housing is planning the 102-unit City Park Townhouses in Foster
City, which would include 60 affordable units for seniors. By 1998 three
additional projects with 800 units could be completed. M.H. Podell will build
170 units in Redwood Shores; Sobrato will build 430 units at Fashion Island;
and, in a less desirable location in Redwood City, Thompson Residential will
build 200 units. By 1999 or 2000, the Bay Meadows site may be developed, which
would represent the addition of approximately 600 units to the market.
TABLE 5.9
SAN MATEO APARTMENT UNIT PIPELINE
<TABLE>
<CAPTION>
Delivery Units Project Name City Developer/Owner Status/Comments
- -------- ----- ------------ ---- --------------- ---------------
<S> <C> <C> <C> <C> <C>
1997/98 102 City Park Twnhses Foster City Bridge Housing 60 senior housing units; 42 market rate.
1998 170 Lido Lot #7 Redwood Shores M.H. Podell Developer is in process of finalizing.
1998 430 Fashion Island San Mateo Sobrato 74-acre mixed use project.
1998 200 RMC Lonestar Site Redwood City Thompson Res.
1999 600 Bay Meadows San Mateo Bay Meadows Corp. On market.
</TABLE>
Sources: Data gathered June of 1996 by RCG from RealData, RealFacts, Local
Developers, Local Planning Depts.
Rosen Consulting Group 62
<PAGE> 71
In our opinion, the lack of new construction in 1996 will cause the vacancy rate
to drop to 2.2% during 1996 and potentially even lower in 1997 (see Table 5.10).
Average rents, which jumped almost 6% during 1995, could increase by 6% to 7%
during 1996 and 1997, due to the extremely tight apartment market conditions in
San Mateo County and the apartment markets to the north and south, in San
Francisco and Santa Clara Counties. However, as new rental units begin to be
delivered to the market in 1998, apartment market conditions should ease,
allowing vacancy rates to rise to a more optimal level of 3.5% to 4%.
TABLE 5.10
SAN MATEO COUNTY APARTMENT MARKET FORECAST (100+ UNITS)
<TABLE>
<CAPTION>
1995 1996f 1997f 1998f 1998f 2000f
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Stock 15,820 15,820 15,922 16,722 17,022 17,322
New Construction 220 0 102 800 300 300
Net Absorption 301 100 150 500 450 350
Occupied Stock 15,372 15,472 15,622 16,122 16,572 16,922
Vacancy Rate 2.8% 2.2% 1.9% 3.6% 2.6% 2.3%
Average Rent $915 $977 $1,047 $1,103 $1,174 $1,252
Average Rent Change 5.9% 6.8% 7.1% 5.4% 6.4% 6.7%
</TABLE>
Sources: 1995 statistics-RealData; Forecasted construction-Local developers &
Planning Departments; Forecasted net absorption, vacancy & rent growth-RCG.
Rosen Consulting Group 63
<PAGE> 72
Attachment-Rosen Consulting Group's Services
ROSEN CONSULTING GROUP (RCG) IS A BERKELEY-BASED CONSULTING FIRM ENGAGED IN REAL
ESTATE ECONOMICS AND FINANCIAL CONSULTING. RCG was established as a vehicle for
Dr. Kenneth Rosen, Chairman of the Center for Real Estate and Urban Economics at
the University of California at Berkeley, to provide consulting services to real
estate investors, advisors, developers and lenders. RCG provides objective real
estate market research and sophisticated financial structuring advice.
Specifically, RCG offers the following services:
- QUARTERLY ANALYSIS OF THE ECONOMIC, DEMOGRAPHIC, AND REAL ESTATE
MARKET CONDITIONS IN 70 MAJOR METROPOLITAN AREAS (MSAs) in the United States,
available on a subscription basis. The Quarterly Outlook Report is tailored to
display information in a manner specified by the client. A list of subscription
clients is attached. The Quarterly Outlook Report contains
Economic conditions, including monthly employment growth by
one-digit SIC categories and quarterly data on personal income,
retail sales, and inflation;
Demographic data, including population by age, household
formations by age and type, births and deaths, and net
in-migration;
Real estate market conditions, including monthly data on building
permits for single-family and multi-family housing, office
buildings, industrial buildings, and retail space. Data on
absorption, new construction, vacancy rates, rents, values, cap
rates, and mortgage markets are also provided where available;
Analysis and commentary for each MSA; and
A section on the national economy, the regional economies, and
each product type by region.
- STRATEGIC ASSET ANALYSIS. In retrospect, one of the problems that real
estate investors, appraisers, and lenders have had in the past is that proforma
statements, on which discounted cash flow (DCF) analyses were based, had no
basis in reality. To rectify this situation, we produce discounted cash flow
(DCF) analyses of specific real estate assets aimed at disposition pricing,
Rosen Consulting Group
64
<PAGE> 73
loan recovery, and asset purchase that have a firm grounding in future expected
real estate market conditions.
In order to produce our DCF analysis, we use values for proforma line
items that are derived from our macro analysis of the local real
estate market. The analysis uses our knowledge of the economics and
demographics of local markets to formulate a rational set of
assumptions about the occupancy rate and rental rate increases or
decreases that will occur during the forecast horizon. We then couple
this information with asset-specific data developed with the client.
Using a discount rate that reflects the opportunity cost of capital,
we then produce a DCF value for the asset.
The Strategic Asset Analysis couples our strength in analyzing real
estate market conditions, or the macro data analysis, with the strength of the
client in knowing the tenant base, or the micro data analysis. This synthesis
of micro and macro information is used to produce proforma statements and DCF
analyses that are firmly grounded in the current and expected future market
conditions of the local market.
- PRIVATE LABEL STUDIES on real estate and financial topics of the
clients' choosing. Completed RCG studies are presented in the
attached list.
Research reports can cover a variety of topics, including
geographic market studies, product type studies, financial
structuring strategies, investment strategies, and evaluations of
specific assets. Research reports are prepared at the request of
our clients and are used for either internal or external
purposes.
The prototype for these reports is the real estate research
report series that Ken Rosen developed at Solomon Brothers as
founder of their real estate research department.
- CONSULTING ON DEAL STRUCTURING, financial strategies for specific
transactions, and valuation of real estate transactions using
disequilibrium market forecasting techniques.
RCG provides assistance in evaluating individual transactions. RCG's
support is strategic and analytic in nature. In particular, RCG
analyzes transactions from the viewpoint of potential and future
market conditions. This work involves the use of disequilibrium
forecasting techniques pioneered by Ken Rosen.
Rosen Consulting Group
65
<PAGE> 74
_ CONSULTING ON PORTFOLIO MANAGEMENT including liability and asset side
strategies.
Successful real estate investment is dependent on appropriately
matching assets and liabilities. A wide range of techniques exists
for modeling, analyzing, and immunizing the real estate investor from
swings in financial markets. RCG specializes in providing an
objective analytical view of the range of capital market techniques
available to the real estate investor. RCG monitors and advises
clients on the appropriate timing of transactions. RCG also advises
clients on hedging techniques to reduce financial risk.
_ ASSISTANCE IN DEVELOPING NEW CAPITAL AND INVESTMENT SOURCES.
During the past fifteen years, Ken Rosen has developed contacts in
both the financial and product side of the real estate business. As
a result, RCG is positioned to provide clients on both sides of the
market with traditional merchant banking services.
_ SPEECHES AND PRESENTATIONS TO INTERNAL OR EXTERNAL GROUPS.
Ken Rosen is one of the most sought-after speakers for real estate
seminars and events. He provides a timely, accurate, and
understandable analysis of current economic and real estate market
conditions.
Rosen Consulting Group
66
<PAGE> 75
Staff Biographies
KENNETH T. ROSEN
Ken Rosen is President of the Rosen Consulting Group. In addition, Mr. Rosen is
a Professor of Business Administration and Chairman of the Center for Real
Estate and Urban Economics at the University of California, Berkeley.
In prior business ventures, Mr. Rosen co-founded Regional Data Associates (RDA)
in 1976, a leading real estate forecasting firm. RDA was sold to Chase
Manhattan Bank in 1982 and became part of the Chase Econometric forecasting
system. In 1985, he joined Salomon Brothers Inc as Consultant/Manager and
founded the firm's Real Estate Research Department which is recognized as Wall
Street's leading real estate research group.
Mr. Rosen received his Ph.D. from Massachusetts Institute of Technology in
Economics in 1974 and B.A. with highest honors from University of Connecticut in
1970. He was a Professor of Economics at Princeton University from 1975 to
1979. He is a trustee of the Urban Land Institute and a director of Golden West
Financial Corporation. He has authored over 75 articles and books on real
estate and real estate finance.
ARIANNA K. VAN MEURS
Arianna Van Meurs is Executive Vice President of Rosen Consulting Group. She is
responsible for all research operations at RCG and the quarterly report. She is
the lead on special projects and responsible for client relationships.
Between 1988 and 1990, when she joined RCG, Ms. Van Meurs was an Associate in
Real Estate Finance at Salomon Brothers Inc. From 1985 to 1987, Ms. Van Meurs
worked as a Consultant at the World Bank where she appraised housing finance
loans to several countries, including Tunisia, Mexico, and Korea.
Ms. Van Meurs earned the B.A. from Brown University in 1981, a Masters in City
and Regional Planning in 1983 and a Masters in Business Administration in 1989,
both from the University of California, Berkeley.
DANIEL T. VAN DYKE
Daniel Van Dyke is Senior Vice President at the Rosen Consulting Group. Mr. Van
Dyke's responsibilities at RCG include RE modeling, lead on special studies, and
banking client relationships.
Rosen Consulting Group
67
<PAGE> 76
Mr. Van Dyke has twenty years of experience as a professional economist in
banking (Bank of America), consulting (SRI International, Data Resources, North
Bay Group), and academics (California Institute of Technology, University of
Santa Clara). His research experience includes regional economics, real estate
economics, and financial markets. Most recently, Mr. Van Dyke was head of the
U.S. Forecasting Section at the Bank of America where his efforts resulted in
the Silbert award for timeliness and accuracy in business forecasting.
Mr. Van Dyke earned the Ph.D. from Claremont Graduate School in 1971, where he
was a Haynes, California State, and NDEA fellow. He earned the B.A. with high
honors from California State University, Fresno in 1966, where he was inducted
into Phi Kappa Phi. Mr. Van Dyke has published a book on environmental
economics, numerous articles in refereed academic journal, dozens of consulting
reports, and scores of bank publications, including a monthly newsletter on
business and financial conditions.
MATTHEW J. ANDERSON
Matthew Anderson is Vice President of Rosen Consulting Group. Mr. Anderson's
responsibilities include economic modeling, real estate modeling, and systems
operations.
Before coming to RCG Mr. Anderson founded Anderson Property Consulting
specializing in real estate acquisitions consulting. From 1987-1988, he
co-managed Pakall Inc., a packing and shipping firm. From 1986 to 1987 he
worked as a Research Associate at Finplan Inc., a consultancy to Scandinavian
technology firms.
Mr. Anderson earned the Masters in Business Administration from the University
of California, Berkeley in 1990. He received a B.A. in German Literature from
the University of California, Santa Cruz in 1985.
SUSAN G. UNDERBERG
Susan Underberg is a Vice President at the Rosen Consulting Group. She oversees
the commercial real estate database and is responsible for special projects.
From 1987 to 1989, Ms. Underberg was an analyst in the finance department at
American Airlines where she evaluated the financial impact of projects ranging
from aircraft retirement to health claims.
Ms. Underberg earned a Masters in Business Administration in 1991 from the Haas
School of Business at the University of California, Berkeley. She also earned a
Bachelor's in Business Administration from the University of Michigan School of
Business in 1987.
Rosen Consulting Group
68
<PAGE> 77
ADDENDUM--ADDITIONAL DATA TABLES
Rosen Consulting Group 69
<PAGE> 78
PRIMARY MARKETS EMPLOYMENT DATA
<TABLE>
<CAPTION>
Comp Ann Growth Rate
--------------------------------------------
County 1980 1990 1995 2000 1980-90 1990-95 1995-00 1990-00
- ------ ---- ---- ---- ---- ------ ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alameda 527.2 649.0 647.1 718.4 2.1% -0.1% 2.1% 1.0%
San Francisco 599.9 628.6 575.0 604.9 0.5% -1.8% 1.0% -0.4%
San Mateo 265.6 327.9 314.5 354.2 2.1% -0.8% 2.4% 0.8%
Santa Clara 675.4 814.5 828.0 965.2 1.9% 0.3% 3.1% 1.7%
Total 2068.2 2420.0 2364.7 2642.7 1.6% -0.5% 2.2% 0.9%
Absolute 351.9 -55.4 278.0 222.7
% Change 17.0% -2.3% 11.8% 9.2%
</TABLE>
Sources: Historical-U.S. Bureau of Labor Statistics,
Calculations & Forecasts-Rosen Consulting Group
SEASONALLY ADJUSTED UNEMPLOYMENT RATE
BAY AREA
<TABLE>
<CAPTION>
<S> <C> <C>
1995 December 5.3%
1996 January 4.8%
February 4.9%
March 4.8%
April 4.5%
</TABLE>
Source: Bureau of Labor Statistics
Rosen Consulting Group 70
<PAGE> 79
PRIMARY MARKETS POPULATION
<TABLE>
<CAPTION>
Comp Ann Growth Rate
-------------------------
County 1980 1990 1995 2000 1980-1990 1990-2000
- ------ ---- ---- ---- ---- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Santa Clara 1,295,073 1,497,577 1,594,900 1,705,900 1.5% 1.3%
Alameda 1,105,379 1,276,702 1,349,600 1,430,000 1.5% 1.1%
San Francisco 678,974 723,959 750,984 775,900 0.6% 0.7%
San Mateo 587,329 649,623 681,200 715,800 1.0% 1.1%
Total 3,666,755 4,147,861 4,376,684 4,627,800 1.2% 1.1%
Absolute Change 481,106 479,739
% Change 13.1% 11.6%
</TABLE>
Sources: Historical-U.S. Bureau of Labor Statistics,
Calculations & Forecasts-Rosen Consulting Group
POPULATION FORECAST FOR THE NINE COUNTY BAY AREA
<TABLE>
<CAPTION>
1995 2000f
---- ----
<S> <C> <C>
Nine County Bay Area (000) 6,329 6,668
CAGR* 1995-2000 1.1%
New People Added 339,000
New People Added/Yr. 67,800
</TABLE>
*Compound Annual Growth Rate
Sources: Historical-U.S. Census Bureau, Calculations & Forecasts-RCG.
Rosen Consulting Group 71
<PAGE> 80
PRIMARY MARKETS HOUSEHOLDS
<TABLE>
<CAPTION>
Comp Ann Growth Rate
-------------------------
County 1980 1990 1995 2000 1980-1990 1990-2000
- ------ ---- ---- ---- ---- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Santa Clara 458,519 520,179 543,570 576,765 1.3% 1.0%
Alameda 426,093 479,518 493,329 519,397 1.2% 0.8%
San Francisco 298,956 305,584 313,500 324,461 0.2% 0.6%
San Mateo 225,201 241,914 249,259 260,545 0.7% 0.7%
Total 1,408,769 1,547,195 1,599,658 1,681,168 0.9% 0.8%
Absolute Change 138,426 133,973
% Change 9.8% 8.7%
</TABLE>
Sources: Historical-U.S. Census Bureau, Calculations & Forecasts-Rosen
Consulting Group
HISTORICAL AND PROJECTED HOUSEHOLD GROWTH
NINE-COUNTY BAY AREA
<TABLE>
<CAPTION>
New H.H. Formed Average H.H.
Year Households (000) CAGR* from 1980 Since 1980 Growth/Yr.
---- ---------------- --------------- --------------- ------------
<S> <C> <C> <C> <C>
1980 1,979.2
1990 2,256.0 1.3% 276.8 27.7
1995 2,357.4 1.2% 378.2 25.2
2000f 2,520.2 1.2% 540.9 27.0
</TABLE>
* CAGR: Compound Annual Growth Rate
Sources: Historical-U.S. Census Bureau, Calculations & Forecasts-Rosen
Consulting Group
PERCENTAGE OF HOUSEHOLDS BETWEEN
THE AGES OF 25 AND 44
<TABLE>
<CAPTION>
1990 1995
<S> <C> <C>
Primary Markets 48.1% 46.7%
U.S. 43.9% 42.5%
</TABLE>
Sources: historical data U.S. Census Bureau,
calculations Rosen Consulting Group
Rosen Consulting Group 72
<PAGE> 81
MEAN HOUSEHOLD INCOME
BAY AREA VS. U.S.
<TABLE>
<CAPTION>
1995e 1996f
----- -----
<S> <C> <C>
Primary Markets n.a. 87,354
San Francisco Bay Area 80,432 84,040
U.S. 44,589 46,027
</TABLE>
Sources: historical data U.S. Census Bureau, forecasts and
calculations Rosen Consulting Group
1995 BAY AREA MEAN HOUSEHOLD INCOME
<TABLE>
<CAPTION>
Total Household
MSA Households Income Weight Share
- --- ---------- --------- ------ -----
<S> <C> <C> <C> <C>
Oakland 822,900 74,400 34.9% 26,000
San Francisco 665,600 88,100 28.3% 24,902
San Jose 543,570 87,400 23.1% 20,175
Santa Rosa 159,000 67,800 6.8% 4,578
Vallejo-Fairfield-Napa 163,700 68,200 7.0% 4,741
Bay Area Weighted Avg 2,354,770 385,900 100.0% 80,397
</TABLE>
Sources: historical data U.S. Census Bureau, calculations Rosen Consulting
Group
1995 PRIMARY MARKETS MEAN HOUSEHOLD INCOME
<TABLE>
<CAPTION>
Household
County Income Weight Share
------ --------- ------ -----
<S> <C> <C> <C>
Santa Clara 87,400 33.6% 29,366
Alameda 74,400 31.0% 23,064
San Francisco 88,100 19.8% 17,444
San Mateo 88,100 15.6% 13,744
338,000 100.0% 83,618
</TABLE>
Sources: historical data U.S. Census Bureau, calculations Rosen
Consulting Group
Rosen Consulting Group 73
<PAGE> 82
- -------------------------------------------------------------------------------
Bay Area Existing Median Home Price
<TABLE>
<CAPTION>
MSA 1990 1991 1992 1993 1994 1995 1996e
- --- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Oakland
Price 259,000 262,420 259,250 256,200 255,600 254,500 258,979
Stock 534.7 538.7 544.3 549.0 554.9 560.3 566.1
San Francisco
Price 259,000 262,420 259,250 256,200 255,600 254,400 258,216
Stock 340.5 341.5 342.2 342.9 343.9 345.1 346.5
San Jose
Price 268,890 256,640 248,260 246,510 254,390 253,372 260,878
Stock 353.6 355.3 357.1 358.9 361.0 363.2 365.7
Santa Rosa
Price 201,400 208,776 218,094 214,284 212,170 214,749 221,191
Stock 122.1 124.1 125.9 127.6 129.8 131.5 133.4
Vallejo-Fairfield-Napa
Price 179,178 185,740 194,030 190,640 188,760 192,743 196,983
Stock 120.9 122.7 124.7 126.4 128.2 129.5 131.2
Total Bay Area-3 MSA 261,846 260,758 256,095 253,420 255,253 254,106 259,315
Total Bay Area-5 MSA 250,041 250,196 247,713 244,828 245,953 245,527 250,719
Total U.S. 95,500 100,300 103,700 106,800 109,800 112,900 117,500
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Note: Total Bay Area is a weighted average calculation based on single family stock for each of three
or five metropolitan areas: Oakland (Alameda, Contra Costa Counties); San Francisco (Marin, SF,
San Mateo Counties); San Jose (Santa Clara County); Santa Rosa (Sonoma County); Vallejo-Fairfield-Napa
(Napa, Solano Counties)
Sources: historical data U.S. Census Bureau, and National Association of Realtors, calculations and forecasts
Rosen Consulting Group
</TABLE>
- -------------------------------------------------------------------------------
Rosen Consulting Group 74
<PAGE> 83
------------------------------------------
LIMITED SUPPLY
MULTIFAMILY PERMITS ISSUED
NINE-COUNTY BAY AREA
<TABLE>
<CAPTION>
Year Permits, Units
---- --------------
<S> <C>
1986 25,197
1987 18,452
1988 12,499
1989 11,924
1990 8,596
1991 6,738
1992 4,265
1993 4,158
1994 4,521
1995 4,098
</TABLE>
Source: U.S. Census Bureau
------------------------------------------
-------------------------------------------------------------------
RENTAL TENURE
PERCENTAGE OF HOUSEHOLDS WHICH RENT
<TABLE>
<CAPTION>
1990
----
<S> <C>
Primary Markets 47%
9-County Bay Area 44%
U.S. 36%
</TABLE>
Sources: 1990 Census, calculations Rosen Consulting Group
-------------------------------------------------------------------
Rosen Consulting Group 75
<PAGE> 84
LIMITED HOME AFFORDABILITY
PERCENTAGE OF HOUSEHOLDS ABLE TO AFFORD
THE MEDIAN-PRICED HOME
<TABLE>
<CAPTION>
1995
----
<S> <C>
Primary Markets 41%
9-County Bay Area 36%
U.S. 55%
</TABLE>
Source: U.S. Census Bureau, California Association of Realtors,
Rosen Consulting Group
1995 PRIMARY MARKETS AFFORDABILITY
<TABLE>
<CAPTION>
County Affordability Households Weight Share
- ------ ------------- ---------- ------ -----
<S> <C> <C> <C> <C>
Santa Clara 42.9% 543,570 34.0% 14.6%
Alameda 47.4% 493,329 30.8% 14.6%
San Francisco 35.1% 313,500 19.6% 6.9%
San Mateo 34.2% 249,259 15.6% 5.3%
-------- ------ -----
Total Primary Markets 1,599,658 100.0% 41.4%
</TABLE>
Note: Total Primary Markets is a weighted average calculation based on
households
Sources: U.S. Census Bureau, California Association of Realtors,
Rosen Consulting Group
Rosen Consulting Group 76
<PAGE> 85
VACANCY RATE AND AVERAGE RENT
<TABLE>
<CAPTION>
1993 Inventory Available Vac. Rate Avg. Rent
- ---- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Alameda 30,401 1,581 5.2% $792
San Francisco 14,256 699 4.9% $886
San Mateo 15,600 583 3.8% $841
Santa Clara 50,934 2,496 4.9% $887
111,191 5,368 4.8% $854
</TABLE>
<TABLE>
<CAPTION>
1994 Inventory Available Vac. Rate Avg. Rent
- ---- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Alameda 30,401 1,277 4.2% $803
San Francisco 14,256 584 4.1% $901
San Mateo 15,600 530 3.4% $864
Santa Clara 50,934 2,190 4.3% $886
111,191 4,582 4.1% $862
</TABLE>
<TABLE>
<CAPTION>
1995 Inventory Available Vac. Rate Avg. Rent
- ---- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Alameda 30,808 1,047 3.4% $820
San Francisco 14,256 442 3.1% $946
San Mateo 15,820 443 2.8% $915
Santa Clara 51,606 1,135 2.2% $971
112,490 3,068 2.7% $919
</TABLE>
<TABLE>
<CAPTION>
1996e Inventory Available Vac. Rate Avg. Rent
- ----- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Alameda 31,308 1,002 3.2% $863
San Francisco 14,322 329 2.3% $1,005
San Mateo 15,820 348 2.2% $977
Santa Clara 52,252 888 1.7% $1,037
113,702 2,568 2.3% $977
</TABLE>
Sources: historical data, RealData, calculations and forecasts
Rosen Consulting Group
Rosen Consulting Group 77
<PAGE> 86
ORANGE COUNTY RATIO OF NEW HOUSEHOLDS TO MULTIFAMILY PERMITS
<TABLE>
<CAPTION>
Ratio of
Multifamily Change in New HH
Year Permits Households Households to MF Perm
- ---- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
80 3,896 686,267
81 5,272 699,992 13,725 2.60
82 2,526 713,992 14,000 5.54
83 5,985 728,272 14,280 2.39
84 7,648 742,837 14,565 1.90
85 11,418 756,956 14,118 1.24
86 15,101 773,386 16,430 1.09
87 15,304 787,941 14,554 0.95
88 11,941 804,085 16,145 1.35
89 8,745 822,776 18,690 2.14
90 7,605 829,513 6,737 0.89
91 2,968 834,500 4,987 1.68
92 2,247 846,381 11,881 5.29
93 1,903 853,944 7,564 3.97
94 4,882 864,145 10,201 2.09
95 2,255 876,104 11,959 5.30
96e 3,748 889,372 12,268 3.54
</TABLE>
Source: Historical - U.S. Census Bureau, Calculations & Forecasts - Rosen
Consulting Group
ORANGE COUNTY APARTMENT NEW CONSTRUCTION
<TABLE>
<CAPTION>
YEAR
----
<S> <C>
1986 6,568
1987 5,870
1988 6,770
1989 5,871
1990 2,939
1991 2,967
1992 674
1993 810
1994 (290)
1995 1,759
1996e 1,735
1997f 1,950
1998f 2,150
1999f 2,450
2000f 2,650
</TABLE>
Source: Historical - Research Network Ltd., Calculations & Forecasts - Rosen
Consulting Group
Rosen Consulting Group 78
<PAGE> 87
PRIMARY MARKETS RATIO OF NEW HOUSEHOLDS TO MULTIFAMILY PERMITS
<TABLE>
<CAPTION>
Ratio of
Multifamily Change in New HH
Year Permits Households Households to MF Perm
- ---- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
80 6,915 1,409,164
81 4,810 1,422,288 13,124 2.73
82 4,639 1,435,558 13,270 2.86
83 7,540 1,448,977 13,418 1.78
84 9,366 1,462,545 13,568 1.45
85 12,031 1,476,264 13,719 1.14
86 14,548 1,490,136 13,873 0.95
87 13,391 1,504,164 14,028 1.05
88 8,224 1,518,348 14,184 1.72
89 7,723 1,532,691 14,343 1.86
90 5,404 1,547,195 14,504 2.68
91 4,750 1,557,541 10,346 2.18
92 3,171 1,566,499 8,958 2.83
93 3,206 1,575,522 9,023 2.81
94 4,158 1,584,611 9,088 2.19
95 2,798 1,599,658 15,047 5.38
96e 3,461 1,615,627 15,969 4.61
</TABLE>
Source: Historical - U.S. Census Bureau, Calculations & Forecasts - Rosen
Consulting Group
Rosen Consulting Group 79
<PAGE> 88
SANTA CLARA COUNTY RATIO OF NEW HOUSEHOLDS TO MULTIFAMILY PERMITS
<TABLE>
<CAPTION>
Ratio of
Multifamily Change in New HH
Year Permits Households Households to MF Perm
- ---- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
80 2,836 458,914
81 1,807 464,701 5,787 3.20
82 1,091 470,561 5,860 5.37
83 3,981 476,494 5,934 1.49
84 3,490 482,503 6,009 1.72
85 5,714 488,587 6,084 1.06
86 4,784 494,748 6,161 1.29
87 4,558 500,987 6,239 1.37
88 2,794 507,304 6,317 2.26
89 2,311 513,701 6,397 2.77
90 3,223 520,179 6,478 2.01
91 2,118 524,775 4,596 2.17
92 1,301 529,412 4,637 3.56
93 1,628 534,090 4,678 2.87
94 1,817 538,809 4,719 2.60
95 1,232 543,570 4,761 3.86
96e 1,800 550,053 6,483 3.60
</TABLE>
Source: Historical - U.S. Census Bureau, Calculations & Forecasts - Rosen
Consulting Group
Rosen Consulting Group 80
<PAGE> 89
ALAMEDA COUNTY RATIO OF NEW HOUSEHOLDS TO MULTIFAMILY PERMITS
<TABLE>
<CAPTION>
Ratio of
Multifamily Change in New HH
Year Permits Households Households to MF Perm
- ---- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
80 2,041 426,093
81 1,607 431,156 5,063 3.2
82 1,884 436,279 5,123 2.7
83 2,072 441,463 5,184 2.5
84 3,794 446,709 5,246 1.4
85 4,228 452,017 5,308 1.3
86 5,722 457,388 5,371 0.9
87 4,838 462,823 5,435 1.1
88 2,675 468,322 5,499 2.1
89 2,716 473,887 5,565 2.0
90 1,074 479,518 5,631 5.2
91 1,509 482,249 2,731 1.8
92 715 484,995 2,746 3.8
93 570 487,757 2,762 4.8
94 1,199 490,535 2,778 2.3
95 534 493,329 2,794 5.2
96e 276 498,436 5,107 18.5
</TABLE>
Source: Historical - U.S. Census Bureau, Calculations & Forecasts - Rosen
Consulting Group
Rosen Consulting Group 81
<PAGE> 90
- -------------------------------------------------------------------------------
San Francisco County Ratio of New Households to Multifamily Permits
<TABLE>
<CAPTION>
Ratio of
Multifamily Change in New HH
Year Permits Households Households to MF Perm
- ---- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
80 942 298,956
81 1,043 299,612 656 0.63
82 1,065 300,270 658 0.62
83 1,058 300,929 659 0.62
84 904 301,590 661 0.73
85 1,217 302,252 662 0.54
86 1,898 302,915 664 0.35
87 2,287 303,580 665 0.29
88 1,774 304,247 666 0.38
89 1,361 304,915 668 0.49
90 916 305,584 669 0.73
91 792 307,151 1,567 1.98
92 559 308,726 1,575 2.82
93 919 310,309 1,583 1.72
94 841 311,901 1,591 1.89
95 409 313,500 1,599 3.91
96e 1,219 315,662 2,162 1.77
</TABLE>
Sources: Historical - U.S. Census Bureau, Calculations & Forecasts - Rosen
Consulting Group
- -------------------------------------------------------------------------------
Rosen Consulting Group 82
<PAGE> 91
SAN MATEO COUNTY RATIO OF NEW HOUSEHOLDS TO MULTIFAMILY PERMITS
<TABLE>
<CAPTION>
Ratio of
Multifamily Change in New HH
Year Permits Households Households to MF Perm
- ---- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
80 1,096 225,201
81 353 226,819 1,618 4.58
82 599 228,449 1,630 2.72
83 429 330,090 1,641 3.83
84 1,178 231,743 1,653 1.40
85 872 233,408 1,665 1.91
86 2,144 235,085 1,677 0.78
87 1,708 236,774 1,689 0.99
88 981 238,475 1,701 1.73
89 1,335 240,188 1,713 1.28
90 191 241,914 1,726 9.03
91 331 243,365 1,451 4.39
92 596 243,365 0 0.00
93 89 243,365 0 0.00
94 301 243,365 0 0.00
95 623 249,259 5,894 9.46
96e 166 251,476 2,217 13.36
</TABLE>
Sources: Historical - U.S. Census Bureau, Calculations & Forecasts -
Rosen Consulting Group
Rosen Consulting Group 83
<PAGE> 1
EXHIBIT 99.2
BAY APARTMENT COMMUNITIES, INC.
San Francisco Bay Area Rental Analysis
PRESENTED TO
Bay Apartment Communities, Inc.
PREPARED BY
Ann Roulac & Company
98 Main Street, Suite 439
Tiburon, CA 94920
June 30, 1996
<PAGE> 2
[ANN ROULAC AND COMPANY LETTERHEAD]
June 30, 1996
Mr. Gilbert M. Meyer
President
Bay Apartment Communities, Inc.
4340 Stevens Creek Blvd., Suite 275
San Jose, CA 95129
Re: San Francisco Bay Area Rental Analysis
Dear Mr. Meyer:
Accompanying this letter is our report on the status of the San Francisco Bay
Area rental market. Our analysis comprised a review of the following factors as
reported by the Bay Area Apartment Market Report for the periods of June and
December of 1994 and 1995 and compiled by RealData, Inc., and re-surveyed and
compiled by Ann Roulac and Company as of June, 1996:
- Analysis of effective rents
- Analysis of historical rent increases
- Analysis of historical vacancy rates
- Analysis of projects in planning
Pursuant to our engagement letter dated June 7, 1996, we selected the counties
of Alameda, San Francisco, San Mateo and Santa Clara for the analysis (the
counties wherein the majority of Bay Apartment Communities, Inc.'s properties
are located). The properties selected, as stated in the methodology sections,
were those of institutional quality as defined herein.
We have relied on current information, including, but not limited to, industry
statistics, relevant market data assembled by us through direct research and
from secondary sources, which we believe are reliable. While we relied on the
data prepared by RealData, Inc., we have not audited this information nor do we
warrant its completeness or accuracy, however, we have no reason to believe that
the information is anything other than complete and accurate.
We appreciate this opportunity to serve Bay Apartment Communities, Inc. Should
you have any questions regarding our analysis and conclusions, we stand ready to
be of further assistance.
Very truly yours,
Ann Roulac and Company
/s/Ann Roulac
- -------------
Ann N. Roulac
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Bay Apartment Communities, Inc.
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TABLE OF CONTENTS
Research Methodology...........................................................1
Definition of Terms............................................................3
Market Overview................................................................4
Effective Rents................................................................7
Discussion of Historical Rent Increases.......................................10
Discussion of Historical Vacancy Rates........................................14
Planned and Proposed Projects.................................................17
Conclusion....................................................................21
INDEX OF EXHIBITS
Exhibit I .......................Number of Units Constructed by Year and County
Exhibit II ................................List of Apartment Properties Surveyed
Exhibit III ....................Rental Surveys of Institutional Grade Properties
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Ann Roulac and Company
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Bay Apartment Communities, Inc.
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RESEARCH METHODOLOGY
The information provided herein is based on Ann Roulac and Company's analysis of
the research compiled by RealData, Inc., the current producer of the Bay Area
Apartment Market Report (BAAMR), a detailed reference guide to the San Francisco
Bay Area apartment market. RealData, Inc. compiles the report semi-annually,
providing current and historic information on apartment market activity in nine
counties and the region as a whole.
The statistics in BAAMR were compiled from over 450 multifamily rental
properties of 100 units or more, with individual property detail provided on
more than 500 properties of 50-plus units within the San Francisco Bay Area.
Facts and figures have been collected through various means, including
interviews with property owners, their managers and staff. The data published
for each property is comprised primarily of original research by Ann Roulac and
Company prior to December, 1993. After that point in time, RealData, Inc.
assumed publication responsibilities. Ann Roulac and Company has no reason to
believe that the RealData, Inc. research is not complete and accurate. Ann
Roulac and Company believes RealData, Inc.'s research methodologies are prudent
and reasonable in all respects.
THE BAY AREA DEFINED
The San Francisco Bay Area region is generally defined as the vicinity
surrounding the San Francisco Bay, which is incorporated into nine contiguous
counties: Marin, Napa, Solano and Sonoma, comprising the North Bay Region;
Alameda and Contra Costa, comprising the East Bay Region; and Santa Clara and
San Mateo, comprising the South Bay Region, with San Francisco in the center.
The major urban centers of the region include San Francisco, Oakland and San
Jose.
ENGAGEMENT FOCUS
The scope of our engagement was to identify the 100 plus investment grade
apartment properties from the BAAMR database of 450 properties for the counties
of Alameda, San Francisco, San Mateo and Santa Clara. The data presented by Ann
Roulac and Company is based on surveys with managers of 100 apartment properties
in the four subject counties. Ann Roulac and Company believes that the
referenced sample size is reasonable and statistically significant.
The apartment properties selected are institutional quality apartment
properties. The properties selected are most comparable to the institutional
quality of the Bay Apartment Communities, Inc. portfolio. The apartment
properties selected are generally newer and built in the last ten years, but
they could also be older properties that are structurally sound
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Ann Roulac and Company
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Bay Apartment Communities, Inc.
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and well positioned in the applicable Bay Area region. Additionally, the
properties were selected based on their size, year built and proximity to the
Bay Apartment Communities, Inc. portfolio. Additionally, the properties were
selected based on whether they were professionally managed. Thus, some of the
properties in the BAAMR database of 450 properties that were newer than some of
the properties selected for the purposes of this study, were not chosen due to
the lack of professional property management companies.
In the process of reviewing the information which we deemed relevant and
prepared by RealData, Inc., there appeared to be some discrepancies between the
trends reflected in the historical charts and the activity reported by many of
the major owners of institutional apartment properties in the Bay Area regions.
Upon reviewing the properties surveyed in BAAMR, we noted that since the
transfer of the publication from Ann Roulac and Company to RealData, Inc. in
late 1993, the database of properties had been expanded to include older
properties as well as subsidized and low income properties.
Prior to that time, the apartment properties surveyed from 1987 through 1993
were institutional quality properties. The addition of properties whose rents
are in many cases substantially below institutional quality has skewed the
results. The result has been to decrease the actual performance of the database
as a whole. Ann Roulac and Company recalculated the performances of the
institutional apartment segment based on the selected sample of 100
institutional apartment properties from the BAAMR database of 450 apartment
properties.
Information presented on planned and proposed projects was completed by Ann
Roulac and Company based on interviews with local planning departments and
apartment developers.
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Ann Roulac and Company
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Bay Apartment Communities, Inc.
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DEFINITION OF TERMS
Effective Rent: The average asking street rent less the value of all
concessions, including without limitation, moving
allowances or discounts. Note: Due to extremely tight
market conditions in the Bay Area, as of the writing
of this report, we found rental concessions to be
negligible at this time.
Percent Change: The percent increase or decrease in the rental rate
between the applicable reporting periods.
Vacant Units: The total number of physically unoccupied units in
completed buildings throughout the applicable
apartment complex or Bay Area region.
Vacancy Rate: The percent of physically unoccupied units in
completed buildings throughout the applicable
apartment complex or Bay Area region, calculated by
dividing the vacant units by the total number of units
in the applicable apartment complex or Bay Area
region.
Institutional
Quality/Grade: Professionally managed apartment properties of 100
units or more that are generally newer. However, older
apartment properties that are structurally sound and
well positioned in the applicable Bay Area region are
included as well.
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Ann Roulac and Company
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MARKET OVERVIEW
The San Francisco Bay Area is a region of approximately six and a half million
people living in nine different counties. With the advantages of weather and
quality of life, the Bay Area region continues to attract newcomers, unlike
other areas of California, which are generally losing population. High-tech
innovation continues to create new jobs, albeit in slightly different businesses
than the previous defense and computer hardware sectors. A variety of proposals
for redeveloping former military bases may bring new economic opportunity.
According to a 1990 study by the Association of Bay Area Governments (ABAG),
there will be a demand for 645,900 additional housing units to be built by the
year 2005. But less than 6% of the total 4.6 million acres of land in the Bay
Area is currently available for housing development, and ABAG has projected that
under present development constraints, no more than 577,900 units of housing can
be built. That creates a shortfall of 68,000 housing units. The two counties
that will experience the brunt of this shortfall will be Alameda and Santa
Clara.
Closely related to the housing shortfall is the high cost of all forms of
housing. As of March 1996, the Real Estate Research Council of Northern
California reports that the average sales prices of new and existing homes are
as follows:
<TABLE>
<CAPTION>
COUNTY SALES PRICE
------ -----------
<S> <C>
Alameda $221,366
San Francisco $331,619
San Mateo $371,748
Santa Clara $289,388
9-COUNTY BAY AREA $265,890
</TABLE>
Home ownership is unaffordable for large numbers of San Francisco Bay Area
residents, as only 20% of the population can afford to buy even a starter home.
The following are highlights from our research of the four Bay Area counties as
of June 1996.
ALAMEDA COUNTY OVERVIEW
- Average rental rates from the survey were $1,019.00 or
$1.19/square foot.
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Ann Roulac and Company
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- The highest average rents were in Fremont with an average rent
of $1,150.00 or $1.33/square foot.
- Rent increases for 1995 were 5.26% and were up significantly
during the first half of 1996 increasing 5.93%.
- Fremont experienced the largest rent increases in Alameda
County , which increased 9.79% during the first half of 1996.
- Vacancy rates decreased from 1.44% at year end 1995 to 0.4% as
of June 30, 1996
SAN FRANCISCO COUNTY OVERVIEW
- Average rental rates from the survey were $1,382.00 or
$1.92/square foot.
- Rental increases for 1995 were 8.12% while rents in San
Francisco increased by 11.18% during the first half of 1996.
- Vacancy rates decreased from 2.30% at year end 1995 to 0.58%
as of June 30, 1996.
SAN MATEO COUNTY OVERVIEW
- Average rental rates from the survey were $1,254.00 or
$1.58/square foot.
- The highest average rents were in Redwood Shores with an
average rent of $1,548.00 or $1.78/square foot.
- Rent increases in San Mateo were the largest of the four
counties surveyed at 12.88% for the first half of 1996. This
was more than double the 5.97% increase reported in 1995.
- Vacancy rates as of year end 1995 were 1.04% and had decreased
to 0.32% by June 30, 1996. Vacancy rates reported throughout
all of the cities in San Mateo County were below 1% vacancy as
of June 30, 1996.
SANTA CLARA COUNTY OVERVIEW
- Average rental rates from the survey were $1,321.00 or
$1.55/square foot.
- The highest average rents were reported in Mountain View with
an average rent of $1,395.00 or $1.62/square foot.
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Ann Roulac and Company
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- Of the four counties surveyed, Santa Clara reported the
largest rent increases at 16.46% for 1995. Rental increases
through the first half of 1996 were up 12.04%.
- Vacancy rates as of June 30, 1996 remained below 1% and
relatively constant with those reported as of year end 1995.
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Ann Roulac and Company
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EFFECTIVE RENTS
STATUS OF EFFECTIVE RENTS
The following table reflects the weighted average effective rents for
institutional grade apartment properties for the four counties surveyed by Ann
Roulac and Company and outlined below. The weighted averages were calculated
based on the total number of units in each county.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
RENTAL RATES AS OF JUNE 1996
- ----------------------------------------------------------------------------------
RENT RENT PER SQUARE FOOT
- ----------------------------------------------------------------------------------
COUNTY MIN MAX WEIGHTED MIN MAX WEIGHTED
AVG AVG
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Alameda $ 993 $1,044 $1,019 $1.16 $1.22 $1.19
- ----------------------------------------------------------------------------------
San Francisco 1,162 1,602 1,382 1.62 2.23 1.92
- ----------------------------------------------------------------------------------
San Mateo 1,212 1,295 1,254 1.53 1.64 1.58
- ----------------------------------------------------------------------------------
Santa Clara 1,283 1,359 1,321 1.50 1.59 1.55
- ----------------------------------------------------------------------------------
WEIGHTED AVERAGE $1,175 $1,322 $1,249 $1.44 $1.62 $1.53
- ----------------------------------------------------------------------------------
</TABLE>
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Ann Roulac and Company
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The following table reflects the rental range of the weighted average effective
rents for institutional grade apartment properties for the cities within the
four counties surveyed and outlined below:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
EFFECTIVE RENTS AS OF JUNE 1996
- --------------------------------------------------------------------------------------
RENT RENT PER SQUARE FOOT
- --------------------------------------------------------------------------------------
COUNTY / CITY / # UNITS MIN MAX WEIGHTED MIN MAX WEIGHTED
AVG AVG
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALAMEDA COUNTY (7,672) $ 993 $1,044 $1,019 $1.16 $1.22 $1.19
- --------------------------------------------------------------------------------------
Dublin (1421) 953 1,028 991 1.08 1.17 1.13
- --------------------------------------------------------------------------------------
Fremont (2142) 1,118 1,182 1,150 1.29 1.36 1.33
- --------------------------------------------------------------------------------------
Hayward (2023) 882 922 902 1.04 1.08 1.06
- --------------------------------------------------------------------------------------
Pleasanton (1804) 1,015 1,049 1,032 1.19 1.23 1.21
- --------------------------------------------------------------------------------------
Union City (282) 897 923 910 1.27 1.31 1.29
- --------------------------------------------------------------------------------------
SAN FRANCISCO COUNTY (6,563) $1,162 $1,602 $1,382 $1.62 $2.23 $1.92
- --------------------------------------------------------------------------------------
San Francisco (6563) 1,162 1,602 1,382 1.62 2.23 1.92
- --------------------------------------------------------------------------------------
SAN MATEO COUNTY (4,979) $1,212 $1,295 $1,254 $1.53 $1.64 $1.58
- --------------------------------------------------------------------------------------
Daly City (396) 1,106 1,164 1,135 1.54 1.62 1.58
- --------------------------------------------------------------------------------------
Foster City (2480) 1,322 1,394 1,358 1.57 1.66 1.62
- --------------------------------------------------------------------------------------
Pacifica (360) 906 1,054 980 1.38 1.60 1.49
- --------------------------------------------------------------------------------------
Redwood City (452) 1,223 1,296 1,260 1.59 1.68 1.63
- --------------------------------------------------------------------------------------
Redwood Shores (185) 1,473 1,623 1,548 1.69 1.86 1.78
- --------------------------------------------------------------------------------------
San Bruno (606) 973 1,033 1,003 1.25 1.33 1.29
- --------------------------------------------------------------------------------------
San Mateo (500) 1,152 1,274 1,213 1.61 1.78 1.70
- --------------------------------------------------------------------------------------
SANTA CLARA COUNTY (12,009) $1,283 $1,359 $1,321 $1.50 $1.59 $1.55
- --------------------------------------------------------------------------------------
Campbell (608) 1,283 1,372 1,328 1.44 1.55 1.49
- --------------------------------------------------------------------------------------
Mountain View (1190) 1,361 1,428 1,395 1.58 1.66 1.62
- --------------------------------------------------------------------------------------
San Jose (4072) 1,204 1,300 1,252 1.38 1.49 1.43
- --------------------------------------------------------------------------------------
Santa Clara (3097) 1,336 1,404 1,370 1.61 1.69 1.65
- --------------------------------------------------------------------------------------
Sunnyvale (3042) 1,303 1,364 1,334 1.56 1.64 1.60
- --------------------------------------------------------------------------------------
TOTAL 31,223
- --------------------------------------------------------------------------------------
</TABLE>
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Ann Roulac and Company
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RENTAL RATES
The following table reflects the weighted average effective rents for
institutional grade apartment properties for the cities within the four counties
surveyed and outlined below:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AVERAGE EFFECTIVE RENTS
- --------------------------------------------------------------------------------
COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96 6/30/96
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALAMEDA COUNTY $ 904 $ 913 $ 925 $ 962 $1,019
- --------------------------------------------------------------------------------
Dublin 920 925 943 969 991
- --------------------------------------------------------------------------------
Fremont 982 976 993 1,048 1,150
- --------------------------------------------------------------------------------
Hayward 831 855 861 868 902
- --------------------------------------------------------------------------------
Pleasanton 894 909 916 974 1,032
- --------------------------------------------------------------------------------
Union City 810 829 838 868 910
- --------------------------------------------------------------------------------
SAN FRANCISCO COUNTY $1,101 $1,149 $1,160 $1,243 $1,382
- --------------------------------------------------------------------------------
San Francisco 1,101 1,149 1,160 1,243 1,382
- --------------------------------------------------------------------------------
SAN MATEO COUNTY $1,027 $1,047 $1,078 $1,111 $1,254
- --------------------------------------------------------------------------------
Daly City 904 905 895 968 1,135
- --------------------------------------------------------------------------------
Foster City 1,034 1,057 1,091 1,175 1,358
- --------------------------------------------------------------------------------
Pacifica n/a 868 868 879 980
- --------------------------------------------------------------------------------
Redwood City 1,069 1,079 1,126 1,180 1,260
- --------------------------------------------------------------------------------
Redwood Shores 1,255 1,306 1,363 1,363 1,548
- --------------------------------------------------------------------------------
San Bruno n/a 889 904 953 1,003
- --------------------------------------------------------------------------------
San Mateo 960 978 1,003 1,108 1,213
- --------------------------------------------------------------------------------
SANTA CLARA COUNTY $ 986 $1,006 $1,086 $1,179 $1,321
- --------------------------------------------------------------------------------
Campbell 856 869 1,070 1,191 1,328
- --------------------------------------------------------------------------------
Mountain View 1,073 1,083 1,184 1,259 1,395
- --------------------------------------------------------------------------------
San Jose 989 989 1,070 1,156 1,252
- --------------------------------------------------------------------------------
Santa Clara 987 1,014 1,100 1,189 1,370
- --------------------------------------------------------------------------------
Sunnyvale 971 988 1,064 1,168 1,334
- --------------------------------------------------------------------------------
</TABLE>
NOTE: Data through 6/30/95 for Pacifica and San Bruno were not used in
calculating the San Mateo County average due to incomplete information.
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Ann Roulac and Company
9
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DISCUSSION OF HISTORICAL RENT INCREASES
HISTORICAL RENT INCREASES FROM THE BAY AREA APARTMENT MARKET REPORT (BAAMR)
The following table summarizes historical rent increases of apartment properties
of 100 units or more in the San Francisco Bay Area reported by RealData, Inc. in
their most recent report dated December 1995.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
RENT INCREASES - BAAMR
- --------------------------------------------------------------------------------
BAY AREA 1988 1989 1990 1991 1992 1993 1994 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alameda 4.27 5.70 4.25 1.73 1.57 1.80 1.01 2.13
- --------------------------------------------------------------------------------
Contra Costa 3.87 4.04 5.37 2.55 1.38 1.09 -.13 2.70
- --------------------------------------------------------------------------------
Marin 10.28 4.00 6.29 3.72 1.69 -3.32 4.30 0.78
- --------------------------------------------------------------------------------
Napa 1.82 4.82 9.37 3.89 -5.40 .32 .95 0.93
- --------------------------------------------------------------------------------
San Francisco 5.39 4.59 8.40 3.35 -2.01 1.14 1.69 1.62
- --------------------------------------------------------------------------------
San Mateo 2.87 3.77 5.11 3.32 .87 3.19 1.90 5.89
- --------------------------------------------------------------------------------
Santa Clara 3.08 4.81 4.34 3.33 -.69 2.66 .11 9.49
- --------------------------------------------------------------------------------
Solano 4.08 7.28 6.96 4.07 1.56 -.62 .62 0.00
- --------------------------------------------------------------------------------
Sonoma 8.71 7.83 7.43 3.46 1.22 -.60 -1.21 3.08
- --------------------------------------------------------------------------------
Average 4.90 5.20 6.40 3.30 .02 .60 1.03 2.97
- --------------------------------------------------------------------------------
</TABLE>
Source: RealData, Inc., December 1995
As previously discussed in the methodology section, the apartment properties
surveyed from 1987 through 1993 were of institutional quality. The addition of
apartment properties whose rents are in many cases substantially below
institutional quality has skewed the results, lowering the performance of the
database as a whole. Therefore, the average rent increases reflected in the
RealData, Inc. report of 1.03% for 1994 and 2.97% for 1995, are not reflective
of the performance of either institutional quality or market rate apartment
properties. Many of the apartment properties added to the database were older or
subsidized lower quality properties, in less desirable locations, with rental
rate restrictions. Rent increases reported by RealData, Inc. per county and unit
type are reflected in Table I.
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Ann Roulac and Company
10
<PAGE> 14
<TABLE>
<CAPTION>
TABLE 1: APARTMENT MARKET PERFORMANCE -- BAAMR
AVERAGE UNFURNISHED RENT CHARACTERISTICS BY UNIT TYPE (EXCLUDING UTILITY COSTS)
12/31/94 6/30/95 12/31/95
---------------------- ---------------------- ---------------------- 12/31//94 7/1/95
Avg. Avg. Avg. to to
Avg. -------------- Avg. -------------- Avg. -------------- 6/30/95 12/31/95 Total
County/City Sq.Ft. $Unit $Sq.Ft. Sq.Ft. $Unit $Sq.Ft. Sq.Ft. $Unit $Sq.Ft. % Change % Change % Change
----------- ------ ----- ------- ------ ----- ------- ------ ----- ------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
San Francisco
Bay Area 813 $824 $1.01 812 $833 $1.03 812 $872 $1.07 1.09% 4.68% 5.77%
Studio 484 658 1.36 480 653 1.36 480 684 1.43 -0.76% 4.75% 3.99%
1/1 686 743 1.08 685 754 1.10 685 792 1.15 1.48% 5.04% 6.52%
2/1 868 813 0.94 871 823 0.94 871 856 0.98 1.23% 4.01% 5.24%
2/1+ 994 948 0.95 992 962 0.97 992 1,008 1.02 1.48% 4.78% 6.26%
3/1 1,049 1,131 1.08 1,026 1,018 0.99 1,026 1,032 1.01 -9.99% 1.38% -8.62%
3/1+ 1,205 1,095 0.91 1,194 1,111 0.93 1,194 1,157 0.97 1.46% 4.14% 5.60%
Alameda 822 $803 $0.98 820 $800 $0.98 820 $820 $1.00 -0.37% 2.50% 2.13%
Studio 512 629 1.23 511 625 1.22 511 637 1.25 -0.64% 1.92% 1.28%
1/1 680 715 1.05 677 713 1.05 677 733 1.05 -0.28% 2.81% 2.53%
2/1 863 790 0.91 870 784 0.90 870 801 0.92 -0.76% 2.17% 1.41%
2/1+ 995 927 0.93 999 936 0.94 999 962 0.96 0.97% 2.78% 3.75%
3/1 988 875 0.89 910 760 0.84 910 760 0.84 -13.14% 0.00% -13.14%
3/1+ 1,149 1,020 0.89 1,159 1,012 0.87 1,159 1,024 0.88 -0.78% 1.19% 0.40%
San Francisco 807 $931 $1.15 802 $928 $1.16 802 $946 $1.18 -0.32% 1.94% 1.62%
Studio 496 735 1.48 488 717 1.47 488 748 1.53 -2.45% 4.32% 1.87%
1/1 710 868 1.22 710 871 1.23 710 889 1.25 0.35% 2.07% 2.41%
2/1 935 953 1.02 935 1,009 1.08 935 1,022 1.09 5.88% 1.29% 7.16%
2/1+ 1,058 1,112 1.05 1,058 1,087 1.03 1,058 1,096 1.04 -2.25% 0.83% -1.42%
3/1 1,095 1,300 1.19 1,095 1,425 1.30 1,095 1,450 1.32 9.62% 1.75% 11.37%
3/1+ 1,231 1,220 0.99 1,231 1,238 1.01 1,231 1,255 1.02 1.48% 1.37% 2.85%
San Mateo 757 $864 $1.14 767 $866 $1.13 767 $915 $1.19 0.23% 5.66% 5.89%
Studio 466 632 1.36 473 637 1.35 473 694 1.47 0.79% 8.95% 9.74%
1/1 678 779 1.15 691 787 1.14 691 828 1.20 1.03% 5.21% 6.24%
2/1 850 932 1.10 863 943 1.09 863 1,000 1.16 1.18% 6.04% 7.22%
2/1+ 1,010 1,136 1.12 1,002 1,107 1.10 1,002 1,159 1.16 -2.55% 4.70% 2.14%
3/1 1,009 983 0.97 994 964 0.97 994 1,018 1.02 -1.93% 5.60% 3.67%
3/1+ 1,156 1,081 0.94 1,145 1,095 0.96 1,145 1,165 1.02 1.30% 6.39% 7.69%
Santa Clara 820 $886 $1.08 815 $897 $1.10 815 $971 $1.19 1.24% 8.25% 9.49%
Studio 454 662 1.46 452 657 1.45 452 692 1.53 -0.76% 5.33% 4.57%
1/1 694 797 1.15 691 812 1.18 691 881 1.27 1.88% 8.50% 10.38%
2/1 902 920 1.02 896 900 1.00 896 964 1.08 -2.17% 7.11% 4.94%
2/1+ 997 1,012 1.01 991 1,038 1.05 992 1,128 1.14 2.57% 8.67% 11.24%
3/1 989 912 0.92 1,024 873 0.85 1,024 883 0.86 -4.28% 1.15% -3.13%
3/1+ 1,224 1,192 0.97 1,201 1,206 1.00 1,202 1,289 1.07 1.17% 6.88% 8.06%
</TABLE>
Source: RealData, Inc., December 1995
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RENT INCREASES FOR INSTITUTIONAL APARTMENT PROPERTIES
The following table reflects the rent increases for the 100 institutional grade
apartment properties for the four counties surveyed by Ann Roulac and Company on
both a periodic and annualized basis:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT INCREASES FOR INSTITUTIONAL PROPERTIES
- --------------------------------------------------------------------------------------------------
PERCENT PERCENT PERCENT PERCENT ANNUALIZED ANNUALIZED
CHANGE CHANGE CHANGE CHANGE INCREASE INCREASE INCREASE
- --------------------------------------------------------------------------------------------------
COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96
TO 12/31/94 TO 6/30/95 TO 12/31/95 TO 6/30/96 1994 1995 1996
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Alameda 1.00 1.31 3.95 5.93 2.00 5.26 11.86
- --------------------------------------------------------------------------------------------------
San Francisco 4.36 0.96 7.16 11.18 8.72 8.12 22.37
- --------------------------------------------------------------------------------------------------
San Mateo 1.95 2.96 3.01 12.88 3.90 5.97 25.75
- --------------------------------------------------------------------------------------------------
Santa Clara 2.00 7.90 8.56 12.04 4.00 16.46 24.09
- --------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE 1.81 4.74 6.25 10.49 3.62 10.99 20.99
- --------------------------------------------------------------------------------------------------
</TABLE>
Source: Ann Roulac and Company, June 1996
The annualized rental increases were calculated by multiplying the monthly
increase by twelve. The largest average increase occurred during the January
1996 to June 1996 time frame. The rental rate gains through June of 1996 were
most substantial in the county of San Mateo, with an annualized increase of
25.75%, followed by Santa Clara with an annualized increase of 24.09%, San
Francisco with an annualized increase of 22.37%, and Alameda with an annualized
increase of 11.86%.
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Ann Roulac and Company
12
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The following table summarizes the rent increases for the institutional grade
apartment properties surveyed by Ann Roulac and Company for the counties and
cities outlined below:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT INCREASES FOR INSTITUTIONAL PROPERTIES
- --------------------------------------------------------------------------------------------------
PERCENT PERCENT PERCENT PERCENT ANNUALIZED ANNUALIZED
CHANGE CHANGE CHANGE CHANGE INCREASE INCREASE INCREASE
- --------------------------------------------------------------------------------------------------
COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96
TO 12/31/94 TO 6/30/95 TO 12/31/95 TO 6/30/96 1994 1995 1996
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALAMEDA COUNTY 1.00 1.31 3.95 5.93 2.00 5.26 11.86
- --------------------------------------------------------------------------------------------------
Dublin 0.54 1.95 2.76 2.22 1.08 4.71 4.44
- --------------------------------------------------------------------------------------------------
Fremont -0.61 1.74 5.49 9.79 -1.22 7.23 19.57
- --------------------------------------------------------------------------------------------------
Hayward 2.89 0.70 0.75 3.98 5.78 1.45 7.95
- --------------------------------------------------------------------------------------------------
Pleasanton 1.68 0.77 6.33 5.95 3.36 7.10 11.91
- --------------------------------------------------------------------------------------------------
Union City 2.35 1.09 3.58 4.84 4.70 4.67 9.68
- --------------------------------------------------------------------------------------------------
SAN FRANCISCO 4.36 0.96 7.16 11.18 8.72 8.12 22.37
COUNTY
- --------------------------------------------------------------------------------------------------
San Francisco 4.36 0.96 7.16 11.18 8.72 8.12 22.37
- --------------------------------------------------------------------------------------------------
SAN MATEO COUNTY 1.95 2.96 3.01 12.88 3.90 5.97 25.75
- --------------------------------------------------------------------------------------------------
Daly City 0.11 -1.10 8.16 17.25 0.22 7.06 34.50
- --------------------------------------------------------------------------------------------------
Foster City 2.22 3.22 7.70 15.57 4.44 10.92 31.15
- --------------------------------------------------------------------------------------------------
Pacifica n/a n/a 1.27 11.49 n/a n/a 22.98
- --------------------------------------------------------------------------------------------------
Redwood City 0.94 4.36 4.75 6.78 1.88 9.11 13.57
- --------------------------------------------------------------------------------------------------
Redwood Shores 4.06 4.36 0.00 13.57 8.12 4.36 27.15
- --------------------------------------------------------------------------------------------------
San Bruno n/a 1.69 5.42 5.25 -- 7.11 10.49
- --------------------------------------------------------------------------------------------------
San Mateo 1.88 2.56 10.42 9.53 3.76 12.98 19.05
- --------------------------------------------------------------------------------------------------
SANTA CLARA COUNTY 2.00 7.90 8.56 12.04 4.00 16.46 24.09
- --------------------------------------------------------------------------------------------------
Campbell 2.00 2.20 11.26 11.51 4.00 13.46 23.02
- --------------------------------------------------------------------------------------------------
Mountain View 0.01 9.30 6.29 10.81 0.02 15.59 21.61
- --------------------------------------------------------------------------------------------------
San Jose 0.00 8.10 8.04 8.30 0.00 16.14 16.61
- --------------------------------------------------------------------------------------------------
Santa Clara 2.70 8.60 8.05 15.27 5.40 16.65 30.54
- --------------------------------------------------------------------------------------------------
Sunnyvale 2.80 6.60 9.73 14.22 5.60 16.33 28.44
- --------------------------------------------------------------------------------------------------
</TABLE>
Source: Ann Roulac and Company, June 1996
NOTE: The annualized rental increases were calculated by multiplying the monthly
increase by twelve.
- --------------------------------------------------------------------------------
Ann Roulac and Company
13
<PAGE> 17
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
DISCUSSION OF HISTORICAL VACANCY RATES
For purposes of discussion and comparison, the following table outlines the
annual average vacancy rates for the nine Bay Area counties for the database of
450 apartment properties of 100 units or more in size in the San Francisco Bay
Area reported by RealData, Inc. in their December 1995 publication. The
apartment properties surveyed are representative of the market as a whole, and
include both older and newer properties.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
HISTORICAL VACANCY RATES FROM BAAMR
- --------------------------------------------------------------------------------
BAY AREA 1987 1988 1989 1990 1991 1992 1993 1994 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Alameda 3.72 4.08 3.99 3.07 3.68 2.56 5.24 4.84 3.43
- --------------------------------------------------------------------------------
Contra Costa 5.27 4.94 3.31 3.67 3.99 2.72 5.96 5.67 5.07
- --------------------------------------------------------------------------------
Marin 2.35 2.57 2.58 2.38 5.58 3.11 2.64 3.17 3.61
- --------------------------------------------------------------------------------
Napa 2.83 1.90 1.61 1.57 2.46 1.21 3.14 2.85 4.17
- --------------------------------------------------------------------------------
San Francisco 3.39 2.05 4.68 6.16 3.18 3.28 4.86 4.05 3.12
- --------------------------------------------------------------------------------
San Mateo 3.03 2.90 2.57 2.76 3.48 1.58 3.75 3.38 2.83
- --------------------------------------------------------------------------------
Santa Clara 3.61 2.64 2.21 2.56 2.68 3.35 4.94 4.01 2.17
- --------------------------------------------------------------------------------
Solano 7.01 5.46 4.35 2.66 2.75 2.16 4.80 5.13 5.02
- --------------------------------------------------------------------------------
Sonoma 2.84 2.72 1.60 2.16 3.17 4.13 5.35 6.04 4.28
- --------------------------------------------------------------------------------
Weighted Average 3.78 3.51 3.16 3.20 3.33 2.85 4.96 4.69 3.29
- --------------------------------------------------------------------------------
</TABLE>
Source: RealData, Inc., December 1995
In order to compare the performance of institutional quality apartment
properties to the market as a whole, we have analyzed the vacancy rates for
institutional grade apartment properties in the four surveyed counties. The
results indicate that the vacancy rates for institutional properties have
decreased by approximately 1.15% in the last several months, and are lower than
the apartment database surveyed by RealData, Inc.
- --------------------------------------------------------------------------------
Ann Roulac and Company
14
<PAGE> 18
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
The following table reflects the vacancy rates for institutional grade apartment
properties for the four counties surveyed by Ann Roulac and Company:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
VACANCY RATES FOR INSTITUTIONAL PROPERTIES
- ----------------------------------------------------------------------------------
COUNTY 7/1/94 1/1/95 7/1/95 1/1/96 6/30/96
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Alameda 3.11 3.34 2.49 1.44 0.40
- ----------------------------------------------------------------------------------
San Francisco 3.02 4.13 3.17 2.30 0.58
- ----------------------------------------------------------------------------------
San Mateo 4.62 3.67 2.99 1.04 0.32
- ----------------------------------------------------------------------------------
Santa Clara 4.35 3.80 2.69 0.36 0.42
- ----------------------------------------------------------------------------------
WEIGHTED AVERAGE 3.99 3.66 2.71 1.14 0.43
- ----------------------------------------------------------------------------------
</TABLE>
Source: Ann Roulac and Company, June 1996
- --------------------------------------------------------------------------------
Ann Roulac and Company
15
<PAGE> 19
Bay Apartment Communities, Inc.
---------------------------------------------------------------
VACANCY RATES
Apartment vacancy rates for the institutional grade apartment
properties surveyed by Ann Roulac and Company in the cities
within the four surveyed Counties are reflected in the
following table:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
VACANCY RATES FOR INSTITUTIONAL PROPERTIES
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96 6/30/96
--------------------------------------------------------------------------------------------------------------------
ALAMEDA COUNTY 3.11% 3.34% 2.49% 1.44% 0.40%
--------------------------------------------------------------------------------------------------------------------
Dublin 1.79% 1.34% 0.00% 0.35% 0.00%
--------------------------------------------------------------------------------------------------------------------
Fremont 3.40% 5.53% 2.13% 1.98% 0.28%
--------------------------------------------------------------------------------------------------------------------
Hayward 4.28% 3.51% 4.45% 2.13% 1.13%
--------------------------------------------------------------------------------------------------------------------
Pleasanton 2.55% 2.44% 2.58% 1.05% 0.11%
--------------------------------------------------------------------------------------------------------------------
Union City 2.84% 1.42% 3.19% 0.35% 0.00%
--------------------------------------------------------------------------------------------------------------------
SAN FRANCISCO COUNTY 3.02% 4.13% 3.17% 2.30% 0.58%
--------------------------------------------------------------------------------------------------------------------
San Francisco 3.02% 4.13% 3.17% 2.30% 0.58%
--------------------------------------------------------------------------------------------------------------------
SAN MATEO COUNTY 4.62% 3.67% 2.99% 1.04% 0.32%
--------------------------------------------------------------------------------------------------------------------
Daly City 4.04% 8.84% 6.57% 0.00% 0.00%
--------------------------------------------------------------------------------------------------------------------
Foster City 4.32% 2.57% 2.52% 1.49% 0.28%
--------------------------------------------------------------------------------------------------------------------
Pacifica n/a 1.11% 3.89% 0.00% 0.56%
--------------------------------------------------------------------------------------------------------------------
Redwood City 3.32% 3.98% 3.54% 0.44% 0.44%
--------------------------------------------------------------------------------------------------------------------
Redwood Shores 2.16% 2.70% 2.16% 0.00% 0.00%
--------------------------------------------------------------------------------------------------------------------
San Bruno n/a 4.29% 3.63% 0.96% 0.29%
--------------------------------------------------------------------------------------------------------------------
San Mateo 8.85% 5.73% 2.60% 1.40% 0.60%
--------------------------------------------------------------------------------------------------------------------
SANTA CLARA COUNTY 4.35% 3.80% 2.69% 0.36% 0.42%
--------------------------------------------------------------------------------------------------------------------
Campbell 2.31% 5.00% 2.69% 0.49% 1.15%
--------------------------------------------------------------------------------------------------------------------
Mountain View 3.77% 3.44% 2.43% 0.00% 0.00%
--------------------------------------------------------------------------------------------------------------------
San Jose 5.52% 4.93% 2.73% 0.56% 0.86%
--------------------------------------------------------------------------------------------------------------------
Santa Clara 3.93% 3.91% 2.71% 0.36% 0.17%
--------------------------------------------------------------------------------------------------------------------
Sunnyvale 3.11% 2.89% 2.73% 0.20% 0.10%
--------------------------------------------------------------------------------------------------------------------
</TABLE>
---------------------------------------------------------------
Ann Roulac and Company
16
<PAGE> 20
Bay Apartment Communities, Inc.
---------------------------------------------------------------
PLANNED AND PROPOSED PROJECTS
PROJECTS IN PLANNING
Construction activity in the past 15 years follows a pattern
typical of California, with few units built in the early
1980's, a surge starting in the mid-1980's that peaked in
1989, and a marked decline in the 1990's. While apartment
rental markets in the Bay Area experienced over building
during the mid-1980's, building activity has tapered off since
the peak of 1985 and 1986 when the construction of rental
apartment properties were at their highest level.
Exhibit I at the end of this report reflects the following
number of units constructed by county for the six year period
1990 through 1995 reported by RealData , Inc. The number of
units are for 100+ unit projects both market rate and
subsidized.
<TABLE>
<CAPTION>
COUNTY NUMBER OF UNITS
------ ---------------
<S> <C>
Alameda 1,508
San Francisco 839
San Mateo 185
Santa Clara 4,948
TOTAL 7,480
ANNUAL AVERAGE 1,247
</TABLE>
In the process of our research, we contacted the cities within
the four Bay Area counties to obtain information on apartment
projects that were currently in the planning or construction
stages. This would include all projects that had applied and
received tentative approval from the applicable city planning
department. Additionally, we contacted major development
companies to identify projects that were currently being
processed through planning. Our research revealed that the
majority of all planned development is in Santa Clara County.
Our research indicates that a total of 8,052 units are in
various stages of planning in the market area as follows:
---------------------------------------------------------------
Ann Roulac and Company
17
<PAGE> 21
Bay Apartment Communities, Inc.
---------------------------------------------------------------
<TABLE>
<CAPTION>
COUNTY NUMBER OF PLANNED UNITS
------ -----------------------
<S> <C>
Alameda 1,440
San Francisco 302
San Mateo 1,104
Santa Clara 5,206
TOTAL 8,052
ANNUAL AVERAGE 2,684
</TABLE>
The annual average number of units that could commence lease
up between June of 1996 through June of 1999 could be as high
as 2,684 units per year. In all likelihood, the actual number
of new apartments will be less, given the current difficulty
of obtaining debt and equity financing for non-REIT owned
development companies.
We have identified projects that are either in the planning
stage or are under construction in the Bay Area region. The
table below describes the location, size, and status of these
projects.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
PROJECTS IN PLANNING
--------------------------------------------------------------------------------------------------------------
TOTAL
COUNTY/CITY PROJECT/DEVELOPER LOCATION UNITS COMMENTS
--------------------------------------------------------------------------------------------------------------
ALAMEDA
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fremont Red Hawk Ranch /M.H. Gardeno and Stevenson 582 (phase I - 303 units fully
Podell Blvds. leased)
phase II - 150 units projected
completion 12/96
phase III - 252 units projected
completion 6/97
phase IV - 180 units
projected completion 3/98
--------------------------------------------------------------------------------------------------------------
Oakland Lincoln Property Jack London Square 250 projected construction start
Company 6/97
--------------------------------------------------------------------------------------------------------------
</TABLE>
---------------------------------------------------------------
Ann Roulac and Company
18
<PAGE> 22
Bay Apartment Communities, Inc.
---------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------
Pleasanton Spanish Oaks Hacienda Business Park 462 approved 12/91 - stalled as
Robertson Homes now bankrupt
--------------------------------------------------------------------------------------------------------------
Pleasanton The Promenade/A.F. Case Ave. 146 projected completion 3/97
Evans
--------------------------------------------------------------------------------------------------------------
SUB-TOTAL 1,440
(Alameda)
--------------------------------------------------------------------------------------------------------------
SAN FRANCISCO
--------------------------------------------------------------------------------------------------------------
San Francisco Beale/Reynolds & Brown 300 Beale 60 projected completion 9/96
--------------------------------------------------------------------------------------------------------------
San Francisco Emerald 540 Delancey 242 projected completion 12/97
Fund/Delancey
--------------------------------------------------------------------------------------------------------------
SUB-TOTAL 302
(San Francisco)
--------------------------------------------------------------------------------------------------------------
SAN MATEO
--------------------------------------------------------------------------------------------------------------
Redwood City Thompson Residential El Camino 220 projected construction start
3/97
--------------------------------------------------------------------------------------------------------------
Redwood Shores Lido/M.H. Podell Lido Subdivision 470 projected construction start
3/97
--------------------------------------------------------------------------------------------------------------
San Mateo Bridgepoint/ Sobrato Fashion Island 414 change of use required
projected construction start
3/97
--------------------------------------------------------------------------------------------------------------
SUB-TOTAL 1,104
(San Mateo)
--------------------------------------------------------------------------------------------------------------
SANTA CLARA
--------------------------------------------------------------------------------------------------------------
Cupertino Citation Central Homestead Rd. 204 final plan approved
--------------------------------------------------------------------------------------------------------------
Cupertino Thompson Residential Wolf & Pruneridge 348 projected cnstruction start
3/97
--------------------------------------------------------------------------------------------------------------
Milpitas Bresford Terrace N. Milpitas Blvd. 114 under construction
--------------------------------------------------------------------------------------------------------------
Milpitas McCarthy Ranch McCarthy Ranch 375 unknown
/Fairfield
--------------------------------------------------------------------------------------------------------------
Morgan Hill Sterla Dunne Ave. 76 planned - must begin
construction by 6/96
--------------------------------------------------------------------------------------------------------------
Mountain View Park Place /Prometheus Castro Street 120 projected completion 1997
--------------------------------------------------------------------------------------------------------------
Mountain View The Americano Continental Circle 78 planned
--------------------------------------------------------------------------------------------------------------
Mountain View The Crossings Old Mill Site 120 planned
/Plymouth
--------------------------------------------------------------------------------------------------------------
</TABLE>
---------------------------------------------------------------
Ann Roulac and Company
19
<PAGE> 23
Bay Apartment Communities, Inc.
---------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------
San Jose Sienna/Forest City Renaissance Square 606 construction start by 9/96
--------------------------------------------------------------------------------------------------------------
San Jose Willow Lake/Sobrato Ringwood & Murphy 150 projected completion
(Phase II) 3/97
--------------------------------------------------------------------------------------------------------------
San Jose Bay Apartment Capital Expressway 300 projected completion end of
Communities 1996
--------------------------------------------------------------------------------------------------------------
San Jose Villa Tereno/ Sobrato Julian/1st 198 under construction/start
leasing 10/96
--------------------------------------------------------------------------------------------------------------
San Jose Bay Apartment Stevens Creek & 580 510 projected construction start
Communities 3/97
--------------------------------------------------------------------------------------------------------------
San Jose Bay Apartment Fallstaff 250+ projected construction start
Communities 7/97
--------------------------------------------------------------------------------------------------------------
San Jose Perucci/Lincoln Downtown San Jose 220 projected construction start
Property Company 7/97
--------------------------------------------------------------------------------------------------------------
San Jose Almaden Lake/FPI Coleman 250 projected construction start
9/96
--------------------------------------------------------------------------------------------------------------
San Jose Market Gateway/ David Market Street 50 in planning
Neal
--------------------------------------------------------------------------------------------------------------
Santa Clara Bella Vista
Phase III-Nantucket Lickmill Blvd 252 projected completion 1997
Phase IV/Interland Lickmill Blvd 276 projected start 1997
--------------------------------------------------------------------------------------------------------------
Sunnyvale The Mark/ Lawrence & 101 709 projected completion 1997
Bay Apartment
Communities
--------------------------------------------------------------------------------------------------------------
SUB-TOTAL 5,206
(Santa Clara)
--------------------------------------------------------------------------------------------------------------
TOTAL 8,052
--------------------------------------------------------------------------------------------------------------
</TABLE>
---------------------------------------------------------------
Ann Roulac and Company
20
<PAGE> 24
Bay Apartment Communities, Inc.
---------------------------------------------------------------
CONCLUSION
OUTLOOK
Over the next several years the outlook for the Bay Area
economy is highly positive. The Bay Area's strong base in
computer and related manufacturing and research and
development, high income levels, and attractiveness as a
residential and business community provide a solid foundation
for future economic growth. The highly educated work force and
the proximity to strong research universities will continue to
encourage the presence of many computer, electronics, and
other high-tech firms.
The Bay Area's difficult regulatory environment and the
limited supply of developable land are expected to continue to
inhibit new residential/apartment construction. These two
aspects should contribute to a continued increase in rental
rates and decrease in vacancy rates. The 1996 Landauer Real
Estate Market Forecast ranked three Bay Area markets (Oakland,
San Jose and San Francisco) as first, fourth, and sixth in a
study that compared 35 apartment markets by examining market
occupancy trends, rental pricing patterns, demand indicators
and construction volumes. Notably, these reflected an
improvement over Landauer's 1995 rankings, which listed
Oakland as fifth and San Jose as sixth in a similar study.
PROJECTED RENT INCREASES
Rent increases have been substantial through June of 1996 due
to continued Bay Area economic recovery as well as limited
rental starts. It is anticipated that construction activities
will increase as reflected and discussed in the previous
Planned and Proposed Project section, and will result in
rental increases in the 5.4% to 13.75% range through 1999.
The projected rental increases reflected above are based on
the fact that the demand for rental units in the market area
will remain constrained within the next two to three years. We
have projected more aggressive rental increases in San Mateo
and Santa Clara Counties due to the following:
- A significantly larger pool of qualified renters
with the ability to pay rent at the high end of
the market
- Close proximity to computer, electronics and
high tech employers.
We have projected more moderate yet still significant
increases in San Francisco County due to the following:
---------------------------------------------------------------
Ann Roulac and Company
21
<PAGE> 25
Bay Apartment Communities, Inc.
---------------------------------------------------------------
- Average rents are the highest rates charged in
the Bay Area on a nominal and per square foot
basis;
- Decreasing gap between rents paid and mortgage
payments for similar type units.
We have projected increased though less aggressive rent growth
in Alameda County for the following reasons:
- Less dynamic income fundamentals and growth than
in neighboring Santa Clara County;
- Recent history of lower rent increases.
The following table displays annualized rent increases for
1996 and projects annual rent increases for the years 1996
through 1999 for institutional grade apartment properties for
the four counties identified below. The 1996 projections are
lower than the annualized 1996 figures, as we are projecting
that rent increases in the second half of 1996 will be
slightly lower than the first half of 1996.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
PROJECTED RENT INCREASES
------------------------------------------------------------------------------------------------------
COUNTY ANNUALIZED 1996 1997 1998 1999
1996
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Alameda 11.86% 8.50% 6.50% 5.00% 4.50%
-----------------------------------------------------------------------------------------------------
San Francisco 22.37% 14.50% 8.50% 6.00% 5.00%
-----------------------------------------------------------------------------------------------------
San Mateo 25.75% 16.00% 9.50% 8.00% 6.00%
-----------------------------------------------------------------------------------------------------
Santa Clara 24.09% 16.00% 9.00% 8.00% 6.00%
-----------------------------------------------------------------------------------------------------
AVERAGE 20.99% 13.75% 8.38% 6.75% 5.38%
-----------------------------------------------------------------------------------------------------
</TABLE>
Note: The 1996 projections reflect the annualized increase
through June 1996.
PROJECTED VACANCY RATES
The low affordability of single-family housing in the Bay Area
has continued to increase demand for multifamily rental units.
Rental vacancy rates for investment grade apartment properties
have continued to decline while construction has occurred at a
very slow pace. Vacancy rates have decreased in the last
several months, and institutional apartment properties are
experiencing tighter vacancy rates than the older apartment
properties.
---------------------------------------------------------------
Ann Roulac and Company
22
<PAGE> 26
Bay Apartment Communities, Inc.
---------------------------------------------------------------
Fundamental to our vacancy rate projections is the expectation
that new construction will somewhat ease the current low
vacancy rates but we do not anticipate that they will fall
below the 3% to 4% range through 1999.
The following table projects vacancy rates for investment
grade apartment properties for the four counties outlined
below:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
PROJECTED VACANCY RATES
-----------------------------------------------------------------------------------------------------------
COUNTY 1996 1997 1998 1999
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Alameda 1.00% 2.00% 3.50% 3.50%
-----------------------------------------------------------------------------------------------------------
San Francisco 1.50% 2.00% 3.00% 3.00%
-----------------------------------------------------------------------------------------------------------
San Mateo 1.00% 2.00% 2.50% 3.00%
-----------------------------------------------------------------------------------------------------------
Santa Clara 1.25% 3.00% 3.25% 3.5%
-----------------------------------------------------------------------------------------------------------
AVERAGE 1.20% 2.25% 3.10% 3.25%
-----------------------------------------------------------------------------------------------------------
</TABLE>
Note: 1996 vacancy rates are projected vacancy rates through
12/31/96, per Ann Roulac and Company.
---------------------------------------------------------------
Ann Roulac and Company
23
<PAGE> 27
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
EXHIBIT I
NUMBER OF UNITS CONSTRUCTED BY YEAR AND COUNTY
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 28
<TABLE>
<CAPTION>
NUMBER OF UNITS CONSTRUCTED BY YEAR & COUNTY
(100+ UNIT CONVENTIONAL PROJECTS)
Year Contra San San Santa
Built Alameda Costa Marin Napa Francisco Mateo Clara Solano Sonoma Total
- ----- ------- ------ ----- ---- --------- ----- ----- ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1959* 276 4,392 4,077 244 8,989
1960 478 198 123 883 182 1,864
1961 264 482 746
1962 685 105 769 1,559
1963 202 243 311 756
1964 162 464 576 1,228 120 2,550
1965 1,497 300 284 1,254 1,053 1,592 178 6,158
1966 1,047 723 942 2,712
1967 457 150 230 514 100 1,451
1968 557 588 721 1,276 183 3,325
1969 760 244 2,315 3,319
1970 996 316 1,438 4,206 6,956
1971 1,049 1,790 641 168 1,229 2,835 7,712
1972 1,902 1,792 180 154 2,118 4,238 621 11,005
1973 934 1,531 676 1,452 2,473 118 7,184
1974 1,130 606 189 359 322 2,915 180 640 6,341
1975 1,246 724 117 256 3,005 171 5,519
1976 529 464 1,266 110 120 2,489
1977 1,212 104 864 100 202 2,482
1978 360 568 220 1,206 194 2,548
1979 368 248 540 166 631 180 2,133
1980 886 184 168 104 1,342
1981 433 1,249 252 1,934
1982 290 216 506
1983 400 188 588
1984 279 1,188 224 862 188 822 3,563
1985 4,553 1,496 168 410 736 1,766 1,446 748 11,323
1986 1,903 2,620 304 304 3,609 2,505 1,118 12,363
1987 1,806 4,759 1,194 1,497 1,104 542 10,902
1988 2,640 918 2,074 308 2,668 316 8,924
1989 1,386 868 156 1,433 148 1,110 558 116 5,775
1990 314 728 468 349 185 1,551 300 412 4,307
1991 479 771 207 2,173 100 3,730
1992 308 1,427 108 366 2,209
1993 175 186 216 577
1994 324 324
1995 407 348 168 923
- ----------------------------------------------------------------------------------------------------------------
Contra San San Santa
Alameda Costa Marin Napa Francisco Mateo Clara Solano Sonoma Total
Totals 30,808 25,621 3,376 1,007 14,368 15,820 51,805 8,264 6,218 157,088
</TABLE>
* Includes units constructed prior to 1959.
December 1995 Copyright (c) 1991 RealData, Inc. All Rights Reserved.
<PAGE> 29
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
EXHIBIT II
LIST OF APARTMENT PROPERTIES SURVEYED
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 30
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
EXHIBIT II
LIST OF APARTMENT PROPERTIES SURVEYED
ALAMEDA COUNTY
Amador Lake Dublin
Alicante Fremont*
Amador Oaks Dublin
Barrington Hills Hayward*
Civic Square Pleasanton
Clarendon Hills Hayward
Cotton Wood Dublin
Creekside Village Fremont
Dublin Meadows Dublin
Hacienda Commons Pleasanton
Hacienda Gardens Pleasanton*
Hampton Place Fremont*
Hillcrest Hayward
Mission Heights Hayward
Mission Wells Fremont
Parkwood Dublin
Pathfinder Village Fremont
Springhouse Pleasanton
Stoneridge Pleasanton
Summerwood Hayward
Sun Pointe Village Fremont
Veranda Union City
Waterford Hayward*
Willow Creek Fremont*
Wimbledon Woods Hayward
*Denotes Bay Apartment Communities properties
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 31
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
SAN FRANCISCO COUNTY
2000 Post
Bayside Village
City Heights
Filmore Center
Fox Plaza
Golden Gateway Center
Oakwood
Post Street Towers
Potero Court
RinconTowers
South Beach Marina
St. Francis
Village Square*
* Denotes Bay Apartment Communities properties
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 32
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
SAN MATEO COUNTY
Beach Cove Foster City
Creekside San Mateo
Evergreen Ridge San Bruno
The Fairmont Pacifica
Foster's Landing Foster City
Franciscan Foster City
Harbor Cove Foster City
Harborside Redwood City
Indian Creek Redwood Shores
Lakeshore Landing San Mateo
Lands End Pacifica
Lantern Cove Foster City
Redwood Shores Redwood City
Sand Cove Foster City
Schooner Bay Foster City
Seramonte Ridge Daly City
Shadow Cove Foster City
Sky Crest San Bruno
Treetops San Bruno
*Denotes Bay Apartment Communities properties
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 33
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
SANTA CLARA COUNTY
Alderwood Santa Clara
Bella Vista Santa Clara
Boardwalk Santa Clara
Bramblewood San Jose
Briarwood Sunnyvale
Bristol Commons Sunnyvale
Brookside Park Mountain Vies
Canyon Creek Campbell*
Cascades Sunnyvale
Cedar Glen Campbell
Colonnade San Jose
Countrybrook San Jose
Elan at River Oaks San Jose
Ellmar Oaks San Jose
Fairway Glen San Jose*
Fountains at River Oaks San Jose
Foxchase San Jose*
Greendale Mountain View
Greentree San Jose
The Grove Sunnyvale
Heatherstone Mountain View
Kensington Place Sunnyvale
Kimberly Woods San Jose
Lincoln Green Sunnyvale
Los Padres Village Santa Clara
Macara Gardents Sunnyvale
Mansion Grove Santa Clara
Marin a Cove Santa Clara
Marina Playa Santa Clara
The Meadows Sunnyvale
Mission Pointe Sunnyvale
Park Central Santa Clara
Park Place Mountain View
Parkside Commons Sunnyvale
The Redwoods San Jose
San Marino San Jose
Shadowbrook Sunnyvale
South Park Mountain View
Summerhill Park Sunnyvale
Timberleaf Santa Clara
Trellis Square Sunnyvale
Villa Mariposa Mountain View*
Willow Lake San Jose
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 34
Bay Apartment Communities, Inc.
- --------------------------------------------------------------------------------
EXHIBIT III
RENTAL SURVEYS
- --------------------------------------------------------------------------------
Ann Roulac and Company
<PAGE> 35
ALICANTE
CITY Fremont
# OF UNITS 135
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
42 81 12
</TABLE>
DATE OPENED Mar-91
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2 3 5 0 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
1.48% 2.22% 3.70% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 721 $895 $945 $920 $1.24 $1.31 $1.28
Max n/a n/a n/a n/a n/a n/a n/a
Average 721 $895 $945 $920 $1.24 $1.31 $1.28
2 Bed - Min 1040 $1,065 $1,175 $1,120 $1.02 $1.13 $1.08
Max n/a n/a n/a n/a n/a n/a n/a
Average 1040 $1,065 $1,175 $1,120 $1.02 $1.13 $1.08
3 Bed - Min 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17
Max n/a n/a n/a n/a n/a n/a n/a
Average 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17
</TABLE>
<TABLE>
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 721 $895 $950 $923 $1.24 $1.32 $1.28 0.27173913
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 721 $895 $950 $923 $1.24 $1.32 $1.28 0.27173913
2 Bed - Min 1040 $1,100 $1,170 $1,135 $1.06 $1.13 $1.09 1.339285714
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1040 $1,100 $1,170 $1,135 $1.06 $1.13 $1.09 1.339285714
3 Bed - Min 1319 $1,395 $1,475 $1,435 $1.06 $1.12 $1.09 -7.1197411
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1319 $1,395 $1,475 $1,435 $1.06 $1.12 $1.09 -7.1197411
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 721 $910 $995 $953 $1.26 $1.38 $1.32 3.25
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 721 $910 $995 $953 $1.26 $1.38 $1.32 3.25
2 Bed - Min 1040 $1,145 $1,210 $1,178 $1.10 $1.16 $1.13 3.74
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1040 $1,145 $1,210 $1,178 $1.10 $1.16 $1.13 3.74
3 Bed - Min 1319 $1,415 $1,510 $1,463 $1.07 $1.14 $1.11 1.92
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1319 $1,415 $1,510 $1,463 $1.07 $1.14 $1.11 1.92
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 721 $925 $995 $960 $1.28 $1.38 $1.33 0.787401575
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 721 $925 $995 $960 $1.28 $1.38 $1.33 0.787401575
2 Bed - Min 1040 $1,165 $1,225 $1,195 $1.12 $1.18 $1.15 1.486199575
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1040 $1,165 $1,225 $1,195 $1.12 $1.18 $1.15 1.486199575
3 Bed - Min 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17 5.641025641
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17 5.641025641
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
Bed - Min 721 $1,050 $1,100 $1,075 $1.46 $1.53 $1.49 11.98
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 721 $1,050 $1,100 $1,075 $1.46 $1.53 $1.49 11.98
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1040 $1,325 $1,400 $1,363 $1.27 $1.35 $1.31 14.02
3 Bed - Min 1319 $1,750 $1,810 $1,780 $1.33 $1.37 $1.35 15.21
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1319 $1,750 $1,810 $1,780 $1.33 $1.37 $1.35 15.21
</TABLE>
<PAGE> 36
AMADOR LAKE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Dublin UNITS VACANT
# OF UNITS 555 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 11 12 3 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
160 395 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Apr-85 1.98% 2.16% 0.54% 0.18% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 733 $745 $ 790 $ 768 $1.02 $1.08 $1.05 733 $775 $ 810 $ 793 $1.06 $1.11 $1.08 3.2573
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 733 $745 $ 790 $ 768 $1.02 $1.08 $1.05 733 $775 $ 810 $ 793 $1.06 $1.11 $1.08 3.2573
2 Bed - Min 876 $855 $ 890 $ 873 $0.98 $1.02 $1.00 876 $865 $ 890 $ 878 $0.99 $1.02 $1.00 0.5731
Max 988 $985 $1,035 $1,010 $1.00 $1.05 $1.02 988 $975 $1,040 $1,008 $0.99 $1.05 $1.02 -0.248
Average 932 $920 $ 963 $ 941 $0.99 $1.03 $1.01 932 $920 $ 965 $ 943 $0.99 $1.03 $1.01 0.1328
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 733 $790 $ 825 $ 808 $1.08 $1.13 $1.10 1.89 733 $ 810 $ 845 $ 828 $1.11 $1.15 $1.13 2.4768
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 733 $790 $ 825 $ 808 $1.08 $1.13 $1.10 1.89 733 $ 810 $ 845 $ 828 $1.11 $1.15 $1.13 2.4768
2 Bed - Min 876 $880 $ 905 $ 893 $1.00 $1.03 $1.02 1.71 876 $ 910 $ 935 $ 923 $1.04 $1.07 $1.05 3.3613
Max 988 $990 $1,045 $1,018 $1.00 $1.06 $1.03 0.99 988 $1,025 $1,080 $1,053 $1.04 $1.09 $1.07 3.4398
Average 932 $935 $ 975 $ 955 $0.99 $1.05 $1.02 1.33 932 $ 968 $1,008 $ 988 $1.04 $1.08 $1.06 3.4031
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 733 $815 $ 880 $ 848 $1.11 $1.20 $1.16 2.42
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 733 $815 $ 880 $ 848 $1.11 $1.20 $1.16 2.42
2 Bed - Min 876 $935 $ 995 $ 965 $1.07 $1.14 $1.10 4.61
Max 988 $965 $1,130 $1,048 $0.98 $1.14 $1.06 -0.48
Average 932 $950 $1,063 $1,006 $0.99 $1.14 $1.08 1.90
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 37
AMADOR OAKS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Dublin UNITS VACANT
# OF UNITS 204 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 15 13 8 2 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
16 72 68 48 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jun-89 7.35% 6.37% 3.92% 0.98% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 509 $ 725 $ 745 $ 735 $1.42 $1.46 $1.44 509 $ 725 $ 745 $ 735 $1.42 $1.46 $1.44 0
Max 559 $ 735 $ 755 $ 745 $1.31 $1.35 $1.33 559 $ 735 $ 755 $ 745 $1.31 $1.35 $1.33 0
Average 534 $ 730 $ 750 $ 740 $1.37 $1.41 $1.39 534 $ 730 $ 750 $ 740 $1.37 $1.41 $1.39 0
1 Bed - Min 671 $ 820 $ 860 $ 840 $1.22 $1.28 $1.25 671 $ 830 $ 870 $ 850 $1.24 $1.30 $1.27 1.19048
Max 695 $ 840 $ 880 $ 860 $1.21 $1.27 $1.24 695 $ 850 $ 890 $ 870 $1.22 $1.28 $1.25 1.16279
Average 683 $ 830 $ 870 $ 850 $1.22 $1.27 $1.24 683 $ 840 $ 880 $ 860 $1.23 $1.29 $1.26 1.17647
2 Bed - Min 865 $ 925 $ 950 $ 938 $1.07 $1.10 $1.08 865 $ 930 $ 955 $ 943 $1.08 $1.10 $1.09 0.53333
Max 1005 $1,010 $1,060 $1,035 $1.00 $1.05 $1.03 1005 $1,025 $1,075 $1,050 $1.02 $1.07 $1.04 1.44928
Average 935 $ 968 $1,005 $ 986 $1.04 $1.08 $1.06 935 $ 978 $1,015 $ 996 $1.05 $1.09 $1.07 1.01394
3 Bed - Min 1192 $1,225 $1,275 $1,250 $1.03 $1.07 $1.05 1192 $1,245 $1,295 $1,270 $1.04 $1.09 $1.07 1.6
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1192 $1,225 $1,275 $1,250 $1.03 $1.07 $1.05 1192 $1,245 $1,295 $1,270 $1.04 $1.09 $1.07 1.6
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 509 $ 740 $ 760 $ 750 $1.45 $1.49 $1.47 n/a 509 $ 790 $ 820 $ 805 $1.55 $1.61 $1.58 n/a
Max 559 $ 750 $ 770 $ 760 $1.34 $1.38 $1.36 n/a 559 $ 800 $ 820 $ 810 $1.43 $1.47 $1.45 n/a
Average 534 $ 745 $ 765 $ 755 $1.40 $1.44 $1.42 n/a 534 $ 795 $ 820 $ 808 $1.49 $1.54 $1.52 n/a
1 Bed - Min 671 $ 830 $ 870 $ 850 $1.24 $1.30 $1.27 0.00 671 $ 845 $ 885 $ 865 $1.26 $1.32 $1.29 1.76471
Max 695 $ 850 $ 890 $ 870 $1.22 $1.28 $1.25 n/a 695 $ 865 $ 905 $ 885 $1.24 $1.30 $1.27 n/a
Average 683 $ 840 $ 880 $ 860 $1.23 $1.29 $1.26 0.00 683 $ 855 $ 895 $ 875 $1.25 $1.31 $1.28 1.74419
2 Bed - Min 865 $ 940 $ 965 $ 953 $1.09 $1.12 $1.10 1.06 865 $ 960 $ 985 $ 973 $1.11 $1.14 $1.12 2.09974
Max 1005 $1,035 $1,085 $1,060 $1.03 $1.08 $1.05 n/a 1005 $1,045 $1,095 $1,070 $1.04 $1.09 $1.06 n/a
Average 935 $ 988 $1,025 $1,006 $1.06 $1.10 $1.08 1.00 935 $1,003 $1,040 $1,021 $1.07 $1.11 $1.09 1.49068
3 Bed - Min 1192 $1,260 $1,310 $1,285 $1.06 $1.10 $1.08 1.18 1192 $1,295 $1,345 $1,320 $1.09 $1.13 $1.11 2.72374
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1192 $1,260 $1,310 $1,285 $1.06 $1.10 $1.08 1.18 1192 $1,295 $1,345 $1,320 $1.09 $1.13 $1.11 2.72374
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 509 $ 790 $ 810 $ 800 $1.55 $1.59 $1.57 n/a
Max 559 $ 800 $ 820 $ 810 $1.43 $1.47 $1.45 n/a
Average 534 $ 795 $ 815 $ 805 $1.49 $1.53 $1.51 n/a
1 Bed - Min 671 $ 845 $ 885 $ 865 $1.26 $1.32 $1.29 0.00
Max 695 $ 865 $ 905 $ 885 $1.24 $1.30 $1.27 n/a
Average 683 $ 855 $ 895 $ 875 $1.25 $1.31 $1.28 0.00
2 Bed - Min 865 $ 985 $1,010 $ 998 $1.14 $1.17 $1.15 2.57
Max 1005 $1,070 $1,120 $1,095 $1.06 $1.11 $1.09 n/a
Average 935 $1,028 $1,065 $1,046 $1.10 $1.14 $1.12 2.45
3 Bed - Min 1192 $1,330 $1,380 $1,355 $1.12 $1.16 $1.14 2.65
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1192 $1,330 $1,380 $1,355 $1.12 $1.16 $1.14 2.65
</TABLE>
<PAGE> 38
BARRINGTON HILLS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Hayward UNITS VACANT
# OF UNITS 188 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX n/a 10 8 7 5
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
48 140 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-87 n/a 5.32% 4.26% 3.72% 2.66%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a 711 $760 $785 $773 $1.07 $1.10 $1.09
Max n/a n/a n/a n/a n/a n/a n/a 925 $800 $825 $813 $0.86 $0.89 $0.88
Average n/a n/a n/a n/a n/a n/a n/a 818 $780 $805 $793 $0.97 $1.00 $0.98
2 Bed - Min n/a n/a n/a n/a n/a n/a n/a 900 $870 $910 $890 $0.97 $1.01 $0.99
Max n/a n/a n/a n/a n/a n/a n/a 965 $870 $910 $890 $0.90 $0.94 $0.92
Average n/a n/a n/a n/a n/a n/a n/a 932.5 $870 $910 $890 $0.99 $0.98 $0.98
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 711 $785 $800 $793 $1.10 $1.13 $1.11 2.59 711 $800 $815 $808 $1.13 $1.15 $1.14 1.8927
Max 925 $855 $870 $863 $0.92 $0.94 $0.93 6.15 925 $870 $885 $878 $0.94 $0.96 $0.95 1.7391
Average 818 $820 $835 $828 $1.01 $1.03 $1.02 4.42 818 $835 $850 $843 $1.03 $1.05 $1.04 1.8127
2 Bed - Min 900 $910 $925 $918 $1.01 $1.03 $1.02 3.09 900 $925 $940 $933 $1.03 $1.04 $1.04 1.6349
Max 965 $910 $925 $918 $0.94 $0.96 $0.95 3.09 965 $925 $940 $933 $0.96 $0.97 $0.97 1.6349
Average 932.5 $910 $925 $918 $0.98 $0.99 $0.99 3.09 932.5 $925 $940 $933 $0.99 $1.01 $1.00 1.6349
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 711 $825 $845 $835 $1.16 $1.19 $1.17 3.41
Max 925 $885 $905 $895 $0.96 $0.98 $0.97 1.99
Average 818 $855 $875 $865 $1.06 $1.08 $1.07 2.67
2 Bed - Min 900 $965 $985 $975 $1.07 $1.09 $1.08 4.56
Max 965 $965 $985 $975 $1.00 $1.02 $1.01 4.56
Average 932.5 $965 $985 $975 $1.04 $1.06 $1.05 4.56
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 39
CIVIC SQUARE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Pleasanton UNITS VACANT
# OF UNITS 262 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 8 3 3 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
99 163 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-87 3.44% 3.05% 1.15% 1.15% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 657 $725 $725 $725 $1.10 $1.10 $1.10 657 $725 $725 $725 $1.10 $1.10 $1.10 0
Max 682 $735 $735 $735 $1.08 $1.08 $1.08 682 $735 $735 $735 $1.08 $1.08 $1.08 0
Average 669.5 $730 $730 $730 $1.09 $1.09 $1.09 669.5 $730 $730 $730 $1.09 $1.09 $1.09 0
2 Bed - Min 790 $840 $840 $840 $1.06 $1.06 $1.06 790 $800 $800 $800 $1.01 $1.01 $1.01 -4.762
Max 985 $895 $950 $923 $0.91 $0.96 $0.94 985 $900 $900 $900 $0.91 $0.91 $0.91 -2.439
Average 887.5 $868 $895 $881 $0.99 $1.01 $1.00 887.5 $850 $850 $850 $0.96 $0.96 $0.96 -3.546
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 657 $735 $750 $743 $1.12 $1.14 $1.13 2.41 657 $785 $825 $805 $1.19 $1.26 $1.23 8.4175
Max 682 $745 $760 $753 $1.09 $1.11 $1.10 2.38 682 $785 $825 $805 $1.15 $1.21 $1.18 6.9767
Average 669.5 $740 $755 $748 $1.11 $1.13 $1.12 2.40 669.5 $785 $825 $805 $1.17 $1.23 $1.20 7.6923
2 Bed - Min 790 $810 $820 $815 $1.03 $1.04 $1.03 1.88 790 $865 $905 $885 $1.09 $1.15 $1.12 8.589
Max 985 $910 $970 $940 $0.92 $0.98 $0.95 4.44 985 $950 $1,000 $975 $0.96 $1.02 $0.99 3.7234
Average 887.5 $860 $895 $878 $0.97 $1.01 $0.99 3.24 887.5 $908 $953 $930 $1.03 $1.08 $1.06 5.9829
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 657 $810 $850 $830 $1.23 $1.29 $1.26 3.11
Max 682 $785 $825 $805 $1.15 $1.21 $1.18 0.00
Average 669.5 $798 $838 $818 $1.19 $1.25 $1.22 1.55
2 Bed - Min 790 $910 $930 $920 $1.15 $1.18 $1.16 3.95
Max 985 $975 $1,000 $988 $0.99 $1.02 $1.00 1.28
Average 887.5 $943 $965 $954 $1.07 $1.10 $1.08 2.55
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 40
CLARENDON HILLS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Hayward UNITS VACANT
# OF UNITS 285 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 15 10 6 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
100 160 25 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Sep-88 5.26% 3.51% 2.11% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $775 $850 $813 $1.11 $1.21 $1.16 700 $775 $850 $813 $1.11 $1.21 $1.16 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $775 $850 $813 $1.11 $1.21 $1.16 700 $775 $850 $813 $1.11 $1.21 $1.16 0
2 Bed - Min 946 $900 $995 $948 $0.95 $1.05 $1.00 946 $900 $995 $948 $0.95 $1.05 $1.00 0
Max 947 $925 $1,050 $988 $0.98 $1.11 $1.04 947 $925 $1,050 $988 $0.98 $1.11 $1.04 0
Average 946.5 $913 $1,023 $968 $0.96 $1.08 $1.02 946.5 $913 $1,023 $968 $0.96 $1.08 $1.02 0
3 Bed - Min 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $775 $850 $813 $1.11 $1.21 $1.16 0.00 700 $775 $850 $813 $1.11 $1.21 $1.16 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $775 $850 $813 $1.11 $1.21 $1.16 0.00 700 $775 $850 $813 $1.11 $1.21 $1.16 0
2 Bed - Min 946 $900 $995 $948 $0.95 $1.05 $1.00 0.00 946 $925 $995 $960 $0.98 $1.05 $1.01 1.3193
Max 947 $925 $1,050 $988 $0.98 $1.11 $1.04 0.00 947 $950 $1,050 $1,000 $1.00 $1.11 $1.06 1.2658
Average 946.5 $913 $1,023 $968 $0.96 $1.08 $1.02 0.00 946.5 $938 $1,023 $980 $0.99 $1.08 $1.04 1.292
3 Bed - Min 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0.00 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0.00 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $890 $950 $920 $1.27 $1.36 $1.31 13.23
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $890 $950 $920 $1.27 $1.36 $1.31 13.23
2 Bed - Min 946 $990 $1,060 $1,025 $1.05 $1.12 $1.08 6.77
Max 947 $1,010 $1,090 $1,050 $1.07 $1.15 $1.11 5.00
Average 946.5 $1,000 $1,075 $1,038 $1.06 $1.14 $1.10 5.87
3 Bed - Min 1200 $1,310 $1,450 $1,380 $1.09 $1.21 $1.15 10.40
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1200 $1,310 $1,450 $1,380 $1.09 $1.21 $1.15 10.40
</TABLE>
<PAGE> 41
COTTON WOOD
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Dublin UNITS VACANT
# OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 5 5 5 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
96 152 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jun-88 2.02% 2.02% 2.02% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 748 $755 $840 $798 $1.01 $1.12 $1.07 748 $755 $840 $798 $1.01 $1.12 $1.07 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 748 $755 $840 $798 $1.01 $1.12 $1.07 748 $755 $840 $798 $1.01 $1.12 $1.07 0
2 Bed - Min 876 $875 $925 $900 $1.00 $1.06 $1.03 876 $875 $925 $900 $1.00 $1.06 $1.03 0
Max 988 $1,015 $1,095 $1,055 $1.03 $1.11 $1.07 988 $1,015 $1,095 $1,055 $1.03 $1.11 $1.07 0
Average 932 $945 $1,010 $978 $1.01 $1.08 $1.05 932 $945 $1,010 $978 $1.01 $1.08 $1.05 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 748 $780 $850 $815 $1.04 $1.14 $1.09 2.1944 748 $800 $875 $838 $1.07 $1.17 $1.12 2.7607
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 748 $780 $850 $815 $1.04 $1.14 $1.09 2.1944 748 $800 $875 $838 $1.07 $1.17 $1.12 2.7607
2 Bed - Min 876 $890 $945 $918 $1.02 $1.08 $1.05 1.9444 876 $920 $980 $950 $1.05 $1.12 $1.08 3.5422
Max 988 $1,030 $1,110 $1,070 $1.04 $1.12 $1.08 1.4218 988 $1,065 $1,145 $1,105 $1.08 $1.16 $1.12 3.271
Average 932 $960 $1,028 $994 $1.03 $1.10 $1.07 1.6624 932 $993 $1,063 $1,028 $1.06 $1.14 $1.10 3.3962
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 748 $845 $900 $873 $1.13 $1.20 $1.17 4.1791
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 748 $845 $900 $873 $1.13 $1.20 $1.17 4.1791
2 Bed - Min 876 $945 $1,005 $975 $1.08 $1.15 $1.11 2.6316
Max 988 $995 $1,165 $1,080 $1.01 $1.18 $1.09 -2.262
Average 932 $970 $1,085 $1,028 $1.04 $1.16 $1.10 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 42
CREEKSIDE VILLAGE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Fremont UNITS VACANT
# OF UNITS 480 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 22 31 35 15 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
228 262 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Dec-86 4.58% 6.46% 7.29% 3.13% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 640 $765 $835 $800 $1.20 $1.30 $1.25 640 $785 $855 $820 $1.23 $1.34 $1.28 2.500
Max 720 $850 $885 $868 $1.18 $1.23 $1.20 720 $870 $905 $888 $1.21 $1.26 $1.23 2.305
Average 680 $808 $860 $834 $1.19 $1.27 $1.23 680 $828 $880 $854 $1.22 $1.30 $1.26 2.399
2 Bed - Min 870 $920 $990 $955 $1.06 $1.14 $1.10 870 $935 $1,005 $970 $1.07 $1.16 $1.11 1.571
Max 910 $955 $1,050 $1,003 $1.05 $1.15 $1.10 910 $955 $1,050 $1,003 $1.05 $1.15 $1.10 0.000
Average 890 $938 $1,020 $979 $1.05 $1.15 $1.10 890 $945 $1,028 $986 $1.06 $1.15 $1.11 0.766
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 640 $775 $855 $815 $1.21 $1.34 $1.27 -0.61 640 $845 $905 $875 $1.32 $1.41 $1.37 7.362
Max 720 $870 $905 $888 $1.21 $1.26 $1.23 0.00 720 $935 $965 $950 $1.30 $1.34 $1.32 7.042
Average 680 $823 $880 $851 $1.21 $1.30 $1.25 -0.29 680 $890 $935 $913 $1.31 $1.38 $1.34 7.195
2 Bed - Min 870 $872 $1,005 $939 $1.00 $1.16 $1.08 -3.25 870 $1,040 $1,075 $1,058 $1.20 $1.24 $1.22 12.680
Max 910 $975 $1,050 $1,013 $1.07 $1.15 $1.11 1.00 910 $1,055 $1,130 $1,093 $1.16 $1.24 $1.20 7.901
Average 890 $924 $1,028 $976 $1.04 $1.15 $1.10 -1.09 890 $1,048 $1,103 $1,075 $1.18 $1.24 $1.21 10.200
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 640 $925 $975 $950 $1.45 $1.52 $1.48 8.57
Max 720 $995 $1,055 $1,025 $1.38 $1.47 $1.42 7.89
Average 680 $960 $1,015 $988 $1.41 $1.49 $1.45 8.22
2 Bed - Min 870 $1,140 $1,200 $1,170 $1.31 $1.38 $1.34 10.64
Max 910 $1,185 $1,270 $1,228 $1.30 $1.40 $1.35 12.36
Average 890 $1,163 $1,235 $1,199 $1.31 $1.39 $1.35 11.51
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 43
DUBLIN MEADOWS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Dublin UNITS VACANT
# OF UNITS 190 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 5 10 7 2 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
58 96 36 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-91 2.63% 5.26% 3.68% 1.05% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 722 $800 $830 $815 $1.11 $1.15 $1.13 722 $800 $830 $815 $1.11 $1.15 $1.13 0
Max 805 $840 $870 $855 $1.04 $1.08 $1.06 805 $840 $870 $855 $1.04 $1.08 $1.06 0
Average 763.5 $820 $850 $835 $1.08 $1.12 $1.10 763.5 $820 $850 $835 $1.08 $1.12 $1.10 0
2 Bed - Min 809 $870 $900 $885 $1.08 $1.11 $1.09 809 $870 $900 $885 $1.08 $1.11 $1.09 0
Max 1080 $1,030 $1,060 $1,045 $0.95 $0.98 $0.97 1080 $1,030 $1,060 $1,045 $0.95 $0.98 $0.97 0
Average 944.5 $950 $980 $965 $1.01 $1.05 $1.03 944.5 $950 $980 $965 $1.01 $1.05 $1.03 0
3 Bed - Min 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 0
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 722 $830 $860 $845 $1.15 $1.19 $1.17 3.68 722 $860 $860 $860 $1.19 $1.19 $1.19 1.7751
Max 805 $870 $900 $885 $1.08 $1.12 $1.10 3.51 805 $900 $930 $915 $1.12 $1.16 $1.14 3.3898
Average 763.5 $850 $880 $865 $1.12 $1.15 $1.13 3.59 763.5 $880 $895 $888 $1.15 $1.17 $1.16 2.6012
2 Bed - Min 809 $900 $930 $915 $1.11 $1.15 $1.13 3.39 809 $1,020 $1,050 $1,035 $1.26 $1.30 $1.28 13.1148
Max 1080 $1,060 $1,090 $1,075 $0.98 $1.01 $1.00 2.87 1080 $1,060 $1,090 $1,075 $0.98 $1.01 $1.00 0.0000
Average 944.5 $980 $1,010 $995 $1.05 $1.08 $1.06 3.11 944.5 $1,040 $1,070 $1,055 $1.12 $1.15 $1.14 6.0302
3 Bed - Min 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 11.56 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 0.0000
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 11.56 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 0.0000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 722 $860 $860 $860 $1.19 $1.19 $1.19 0.00
Max 805 $900 $930 $915 $1.12 $1.16 $1.14 0.00
Average 763.5 $880 $895 $888 $1.15 $1.17 $1.16 0.00
2 Bed - Min 809 $1,100 $1,150 $1,125 $1.36 $1.42 $1.39 8.70
Max 1080 $1,150 $1,200 $1,175 $1.06 $1.11 $1.09 9.30
Average 944.5 $1,125 $1,175 $1,150 $1.21 $1.27 $1.24 9.00
3 Bed - Min 1214 $1,275 $1,325 $1,300 $1.05 $1.09 $1.07 5.69
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1214 $1,275 $1,325 $1,300 $1.05 $1.09 $1.07 5.69
</TABLE>
<PAGE> 44
HACIENDA COMMONS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Pleasanton UNITS VACANT
# OF UNITS 212 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 4 4 2 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
128 84 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Sep-88 4.25% 1.89% 1.89% 0.94% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 583 $720 $740 $730 $1.23 $1.27 $1.25 583 $750 $750 $750 $1.29 $1.29 $1.29 2.7397
Max 810 $845 $825 $835 $1.04 $1.02 $1.03 810 $845 $845 $845 $1.04 $1.04 $1.04 1.1976
Average 696.5 $783 $783 $783 $1.14 $1.14 $1.14 696.5 $798 $798 $798 $1.16 $1.16 $1.16 1.9169
2 Bed - Min 847 $860 $910 $885 $1.02 $1.07 $1.04 847 $925 $925 $925 $1.09 $1.09 $1.09 4.5198
Max 1073 $975 $995 $985 $0.91 $0.93 $0.92 1073 $1,025 $1,025 $1,025 $0.96 $0.96 $0.96 4.0609
Average 960 $918 $953 $935 $0.96 $1.00 $0.98 960 $975 $975 $975 $1.02 $1.02 $1.02 4.2781
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 583 $780 $780 $780 $1.34 $1.34 $1.34 4.00 583 $795 $870 $833 $1.36 $1.49 $1.43 6.7308
Max 810 $860 $860 $860 $1.06 $1.06 $1.06 1.78 810 $900 $995 $948 $1.11 $1.23 $1.17 10.174
Average 696.5 $820 $820 $820 $1.20 $1.20 $1.20 2.82 696.5 $848 $933 $890 $1.24 $1.36 $1.30 8.5366
2 Bed - Min 847 $950 $950 $950 $1.12 $1.12 $1.12 2.70 847 $950 $1,025 $988 $1.12 $1.21 $1.17 3.9474
Max 1073 $1,025 $1,050 $1,038 $0.96 $0.98 $0.97 1.22 1073 $1,025 $1,100 $1,063 $0.96 $1.03 $0.99 2.4096
Average 960 $988 $1,000 $994 $1.04 $1.05 $1.04 1.92 960 $988 $1,063 $1,025 $1.04 $1.12 $1.08 3.1447
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 583 $815 $880 $848 $1.40 $1.51 $1.45 1.80
Max 810 $935 $970 $953 $1.15 $1.20 $1.18 0.53
Average 696.5 $875 $925 $900 $1.28 $1.35 $1.31 1.12
2 Bed - Min 847 $1,000 $1,100 $1,050 $1.18 $1.30 $1.24 6.33
Max 1073 $1,130 $1,170 $1,150 $1.05 $1.09 $1.07 8.24
Average 960 $1,065 $1,135 $1,100 $1.12 $1.19 $1.16 7.32
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 45
HACIENDA GARDENS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Pleasanton UNITS VACANT
# OF UNITS 456 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 13 16 16 8 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
228 228 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-88 2.85% 3.51% 3.51% 1.75% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $785 $840 $813 $1.12 $1.20 $1.16 700 $780 $810 $795 $1.11 $1.16 $1.14 -2.154
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $785 $840 $813 $1.12 $1.20 $1.16 700 $780 $810 $795 $1.11 $1.16 $1.14 -2.154
2 Bed - Min 975 $895 $1,000 $948 $0.92 $1.03 $0.97 975 $920 $970 $945 $0.94 $0.99 $0.97 -0.264
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 975 $895 $1,000 $948 $0.92 $1.03 $0.97 975 $920 $970 $945 $0.94 $0.99 $0.97 -0.264
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $780 $810 $795 $1.11 $1.16 $1.14 0.00 700 $845 $875 $860 $1.21 $1.25 $1.23 8.1761
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $780 $810 $795 $1.11 $1.16 $1.14 0.00 700 $845 $875 $860 $1.21 $1.25 $1.23 8.1761
2 Bed - Min 975 $920 $970 $945 $0.94 $0.99 $0.97 0.00 975 $1,075 $1,115 $1,095 $1.10 $1.14 $1.12 15.873
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 975 $920 $970 $945 $0.94 $0.99 $0.97 0.00 975 $1,075 $1,115 $1,095 $1.10 $1.14 $1.12 15.873
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $865 $935 $900 $1.24 $1.34 $1.29 4.65
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $865 $935 $900 $1.24 $1.34 $1.29 4.65
2 Bed - Min 975 $1,095 $1,115 $1,105 $1.12 $1.14 $1.13 0.91
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 975 $1,095 $1,115 $1,105 $1.12 $1.14 $1.13 0.91
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 46
================================================================================
HAMPTON PLACE
================================================================================
CITY Fremont
# OF UNITS 308
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
88 176 44
</TABLE>
DATE OPENED Jan-92
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
9 15 10 4 2
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.92% 4.87% 3.25% 1.30% 0.65%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 761 $895 $995 $945 $1.18 $1.31 $1.24
Max 785 $895 $995 $945 $1.14 $1.27 $1.20
Average 773 $895 $995 $945 $1.16 $1.29 $1.22
2 Bed - Min 975 $1,095 $1,295 $1,195 $1.12 $1.33 $1.23
Max 1036 $1,395 $1,495 $1,445 $1.35 $1.44 $1.39
Average 1005.5 $1,245 $1,395 $1,320 $1.23 $1.39 $1.31
3 Bed - Min 1369 $1,475 $1,675 $1,575 $1.08 $1.22 $1.15
Max n/a n/a n/a n/a n/a n/a n/a
Average 1369 $1,475 $1,675 $1,575 $1.08 $1.22 $1.15
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 761 $875 $975 $925 $1.15 $1.28 $1.22 -2.116
Max 785 $875 $975 $925 $1.11 $1.24 $1.18 -2.116
Average 773 $875 $975 $925 $1.13 $1.26 $1.20 -2.116
2 Bed - Min 975 $1,175 $1,275 $1,225 $1.21 $1.31 $1.26 2.510
Max 1036 $1,175 $1,275 $1,225 $1.13 $1.23 $1.18 -15.225
Average 1005.5 $1,175 $1,275 $1,225 $1.17 $1.27 $1.22 -7.197
3 Bed - Min 1369 $1,475 $1,575 $1,525 $1.08 $1.15 $1.11 -3.175
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1369 $1,475 $1,575 $1,525 $1.08 $1.15 $1.11 n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 761 $965 $965 $965 $1.27 $1.27 $1.27 4.32
Max 785 $965 $965 $965 $1.23 $1.23 $1.23 4.32
Average 773 $965 $965 $965 $1.25 $1.25 $1.25 4.32
2 Bed - Min 975 $1,250 $1,250 $1,250 $1.28 $1.28 $1.28 2.04
Max 1036 $1,250 $1,250 $1,250 $1.21 $1.21 $1.21 2.04
Average 1005.5 $1,250 $1,250 $1,250 $1.24 $1.24 $1.24 2.04
3 Bed - Min 1369 $1,525 $1,525 $1,525 $1.11 $1.11 $1.11 0.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1369 $1,525 $1,525 $1,525 $1.11 $1.11 $1.11 0.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 761 $985 $1,015 $1,000 $1.29 $1.33 $1.31 3.627
Max 785 $1,025 $1,025 $1,025 $1.31 $1.31 $1.31 6.218
Average 773 $1,005 $1,020 $1,013 $1.30 $1.32 $1.31 4.922
2 Bed - Min 975 $1,275 $1,275 $1,275 $1.31 $1.31 $1.31 2.000
Max 1036 $1,335 $1,335 $1,335 $1.29 $1.29 $1.29 6.800
Average 1005.5 $1,305 $1,305 $1,305 $1.30 $1.30 $1.30 4.400
3 Bed - Min 1369 $1,575 $1,675 $1,625 $1.15 $1.22 $1.19 6.557
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1369 $1,575 $1,675 $1,625 $1.15 $1.22 $1.19 6.557
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 761 $1,050 $1,050 $1,050 $1.38 $1.38 $1.38 5.00
Max 785 $1,100 $1,100 $1,100 $1.40 $1.40 $1.40 7.32
Average 773 $1,075 $1,075 $1,075 $1.39 $1.39 $1.39 6.17
2 Bed - Min 975 $1,325 $1,325 $1,325 $1.36 $1.36 $1.36 3.92
Max 1036 $1,375 $1,375 $1,375 $1.33 $1.33 $1.33 3.00
Average 1005.5 $1,350 $1,350 $1,350 $1.34 $1.34 $1.34 3.45
3 Bed - Min 1369 $1,790 $1,810 $1,800 $1.31 $1.32 $1.31 10.77
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1369 $1,790 $1,810 $1,800 $1.31 $1.32 $1.31 10.77
</TABLE>
<PAGE> 47
================================================================================
HILLCREST
================================================================================
CITY Hayward
# OF UNITS 138
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
69 69
</TABLE>
DATE OPENED Jun-90
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/04 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
12 8 6 1 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/04 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
8.70% 5.80% 4.35% 0.72% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 816 $825 $920 $873 $1.01 $1.13 $1.07
Max 841 $830 $880 $835 $0.99 $1.05 $1.02
Average 828.5 $828 $900 $854 $1.00 $1.09 $1.04
2 Bed - Min 1010 $975 $1,200 $1,088 $0.97 $1.19 $1.08
Max 1015 $1,020 $1,120 $1,070 $1.00 $1.10 $1.05
Average 1012.5 $998 $1,160 $1,079 $0.99 $1.15 $1.07
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 816 $835 $920 $878 $1.02 $1.13 $1.08 0.5731
Max 841 $840 $880 $860 $1.00 $1.05 $1.02 2.994
Average 828.5 $838 $900 $869 $1.01 $1.09 $1.05 1.757
2 Bed - Min 1010 $975 $1,200 $1,088 $0.97 $1.19 $1.08 0
Max 1015 $1,000 $1,200 $1,100 $0.99 $1.18 $1.08 2.8037
Average 1012.5 $988 $1,200 $1,094 $0.98 $1.19 $1.08 1.3905
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 816 $835 $920 $878 $1.02 $1.13 $1.08 0.00
Max 841 $840 $880 $860 $1.00 $1.05 $1.02 0.00
Average 828.5 $838 $900 $869 $1.01 $1.09 $1.05 0.00
2 Bed - Min 1010 $975 $1,200 $1,088 $0.97 $1.19 $1.08 0.00
Max 1015 $1,000 $1,200 $1,100 $0.99 $1.18 $1.08 0.00
Average 1012.5 $988 $1,200 $1,094 $0.98 $1.19 $1.08 0.00
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 816 $840 $880 $860 $1.03 $1.08 $1.05 -1.994
Max 841 $850 $920 $885 $1.01 $1.09 $1.05 2.907
Average 828.5 $845 $900 $873 $1.02 $1.09 $1.05 0.4317
2 Bed - Min 1010 $975 $1,150 $1,063 $0.97 $1.14 $1.05 -2.299
Max 1015 $1,000 $1,200 $1,100 $0.99 $1.18 $1.08 0
Average 1012.5 $988 $1,175 $1,081 $0.98 $1.16 $1.07 -1.143
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 816 $840 $880 $860 $1.03 $1.08 $1.05 0.00
Max 841 $850 $920 $885 $1.01 $1.09 $1.05 0.00
Average 828.5 $845 $900 $873 $1.02 $1.09 $1.05 0.00
2 Bed - Min 1010 $985 $1,175 $1,080 $0.98 $1.16 $1.07 1.65
Max 1015 $1,120 $1,220 $1,170 $1.10 $1.20 $1.15 6.36
Average 1012.5 $1,053 $1,198 $1,125 $1.04 $1.18 $1.11 4.05
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 48
MISSION HEIGHTS
CITY Hayward
# OF UNITS 146
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
77 65 4
</TABLE>
DATE OPENED Aug-68
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
4 7 6 0 5
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.74% 4.79% 4.11% 0.00% 3.42%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 760 $665 $670 $668 $0.88 $0.88 $0.88
Max n/a n/a n/a n/a n/a n/a n/a
Average 760 $665 $670 $668 $0.88 $0.88 $0.88
2 Bed - Min 1002 $775 $775 $775 $0.77 $0.77 $0.77
Max n/a n/a n/a n/a n/a n/a n/a
Average 1002 $775 $775 $775 $0.77 $0.77 $0.77
3 Bed - Min 1278 $975 $975 $975 $0.76 $0.76 $0.76
Max n/a n/a n/a n/a n/a n/a n/a
Average 1278 $975 $975 $975 $0.76 $0.76 $0.76
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 760 $670 $685 $678 $0.88 $0.90 $0.89 1.4981
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 760 $670 $685 $678 $0.88 $0.90 $0.89 1.4981
2 Bed - Min 1002 $775 $785 $780 $0.77 $0.78 $0.78 0.6452
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1002 $775 $785 $780 $0.77 $0.78 $0.78 0.6452
3 Bed - Min 1278 $975 $975 $975 $0.76 $0.76 $0.76 0.0000
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1278 $975 $975 $975 $0.76 $0.76 $0.76 0.0000
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 760 $675 $ 690 $683 $0.89 $0.91 $0.90 0.74
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 760 $675 $ 690 $683 $0.89 $0.91 $0.90 0.74
2 Bed - Min 1002 $790 $ 825 $808 $0.79 $0.82 $0.81 3.53
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1002 $790 $ 825 $808 $0.79 $0.82 $0.81 3.53
3 Bed - Min 1278 $975 $1,000 $988 $0.76 $0.78 $0.77 n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1278 $975 $1,000 $988 $0.76 $0.78 $0.77 n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 760 $ 685 $ 700 $ 693 $0.90 $0.92 $0.91 1.4652
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 760 $ 685 $ 700 $ 693 $0.90 $0.92 $0.91 1.4652
2 Bed - Min 1002 $ 805 $ 815 $ 810 $0.80 $0.81 $0.81 0.3096
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1002 $ 805 $ 815 $ 810 $0.80 $0.81 $0.81 0.3096
3 Bed - Min 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 1.2658
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 1.2658
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 760 $ 725 $ 740 $ 733 $0.95 $0.97 $0.96 5.78
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 760 $ 725 $ 740 $ 733 $0.95 $0.97 $0.96 5.78
2 Bed - Min 1002 $ 840 $ 845 $ 843 $0.84 $0.84 $0.84 4.01
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1002 $ 840 $ 845 $ 843 $0.84 $0.84 $0.84 4.01
3 Bed - Min 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 0.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 0.00
</TABLE>
<PAGE> 49
MISSION WELLS
CITY Fremont
# OF UNITS 392
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
195 197
</TABLE>
DATE OPENED Dec-86
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
18 14 10 6 0
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
4.59% 3.57% 2.55% 1.53% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24
Max n/a n/a n/a n/a n/a n/a n/a
Average 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24
2 Bed - Min 860 $ 950 $1,045 $ 998 $1.10 $1.22 $1.16
Max 1065 $1,100 $1,225 $1,163 $1.03 $1.15 $1.09
Average 962.5 $1,025 $1,135 $1,080 $0.99 $1.18 $1.13
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24 0
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24 0
2 Bed - Min 860 $ 950 $1,045 $ 998 $1.10 $1.22 $1.16 0
Max 1065 $1,100 $1,225 $1,163 $1.03 $1.15 $1.09 0
Average 962.5 $1,025 $1,135 $1,080 $0.99 $1.18 $1.13 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 693 $ 895 $ 935 $ 915 $1.29 $1.35 $1.32 6.40
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 693 $ 895 $ 935 $ 915 $1.29 $1.35 $1.32 6.40
2 Bed - Min 860 $1,015 $1,090 $1,053 $1.18 $1.27 $1.22 5.51
Max 1065 $1,200 $1,275 $1,238 $1.13 $1.20 $1.16 6.45
Average 962.5 $1,108 $1,183 $1,145 $0.99 $1.23 $1.19 6.02
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 693 $ 925 $ 965 $ 945 $1.33 $1.39 $1.36 3.2787
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 693 $ 925 $ 965 $ 945 $1.33 $1.39 $1.36 3.2787
2 Bed - Min 860 $1,060 $1,120 $1,090 $1.23 $1.30 $1.27 3.5629
Max 1065 $1,230 $1,305 $1,268 $1.15 $1.23 $1.19 2.4242
Average 962.5 $1,145 $1,213 $1,179 $1.19 $1.26 $1.23 2.9476
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 693 $1,025 $1,100 $1,063 $1.48 $1.59 $1.53 12.43
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 693 $1,025 $1,100 $1,063 $1.48 $1.59 $1.53 12.43
2 Bed - Min 860 $1,230 $1,330 $1,280 $1.43 $1.55 $1.49 17.43
Max 1065 $1,420 $1,495 $1,458 $1.33 $1.40 $1.37 14.99
Average 962.5 $1,325 $1,413 $1,369 $0.99 $1.48 $1.43 16.12
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 50
<TABLE>
===============================================================================================================================
PARKWOOD
===============================================================================================================================
<CAPTION>
CITY Dublin
# OF UNITS 224
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C>
128 68 28
DATE OPENED Feb-91
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
4 3 0 0 0
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
1.79% 1.34% 0.00% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 559 $690 $730 $710 $1.23 $1.31 $1.27 559 $700
Max 944 $925 $940 $933 $0.98 $1.00 $0.99 944 $940
Average 751.5 $808 $835 $821 $1.11 $1.15 $1.13 751.5 $820
2 Bed - Min 873 $890 $930 $910 $1.02 $1.07 $1.04 873 $890
Max 1061 $1,045 $1,115 $1,080 $0.98 $1.05 $1.02 1061 $1,045
Average 967 $968 $1,023 $995 $1.00 $1.06 $1.03 967 $968
3 Bed - Min 1121 $1,150 $1,225 $1,188 $1.03 $1.09 $1.06 1121 $1,150
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1121 $1,150 $1,225 $1,188 $1.03 $1.09 $1.06 1121 $1,150
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
DEC-94 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $730 $715 $1.25 $1.31 $1.28 0.7042
Max $940 $940 $1.00 $1.00 $1.00 0.8043
Average $835 $828 $1.12 $1.15 $1.14 0.7610
2 Bed - Min $930 $910 $1.02 $1.07 $1.04 0.0000
Max $1,115 $1,080 $0.98 $1.05 $1.02 0.0000
Average $1,023 $995 $1.00 $1.06 $1.03 0.0000
3 Bed - Min $1,225 $1,188 $1.03 $1.09 $1.06 0.0000
Max n/a n/a n/a n/a n/a n/a
Average $1,225 $1,188 $1.03 $1.09 $1.06 0.0000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 559 $715 $745 $730 $1.28 $1.33 $1.31 2.10 559 $733
Max 944 $950 $950 $950 $1.01 $1.01 $1.01 1.06 944 $898
Average 751.5 $833 $848 $840 $1.14 $1.17 $1.16 1.51 751.5 $815
2 Bed - Min 873 $905 $950 $928 $1.04 $1.09 $1.06 1.92 873 $935
Max 1061 $1,050 $1,130 $1,090 $0.99 $1.07 $1.03 0.93 1061 $1,063
Average 967 $978 $1,040 $1,009 $1.01 $1.08 $1.04 1.38 967 $999
3 Bed - Min 1121 $1,175 $1,250 $1,213 $1.05 $1.12 $1.08 2.11 1121 $1,225
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1121 $1,175 $1,250 $1,213 $1.05 $1.12 $1.08 2.11 1121 $1,225
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $770 $751 $1.31 $1.38 $1.34 2.9110
Max $925 $911 $0.95 $0.98 $0.97 -4.0789
Average $848 $831 $1.13 $1.18 $1.15 -1.0417
2 Bed - Min $978 $956 $1.07 $1.12 $1.10 3.0997
Max $1,153 $1,108 $1.00 $1.09 $1.04 1.6055
Average $1,065 $1,032 $1.04 $1.10 $1.07 2.2924
3 Bed - Min $1,300 $1,263 $1.09 $1.16 $1.13 4.1237
Max n/a n/a n/a n/a n/a n/a
Average $1,300 $1,263 $1.09 $1.16 $1.13 4.1237
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 559 $750 $795 $773 $1.34 $1.42 $1.38 2.83
Max 944 $845 $900 $873 $0.90 $0.95 $0.92 -4.25
Average 751.5 $798 $848 $823 $1.12 $1.19 $1.15 -1.05
2 Bed - Min 873 $965 $1,005 $985 $1.11 $1.15 $1.13 3.01
Max 1061 $1,075 $1,175 $1,125 $1.01 $1.11 $1.06 1.58
Average 967 $1,020 $1,090 $1,055 $1.06 $1.13 $1.09 2.24
3 Bed - Min 1121 $1,275 $1,350 $1,313 $1.14 $1.20 $1.17 3.96
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1121 $1,275 $1,350 $1,313 $1.14 $1.20 $1.17 3.96
</TABLE>
<PAGE> 51
================================================================================
PATHFINDER VILLAGE
================================================================================
<TABLE>
<CAPTION>
City Fremont
# of Units 246
Unit Mix
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
142 104
Date Opened Jan-85
</TABLE>
<TABLE>
<CAPTION>
Units Vacant
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
5 21 11 3 3
<CAPTION>
Vacancy Rate
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.03% 8.54% 4.47% 1.22% 1.22%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Rent Jun-94 Rent Per Sq. Ft. % Range
Unit Sq. Ft. Min Max Avg Min Max Avg Change Sq. Ft. Min
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min 828 $755 $775 $765 $0.91 $0.94 $0.92 828 $755
Max 898 $795 $815 $805 $0.89 $0.91 $0.90 898 $795
Average 863 $775 $795 $785 $0.90 $0.92 $0.91 863 $775
3 Bed - Min 1006 $900 $910 $905 $0.89 $0.90 $0.90 1006 $900
Max 1026 $920 $930 $925 $0.90 $0.91 $0.90 1026 $920
Average 1016 $910 $920 $915 $0.90 $0.91 $0.90 1016 $910
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Dec-94 Rent Per Sq. Ft. %
Unit Max Average Min Max Avg Change
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
2 Bed - Min $775 $765 $0.91 $0.94 $0.92 0.00
Max $815 $805 $0.89 $0.91 $0.90 0.00
Average $795 $785 $0.90 $0.92 $0.91 0.00
3 Bed - Min $910 $905 $0.89 $0.90 $0.90 0.00
Max $930 $925 $0.90 $0.91 $0.90 0.00
Average $920 $915 $0.90 $0.91 $0.90 0.00
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Rent Jun-95 Rent Per Sq. Ft. % Range
Unit Sq. Ft. Min Max Average Min Max Avg Change Sq. Ft. Min
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min 828 $777 $798 $788 $0.94 $0.96 $0.95 2.94 828 $777
Max 898 $819 $840 $830 $0.91 $0.94 $0.92 3.04 898 $819
Average 863 $798 $819 $809 $0.93 $0.95 $0.94 2.99 863 $798
3 Bed - Min 1006 $935 $940 $938 $0.93 $0.93 $0.93 3.59 1006 $935
Max 1026 $948 $958 $953 $0.92 $0.93 $0.93 3.03 1026 $948
Average 1016 $942 $949 $945 $0.93 $0.93 $0.93 3.31 1016 $942
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Dec-95 Rent Per Sq. Ft. %
Unit Max Average Min Max Avg Change
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
2 Bed - Min $798 $788 $0.94 $0.96 $0.95 0
Max $840 $830 $0.91 $0.94 $0.92 0
Average $819 $809 $0.93 $0.95 $0.94 0
3 Bed - Min $940 $938 $0.93 $0.93 $0.93 0
Max $958 $953 $0.92 $0.93 $0.93 0
Average $949 $945 $0.93 $0.93 $0.93 0
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Rent Jun-96 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min 828 $815 $915 $865 $0.98 $1.11 $1.04 9.84
Max 898 $830 $965 $898 $0.92 $1.07 $1.00 8.20
Average 863 $823 $940 $881 $0.95 $1.09 $1.02 9.00
3 Bed - Min 1006 $965 $1,090 $1,028 $0.96 $1.08 $1.02 9.60
Max 1026 $990 $1,105 $1,048 $0.96 $1.08 $1.02 9.92
Average 1016 $978 $1,098 $1,038 $0.96 $1.08 $1.02 9.76
</TABLE>
<PAGE> 52
================================================================================
SPRINGHOUSE
================================================================================
<TABLE>
<CAPTION>
CITY Pleasanton
# OF UNITS 354
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
192 162
DATE OPENED Jul-90
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3 11 4 0 0
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
0.85% 3.11% 1.13% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT.
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $675 $780 $728 $1.18 $1.37 $1.28 570
Max 750 $775 $885 $835 $1.03 $1.18 $1.11 750
Average 660 $725 $833 $781 $1.11 $1.27 $1.19 660
2 Bed - Min 800 $800 $930 $865 $1.00 $1.16 $1.08 800
Max 990 $875 $1,010 $943 $0.88 $1.02 $0.95 990
Average 895 $838 $970 $904 $0.94 $1.09 $1.02 895
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $725 $755 $740 $1.27 $1.32 $1.30 1.7182
Max $855 $855 $855 $1.14 $1.14 $1.14 2.3952
Average $790 $805 $798 $1.21 $1.23 $1.22 2.08
2 Bed - Min $875 $900 $888 $1.09 $1.13 $1.11 2.6012
Max $960 $980 $970 $0.97 $0.99 $0.98 2.9178
Average $918 $940 $929 $1.03 $1.06 $1.04 2.7663
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $745 $755 $750 $1.31 $1.32 $1.32 1.35 570 $755 $755
Max 750 $855 $855 $855 $1.14 $1.14 $1.14 0.00 750 $880 $880
Average 660 $800 $805 $803 $1.22 $1.23 $1.23 0.63 660 $818 $818
2 Bed - Min 800 $875 $900 $888 $1.09 $1.13 $1.11 0.00 800 $900 $930
Max 990 $960 $980 $970 $0.97 $0.99 $0.98 0.00 990 $980 $1,010
Average 895 $918 $940 $929 $1.03 $1.06 $1.04 0.00 895 $940 $970
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $755 $1.32 $1.32 $1.32 0.6667
Max $880 $1.17 $1.17 $1.17 2.924
Average $818 $1.25 $1.25 $1.25 1.8692
2 Bed - Min $915 $1.13 $1.16 $1.14 3.0986
Max $995 $0.99 $1.02 $1.01 2.5773
Average $955 $1.06 $1.09 $1.07 2.8264
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $775 $775 $775 $1.36 $1.36 $1.36 2.65
Max 750 $890 $890 $890 $1.19 $1.19 $1.19 1.14
Average 660 $833 $833 $833 $1.27 $1.27 $1.27 1.83
2 Bed - Min 800 $950 $950 $950 $1.19 $1.19 $1.19 3.83
Max 990 $980 $1,050 $1,015 $0.99 $1.06 $1.03 2.01
Average 895 $965 $1,000 $983 $1.09 $1.12 $1.11 2.88
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 53
================================================================================
STONERIDGE
================================================================================
<TABLE>
<CAPTION>
CITY Pleasanton
# OF UNITS 520
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
208 312
DATE OPENED Aug-88
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
18 10 19 6 2
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3.46% 1.92% 3.65% 1.15% 0.38%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 525 $750 $750 $750 $1.43 $1.43 $1.43 525 $765
Max 731 $870 $890 $835 $1.19 $1.22 $1.20 731 $885
Average 628 $810 $820 $793 $1.31 $1.32 $1.32 628 $825
2 Bed - Min 1180 $1,120 $1,140 $1,130 $0.95 $0.97 $0.96 1180 $1,150
Max 1247 $1,130 $1,150 $1,140 $0.91 $0.92 $0.91 1247 $1,170
Average 1213.5 $1,125 $1,145 $1,135 $0.93 $0.94 $0.94 1213.5 $1,160
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $765 $765 $1.46 $1.46 $1.46 2
Max $905 $895 $1.21 $1.24 $1.22 7.1856
Average $835 $830 $1.33 $1.35 $1.34 4.7319
2 Bed - Min $1,170 $1,160 $0.97 $0.99 $0.98 2.6549
Max $1,190 $1,180 $0.94 $0.95 $0.95 3.5088
Average $1,180 $1,170 $0.96 $0.97 $0.96 3.0837
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 525 $765 $765 $765 $1.46 $1.46 $1.46 0.00 525 $790 $790
Max 731 $885 $905 $895 $1.21 $1.24 $1.22 0.00 731 $895 $915
Average 628 $825 $835 $830 $1.33 $1.35 $1.34 0.00 628 $843 $853
2 Bed - Min 1180 $1,180 $1,190 $1,185 $1.00 $1.01 $1.00 2.16 1180 $1,245 $1,265
Max 1247 $1,199 $1,210 $1,205 $0.96 $0.97 $0.97 2.08 1247 $1,245 $1,265
Average 1213.5 $1,190 $1,200 $1,195 $0.98 $0.99 $0.99 2.12 1213.5 $1,245 $1,265
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $790 $1.50 $1.50 $1.50 3.268
Max $905 $1.22 $1.25 $1.24 1.1173
Average $848 $1.36 $1.38 $1.37 2.1084
2 Bed - Min $1,255 $1.06 $1.07 $1.06 5.9072
Max $1,255 $1.00 $1.01 $1.01 4.1926
Average $1,255 $1.03 $1.04 $1.03 5.0429
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 525 $850 $850 $850 $1.62 $1.62 $1.62 7.59
Max 731 $995 $1,115 $1,055 $1.36 $1.53 $1.44 16.57
Average 628 $923 $983 $953 $1.49 $1.57 $1.53 12.39
2 Bed - Min 1180 $1,410 $1,420 $1,415 $1.19 $1.20 $1.20 12.75
Max 1247 $1,420 $1,430 $1,425 $1.14 $1.15 $1.14 13.55
Average 1213.5 $1,415 $1,425 $1,420 $1.17 $1.18 $1.17 13.15
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 54
================================================================================
SUMMERWOOD
================================================================================
<TABLE>
<CAPTION>
CITY Hayward
# OF UNITS 162
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
74 84 4
DATE OPENED Oct-82
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
5 5 2 2 2
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3.09% 3.09% 1.23% 1.23% 1.23%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 628 $640 $640 $640 $1.02 $1.02 $1.02 628 $640 $640
Max 646 $650 $650 $650 $1.01 $1.01 $1.01 646 $650 $650
Average 637 $645 $645 $645 $1.01 $1.01 $1.01 637 $645 $645
2 Bed - Min 820 $755 $755 $755 $0.92 $0.92 $0.92 820 $755 $755
Max 874 $755 $780 $768 $0.86 $0.89 $0.88 874 $780 $780
Average 847 $755 $768 $761 $0.89 $0.91 $0.90 847 $768 $768
3 Bed - Min 1123 $812 $812 $812 $0.72 $0.72 $0.72 1123 $812 $812
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1123 $812 $812 $812 $0.72 $0.72 $0.72 1123 $812 $812
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $640 $1.02 $1.02 $1.02 0.00
Max $650 $1.01 $1.01 $1.01 0.00
Average $645 $1.01 $1.01 $1.01 0.00
2 Bed - Min $755 $0.92 $0.92 $0.92 0.00
Max $780 $0.89 $0.89 $0.89 1.63
Average $768 $0.91 $0.91 $0.91 0.82
3 Bed - Min $812 $0.72 $0.72 $0.72 0.00
Max n/a n/a n/a n/a n/a
Average $812 $0.72 $0.72 $0.72 0.00
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 628 $640 $640 $640 $1.02 $1.02 $1.02 0.00 628 $650 $650
Max 646 $650 $650 $650 $1.01 $1.01 $1.01 0.00 646 $660 $660
Average 637 $645 $645 $645 $1.01 $1.01 $1.01 0.00 637 $655 $655
2 Bed - Min 820 $755 $755 $755 $0.92 $0.92 $0.92 0.00 820 $775 $775
Max 874 $780 $780 $780 $0.89 $0.89 $0.89 0.00 874 $800 $800
Average 847 $768 $768 $768 $0.91 $0.91 $0.91 0.00 847 $788 $788
3 Bed - Min 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00 1123 $812 $812
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00 1123 $812 $812
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $650 $1.04 $1.04 $1.04 1.5625
Max $660 $1.02 $1.02 $1.02 n/a
Average $655 $1.03 $1.03 $1.03 1.5504
2 Bed - Min $775 $0.95 $0.95 $0.95 2.649
Max $800 $0.92 $0.92 $0.92 n/a
Average $788 $0.93 $0.93 $0.93 2.6059
3 Bed - Min $812 $0.72 $0.72 $0.72 0
Max n/a n/a n/a n/a n/a
Average $812 $0.72 $0.72 $0.72 0
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 628 $683 $713 $698 $1.09 $1.14 $1.11 7.38
Max 646 $660 $660 $660 $1.02 $1.02 $1.02 0.00
Average 637 $672 $687 $679 $1.05 $1.08 $1.07 3.66
2 Bed - Min 820 $813 $813 $813 $0.99 $0.99 $0.99 4.90
Max 874 $847 $847 $847 $0.97 $0.97 $0.97 5.88
Average 847 $830 $830 $830 $0.98 $0.98 $0.98 5.40
3 Bed - Min 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00
</TABLE>
<PAGE> 55
================================================================================
SUN POINTE VILLAGE
================================================================================
<TABLE>
<CAPTION>
City Fremont
# of Units 336
Unit Mix
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
168 168
Date Opened May-89
</TABLE>
<TABLE>
<CAPTION>
Units Vacant
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
23 4 4 5 0
<CAPTION>
Vacancy Rate
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
6.85% 1.19% 1.19% 1.49% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Rent Jun-94 Rent Per Sq. Ft. % Range
Unit Sq. Ft. Min Max Avg Min Max Avg Change Sq. Ft. Min
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 704 $795 $795 $795 $1.13 $1.13 $1.13 704 $820
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 704 $795 $795 $795 $1.13 $1.13 $1.13 704 $820
2 Bed - Min 906 $940 $985 $963 $1.04 $1.09 $1.06 906 $940
Max 1108 $1,030 $1,095 $1,063 $0.93 $0.99 $0.96 1108 $1,055
Average 1007 $985 $1,040 $1,013 $0.98 $1.04 $1.01 1007 $998
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
Dec-94 Rent Per Sq. Ft. %
Unit Max Average Min Max Avg Change
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $905 $863 $1.16 $1.29 $1.23 8.4906
Max n/a n/a n/a n/a n/a n/a
Average $905 $863 $1.16 $1.29 $1.23 8.4906
2 Bed - Min $995 $968 $1.04 $1.10 $1.07 0.5195
Max $1,105 $1,080 $0.95 $1.00 $0.97 1.6471
Average $1,050 $1,024 $0.99 $1.05 $1.02 1.1111
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Rent Jun-95 Rent Per Sq. Ft. % Range
Unit Sq. Ft. Min Max Average Min Max Avg Change Sq. Ft. Min
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 704 $860 $935 $898 $1.22 $1.33 $1.27 4.06 704 $890
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 704 $860 $935 $898 $1.22 $1.33 $1.27 4.06 704 $890
2 Bed - Min 906 $980 $1,040 $1,010 $1.08 $1.15 $1.11 4.39 906 $1,030
Max 1108 $1,085 $1,145 $1,115 $0.98 $1.03 $1.01 3.24 1108 $1,135
Average 1007 $1,033 $1,093 $1,063 $1.03 $1.09 $1.06 3.79 1007 $1,083
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
Dec-95 Rent Per Sq. Ft. %
Unit Max Average Min Max Avg Change
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $965 $928 $1.26 $1.37 $1.32 3.3426
Max n/a n/a n/a n/a n/a n/a
Average $965 $928 $1.26 $1.37 $1.32 3.3426
2 Bed - Min $1,090 $1,060 $1.14 $1.20 $1.17 4.9505
Max $1,195 $1,165 $1.02 $1.08 $1.05 4.4843
Average $1,143 $1,113 $1.08 $1.14 $1.11 4.7059
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Rent Jun-96 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 704 $910 $985 $948 $1.29 $1.40 $1.35 2.16
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 704 $910 $985 $948 $1.29 $1.40 $1.35 2.16
2 Bed - Min 906 $1,081 $1,145 $1,113 $1.19 $1.26 $1.23 5.00
Max 1108 $1,205 $1,265 $1,235 $1.09 $1.14 $1.11 6.01
Average 1007 $1,143 $1,205 $1,174 $1.14 $1.20 $1.17 5.53
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 56
================================================================================
VERANDA
================================================================================
<TABLE>
<CAPTION>
City Union City
# of Units 282
Unit Mix
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
48 186 48
Date Opened Aug-89
</TABLE>
<TABLE>
<CAPTION>
Units Vacant
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
8 4 9 1 0
<CAPTION>
Vacancy Rate
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.84% 1.42% 3.19% 0.35% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 510 $695 $695 $695 $1.36 $1.36 $1.36 510 $695 $710
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 510 $695 $695 $695 $1.36 $1.36 $1.36 510 $695 $710
1 Bed - Min 602 $745 $745 $745 $1.24 $1.24 $1.24 602 $755 $785
Max 777 $825 $850 $838 $1.06 $1.09 $1.08 777 $835 $855
Average 689.5 $785 $798 $791 $1.15 $1.17 $1.16 689.5 $795 $820
2 Bed - Min 955 $975 $1,020 $998 $1.02 $1.07 $1.04 955 $1,025 $1,050
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 955 $975 $1,020 $998 $1.02 $1.07 $1.04 955 $1,025 $1,050
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min. $703 $1.36 $1.39 $1.38 1.1511
Max n/a n/a n/a n/a n/a
Average $703 $1.36 $1.39 $1.38 1.1511
1 Bed - Min $770 $1.25 $1.30 $1.28 3.3557
Max $845 $1.07 $1.10 $1.09 0.8955
Average $808 $1.16 $1.20 $1.18 2.0537
2 Bed - Min $1,038 $1.07 $1.10 $1.09 4.0602
Max n/a n/a n/a n/a n/a
Average $1,038 $1.07 $1.10 $1.09 4.0602
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 510 695 710 $703 $1.36 $1.39 $1.38 -0.07 510 735
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 510 $695 $710 $703 $1.36 $1.39 $1.38 -0.07 510 $735
1 Bed - Min 602 $770 $790 $780 $1.28 $1.31 $1.30 1.30 602 $805
Max 777 $850 $870 $860 $1.09 $1.12 $1.11 1.78 777 $855
Average 689.5 $810 $830 $820 $1.19 $1.22 $1.20 1.55 689.5 $830
2 Bed - Min 955 $1,035 $1,050 $1,043 $1.08 $1.10 $1.09 0.48 955 $1,085
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 955 $1,035 $1,050 $1,043 $1.08 $1.10 $1.09 0.48 955 $1,085
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min 750 $743 $1.44 $1.47 $1.46 5.6940
Max n/a n/a n/a n/a n/a n/a
Average $750 $743 $1.44 $1.47 $1.46 5.6940
1 Bed - Min $825 $815 $1.34 $1.37 $1.35 4.4872
Max $880 $868 $1.10 $1.13 $1.12 0.9302
Average $853 $842 $1.22 $1.25 $1.24 2.6220
2 Bed - Min $1,110 $1,098 $1.14 $1.16 $1.15 5.2733
Max n/a n/a n/a n/a n/a n/a
Average $1,110 $1,098 $1.14 $1.16 $1.15 5.2733
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 510 745 765 $755 $1.46 $1.50 $1.48 1.68
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 510 $745 $765 $755 $1.46 $1.50 $1.48 1.68
1 Bed - Min 602 $840 $865 $780 $1.40 $1.44 $1.42 -4.29
Max 777 $910 $940 $860 $1.17 $1.21 $1.19 -0.92
Average 689.5 $875 $903 $820 $1.28 $1.32 $1.30 -2.55
2 Bed - Min 955 $1,135 $1,160 $1,043 $1.19 $1.21 $1.20 -5.01
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 955 $1,135 $1,160 $1,043 $1.19 $1.21 $1.20 -5.01
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 57
================================================================================
WATERFORD
================================================================================
<TABLE>
<CAPTION>
CITY Hayward
# OF UNITS 544
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
208 336
DATE OPENED Sep-85
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
20 25 40 20 n/a
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3.68% 4.60% 7.35% 3.68% 2.00%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 701 $700 $750 $725 $1.00 $1.07 $1.03 701 $725
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 701 $700 $750 $725 $1.00 $1.07 $1.03 701 $725
2 Bed - Min 900 $820 $860 $840 $0.91 $0.96 $0.93 900 $845
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $820 $860 $840 $0.91 $0.96 $0.93 900 $845
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
DEC-94 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $765 $745 $1.03 $1.09 $1.06 2.7586
Max n/a n/a n/a n/a n/a n/a
Average $765 $745 $1.03 $1.09 $1.06 2.7586
2 Bed - Min $900 $873 $0.94 $1.00 $0.97 3.869
Max n/a n/a n/a n/a n/a n/a
Average $900 $873 $0.94 $1.00 $0.97 3.869
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 701 $740 $780 $760 $1.06 $1.11 $1.08 2.01 701 $775
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 701 $740 $780 $760 $1.06 $1.11 $1.08 2.01 701 $775
2 Bed - Min 900 $845 $900 $873 $0.94 $1.00 $0.97 0.00 900 $875
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $845 $900 $873 $0.94 $1.00 $0.97 0.00 900 $875
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $815 $795 $1.11 $1.16 $1.13 4.6053
Max n/a n/a n/a n/a n/a n/a
Average $815 $795 $1.11 $1.16 $1.13 4.6053
2 Bed - Min $925 $900 $0.97 $1.03 $1.00 3.1519
Max n/a n/a n/a n/a n/a n/a
Average $925 $900 $0.97 $1.03 $1.00 3.1519
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 701 $815 $840 $828 $1.16 $1.20 $1.18 4.09
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 701 $815 $840 $828 $1.16 $1.20 $1.18 4.09
2 Bed - Min 900 $945 $965 $955 $1.05 $1.07 $1.06 6.11
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $945 $965 $955 $1.05 $1.07 $1.06 6.11
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 58
================================================================================
WILLOW CREEK
================================================================================
<TABLE>
<CAPTION>
CITY Fremont
# OF UNITS 235
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
92 143
DATE OPENED Jan-85
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
5 13 8 9 1
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.13% 5.53% 3.40% 3.83% 0.43%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $785 $825 $805 $1.12 $1.18 $1.15 700 $795 $850
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $785 $825 $805 $1.12 $1.18 $1.15 700 $795 $850
2 Bed - Min 900 $925 $965 $945 $1.03 $1.07 $1.05 900 $930 $960
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $925 $965 $945 $1.03 $1.07 $1.05 900 $930 $960
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $823 $1.14 $1.21 $1.18 2.1739
Max n/a n/a n/a n/a n/a
Average $823 $1.14 $1.21 $1.18 2.1739
2 Bed - Min $945 $1.03 $1.07 $1.05 0
Max n/a n/a n/a n/a n/a
Average $945 $1.03 $1.07 $1.05 0
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $850 $890 $870 $1.21 $1.27 $1.24 5.78 700 $880 $920
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $850 $890 $870 $1.21 $1.27 $1.24 5.78 700 $880 $920
2 Bed - Min 900 $960 $1,000 $980 $1.07 $1.11 $1.09 3.70 900 $1,045 $1,085
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $960 $1,000 $980 $1.07 $1.11 $1.09 3.70 900 $1,045 $1,085
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $900 $1.26 $1.31 $1.29 3.4483
Max n/a n/a n/a n/a n/a
Average $900 $1.26 $1.31 $1.29 3.4483
2 Bed - Min $1,065 $1.16 $1.21 $1.18 8.6735
Max n/a n/a n/a n/a n/a
Average $1,065 $1.16 $1.21 $1.18 8.6735
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 700 $1,000 $1,050 $1,025 $1.43 $1.50 $1.46 13.89
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $1,000 $1,050 $1,025 $1.43 $1.50 $1.46 13.89
2 Bed - Min 900 $1,200 $1,250 $1,225 $1.33 $1.39 $1.36 15.02
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,200 $1,250 $1,225 $1.33 $1.39 $1.36 15.02
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 59
================================================================================
WIMBLEDON WOODS
================================================================================
<TABLE>
<CAPTION>
CITY Hayward
# OF UNITS 560
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
356 204
DATE OPENED Aug-75
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
31 13 23 13 0
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
5.54% 2.32% 4.11% 2.32% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 662 $675 $725 $700 $1.02 $1.10 $1.06 662 $730 $785
Max 797 $775 $815 $835 $0.97 $1.02 $1.00 797 $805 $845
Average 729.5 $725 $770 $768 $1.00 $1.06 $1.03 729.5 $768 $815
2 Bed - Min 976 $910 $955 $933 $0.93 $0.98 $0.96 976 $950 $985
Max 1091 $970 $1,010 $990 $0.89 $0.93 $0.91 1091 $1,010 $1,050
Average 1033.5 940 982.5 $961 $0.91 $0.95 $0.93 1033.5 $980 $1,018
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a
Max n/a n/a n/a n/a
Average n/a n/a n/a n/a
1 Bed - Min $758 $1.10 $1.19 $1.14 8.2143
Max $825 $1.01 $1.06 $1.04 -1.198
Average $791 $1.06 $1.12 $1.09 3.0945
2 Bed - Min $968 $0.97 $1.01 $0.99 3.7534
Max $1,030 $0.93 $0.96 $0.94 4.0404
Average $999 $0.95 $0.99 $0.97 3.9012
3 Bed - Min n/a n/a n/a n/a
Max n/a n/a n/a n/a
Average n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT.
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 662 $740 $810 $775 $1.12 $1.22 $1.17 2.31 662
Max 797 $815 $855 $835 $1.02 $1.07 $1.05 1.21 797
Average 729.5 $778 $833 $805 $1.07 $1.15 $1.11 1.74 729.5
2 Bed - Min 976 $960 $1,005 $983 $0.98 $1.03 $1.01 1.55 976
Max 1091 $1,020 $1,060 $1,040 $0.93 $0.97 $0.95 0.97 1091
Average 1033.5 $990 $1,033 $1,011 $0.96 $1.00 $0.98 1.25 1033.5
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min $740 $805 $773 $1.12 $1.22 $1.17 -0.323
Max $825 $865 $845 $1.04 $1.09 $1.06 1.1976
Average $783 $835 $809 $1.08 $1.15 $1.11 0.4658
2 Bed - Min $905 $950 $928 $0.93 $0.97 $0.95 -5.598
Max $970 $1,010 $990 $0.89 $0.93 $0.91 -4.808
Average $938 $980 $959 $0.91 $0.95 $0.93 -5.192
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 662 $740 $805 $773 $1.12 $1.22 $1.17 0.00
Max 797 $825 $865 $845 $1.04 $1.09 $1.06 0.00
Average 729.5 $783 $835 $809 $1.08 $1.15 $1.11 0.00
2 Bed - Min 976 $915 $950 $933 $0.94 $0.97 $0.96 0.54
Max 1091 $970 $1,020 $995 $0.89 $0.93 $0.91 0.51
Average 1033.5 $943 $985 $964 $0.91 $0.95 $0.93 0.52
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 60
2000 POST
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco Units Vacant
# OF UNITS 304 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 20 17 2 6 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
148 98 58 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Sep-86 6.58% 5.59% 0.66% 1.97% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 482 $ 699 $ 999 $ 849 $1.45 $2.07 $1.76 482 $ 890 $ 890 $ 890 $1.85 $1.85 $1.85 4.8292
Max 720 $1,100 $1,200 $1,150 $1.53 $1.67 $1.60 720 $1,100 $1,200 $1,150 $1.53 $1.67 $1.60 0
Average 601 $ 900 $1,100 $1,000 $1.49 $1.87 $1.68 601 $ 995 $1,045 $1,020 $1.69 $1.76 $1.72 2.051
1 Bed - Min 630 $ 950 $1,150 $1,050 $1.51 $1.83 $1.67 630 $1,055 $1,150 $1,103 $1.67 $1.83 $1.75 5
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 630 $ 950 $1,150 $1,050 $1.51 $1.83 $1.67 630 $1,055 $1,150 $1,103 $1.67 $1.83 $1.75 5
2 Bed - Min 900 $1,250 $1,495 $1,373 $1.39 $1.66 $1.53 900 $1,345 $1,495 $1,420 $1.49 $1.66 $1.58 3.4608
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,250 $1,495 $1,373 $1.39 $1.66 $1.53 900 $1,345 $1,495 $1,420 $1.49 $1.66 $1.58 3.4608
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 482 $ 890 $ 890 $ 890 $1.85 $1.85 $1.85 0.00 482 $ 860 $ 895 $ 878 $1.78 $1.86 $1.82 -1.404
Max 720 $1,050 $1,050 $1,050 $1.46 $1.46 $1.46 -8.70 720 $1,050 $1,050 $1,050 $1.46 $1.46 $1.46 0
Average 601 $ 970 $ 970 $ 970 $1.65 $1.65 $1.65 -4.90 601 $ 955 $ 973 $ 964 $1.62 $1.66 $1.64 -0.644
1 Bed - Min 630 $1,095 $1,095 $1,095 $1.74 $1.74 $1.74 -0.68 630 $1,050 $1,295 $1,173 $1.67 $2.06 $1.86 7.0776
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 630 $1,095 $1,095 $1,095 $1.74 $1.74 $1.74 -0.68 630 $1,050 $1,295 $1,173 $1.67 $2.06 $1.86 7.0776
2 Bed - Min 900 $1,495 $1,575 $1,535 $1.66 $1.75 $1.71 8.10 900 $1,525 $1,675 $1,600 $1.69 $1.86 $1.78 4.2345
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,495 $1,575 $1,535 $1.66 $1.75 $1.71 8.10 900 $1,525 $1,675 $1,600 $1.69 $1.86 $1.78 4.2345
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 482 $ 895 $ 895 $ 895 $1.86 $1.86 $1.86 1.99
Max 720 $1,395 $1,395 $1,395 $1.94 $1.94 $1.94 32.86
Average 601 $1,145 $1,145 $1,145 $1.90 $1.90 $1.90 18.81
1 Bed - Min 630 $1,040 $1,595 $1,318 $1.65 $2.53 $2.09 12.37
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 630 $1,040 $1,595 $1,318 $1.65 $2.53 $2.09 12.37
2 Bed - Min 900 $1,590 $1,995 $1,793 $1.77 $2.22 $1.99 12.03
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,590 $1,995 $1,793 $1.77 $2.22 $1.99 12.03
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 61
BAYSIDE VILLAGE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco Units Vacant
# OF UNITS 862 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 16 24 5 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
280 289 293 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jul-88 1.04% 1.86% 2.78% 0.58% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 490 $ 800 $ 900 $ 850 $1.63 $1.84 $1.73 490 $ 850 $ 950 $ 900 $1.73 $1.94 $1.84 5.8824
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 490 $ 800 $ 900 $ 850 $1.63 $1.84 $1.73 490 $ 850 $ 950 $ 900 $1.73 $1.94 $1.84 5.8824
1 Bed - Min 678 $ 995 $1,150 $1,073 $1.47 $1.70 $1.58 678 $1,050 $1,250 $1,150 $1.55 $1.84 $1.70 7.2261
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 678 $ 995 $1,150 $1,073 $1.47 $1.70 $1.58 678 $1,050 $1,250 $1,150 $1.55 $1.84 $1.70 7.2261
2 Bed - Min 1050 $1,295 $1,850 $1,573 $1.23 $1.76 $1.50 1050 $1,350 $1,900 $1,625 $1.29 $1.81 $1.55 3.3386
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1050 $1,295 $1,850 $1,573 $1.23 $1.76 $1.50 1050 $1,350 $1,900 $1,625 $1.29 $1.81 $1.55 3.3386
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 490 $ 860 $ 950 $ 905 $1.76 $1.94 $1.85 0.56 490 $ 895 $ 980 $ 938 $1.83 $2.00 $1.91 3.5912
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 490 $ 860 $ 950 $ 905 $1.76 $1.94 $1.85 0.56 490 $ 895 $ 980 $ 938 $1.83 $2.00 $1.91 3.5912
1 Bed - Min 678 $1,060 $1,250 $1,155 $1.56 $1.84 $1.70 0.43 678 $1,150 $1,350 $1,250 $1.70 $1.99 $1.84 8.2251
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 678 $1,060 $1,250 $1,155 $1.56 $1.84 $1.70 0.43 678 $1,150 $1,350 $1,250 $1.70 $1.99 $1.84 8.2251
2 Bed - Min 1050 $1,395 $1,900 $1,648 $1.33 $1.81 $1.57 1.38 1050 $1,495 $2,000 $1,748 $1.42 $1.90 $1.66 6.0698
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1050 $1,395 $1,900 $1,648 $1.33 $1.81 $1.57 1.38 1050 $1,495 $2,000 $1,748 $1.42 $1.90 $1.66 6.0698
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 490 $ 940 $1,025 $ 983 $1.92 $2.09 $2.01 4.80
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 490 $ 940 $1,025 $ 983 $1.92 $2.09 $2.01 4.80
1 Bed - Min 678 $1,225 $1,425 $1,325 $1.81 $2.10 $1.95 6.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 678 $1,225 $1,425 $1,325 $1.81 $2.10 $1.95 6.00
2 Bed - Min 1050 $1,592 $2,100 $1,846 $1.52 $2.00 $1.76 5.64
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1050 $1,592 $2,100 $1,846 $1.52 $2.00 $1.76 5.64
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 62
CITY HEIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 185 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 8 7 3 5
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
46 114 25 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jul-90 4.86% 4.32% 3.78% 1.62% 2.70%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 430 $ 675 $ 825 $ 750 $1.57 $1.92 $1.74 430 $ 775 $ 825 $ 800 $1.80 $1.92 $1.86 6.6667
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 430 $ 675 $ 825 $ 750 $1.57 $1.92 $1.74 430 $ 775 $ 825 $ 800 $1.80 $1.92 $1.86 6.6667
1 Bed - Min 690 $ 835 $1,250 $1,043 $1.21 $1.81 $1.51 690 $ 895 $1,250 $1,073 $1.30 $1.81 $1.55 2.8777
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 690 $ 835 $1,250 $1,043 $1.21 $1.81 $1.51 690 $ 895 $1,250 $1,073 $1.30 $1.81 $1.55 2.8777
2 Bed - Min 910 $1,250 $1,550 $1,400 $1.37 $1.70 $1.54 910 $1,220 $1,525 $1,373 $1.34 $1.68 $1.51 -1.964
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 910 $1,250 $1,550 $1,400 $1.37 $1.70 $1.54 910 $1,220 $1,525 $1,373 $1.34 $1.68 $1.51 -1.964
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 482 $ 775 $ 865 $ 820 $1.61 $1.79 $1.70 2.50 430 $ 775 $ 950 $ 863 $1.80 $2.21 $2.01 5.1829
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 482 $ 775 $ 865 $ 820 $1.61 $1.79 $1.70 2.50 430 $ 775 $ 950 $ 863 $1.80 $2.21 $2.01 5.1829
1 Bed - Min 690 $ 905 $1,295 $1,100 $1.31 $1.88 $1.59 2.56 690 $ 950 $1,295 $1,123 $1.38 $1.88 $1.63 2.0455
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 690 $ 905 $1,295 $1,100 $1.31 $1.88 $1.59 2.56 690 $ 950 $1,295 $1,123 $1.38 $1.88 $1.63 2.0455
2 Bed - Min 910 $1,220 $1,535 $1,378 $1.34 $1.69 $1.51 0.36 910 $1,295 $1,545 $1,420 $1.42 $1.70 $1.56 3.0853
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 910 $1,220 $1,535 $1,378 $1.34 $1.69 $1.51 0.36 910 $1,295 $1,545 $1,420 $1.42 $1.70 $1.56 3.0853
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 482 $ 875 $1,050 $ 963 $1.82 $2.18 $2.00 11.59
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 482 $ 875 $1,050 $ 963 $1.82 $2.18 $2.00 11.59
1 Bed - Min 690 $1,100 $1,300 $1,200 $1.59 $1.88 $1.74 6.90
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 690 $1,100 $1,300 $1,200 $1.59 $1.88 $1.74 6.90
2 Bed - Min 910 $1,400 $1,695 $1,548 $1.54 $1.86 $1.70 8.98
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 910 $1,400 $1,695 $1,548 $1.54 $1.86 $1.70 8.98
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 63
FILLMORE CENTER
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 1113 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 59 98 97 100 20
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
312 428 342 31 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-89 5.30% 8.81% 8.72% 8.98% 1.80%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 600 $ 695 $ 756 $ 726 $ 1.16 $ 1.26 $1.21 600 $ 775 $ 756 $ 766 $1.29 $1.26 $1.28 5.5134
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 600 $ 695 $ 756 $ 726 $ 1.16 $ 1.26 $1.21 600 $ 775 $ 756 $ 766 $1.29 $1.26 $1.28 5.5134
1 Bed - Min 780 $ 795 $1,100 $ 948 $ 1.02 $ 1.41 $1.21 780 $ 865 $1,040 $ 953 $1.11 $1.33 $1.22 0.5277
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 780 $ 795 $1,100 $ 948 $ 1.02 $ 1.41 $1.21 780 $ 865 $1,040 $ 953 $1.11 $1.33 $1.22 0.5277
2 Bed - Min 1100 $1,050 $1,400 $1,225 $ 0.95 $ 1.27 $1.11 1100 $1,210 $1,410 $1,310 $1.10 $1.28 $1.19 6.9388
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1100 $1,050 $1,400 $1,225 $ 0.95 $ 1.27 $1.11 1100 $1,210 $1,410 $1,310 $1.10 $1.28 $1.19 6.9388
3 Bed - Min 1200 $1,400 $1,400 $1,400 $ 1.17 $ 1.17 $1.17 1200 $1,400 $1,400 $1,400 $1.17 $1.17 $1.17 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1200 $1,400 $1,400 $1,400 $ 1.17 $ 1.17 $1.17 1200 $1,400 $1,400 $1,400 $1.17 $1.17 $1.17 0
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 600 $ 750 $ 840 $ 795 $1.25 $1.40 $1.33 3.85 600 $ 800 $ 890 $ 845 $1.33 $1.48 $1.41 6.2893
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 600 $ 750 $ 840 $ 795 $1.25 $1.40 $1.33 3.85 600 $ 800 $ 890 $ 845 $1.33 $1.48 $1.41 6.2893
1 Bed - Min 780 $ 865 $1,050 $ 958 $1.11 $1.35 $1.23 0.52 780 $ 925 $1,100 $1,013 $1.19 $1.41 $1.30 5.7441
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 780 $ 865 $1,050 $ 958 $1.11 $1.35 $1.23 0.52 780 $ 925 $1,100 $1,013 $1.19 $1.41 $1.30 5.7441
2 Bed - Min 1100 $1,210 $1,525 $1,368 $1.10 $1.39 $1.24 4.39 1100 $1,285 $1,600 $1,443 $1.17 $1.45 $1.31 5.4845
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1100 $1,210 $1,525 $1,368 $1.10 $1.39 $1.24 4.39 1100 $1,285 $1,600 $1,443 $1.17 $1.45 $1.31 5.4845
3 Bed - Min 1200 $1,400 $1,420 $1,410 $1.17 $1.18 $1.18 0.71 1200 $1,600 $1,600 $1,600 $1.33 $1.33 $1.33 13.475
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1200 $1,400 $1,420 $1,410 $1.17 $1.18 $1.18 0.71 1200 $1,600 $1,600 $1,600 $1.33 $1.33 $1.33 13.475
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 600 $ 830 $ 945 $ 888 $1.38 $1.58 $1.48 5.03
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 600 $ 830 $ 945 $ 888 $1.38 $1.58 $1.48 5.03
1 Bed - Min 780 $ 950 $1,265 $1,108 $1.22 $1.62 $1.42 9.38
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 780 $ 950 $1,265 $1,108 $1.22 $1.62 $1.42 9.38
2 Bed - Min 1100 $1,325 $1,700 $1,513 $1.20 $1.55 $1.38 4.85
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1100 $1,325 $1,700 $1,513 $1.20 $1.55 $1.38 4.85
3 Bed - Min 1200 $1,665 $1,680 $1,673 $1.39 $1.40 $1.39 4.53
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1200 $1,665 $1,680 $1,673 $1.39 $1.40 $1.39 4.53
</TABLE>
<PAGE> 64
FOX PLAZA
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 446 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 64 74 28 3 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
300 96 50 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Aug-66 14.35% 16.59% 6.28% 0.67% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 0
1 Bed - Min 671 $ 865 $1,100 $ 983 $1.29 $1.64 $1.46 671 $ 875 $1,170 $1,023 $1.30 $1.74 $1.52 4.0712
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 671 $ 865 $1,100 $ 983 $1.29 $1.64 $1.46 671 $ 875 $1,170 $1,023 $1.30 $1.74 $1.52 4.0712
2 Bed - Min 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 446 $ 685 $ 875 $ 780 $1.54 $1.96 $1.75 9.09 446 $ 750 $ 890 $ 820 $1.68 $2.00 $1.84 5.1282
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 446 $ 685 $ 875 $ 780 $1.54 $1.96 $1.75 9.09 446 $ 750 $ 890 $ 820 $1.68 $2.00 $1.84 5.1282
1 Bed - Min 671 $ 930 $1,150 $1,040 $1.39 $1.71 $1.55 1.71 671 $ 910 $1,220 $1,065 $1.36 $1.82 $1.59 2.4038
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 671 $ 930 $1,150 $1,040 $1.39 $1.71 $1.55 1.71 671 $ 910 $1,220 $1,065 $1.36 $1.82 $1.59 2.4038
2 Bed - Min 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0.00 814 $1,270 $1,350 $1,310 $1.56 $1.66 $1.61 8.2645
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0.00 814 $1,270 $1,350 $1,310 $1.56 $1.66 $1.61 8.2645
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 446 $ 795 $ 935 $ 865 $1.78 $2.10 $1.94 5.49
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 446 $ 795 $ 935 $ 865 $1.78 $2.10 $1.94 5.49
1 Bed - Min 671 $ 955 $1,265 $1,110 $1.42 $1.89 $1.65 4.23
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 671 $ 955 $1,265 $1,110 $1.42 $1.89 $1.65 4.23
2 Bed - Min 814 $1,315 $1,395 $1,355 $1.62 $1.71 $1.66 3.44
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 814 $1,315 $1,395 $1,355 $1.62 $1.71 $1.66 3.44
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 65
GOLDEN GATEWAY CENTER
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 1254 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 18 9 29 10 10
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
391 530 297 36 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-65 1.44% 0.72% 2.31% 0.80% 0.80%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 500 $ 775 $1,300 $1,038 $1.55 $2.60 $2.08 500 $ 825 $1,200 $1,013 $1.65 $2.40 $2.03 -2.4096
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $ 775 $1,300 $1,038 $1.55 $2.60 $2.08 500 $ 825 $1,200 $1,013 $1.65 $2.40 $2.03 -2.4096
1 Bed - Min 700 $ 950 $1,800 $1,375 $1.36 $2.57 $1.96 700 $ 925 $1,900 $1,413 $1.32 $2.71 $2.02 2.72727
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $ 950 $1,800 $1,375 $1.36 $2.57 $1.96 700 $ 925 $1,900 $1,413 $1.32 $2.71 $2.02 2.72727
2 Bed - Min 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 0
3 Bed - Min 1271 $2,250 $3,000 $2,625 $1.77 $2.36 $2.07 1271 $2,250 $3,000 $2,625 $1.77 $2.36 $2.07 0
Max 1500 $2,300 $3,000 $2,650 $1.53 $2.00 $1.77 1500 $2,300 $3,000 $2,650 $1.53 $2.00 $1.77 0
Average 1385.5 $2,275 $3,000 $2,638 $1.65 $2.18 $1.92 1385.5 $2,275 $3,000 $2,638 $1.65 $2.18 $1.92 0
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 500 $ 900 $1,300 $1,100 $1.80 $2.60 $2.20 8.64 500 $ 950 $1,450 $1,200 $1.90 $2.90 $2.40 9.09091
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $ 900 $1,300 $1,100 $1.80 $2.60 $2.20 8.64 500 $ 950 $1,450 $1,200 $1.90 $2.90 $2.40 9.09091
1 Bed - Min 700 $ 975 $1,950 $1,463 $1.39 $2.79 $2.09 3.54 700 $1,125 $2,250 $1,688 $1.61 $3.21 $2.41 15.3846
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $ 975 $1,950 $1,463 $1.39 $2.79 $2.09 3.54 700 $1,125 $2,250 $1,688 $1.61 $3.21 $2.41 15.3846
2 Bed - Min 900 $1,300 $2,350 $1,825 $1.44 $2.61 $2.03 2.82 900 $1,550 $2,100 $1,825 $1.72 $2.33 $2.03 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,300 $2,350 $1,825 $1.44 $2.61 $2.03 2.82 900 $1,550 $2,100 $1,825 $1.72 $2.33 $2.03 0
3 Bed - Min 1271 $2,300 $3,050 $2,675 $1.81 $2.40 $2.10 1.90 1271 $2,100 $3,050 $2,575 $1.65 $2.40 $2.03 -3.7383
Max 1500 $2,350 $3,050 $2,700 $1.57 $2.03 $1.80 1.89 1500 $2,600 $2,900 $2,750 $1.73 $1.93 $1.83 1.85185
Average 1385.5 $2,325 $3,050 $2,688 $1.69 $2.22 $1.95 1.90 1385.5 $2,350 $2,975 $2,663 $1.69 $2.17 $1.93 -0.9302
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 500 $1,025 $1,595 $1,310 $2.05 $3.19 $2.62 9.17
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $1,025 $1,595 $1,310 $2.05 $3.19 $2.62 9.17
1 Bed - Min 700 $1,250 $2,450 $1,850 $1.79 $3.50 $2.64 9.63
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 700 $1,250 $2,450 $1,850 $1.79 $3.50 $2.64 9.63
2 Bed - Min 900 $1,495 $3,000 $2,248 $1.66 $3.33 $2.50 23.15
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 900 $1,495 $3,000 $2,248 $1.66 $3.33 $2.50 23.15
3 Bed - Min 1271 $2,700 $3,800 $3,250 $2.12 $2.99 $2.56 26.21
Max 1500 $2,700 $3,800 $3,250 $1.80 $2.53 $2.17 18.18
Average 1385.5 $2,700 $3,800 $3,250 $1.96 $2.76 $2.36 22.07
</TABLE>
<PAGE> 66
OAKWOOD
<TABLE>
<S> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 721 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 16 30 23 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
258 375 88 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Sep-86 2.22% 4.16% 3.19% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 510 $ 695 $ 710 $ 703 $ 1.36 $ 1.39 $ 1.38 510 $ 670 $ 710 $ 690 $1.31 $1.39 $1.35 -1.7794
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 510 $ 695 $ 710 $ 703 $ 1.36 $ 1.39 $ 1.38 510 $ 670 $ 710 $ 690 $1.31 $1.39 $1.35 -1.7794
1 Bed - Min 732 $ 740 $ 810 $ 775 $ 1.01 $ 1.11 $ 1.06 732 $ 760 $ 860 $ 810 $1.04 $1.17 $1.11 4.5161
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 732 $ 740 $ 810 $ 775 $ 1.01 $ 1.11 $ 1.06 732 $ 760 $ 860 $ 810 $1.04 $1.17 $1.11 4.5161
2 Bed - Min 900 $ 995 $1,045 $1,020 $ 1.11 $ 1.16 $ 1.13 900 $ 995 $1,045 $1,020 $1.11 $1.16 $1.13 0
Max 1075 $1,050 $1,255 $1,153 $ 0.98 $ 1.17 $ 1.07 1075 $1,095 $1,255 $1,175 $1.02 $1.17 $1.09 1.9523
Average 987.5 $1,023 $1,150 $1,086 $ 1.05 $ 1.16 $ 1.10 987.5 $1,045 $1,150 $1,098 $1.06 $1.16 $1.11 1.0357
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 510 $ 670 $ 710 $ 690 $1.31 $1.39 $ 1.35 0 510 $ 690 $ 735 $ 713 $1.35 $1.44 $1.40 3.2609
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 510 $ 670 $ 710 $ 690 $1.31 $1.39 $ 1.35 0 510 $ 690 $ 735 $ 713 $1.35 $1.44 $1.40 3.2609
1 Bed - Min 732 $ 760 $ 860 $ 810 $1.04 $1.17 $ 1.11 0 732 $ 765 $ 880 $ 823 $1.05 $1.20 $1.12 1.5432
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 732 $ 760 $ 860 $ 810 $1.04 $1.17 $ 1.11 0 732 $ 765 $ 880 $ 823 $1.05 $1.20 $1.12 1.5432
2 Bed - Min 900 $ 995 $1,045 $1,020 $1.11 $1.16 $ 1.13 0 900 $1,005 $1,265 $1,135 $1.12 $1.41 $1.26 11.275
Max 1075 $1,095 $1,255 $1,175 $1.02 $1.17 $ 1.09 0 1075 $1,100 $1,265 $1,183 $1.02 $1.18 $1.10 0.6383
Average 987.5 $1,045 $1,150 $1,098 $1.06 $1.16 $ 1.11 0 987.5 $1,053 $1,265 $1,159 $1.07 $1.29 $1.18 5.5809
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 510 $ 780 $ 825 $ 803 $1.53 $1.62 $1.57 12.632
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 510 $ 780 $ 825 $ 803 $1.53 $1.62 $1.57 12.632
1 Bed - Min 732 $ 890 $ 990 $ 940 $1.22 $1.35 $1.28 14.286
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 732 $ 890 $ 990 $ 940 $1.22 $1.35 $1.28 14.286
2 Bed - Min 900 $1,200 $1,200 $1,200 $1.33 $1.33 $1.33 5.7269
Max 1075 $1,445 $1,445 $1,445 $1.34 $1.34 $1.34 22.199
Average 987.5 $1,323 $1,323 $1,323 $1.34 $1.34 $1.34 14.132
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 67
POST STREET TOWERS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 4 5 3 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
147 60 41 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Mar-88 1.61% 2.02% 1.21% 0.40% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 345 $ 685 $ 810 $ 748 $1.99 $2.35 $2.17 345 $ 685 $ 810 $ 748 $1.99 $2.35 $2.17 0
Max 400 $ 685 $ 810 $ 748 $1.71 $2.03 $1.87 400 $ 685 $ 810 $ 748 $1.71 $2.03 $1.87 0
Average 372.5 $ 685 $ 810 $ 748 $1.85 $2.19 $2.02 372.5 $ 685 $ 810 $ 748 $1.85 $2.19 $2.02 0
1 Bed - Min 550 $ 830 $ 900 $ 865 $1.51 $1.64 $1.57 550 $ 865 $ 935 $ 900 $1.57 $1.70 $1.64 4.04624
Max 600 $ 965 $1,110 $1,038 $1.61 $1.85 $1.73 600 $ 965 $1,110 $1,038 $1.61 $1.85 $1.73 0
Average 575 $ 898 $1,005 $ 951 $1.56 $1.74 $1.65 575 $ 915 $1,023 $ 969 $1.59 $1.78 $1.68 1.83968
2 Bed - Min 690 $1,060 $1,210 $1,135 $1.54 $1.75 $1.64 690 $1,060 $1,210 $1,135 $1.54 $1.75 $1.64 0
Max 705 $1,210 $1,410 $1,310 $1.72 $2.00 $1.86 705 $1,210 $1,410 $1,310 $1.72 $2.00 $1.86 0
Average 697.5 $1,135 $1,310 $1,223 $1.63 $1.88 $1.75 697.5 $1,135 $1,310 $1,223 $1.63 $1.88 $1.75 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 345 $ 735 $ 835 $ 785 $2.13 $2.42 $2.28 5.02 345 $ 745 $ 845 $ 795 $2.16 $2.45 $2.30 1.27389
Max 400 $ 735 $ 835 $ 785 $1.84 $2.09 $1.96 n/a 400 $ 745 $ 845 $ 795 $1.86 $2.11 $1.99 n/a
Average 372.5 $ 735 $ 835 $ 785 $1.98 $2.25 $2.12 5.02 372.5 $ 745 $ 845 $ 795 $2.01 $2.28 $2.15 1.27389
1 Bed - Min 550 $ 900 $ 965 $ 933 $1.64 $1.75 $1.70 3.61 550 $ 910 $ 975 $ 943 $1.65 $1.77 $1.71 1.07239
Max 600 $ 975 $1,120 $1,048 $1.63 $1.87 $1.75 n/a 600 $ 975 $1,120 $1,048 $1.63 $1.87 $1.75 n/a
Average 575 $ 938 $1,043 $ 990 $1.63 $1.81 $1.72 2.19 575 $ 943 $1,048 $ 995 $1.64 $1.82 $1.73 0.50505
2 Bed - Min 690 $1,135 $1,285 $1,210 $1.64 $1.86 $1.75 6.61 690 $1,135 $1,285 $1,210 $1.64 $1.86 $1.75 0
Max 705 $1,255 $1,455 $1,355 $1.78 $2.06 $1.92 n/a 705 $1,255 $1,455 $1,355 $1.78 $2.06 $1.92 n/a
Average 697.5 $1,195 $1,370 $1,283 $1.71 $1.96 $1.84 4.91 697.5 $1,195 $1,370 $1,283 $1.71 $1.96 $1.84 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 345 $ 795 $ 895 $ 845 $2.30 $2.59 $2.45 6.29
Max 400 $ 795 $ 895 $ 845 $1.99 $2.24 $2.11 n/a
Average 372.5 $ 795 $ 895 $ 845 $2.15 $2.42 $2.28 6.29
1 Bed - Min 550 $ 940 $1,005 $ 973 $1.71 $1.83 $1.77 3.18
Max 600 $ 985 $1,130 $1,058 $1.64 $1.88 $1.76 n/a
Average 575 $ 963 $1,068 $1,015 $1.68 $1.86 $1.77 2.01
2 Bed - Min 690 $1,185 $1,310 $1,248 $1.72 $1.90 $1.81 3.10
Max 705 $1,255 $1,455 $1,355 $1.78 $2.06 $1.92 n/a
Average 697.5 $1,220 $1,383 $1,301 $1.75 $1.98 $1.86 1.46
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 68
POTRERO COURT
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 132 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 10 3 6 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
12 60 40 20 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Aug-88 7.58% 2.27% 4.55% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 0
1 Bed - Min 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0
2 Bed - Min 875 $1,025 $1,025 $1,025 $1.17 $1.17 $1.17 875 $1,025 $1,025 $1,025 $1.17 $1.17 $1.17 0
Max 960 $1,140 $1,140 $1,140 $1.19 $1.19 $1.19 960 $1,140 $1,140 $1,140 $1.19 $1.19 $1.19 0
Average 917.5 $1,083 $1,083 $1,083 $1.18 $1.18 $1.18 917.5 $1,083 $1,083 $1,083 $1.18 $1.18 $1.18 0
3 Bed - Min 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 500 $ 725 $ 765 $ 745 $1.45 $1.53 $1.49 0.00 500 $ 765 $ 795 $ 780 $1.53 $1.59 $1.56 4.698
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $ 725 $ 765 $ 745 $1.45 $1.53 $1.49 0.00 500 $ 765 $ 795 $ 780 $1.53 $1.59 $1.56 4.698
1 Bed - Min 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0.00 650 $ 825 $ 875 $ 850 $1.27 $1.35 $1.31 3.0303
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0.00 650 $ 825 $ 875 $ 850 $1.27 $1.35 $1.31 3.0303
2 Bed - Min 875 $1,025 $1,025 $1,025 $1.17 $1.17 $1.17 0.00 875 $1,025 $1,075 $1,050 $1.17 $1.23 $1.20 2.439
Max 960 $1,160 $1,160 $1,160 $1.21 $1.21 $1.21 1.75 960 $1,160 $1,190 $1,175 $1.21 $1.24 $1.22 1.2931
Average 917.5 $1,093 $1,093 $1,093 $1.19 $1.19 $1.19 0.92 917.5 $1,093 $1,133 $1,113 $1.19 $1.23 $1.21 1.8307
3 Bed - Min 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0.00 1125 $1,275 $1,375 $1,325 $1.13 $1.22 $1.18 3.9216
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0.00 1125 $1,275 $1,375 $1,325 $1.13 $1.22 $1.18 3.9216
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 500 $ 795 $ 795 $ 795 $1.59 $1.59 $1.59 1.92
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $ 795 $ 795 $ 795 $1.59 $1.59 $1.59 1.92
1 Bed - Min 650 $ 915 $ 915 $ 915 $1.41 $1.41 $1.41 7.65
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $ 915 $ 915 $ 915 $1.41 $1.41 $1.41 7.65
2 Bed - Min 875 $1,115 $1,115 $1,115 $1.27 $1.27 $1.27 6.19
Max 960 $1,115 $1,115 $1,115 $1.16 $1.16 $1.16 -5.11
Average 917.5 $1,115 $1,115 $1,115 $1.22 $1.22 $1.22 0.22
3 Bed - Min 1125 $1,370 $1,370 $1,370 $1.22 $1.22 $1.22 3.40
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1125 $1,370 $1,370 $1,370 $1.22 $1.22 $1.22 3.40
</TABLE>
<PAGE> 69
RINCON TOWERS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 320 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 5 11 5 3
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
120 100 100 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-89 0.00% 1.56% 3.44% 1.56% 0.94%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUL-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 415 $ 750 $1,050 $ 900 $1.81 $2.53 $2.17 415 $ 786 $1,050 $ 918 $1.89 $2.53 $2.21 2.000
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 415 $ 750 $1,050 $ 900 $1.81 $2.53 $2.17 415 $ 786 $1,050 $ 918 $1.89 $2.53 $2.21 2.000
1 Bed - Min 650 $ 995 $2,100 $1,548 $1.53 $3.23 $2.38 650 $ 899 $2,100 $1,500 $1.38 $3.23 $2.31 -3.102
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $ 995 $2,100 $1,548 $1.53 $3.23 $2.38 650 $ 899 $2,100 $1,500 $1.38 $3.23 $2.31 -3.102
2 Bed - Min 799 $1,400 $1,700 $1,550 $1.75 $2.13 $1.94 799 $1,123 $1,700 $1,412 $1.41 $2.13 $1.77 -8.935
Max 880 $1,250 $1,700 $1,475 $1.42 $1.93 $1.68 880 $1,011 $1,850 $1,431 $1.15 $2.10 $1.63 -3.017
Average 839.5 $1,325 $1,700 $1,513 $1.59 $2.03 $1.81 839.5 $1,067 $1,775 $1,421 $1.28 $2.11 $1.70 -6.050
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 415 $ 802 $1,050 $ 926 $1.93 $2.53 $2.23 0.87 415 $ 950 $1,050 $1,000 $2.29 $2.53 $2.41 7.991
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 415 $ 802 $1,050 $ 926 $1.93 $2.53 $2.23 0.87 415 $ 950 $1,050 $1,000 $2.29 $2.53 $2.41 7.991
1 Bed - Min 650 $ 917 $1,550 $1,234 $1.41 $2.38 $1.90 -17.74 650 $1,100 $2,000 $1,550 $1.69 $3.08 $2.38 25.659
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $ 917 $1,550 $1,234 $1.41 $2.38 $1.90 -17.74 650 $1,100 $2,000 $1,550 $1.69 $3.08 $2.38 25.659
2 Bed - Min 779 $1,147 $2,400 $1,774 $1.47 $3.08 $2.28 25.65 779 $1,500 $3,000 $2,250 $1.93 $3.85 $2.89 26.868
Max 880 $1,032 $2,400 $1,716 $1.17 $2.73 $1.95 19.96 880 $1,500 $3,000 $2,250 $1.70 $3.41 $2.56 31.119
Average 829.5 $1,090 $2,400 $1,745 $1.32 $2.90 $2.11 22.78 829.5 $1,500 $3,000 $2,250 $1.82 $3.63 $2.72 28.958
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 415 $1,350 $1,950 $1,650 $3.25 $4.70 $3.98 65.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 415 $1,350 $1,950 $1,650 $3.25 $4.70 $3.98 65.00
1 Bed - Min 650 $1,550 $3,000 $2,275 $2.38 $4.62 $3.50 46.77
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $1,550 $3,000 $2,275 $2.38 $4.62 $3.50 46.77
2 Bed - Min 779 $1,650 $4,000 $2,825 $2.12 $5.13 $3.63 25.56
Max 880 $1,650 $4,000 $2,825 $1.88 $4.55 $3.21 25.56
Average 829.5 $1,650 $4,000 $2,825 $2.00 $4.84 $3.42 25.56
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 70
ST. FRANCIS PLACE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 410 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 4 16 10 12 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
40 244 124 2 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-85 0.98% 3.90% 2.44% 2.93% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 533 $ 760 $ 885 $ 823 $1.43 $1.66 $1.54 533 $ 806 $ 938 $ 872 $1.51 $1.76 $1.64 6.0182
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 533 $ 760 $ 885 $ 823 $1.43 $1.66 $1.54 533 $ 806 $ 938 $ 872 $1.51 $1.76 $1.64 6.0182
1 Bed - Min 564 $ 845 $ 885 $ 865 $1.50 $1.57 $1.53 564 $ 845 $ 905 $ 875 $1.50 $1.60 $1.55 1.1561
Max 725 $ 869 $1,132 $1,001 $1.20 $1.56 $1.38 725 $ 895 $1,168 $1,032 $1.23 $1.61 $1.42 3.0985
Average 644.5 $ 857 $1,009 $ 933 $1.35 $1.57 $1.46 644.5 $ 870 $1,037 $ 953 $1.37 $1.61 $1.49 2.1978
2 Bed - Min 1044 $1,086 $1,532 $1,309 $1.04 $1.47 $1.25 1044 $1,095 $1,532 $1,314 $1.05 $1.47 $1.26 0.3438
Max 1133 $1,086 $1,552 $1,319 $0.96 $1.37 $1.16 1133 $1,095 $1,552 $1,324 $0.97 $1.37 $1.17 0.3412
Average 1088.5 $1,086 $1,542 $1,314 $1.00 $1.42 $1.21 1088.5 $1,095 $1,542 $1,319 $1.01 $1.42 $1.21 0.3425
3 Bed - Min 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 0
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 533 $ 820 $ 960 $ 890 $1.54 $1.80 $1.67 2.06 533 $ 925 $ 999 $ 962 $1.74 $1.87 $1.80 8.0899
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 533 $ 820 $ 960 $ 890 $1.54 $1.80 $1.67 2.06 533 $ 925 $ 999 $ 962 $1.74 $1.87 $1.80 8.0899
1 Bed - Min 564 $ 895 $ 975 $ 935 $1.59 $1.73 $1.66 6.86 564 $ 960 $1,010 $ 985 $1.70 $1.79 $1.75 5.3476
Max 725 $ 895 $1,195 $1,045 $1.23 $1.65 $1.44 1.31 725 $1,045 $1,225 $1,135 $1.44 $1.69 $1.57 8.6124
Average 644.5 $ 895 $1,085 $ 990 $1.41 $1.69 $1.55 3.86 644.5 $1,003 $1,118 $1,060 $1.57 $1.74 $1.66 7.0707
2 Bed - Min 1044 $1,115 $1,575 $1,345 $1.07 $1.51 $1.29 2.40 1044 $1,475 $1,615 $1,545 $1.41 $1.55 $1.48 14.87
Max 1133 $1,520 $1,590 $1,555 $1.34 $1.40 $1.37 17.49 1133 $1,625 $1,675 $1,650 $1.43 $1.48 $1.46 6.1093
Average 1088.5 $1,318 $1,583 $1,450 $1.20 $1.46 $1.33 9.97 1088.5 $1,550 $1,645 $1,598 $1.42 $1.51 $1.47 10.172
3 Bed - Min 1429 $1,960 $1,999 $1,980 $1.37 $1.40 $1.39 2.59 1429 $1,960 $2,150 $2,055 $1.37 $1.50 $1.44 3.8141
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 1429 $1,960 $1,999 $1,980 $1.37 $1.40 $1.39 2.59 1429 $1,960 $2,150 $2,055 $1.37 $1.50 $1.44 3.8141
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 533 $1,055 $1,094 $1,075 $1.98 $2.05 $2.02 11.69
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 533 $1,055 $1,094 $1,075 $1.98 $2.05 $2.02 11.69
1 Bed - Min 564 $1,155 $1,155 $1,155 $2.05 $2.05 $2.05 17.26
Max 725 $1,450 $1,450 $1,450 $2.00 $2.00 $2.00 27.75
Average 644.5 $1,303 $1,303 $1,303 $2.02 $2.02 $2.02 22.88
2 Bed - Min 1044 $1,675 $1,675 $1,675 $1.60 $1.60 $1.60 8.41
Max 1133 $1,825 $1,825 $1,825 $1.61 $1.61 $1.61 10.61
Average 1088.5 $1,750 $1,750 $1,750 $1.61 $1.61 $1.61 9.55
3 Bed - Min 1429 $2,390 $2,390 $2,390 $1.67 $1.67 $1.67 16.30
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1429 $2,390 $2,390 $2,390 $1.67 $1.67 $1.67 16.30
</TABLE>
<PAGE> 71
SOUTH BEACH MARINA
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 414 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 10 9 12 5 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
204 210 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Aug-88 2.42% 2.17% 2.90% 1.21% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 650 $ 925 $ 925 $ 925 $1.42 $1.42 $1.42 650 $1,050 $1,500 $1,275 $1.62 $2.31 $1.96 37.838
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $ 925 $ 925 $ 925 $1.42 $1.42 $1.42 650 $1,050 $1,500 $1,275 $1.62 $2.31 $1.96 37.838
2 Bed - Min 913 $1,050 $1,500 $1,275 $1.15 $1.64 $1.40 913 $1,350 $1,800 $1,575 $1.48 $1.97 $1.73 23.529
Max 1029 $1,350 $2,150 $1,750 $1.31 $2.09 $1.70 1029 $1,500 $2,150 $1,825 $1.46 $2.09 $1.77 4.2857
Average 971 $1,200 $1,825 $1,513 $1.23 $1.87 $1.55 971 $1,425 $1,975 $1,700 $1.47 $2.03 $1.75 12.397
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 650 $1,050 $1,550 $1,300 $1.62 $2.38 $2.00 1.96 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 3.8462
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $1,050 $1,550 $1,300 $1.62 $2.38 $2.00 1.96 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 3.8462
2 Bed - Min 913 $1,350 $1,850 $1,600 $1.48 $2.03 $1.75 1.59 913 $1,500 $2,200 $1,850 $1.64 $2.41 $2.03 15.6250
Max 1029 $1,500 $2,200 $1,850 $1.46 $2.14 $1.80 1.37 1029 $1,500 $2,250 $1,875 $1.46 $2.19 $1.82 1.3514
Average 971 $1,425 $2,025 $1,725 $1.47 $2.08 $1.78 1.47 971 $1,500 $2,225 $1,863 $1.55 $2.30 $1.92 7.9710
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 0.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 0.00
2 Bed - Min 913 $1,500 $2,200 $1,850 $1.64 $2.41 $2.03 0.00
Max 1029 $1,500 $2,220 $1,860 $1.46 $2.16 $1.81 -0.80
Average 971 $1,500 $2,210 $1,855 $1.55 $2.28 $1.92 -0.40
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 72
VILLAGE SQUARE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Francisco UNITS VACANT
# OF UNITS 154 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 1 2 6 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
90 49 15 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Feb-72 0.65% 1.30% 3.90% 0.65% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 0
2 Bed - Min 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 0
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 0
3 Bed - Min 1254 $1,475 $1,845 $1,660 $1.18 $1.47 $1.32 1254 $1,475 $1,845 $1,660 $1.18 $1.47 $1.32 0
Max 1265 $1,475 $1,845 $1,660 $1.17 $1.46 $1.31 1265 $1,475 $1,845 $1,660 $1.17 $1.46 $1.31 0
Average 1259.5 $1,475 $1,845 $1,660 $1.17 $1.46 $1.32 1259.5 $1,475 $1,845 $1,660 $1.17 $1.46 $1.32 0
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 615 $ 910 $1,125 $1,018 $1.48 $1.83 $1.65 3.8265 615 $ 960 $1,175 $1,068 $1.56 $1.91 $1.74 4.914
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 615 $ 910 $1,125 $1,018 $1.48 $1.83 $1.65 3.8265 615 $ 960 $1,175 $1,068 $1.56 $1.91 $1.74 4.914
2 Bed - Min 995 $1,200 $1,570 $1,385 $1.21 $1.58 $1.39 2.7829 995 $1,250 $1,620 $1,435 $1.26 $1.63 $1.44 3.6101
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 995 $1,200 $1,570 $1,385 $1.21 $1.58 $1.39 2.7829 995 $1,250 $1,620 $1,435 $1.26 $1.63 $1.44 3.6101
3 Bed - Min 1254 $1,500 $1,870 $1,685 $1.20 $1.49 $1.34 1.506 1254 $1,550 $1,920 $1,735 $1.24 $1.53 $1.38 2.9674
Max 1265 $1,500 $1,870 $1,685 $1.19 $1.48 $1.33 1.506 1265 $1,525 $1,895 $1,710 $1.21 $1.50 $1.35 1.4837
Average 1259.5 $1,500 $1,870 $1,685 $1.19 $1.48 $1.34 1.506 1259.5 $1,538 $1,908 $1,723 $1.22 $1.51 $1.37 2.2255
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 615 $1,060 $1,275 $1,168 $1.72 $2.07 $1.90 9.3677
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 615 $1,060 $1,275 $1,168 $1.72 $2.07 $1.90 9.3677
2 Bed - Min 995 $1,400 $1,770 $1,585 $1.41 $1.78 $1.59 10.453
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 995 $1,400 $1,770 $1,585 $1.41 $1.78 $1.59 10.453
3 Bed - Min 1254 $1,700 $1,700 $1,700 $1.36 $1.36 $1.36 -2.017
Max 1265 $2,070 $2,070 $2,070 $1.64 $1.64 $1.64 21.053
Average 1259.5 $1,885 $1,885 $1,885 $1.50 $1.50 $1.50 9.434
</TABLE>
<PAGE> 73
BEACH COVE
CITY Foster City
# OF UNITS 416
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
40 216 160
</TABLE>
DATE OPENED Jun-73
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
24 20 10 9 5
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
5.77% 4.81% 2.40% 2.16% 1.20%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 520 $ 795 $ 805 $ 800 $1.53 $1.55 $ 1.54
Max n/a n/a n/a n/a n/a n/a n/a
Average 520 $ 795 $ 805 $ 800 $1.53 $1.55 $ 1.54
1 Bed - Min 667 $ 830 $ 945 $ 888 $1.24 $1.42 $ 1.33
Max 687 $ 850 $ 860 $ 855 $1.24 $1.25 $ 1.24
Average 677 $ 840 $ 903 $ 871 $1.24 $1.33 $ 1.29
2 Bed - Min 869 $ 995 $ 995 $ 995 $1.14 $1.14 $ 1.14
Max 958 $1,085 $1,195 $1,140 $1.13 $1.25 $ 1.19
Average 913.5 $1,040 $1,095 $1,068 $1.14 $1.20 $ 1.17
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 520 $ 795 $ 805 $ 800 $1.53 $1.55 $1.54 0
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 520 $ 795 $ 805 $ 800 $1.53 $1.55 $1.54 0
1 Bed - Min 667 $ 830 $ 925 $ 878 $1.24 $1.39 $1.32 -1.1268
Max 687 $ 850 $ 860 $ 855 $1.24 $1.25 $1.24 0
Average 677 $ 840 $ 893 $ 866 $1.24 $1.32 $1.28 -0.5739
2 Bed - Min 869 $ 995 $1,125 $1,060 $1.14 $1.29 $1.22 6.5327
Max 958 $1,085 $1,195 $1,140 $1.13 $1.25 $1.19 0
Average 913.5 $1,040 $1,160 $1,100 $1.14 $1.27 $1.20 3.0445
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 520 $ 810 $ 820 $ 815 $1.56 $1.58 $ 1.57 1.88
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 520 $ 810 $ 820 $ 815 $1.56 $1.58 $ 1.57 1.88
1 Bed - Min 667 $ 855 $ 970 $ 913 $1.28 $1.45 $ 1.37 3.99
Max 687 $ 875 $ 875 $ 875 $1.27 $1.27 $ 1.27 2.34
Average 677 $ 865 $ 923 $ 894 $1.28 $1.36 $ 1.32 3.17
2 Bed - Min 869 $1,020 $1,150 $1,085 $1.17 $1.32 $ 1.25 2.36
Max 958 $1,110 $1,230 $1,170 $1.16 $1.28 $ 1.22 2.63
Average 913.5 $1,065 $1,190 $1,128 $1.17 $1.30 $ 1.23 2.50
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 520 $ 905 $ 915 $ 910 $1.74 $1.76 $ 1.75 11.6564
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 520 $ 905 $ 915 $ 910 $1.74 $1.76 $ 1.75 11.6564
1 Bed - Min 667 $ 955 $1,040 $ 998 $1.43 $1.56 $ 1.50 9.3151
Max 687 $ 920 $ 925 $ 923 $1.34 $1.35 $ 1.34 5.4286
Average 677 $ 938 $ 983 $ 960 $1.39 $1.45 $ 1.42 7.4126
2 Bed - Min 869 $1,080 $1,295 $1,188 $1.24 $1.49 $ 1.37 9.4470
Max 958 $1,195 $1,300 $1,248 $1.25 $1.36 $ 1.30 6.6239
Average 913.5 $1,138 $1,298 $1,218 $1.25 $1.42 $ 1.33 7.9823
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 520 $1,005 $1,015 $1,010 $1.93 $1.95 $1.94 10.99
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 520 $1,005 $1,015 $1,010 $1.93 $1.95 $1.94 10.99
1 Bed - Min 667 $1,065 $1,175 $1,120 $1.60 $1.76 $1.68 12.28
Max 687 $1,130 $1,140 $1,135 $1.64 $1.66 $1.65 23.04
Average 677 $1,098 $1,158 $1,128 $1.62 $1.71 $1.67 17.45
2 Bed - Min 869 $1,315 $1,325 $1,320 $1.51 $1.52 $1.52 11.16
Max 958 $1,335 $1,455 $1,395 $1.39 $1.52 $1.46 11.82
Average 913.5 $1,325 $1,390 $1,358 $1.45 $1.52 $1.49 11.50
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 74
CREEKSIDE
CITY San Mateo
# OF UNITS 192
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
104 88
</TABLE>
DATE OPENED Sep-85
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
17 11 5 3 3
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
8.85% 5.73% 2.60% 1.56% 1.56%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 600 $ 800 $ 800 $ 800 $1.33 $1.33 $1.33
Max 712 $ 890 $ 890 $ 890 $1.25 $1.25 $1.25
Average 656 $ 845 $ 845 $ 845 $1.29 $1.29 $1.29
2 Bed - Min 808 $ 970 $ 970 $ 970 $1.20 $1.20 $1.20
Max 875 $1,020 $1,030 $1,025 $1.17 $1.18 $1.17
Average 841.5 $ 995 $1,000 $ 998 $0.99 $1.19 $1.19
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 600 $ 800 $ 800 $ 800 $1.33 $1.33 $ 1.33 0
Max 712 $ 890 $ 890 $ 890 $1.25 $1.25 $ 1.25 0
Average 656 $ 845 $ 845 $ 845 $1.29 $1.29 $ 1.29 0
2 Bed - Min 808 $ 970 $ 970 $ 970 $1.20 $1.20 $ 1.20 0
Max 875 $1,020 $1,030 $1,025 $1.17 $1.18 $ 1.17 0
Average 841.5 $ 995 $1,000 $ 998 $0.99 $1.19 $ 1.19 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 600 $ 820 $ 820 $ 820 $1.37 $1.37 $1.37 2.50
Max 712 $ 910 $ 910 $ 910 $1.28 $1.28 $1.28 2.25
Average 656 $ 865 $ 865 $ 865 $1.32 $1.32 $1.32 2.37
2 Bed - Min 808 $ 995 $ 995 $ 995 $1.23 $1.23 $1.23 2.58
Max 875 $1,050 $1,060 $1,055 $1.20 $1.21 $1.21 2.93
Average 841.5 $1,023 $1,028 $1,025 $0.99 $1.22 $1.22 2.76
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 600 $ 830 $ 830 $ 830 $1.38 $1.38 $1.38 1.21951
Max 712 $ 920 $ 920 $ 920 $1.29 $1.29 $1.29 1.0989
Average 656 $ 875 $ 875 $ 875 $1.34 $1.34 $1.34 1.15607
2 Bed - Min 808 $1,010 $1,010 $1,010 $1.25 $1.25 $1.25 1.50754
Max 875 $1,070 $1,070 $1,070 $1.22 $1.22 $1.22 1.4218
Average 841.5 $1,040 $1,040 $1,040 $1.24 $1.24 $1.24 1.46341
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 600 $ 917 $ 957 $ 937 $1.53 $1.60 $1.56 12.89
Max 712 $1,013 $1,103 $1,058 $1.42 $1.55 $1.49 15.00
Average 656 $ 965 $1,030 $ 998 $1.48 $1.57 $1.52 14.00
2 Bed - Min 808 $1,123 $1,203 $1,163 $1.39 $1.49 $1.44 15.15
Max 875 $1,223 $1,313 $1,268 $1.40 $1.50 $1.45 18.50
Average 841.5 $1,173 $1,258 $1,216 $0.99 $1.49 $1.44 16.88
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 75
EVERGREEN RIDGE
CITY San Bruno
# OF UNITS 190
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
76 114
</TABLE>
DATE OPENED Jan-73
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
n/a 2 11 3 0
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
n/a 1.05% 5.79% 1.58% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 690 $ 775 $ 800 $ 788 $1.12 $1.16 $1.14
Max 697 $ 725 $ 800 $ 763 $1.04 $1.15 $1.09
Average 693.5 $ 750 $ 800 $ 775 $1.08 $1.15 $1.12
2 Bed - Min 830 $ 830 $ 860 $ 845 $1.00 $1.04 $1.02
Max 1050 $1,065 $1,100 $1,083 $1.01 $1.05 $1.03
Average 940 $ 948 $ 980 $ 964 $0.99 $1.04 $1.02
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 690 $ 775 $ 800 $ 788 $1.12 $1.16 $1.14 0.00
Max 697 $ 750 $ 800 $ 775 $1.08 $1.15 $1.11 1.64
Average 693.5 $ 763 $ 800 $ 781 $1.10 $1.15 $1.13 0.81
2 Bed - Min 830 $ 850 $ 880 $ 865 $1.02 $1.06 $1.04 2.37
Max 1050 $1,065 $1,100 $1,083 $1.01 $1.05 $1.03 0.00
Average 940 $ 958 $ 990 $ 974 $0.99 $1.05 $1.04 1.04
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 690 $ 780 $ 800 $ 790 $1.13 $1.16 $1.14 0.31746
Max 697 $ 925 $ 950 $ 938 $1.33 $1.36 $1.35 20.9677
Average 693.5 $ 853 $ 875 $ 864 $1.23 $1.26 $1.24 10.56
2 Bed - Min 830 $ 850 $ 880 $ 865 $1.02 $1.06 $1.04 0
Max 1050 $1,065 $1,160 $1,113 $1.01 $1.10 $1.06 2.77136
Average 940 $ 958 $1,020 $ 989 $1.02 $1.08 $1.05 1.54044
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 690 $ 825 $ 825 $ 825 $1.20 $1.20 $1.20 4.43
Max 697 $ 925 $ 950 $ 938 $1.33 $1.36 $1.35 0.00
Average 693.5 $ 875 $ 888 $ 881 $1.26 $1.28 $1.27 2.03
2 Bed - Min 830 $ 900 $ 975 $ 938 $1.08 $1.17 $1.13 8.38
Max 1050 $1,300 $1,350 $1,325 $1.24 $1.29 $1.26 19.10
Average 940 $1,100 $1,163 $1,131 $0.99 $1.23 $1.20 14.41
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 76
FAIRMONT, THE
CITY Pacifica
# OF UNITS 100
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
56 44
</TABLE>
DATE OPENED Jan-67
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
n/a 1 7 0 2
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
n/a 1.00% 7.00% 0.00% 2.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 649 $725 $750 $738 $1.12 $1.16 $1.14
Max 680 $725 $750 $738 $1.07 $1.10 $1.08
Average 664.5 $725 $750 $738 $1.09 $1.13 $1.11
2 Bed - Min 861 $850 $870 $860 $0.99 $1.01 $1.00
Max 1000 $950 $975 $963 $0.95 $0.98 $0.96
Average 930.5 $900 $923 $911 $0.99 $0.99 $0.98
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 649 $725 $750 $738 $1.12 $1.16 $1.14 0.00
Max 680 $725 $750 $738 $1.07 $1.10 $1.08 0.00
Average 664.5 $725 $750 $738 $1.09 $1.13 $1.11 0.00
2 Bed - Min 861 $850 $870 $860 $0.99 $1.01 $1.00 0.00
Max 1000 $950 $975 $963 $0.95 $0.98 $0.96 0.00
Average 930.5 $900 $923 $911 $0.99 $0.99 $0.98 0.00
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 649 $750 $765 $758 $1.16 $1.18 $1.17 2.71186
Max 680 $725 $750 $738 $1.07 $1.10 $1.08 0
Average 664.5 $738 $758 $748 $1.11 $1.14 $1.13 1.35593
2 Bed - Min 861 $850 $870 $860 $0.99 $1.01 $1.00 0
Max 1000 $950 $975 $963 $0.95 $0.98 $0.96 0
Average 930.5 $900 $923 $911 $0.99 $0.99 $0.98 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 649 $ 775 $ 845 $ 810 $1.19 $1.30 $1.25 6.93
Max 680 $ 775 $ 845 $ 810 $1.14 $1.24 $1.19 9.83
Average 664.5 $ 775 $ 845 $ 810 $1.17 $1.27 $1.22 8.36
2 Bed - Min 861 $ 950 $1,020 $ 985 $1.10 $1.18 $1.14 14.53
Max 1000 $1,050 $1,120 $1,085 $1.05 $1.12 $1.09 12.73
Average 930.5 $1,000 $1,070 $1,035 $0.99 $1.15 $1.11 13.58
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 77
FOSTER'S LANDING
CITY Foster City
# OF UNITS 490
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
252 238
</TABLE>
DATE OPENED Feb-87
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
19 16 11 10 0
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3.88% 3.27% 2.24% 2.04% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 632 $ 930 $1,025 $ 978 $1.47 $1.62 $1.55
Max 900 $1,230 $1,300 $1,265 $1.37 $1.44 $1.41
Average 766 $1,080 $1,163 $1,121 $1.42 $1.53 $1.48
2 Bed - Min 900 $1,110 $1,210 $1,160 $1.23 $1.34 $1.29
Max 1100 $1,450 $1,475 $1,463 $1.32 $1.34 $1.33
Average 1000 $1,280 $1,343 $1,311 $0.99 $1.34 $1.31
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 632 $ 965 $1,030 $ 998 $1.53 $1.63 $1.58 2.04604
Max 900 $1,250 $1,320 $1,285 $1.39 $1.47 $1.43 1.58103
Average 766 $1,108 $1,175 $1,141 $1.46 $1.55 $1.50 1.78372
2 Bed - Min 900 $1,130 $1,250 $1,190 $1.26 $1.39 $1.32 2.58621
Max 1100 $1,465 $1,495 $1,480 $1.33 $1.36 $1.35 1.19658
Average 1000 $1,298 $1,373 $1,335 $0.99 $1.37 $1.33 1.81125
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 632 $ 995 $1,075 $1,035 $1.57 $1.70 $1.64 3.76
Max 900 $1,295 $1,365 $1,330 $1.44 $1.52 $1.48 3.50
Average 766 $1,145 $1,220 $1,183 $1.51 $1.61 $1.56 3.61
2 Bed - Min 900 $1,170 $1,295 $1,233 $1.30 $1.44 $1.37 3.57
Max 1100 $1,510 $1,540 $1,525 $1.37 $1.40 $1.39 3.04
Average 1000 $1,340 $1,418 $1,379 $0.99 $1.42 $1.38 3.28
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 632 $1,045 $1,110 $1,078 $1.65 $1.76 $1.70 4.10628
Max 900 $1,330 $1,400 $1,365 $1.48 $1.56 $1.52 2.63158
Average 766 $1,188 $1,255 $1,221 $1.57 $1.66 $1.61 3.27696
2 Bed - Min 900 $1,205 $1,330 $1,268 $1.34 $1.48 $1.41 2.83976
Max 1100 $1,545 $1,600 $1,573 $1.40 $1.45 $1.43 3.11475
Average 1000 $1,375 $1,465 $1,420 $1.37 $1.47 $1.42 2.99184
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 632 $1,195 $1,260 $1,228 $1.89 $1.99 $1.94 13.92
Max 900 $1,480 $1,550 $1,515 $1.64 $1.72 $1.68 10.99
Average 766 $1,338 $1,405 $1,371 $1.77 $1.86 $1.81 12.28
2 Bed - Min 900 $1,355 $1,580 $1,468 $1.51 $1.76 $1.63 15.78
Max 1100 $1,750 $1,775 $1,763 $1.59 $1.61 $1.60 12.08
Average 1000 $1,553 $1,678 $1,615 $0.99 $1.68 $1.62 13.73
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 78
FRANCISCAN, THE
CITY Foster City
# OF UNITS 122
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
36 70 16
</TABLE>
DATE OPENED Jan-71
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3 3 3 0 0
</TABLE>
VACANCY RATE
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.46% 2.46% 2.46% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 695 $ 770 $ 810 $ 790 $1.11 $1.17 $1.14
Max n/a n/a n/a n/a n/a n/a n/a
Average 695 $ 770 $ 810 $ 790 $1.11 $1.17 $1.14
2 Bed - Min 1027 $1,010 $1,050 $1,030 $0.98 $1.02 $1.00
Max n/a n/a n/a n/a n/a n/a n/a
Average 1027 $1,010 $1,050 $1,030 $0.99 $1.02 $1.00
3 Bed - Min 1380 $1,230 $1,270 $1,250 $0.89 $0.92 $0.91
Max n/a n/a n/a n/a n/a n/a n/a
Average 1380 $1,230 $1,270 $1,250 $0.89 $0.92 $0.91
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 6.32911
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 6.32911
2 Bed - Min 1027 $1,030 $1,080 $1,055 $1.00 $1.05 $1.03 2.42718
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1027 $1,030 $1,080 $1,055 $0.99 $1.05 $1.03 2.42718
3 Bed - Min 1380 $1,265 $1,280 $1,273 $0.92 $0.93 $0.92 1.8
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1380 $1,265 $1,280 $1,273 $0.92 $0.93 $0.92 1.8
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 0
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 0
2 Bed - Min 1027 $1,030 $1,080 $1,055 $1.00 $1.05 $1.03 0
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1027 $1,030 $1,080 $1,055 $0.99 $1.05 $1.03 0
3 Bed - Min 1380 $1,320 $1,360 $1,340 $0.96 $0.99 $0.97 5.30452
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1380 $1,320 $1,360 $1,340 $0.96 $0.99 $0.97 5.30452
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 695 $ 890 $ 920 $ 905 $1.28 $1.32 $ 1.30 7.73810
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 695 $ 890 $ 920 $ 905 $1.28 $1.32 $ 1.30 7.73810
2 Bed - Min 1027 $1,100 $1,170 $1,135 $1.07 $1.14 $ 1.11 7.58294
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1027 $1,100 $1,170 $1,135 $1.07 $1.14 $ 1.11 7.58294
3 Bed - Min 1380 $1,400 $1,400 $1,400 $1.01 $1.01 $ 1.01 4.47761
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1380 $1,400 $1,400 $1,400 $1.01 $1.01 $ 1.01 4.47761
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 695 $ 920 $ 945 $ 933 $1.32 $1.36 $ 1.34 3.03867
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 695 $ 920 $ 945 $ 933 $1.32 $1.36 $ 1.34 3.03867
2 Bed - Min 1027 $1,240 $1,280 $1,260 $1.21 $1.25 $ 1.23 11.01322
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1027 $1,240 $1,280 $1,260 $0.99 $1.25 $ 1.23 11.01322
3 Bed - Min 1380 $1,600 $1,650 $1,625 $1.16 $1.20 $ 1.18 16.07143
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1380 $1,600 $1,650 $1,625 $1.16 $1.20 $ 1.18 16.07143
</TABLE>
<PAGE> 79
================================================================================
HARBOR COVE
================================================================================
CITY Foster City
# OF UNITS 400
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
23 260 117
</TABLE>
DATE OPENED Jun-82
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
14 8 11 0 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
3.50% 2.00% 2.75% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 500 $735 $750 $743 $1.47 $1.50 $1.49
Max n/a n/a n/a n/a n/a n/a n/a
Average 500 $735 $750 $743 $1.47 $1.50 $1.49
1 Bed - Min 625 $800 $820 $810 $1.28 $1.31 $1.30
Max 780 $860 $910 $885 $1.10 $1.17 $1.13
Average 702.5 $830 $865 $848 $1.19 $1.24 $1.22
2 Bed - Min 780 $920 $950 $935 $1.18 $1.22 $1.20
Max 1020 $1,050 $1,175 $1,113 $1.03 $1.15 $1.09
Average 900 $985 $1,063 $1,024 $1.10 $1.18 $1.14
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 500 $735 $750 $743 $1.47 $1.50 $1.49 0.00%
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 500 $735 $750 $743 $1.47 $1.50 $1.49 0.00%
1 Bed - Min 625 $800 $820 $810 $1.28 $1.31 $1.30 0.00%
Max 780 $860 $910 $885 $1.10 $1.17 $1.13 0.00%
Average 702.5 $830 $865 $848 $1.19 $1.24 $1.22 0.00%
2 Bed - Min 780 $920 $950 $935 $1.18 $1.22 $1.20 0.00%
Max 1020 $1,050 $1,175 $1,113 $1.03 $1.15 $1.09 0.00%
Average 900 $985 $1,063 $1,024 $1.10 $1.18 $1.14 0.00%
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
500 $760 $790 $775 $1.52 $1.58 $1.55 4.38
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max 500 $760 $790 $775 $1.52 $1.58 $1.55 4.38
Average
625 $825 $845 $835 $1.32 $1.35 $1.34 3.09
1 Bed - Min 780 $860 $975 $918 $1.10 $1.25 $1.18 3.67
Max 702.5 $843 $910 $876 $1.21 $1.30 $1.26 3.39
Average
780 $985 $1,000 $993 $1.26 $1.28 $1.27 6.15
2 Bed - Min 1020 $1,075 $1,200 $1,138 $1.05 $1.18 $1.12 2.25
Max 900 $1,030 $1,100 $1,065 $1.16 $1.23 $1.19 4.03
Average
n/a n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
500 $760 $790 $775 $1.52 $1.58 $1.55 0.00
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max 500 $760 $790 $775 $1.52 $1.58 $1.55 0.00
Average
625 $825 $845 $835 $1.32 $1.35 $1.34 0.00
1 Bed - Min 780 $875 $975 $925 $1.12 $1.25 $1.19 0.82
Max 702.5 $850 $910 $880 $1.22 $1.30 $1.26 0.43
Average
780 $985 $1,000 $993 $1.26 $1.28 $1.27 0.00
2 Bed - Min 1020 $1,075 $1,200 $1,138 $1.05 $1.18 $1.12 0.00
Max 900 $1,030 $1,100 $1,065 $1.16 $1.23 $1.19 0.00
Average
n/a n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
500 $760 $790 $775 $1.52 $1.58 $1.55 0.00
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max 500 $760 $790 $775 $1.52 $1.58 $1.55 0.00
Average
625 $950 $1,000 $975 $1.52 $1.60 $1.56 16.77
1 Bed - Min 780 $1,050 $1,100 $1,075 $1.35 $1.41 $1.38 16.22
Max 702.5 $1,000 $1,050 $1,025 $1.43 $1.51 $1.47 16.48
Average
780 $1,100 $1,150 $1,125 $1.41 $1.47 $1.44 13.35
2 Bed - Min 1020 $1,300 $1,450 $1,375 $1.27 $1.42 $1.35 20.88
Max 900 $1,200 $1,300 $1,250 $1.34 $1.45 $1.40 17.37
Average
n/a n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average
</TABLE>
<PAGE> 80
================================================================================
HARBORSIDE
================================================================================
CITY RedwoodCity
# OF UNITS 148
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
72 76
</TABLE>
DATE OPENED Jan-89
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
9 3 5 0 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
6.08% 2.03% 3.38% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 630 $925 $1,075 $1,000 $1.47 $1.71 $1.59
Max 730 $1,050 $1,150 $1,100 $1.44 $1.58 $1.51
Average 680 $988 $1,113 $1,050 $1.45 $1.64 $1.55
2 Bed - Min 820 $1,075 $1,275 $1,175 $1.31 $1.55 $1.43
Max 1000 $1,275 $1,475 $1,375 $1.28 $1.48 $1.38
Average 910 $1,175 $1,375 $1,275 $0.99 $1.51 $1.40
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 630 $950 $1,075 $1,013 $1.51 $1.71 $1.61 1.2500
Max 730 $1,060 $1,160 $1,110 $1.45 $1.59 $1.52 0.9091
Average 680 $1,005 $1,118 $1,061 $1.48 $1.65 $1.56 1.0714
2 Bed - Min 820 $1,085 $1,285 $1,185 $1.32 $1.57 $1.45 0.8511
Max 1000 $1,285 $1,475 $1,380 $1.29 $1.48 $1.38 0.3636
Average 910 $1,185 $1,380 $1,283 $0.99 $1.52 $1.41 0.5882
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 630 $1,020 $1,135 $1,078 $1.62 $1.80 $1.71 6.42
Max 730 $1,100 $1,200 $1,150 $1.51 $1.64 $1.58 3.60
Average 680 $1,060 $1,168 $1,114 $1.56 $1.72 $1.64 4.95
2 Bed - Min 820 $1,150 $1,350 $1,250 $1.40 $1.65 $1.52 5.49
Max 1000 $1,325 $1,525 $1,425 $1.33 $1.53 $1.43 3.26
Average 910 $1,238 $1,438 $1,338 $0.99 $1.59 $1.47 4.29
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 630 $1,075 $1,190 $1,133 $1.71 $1.89 $1.80 5.1044
Max 730 $1,100 $1,200 $1,150 $1.51 $1.64 $1.58 0.0000
Average 680 $1,155 $1,255 $1,141 $1.61 $1.77 $1.69 2.4691
2 Bed - Min 820 $1,205 $1,405 $1,305 $1.47 $1.71 $1.59 4.4000
Max 1000 $1,380 $1,580 $1,480 $1.38 $1.58 $1.48 3.8596
Average 910 $1,293 $1,493 $1,393 $1.42 $1.65 $1.54 4.1121
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 630 $1,230 $1,345 $1,288 $1.95 $2.13 $2.04 13.69
Max 730 $1,310 $1,410 $1,360 $1.79 $1.93 $1.86 18.26
Average 680 $1,270 $1,378 $1,324 $1.87 $2.03 $1.95 15.99
2 Bed - Min 820 $1,360 $1,560 $1,460 $1.66 $1.90 $1.78 11.88
Max 1000 $1,535 $1,735 $1,635 $1.54 $1.74 $1.64 10.47
Average 910 $1,448 $1,648 $1,548 $0.99 $1.82 $1.71 11.13
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 81
================================================================================
INDIAN CREEK
================================================================================
CITY Redwood Shores
# OF UNITS 185
<TABLE>
<CAPTION>
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
84 101
</TABLE>
DATE OPENED Mar-90
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
4 5 4 0 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.16% 2.70% 2.16% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 679 $985 $1,135 $1,060 $1.45 $1.67 $1.56
Max 746 $1,030 $1,180 $1,105 $1.38 $1.58 $1.48
Average 712.5 $1,008 $1,158 $1,083 $1.42 $1.63 $1.52
2 Bed - Min 976 $1,280 $1,380 $1,330 $1.31 $1.41 $1.36
Max 1031 $1,365 $1,565 $1,465 $1.32 $1.52 $1.42
Average 1003.5 $1,323 $1,473 $1,398 $0.99 $1.47 $1.39
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 679 $1,025 $1,175 $1,100 $1.51 $1.73 $1.62 3.7736
Max 746 $1,090 $1,240 $1,165 $1.46 $1.66 $1.56 5.4299
Average 712.5 $1,058 $1,208 $1,133 $1.49 $1.70 $1.59 4.6189
2 Bed - Min 976 $1,355 $1,455 $1,405 $1.39 $1.49 $1.44 5.6391
Max 1031 $1,395 $1,595 $1,495 $1.35 $1.55 $1.45 2.0478
Average 1003.5 $1,375 $1,525 $1,450 $0.99 $1.52 $1.44 3.7567
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 679 $1,100 $1,250 $1,175 $1.62 $1.84 $1.73 6.82
Max 746 $1,135 $1,285 $1,210 $1.52 $1.72 $1.62 3.86
Average 712.5 $1,118 $1,268 $1,193 $1.57 $1.78 $1.68 5.30
2 Bed - Min 976 $1,410 $1,510 $1,460 $1.44 $1.55 $1.50 3.91
Max 1031 $1,450 $1,650 $1,550 $1.41 $1.60 $1.50 3.68
Average 1003.5 $1,430 $1,580 $1,505 $0.99 $1.57 $1.50 3.79
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 679 $1,100 $1,250 $1,175 $1.62 $1.84 $1.73 0
Max 746 $1,135 $1,285 $1,210 $1.52 $1.72 $1.62 0
Average 712.5 $1,118 $1,268 $1,193 $1.57 $1.78 $1.68 0
2 Bed - Min 976 $1,410 $1,510 $1,460 $1.44 $1.55 $1.50 0
Max 1031 $1,450 $1,650 $1,550 $1.41 $1.60 $1.50 0
Average 1003.5 $1,430 $1,580 $1,505 $1.43 $1.57 $1.50 0
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 679 $1,285 $1,435 $1,360 $1.89 $2.11 $2.00 15.74
Max 746 $1,320 $1,470 $1,395 $1.77 $1.97 $1.87 15.29
Average 712.5 $1,303 $1,453 $1,378 $1.83 $2.04 $1.94 15.51
2 Bed - Min 976 $1,595 $1,695 $1,645 $1.63 $1.74 $1.69 12.67
Max 1031 $1,635 $1,835 $1,735 $1.59 $1.78 $1.68 11.94
Average 1003.5 $1,615 $1,765 $1,690 $0.99 $1.76 $1.68 12.29
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 82
================================================================================
LAKESHORE LANDING
================================================================================
<TABLE>
<CAPTION>
CITY San Mateo
# OF UNITS 308
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
132 176
DATE OPENED Feb-88
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
4 4 9 4 0
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
1.30% 1.30% 2.92% 1.30% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $885 $945 $915 $1.55 $1.66 $1.61
Max 609 $885 $1,065 $975 $1.45 $1.75 $1.60
Average 589.5 $885 $1,005 $945 $1.50 $1.70 $1.60
2 Bed - Min 664 $930 $930 $930 $1.40 $1.40 $1.40
Max 899 $1,120 $1,320 $1,220 $1.25 $1.47 $1.36
Average 781.5 $1,025 $1,125 $1,075 $1.32 $1.43 $1.38
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $905 $1,075 $990 $1.59 $1.89 $1.74 8.1967
Max 609 $905 $975 $940 $1.49 $1.60 $1.54 -3.59
Average 589.5 $905 $1,025 $965 $1.54 $1.74 $1.64 2.1164
664 $940 $1,110
2 Bed - Min 899 $1,170 $1,390 $1,025 $1.42 $1.67 $1.54 10.215
Max 781.5 $1,055 $1,250 $1,280 $1.30 $1.55 $1.42 4.918
Average $1,153 $1.36 $1.61 $1.48 7.2093
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a m/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $915 $1,095 $1,005 $1.61 $1.92 $1.76 1.5152
Max 609 $915 $1,195 $1,055 $1.50 $1.96 $1.73 12.234
Average 589.5 $915 $1,145 $1,030 $1.55 $1.94 $1.75 6.7358
2 Bed - Min 664 $970 $1,140 $1,055 $1.46 $1.72 $1.59 2.9268
Max 899 $1,230 $1,440 $1,335 $1.37 $1.60 $1.48 4.2969
Average 781.5 $1,100 $1,290 $1,195 $1.41 $1.66 $1.54 3.6876
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $1,043 $1,173 $1,108 $1.83 $2.06 $1.94 10.199
Max 609 $1,015 $1,245 $1,130 $1.67 $2.04 $1.86 7.109
Average 589.5 $1,029 $1,209 $1,119 $1.75 $2.05 $1.90 8.6165
2 Bed - Min 664 $1,075 $1,278 $1,176 $1.62 $1.92 $1.77 11.493
Max 899 $1,285 $1,440 $1,363 $1.43 $1.60 $1.52 2.0599
Average 781.5 $1,180 $1,359 $1,269 $1.52 $1.76 $1.64 6.2238
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 570 $1,170 $1,250 $1,210 $2.05 $2.19 $2.12 9.2551
Max 609 $1,115 $1,295 $1,205 $1.83 $2.13 $1.98 6.6372
Average 589.5 $1,143 $1,273 $1,208 $1.94 $2.16 $2.05 7.933
2 Bed - Min 664 $1,180 $1,415 $1,298 $1.78 $2.13 $1.95 10.308
Max 899 $1,340 $1,440 $1,390 $1.49 $1.60 $1.55 2.0183
Average 781.5 $1,260 $1,428 $1,344 $1.63 $1.87 $1.75 5.8592
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 83
<TABLE>
<CAPTION>
========================================================================================================================
LANDS END
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Pacifica UNITS VACANT
# OF UNITS 260 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX n/a 3 7 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
60 152 48 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-72 n/a 1.15% 2.69% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ.FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------- ------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 401 $ 685 $ 685 $ 685 $1.71 $1.71 $1.71
Max 425 $ 695 $ 695 $ 695 $1.64 $1.64 $1.64
Average 413 $ 690 $ 690 $ 690 $1.67 $1.67 $1.67
1 Bed - Min 580 $ 815 $ 960 $ 888 $1.41 $1.66 $1.53
Max 632 $ 815 $ 960 $ 888 $1.29 $1.52 $1.40
Average 606 $ 815 $ 960 $ 888 $1.35 $1.59 $1.47
2 Bed - Min 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31
Max n/a n/a n/a n/a n/a n/a n/a
Average 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ.FT. %
UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 401 $ 685 $ 685 $ 685 $1.71 $1.71 $1.71 0.00
Max 425 $ 695 $ 695 $ 695 $1.64 $1.64 $1.64 0.00
Average 413 $ 690 $ 690 $ 690 $1.67 $1.67 $1.67 0.00
1 Bed - Min 580 $ 815 $ 960 $ 888 $1.41 $1.66 $1.53 0.00
Max 632 $ 815 $ 960 $ 888 $1.29 $1.52 $1.40 0.00
Average 606 $ 815 $ 960 $ 888 $1.35 $1.59 $1.47 0.00
2 Bed - Min 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31 0.00
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31 0.00
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------- ------------------------------------------------------------------
RANGE JAN-96 RENT PER SQ. FT. %
UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 401 $ 695 $ 800 $ 748 $1.73 $2.00 $1.86 9.124
Max 425 $ 705 $ 815 $ 760 $1.66 $1.92 $1.79 9.353
Average 413 $ 700 $ 808 $ 754 $1.70 $1.96 $1.83 9.239
1 Bed - Min 580 $ 810 $ 930 $ 870 $1.40 $1.60 $1.50 -1.972
Max 632 $ 815 $ 970 $ 893 $1.29 $1.53 $1.41 0.563
Average 606 $ 813 $ 950 $ 881 $1.34 $1.57 $1.46 -0.704
2 Bed - Min 866 $1,050 $1,250 $1,150 $1.21 $1.44 $1.33 1.099
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 866 $1,050 $1,250 $1,150 $1.21 $1.44 $1.33 1.099
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
RENT JUL-96 RENT PER SQ.FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 401 $ 730 $ 850 $ 790 $1.82 $2.12 $1.97 5.69
Max 425 $ 730 $ 850 $ 790 $1.72 $2.00 $1.86 3.95
Average 413 $ 730 $ 850 $ 790 $1.77 $2.06 $1.91 4.81
1 Bed - Min 580 $ 850 $1,000 $ 925 $1.47 $1.72 $1.59 6.32
Max 632 $1,050 $1,275 $1,163 $1.66 $2.02 $1.84 30.25
Average 606 $ 950 $1,138 $1,044 $1.56 $1.87 $1.72 18.44
2 Bed - Min 866 $1,050 $1,275 $1,163 $1.21 $1.47 $1.34 1.09
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 866 $1,050 $1,275 $1,163 $1.21 $1.47 $1.34 1.09
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 84
<TABLE>
<CAPTION>
===============================================================================================================
LANTERN COVE
===============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Foster city UNITS VACANT
# OF UNITS 232 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 9 5 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
48 184 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Mar-85 3.88% 3.88% 2.16% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ.FT. MIN MAX AVG MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 730 $1,010 $1,060 $1,035 $1.38 $1.45 $1.42
Max 748 $1,010 $1,060 $1,035 $1.35 $1.42 $1.38
Average 739 $1,010 $1,060 $1,035 $1.37 $1.43 $1.40
2 Bed - Min 980 $1,205 $1,225 $1,215 $1.23 $1.25 $1.24
Max 1043 $1,270 $1,410 $1,340 $1.22 $1.35 $1.28
Average 1011.5 $1,238 $1,318 $1,278 $1.22 $1.30 $1.26
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 730 $1,010 $1,060 $1,035 $1.38 $1.45 $1.42 0.000
Max 748 $1,010 $1,060 $1,035 $1.35 $1.42 $1.38 0.000
Average 739 $1,010 $1,060 $1,035 $1.37 $1.43 $1.40 0.000
2 Bed - Min 980 $1,205 $1,225 $1,215 $1.23 $1.25 $1.24 0.000
Max 1043 $1,290 $1,320 $1,305 $1.24 $1.27 $1.25 -2.612
Average 1011.5 $1,248 $1,273 $1,260 $1.23 $1.26 $1.25 -1.370
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 730 $1,020 $1,040 $1,030 $1.40 $1.42 $1.41 -0.48
Max 748 $1,050 $1,070 $1,060 $1.40 $1.43 $1.42 2.42
Average 739 $1,035 $1,055 $1,045 $1.40 $1.43 $1.41 0.97
2 Bed - Min 980 $1,235 $1,265 $1,250 $1.26 $1.29 $1.28 2.88
Max 1043 $1,330 $1,350 $1,340 $1.28 $1.29 $1.28 2.68
Average 1011.5 $1,283 $1,308 $1,295 $1.27 $1.29 $1.28 2.78
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 730 $1,060 $1,120 $1,090 $1.45 $1.53 $1.49 5.8252
Max 748 $1,060 $1,120 $1,090 $1.42 $1.50 $1.46 2.8302
Average 739 $1,060 $1,120 $1,090 $1.43 $1.52 $1.48 4.3062
2 Bed - Min 980 $1,295 $1,395 $1,345 $1.32 $1.42 $1.37 7.6000
Max 1043 $1,390 $1,440 $1,415 $1.33 $1.38 $1.36 5.5970
Average 1011.5 $1,343 $1,418 $1,380 $1.33 $1.40 $1.36 6.5637
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 730 $1,390 $1,450 $1,420 $1.90 $1.99 $1.95 30.28
Max 748 $1,390 $1,450 $1,420 $1.86 $1.94 $1.90 30.28
Average 739 $1,390 $1,450 $1,420 $1.88 $1.96 $1.92 30.28
2 Bed - Min 980 $1,630 $1,660 $1,645 $1.66 $1.69 $1.68 22.30
Max 1043 $1,725 $1,775 $1,750 $1.65 $1.70 $1.68 23.67
Average 1011.5 $1,678 $1,718 $1,698 $1.66 $1.70 $1.68 23.01
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 85
================================================================================
REDWOOD SHORES
================================================================================
<TABLE>
<CAPTION>
CITY Redwood City
# OF UNITS 304
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
160 144
DATE OPENED Jun-87
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
6 15 11 2 2
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
1.97% 4.93% 3.62% 0.66% 0.66%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN MAX
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 551 $875 $895 $885 $1.59 $1.62 $1.61 551 $885 $905
Max 726 $940 $995 $968 $1.29 $1.37 $1.33 726 $950 $1,005
Average 638.5 $908 $945 $926 $1.44 $1.50 $1.47 638.5 $918 $955
2 Bed - Min 775 $1,000 $1,015 $1,008 $1.29 $1.31 $1.30 775 $1,010 $1,025
Max 1006 $1,220 $1,280 $1,250 $1.21 $1.27 $1.24 1006 $1,240 $1,280
Average 890.5 $1,110 $1,148 $1,129 $1.25 $1.29 $1.27 890.5 $1,125 $1,153
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
RENT PER SQ. FT. %
UNIT AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
1 Bed - Min $895 $1.61 $1.64 $1.62 1.1299
Max $978 $1.31 $1.38 $1.35 1.0336
Average $936 $1.46 $1.51 $1.49 1.0796
2 Bed - Min $1,018 $1.30 $1.32 $1.31 0.9926
Max $1,260 $1.23 $1.27 $1.25 0.8000
Average $1,139 $1.27 $1.30 $1.28 0.8859
3 Bed - Min n/a n/a n/a n/a
Max n/a n/a n/a n/a
Average n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 551 $910 $925 $918 $1.65 $1.68 $1.67 2.51 551 $925
Max 726 $995 $1,045 $1,020 $1.37 $1.44 $1.40 4.35 726 $1,110
Average 638.5 $953 $985 $969 $1.51 $1.56 $1.54 3.47 638.5 $1,018
2 Bed - Min 775 $1,055 $1,065 $1,060 $1.36 $1.37 $1.37 4.18 775 $1,075
Max 1006 $1,300 $1,360 $1,330 $1.29 $1.35 $1.32 5.56 1006 $1,330
Average 890.5 $1,178 $1,213 $1,195 $1.33 $1.36 $1.34 4.94 890.5 $1,203
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $940 $933 $1.68 $1.71 $1.69 1.6349
Max $1,160 $1,135 $1.53 $1.60 $1.56 11.2745
Average $1,050 $1,034 $1.60 $1.65 $1.63 6.7097
2 Bed - Min $1,085 $1,080 $1.39 $1.40 $1.39 1.8868
Max $1,370 $1,350 $1.32 $1.36 $1.34 1.5038
Average $1,228 $1,215 $1.35 $1.38 $1.37 1.6736
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 551 $995 $1,015 $1,005 $1.81 $1.84 $1.82 7.77
Max 726 $1,095 $1,145 $1,120 $1.51 $1.58 $1.54 -1.32
Average 638.5 $1,045 $1,080 $1,063 $1.66 $1.71 $1.68 2.78
2 Bed - Min 775 $1,150 $1,170 $1,160 $1.48 $1.51 $1.50 7.41
Max 1006 $1,410 $1,450 $1,430 $1.40 $1.44 $1.42 5.93
Average 890.5 $1,280 $1,310 $1,295 $1.44 $1.48 $1.46 6.58
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 86
================================================================================
SAND COVE
================================================================================
<TABLE>
<CAPTION>
CITY Foster City
# OF UNITS 344
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
40 152 152
DATE OPENED Dec-71
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
24 7 8 14 0
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
6.98% 2.03% 2.33% 4.07% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 550 $795 $805 $800 $1.45 $1.46 $1.45 550 $795
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $795 $805 $800 $1.45 $1.46 $1.45 550 $795
1 Bed - Min 687 $860 $870 $865 $1.25 $1.27 $1.26 687 $860
Max 712 $875 $980 $928 $1.23 $1.38 $1.30 712 $875
Average 699.5 $868 $925 $896 $1.24 $1.32 $1.28 699.5 $868
2 Bed - Min 869 $1,020 $1,040 $1,030 $1.17 $1.20 $1.19 869 $1,020
Max 952 $1,085 $1,205 $1,145 $1.14 $1.27 $1.20 952 $1,085
Average 910.5 $1,053 $1,123 $1,088 $1.16 $1.23 $1.19 910.5 $1,053
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DEC-94 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. $805 $800 $1.45 $1.46 $1.45 0.0000
Max n/a n/a n/a n/a n/a n/a
Average $805 $800 $1.45 $1.46 $1.45 0.0000
1 Bed - Min $870 $865 $1.25 $1.27 $1.26 0.0000
Max $960 $918 $1.23 $1.35 $1.29 -1.0782
Average $915 $891 $1.24 $1.31 $1.27 -0.5579
2 Bed - Min $1,040 $1,030 $1.17 $1.20 $1.19 0.0000
Max $1,185 $1,135 $1.14 $1.24 $1.19 -0.8734
Average $1,113 $1,083 $1.16 $1.22 $1.19 -0.4598
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88 550 $915
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88 550 $915
1 Bed - Min 687 $885 $895 $890 $1.29 $1.30 $1.30 2.89 687 $995
Max 712 $900 $1,010 $955 $1.26 $1.42 $1.34 4.09 712 $1,030
Average 699.5 $893 $953 $923 $1.28 $1.36 $1.32 3.51 699.5 $1,013
2 Bed - Min 869 $1,045 $1,065 $1,055 $1.20 $1.23 $1.21 2.43 869 $1,225
Max 952 $1,110 $1,240 $1,175 $1.17 $1.30 $1.23 3.52 952 $1,295
Average 910.5 $1,078 $1,153 $1,115 $1.18 $1.26 $1.22 3.00 910.5 $1,260
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min $925 $920 $1.66 $1.68 $1.67 12.8834
Max n/a n/a n/a n/a n/a n/a
Average $925 $920 $1.66 $1.68 $1.67 12.8834
1 Bed - Min $1,005 $1,000 $1.45 $1.46 $1.46 12.3596
Max $1,100 $1,065 $1.45 $1.54 $1.50 11.5183
Average $1,053 $1,033 $1.45 $1.50 $1.48 11.9241
2 Bed - Min $1,235 $1,230 $1.41 $1.42 $1.42 16.5877
Max $1,440 $1,368 $1.36 $1.51 $1.44 16.3830
Average $1,338 $1,299 $1.38 $1.47 $1.43 16.4798
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 10.87
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 10.87
1 Bed - Min 687 $1,120 $1,130 $1,125 $1.63 $1.64 $1.64 12.50
Max 712 $1,145 $1,275 $1,210 $1.61 $1.79 $1.70 13.62
Average 699.5 $1,133 $1,203 $1,168 $1.62 $1.72 $1.67 13.08
2 Bed - Min 869 $1,345 $1,355 $1,350 $1.55 $1.56 $1.55 9.76
Max 952 $1,415 $1,575 $1,495 $1.49 $1.65 $1.57 9.32
Average 910.5 $1,380 $1,465 $1,423 $1.52 $1.61 $1.56 9.53
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 87
================================================================================
SCHOONER BAY
================================================================================
<TABLE>
<CAPTION>
CITY Foster City
# OF UNITS 312
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
117 195
DATE OPENED Nov-85
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
9 3 5 0 2
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
2.88% 0.96% 1.60% 0.00% 0.64%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 712 $1,045 $1,160 $1,103 $1.47 $1.63 $1.55 712 $1,045
Max 743 $1,045 $1,160 $1,103 $1.41 $1.56 $1.48 743 $1,045
Average 727.5 $1,045 $1,160 $1,103 $1.44 $1.60 $1.52 727.5 $1,045
2 Bed - Min 963 $1,285 $1,365 $1,325 $1.33 $1.42 $1.38 963 $1,310
Max 1282 $1,455 $1,575 $1,515 $1.13 $1.23 $1.18 1282 $1,490
Average 1122.5 $1,370 $1,470 $1,420 $1.23 $1.32 $1.28 1122.5 $1,400
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
DEC-94 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $1,160 $1,103 $1.47 $1.63 $1.55 0.0000
Max $1,160 $1,103 $1.41 $1.56 $1.48 0.0000
Average $1,160 $1,103 $1.44 $1.60 $1.52 0.0000
2 Bed - Min $1,390 $1,350 $1.36 $1.44 $1.40 1.8868
Max $1,610 $1,550 $1.16 $1.26 $1.21 2.3102
Average $1,500 $1,450 $1.26 $1.35 $1.31 2.1127
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 712 $1,045 $1,160 $1,103 $1.47 $1.63 $1.55 0.00 712 $1,130
Max 743 $1,045 $1,160 $1,103 $1.41 $1.56 $1.48 0.00 743 $1,130
Average 727.5 $1,045 $1,160 $1,103 $1.44 $1.60 $1.52 0.00 727.5 $1,130
2 Bed - Min 963 $1,310 $1,390 $1,350 $1.36 $1.44 $1.40 0.00 963 $1,385
Max 1282 $1,490 $1,620 $1,555 $1.16 $1.26 $1.21 0.32 1282 $1,610
Average 1122.5 $1,400 $1,505 $1,453 $1.26 $1.35 $1.31 0.17 1122.5 $1,498
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
1 Bed - Min $1,230 $1,180 $1.59 $1.73 $1.66 7.0295
Max $1,230 $1,180 $1.52 $1.66 $1.59 7.0295
Average $1,230 $1,180 $1.55 $1.69 $1.62 7.0295
2 Bed - Min $1,460 $1,423 $1.44 $1.52 $1.48 5.3704
Max $1,730 $1,670 $1.26 $1.35 $1.30 7.3955
Average $1,595 $1,546 $1.35 $1.43 $1.39 6.4544
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 712 $1,440 $1,540 $1,490 $2.02 $2.16 $2.09 26.27
Max 743 $1,440 $1,540 $1,490 $1.94 $2.07 $2.01 26.27
Average 727.5 $1,440 $1,540 $1,490 $1.98 $2.12 $2.05 26.27
2 Bed - Min 963 $1,695 $1,770 $1,733 $1.76 $1.84 $1.80 21.79
Max 1282 $1,900 $2,040 $1,970 $1.48 $1.59 $1.54 17.96
Average 1122.5 $1,798 $1,905 $1,851 $1.62 $1.71 $1.67 19.73
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 88
================================================================================
SERRAMONTE RIDGE
================================================================================
<TABLE>
<CAPTION>
CITY Daily City
# OF UNITS 396
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C>
129 108 159
DATE OPENED Feb-87
</TABLE>
<TABLE>
<CAPTION>
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
16 35 26 0 0
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
4.04% 8.84% 6.57% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 511 $705 $705 $705 $1.38 $1.38 $1.38 511 $715
Max 628 $795 $795 $795 $1.27 $1.27 $1.27 628 $775
Average 569.5 $750 $750 $750 $1.32 $1.32 $1.32 569.5 $745
1 Bed - Min 610 $815 $815 $815 $1.34 $1.34 $1.34 610 $825
Max 676 $875 $875 $875 $1.29 $1.29 $1.29 676 $885
Average 643 $845 $845 $845 $1.32 $1.32 $1.32 643 $855
2 Bed - Min 858 $1,040 $1,040 $1,040 $1.21 $1.21 $1.21 858 $1,040
Max 915 $1,100 $1,100 $1,100 $1.20 $1.20 $1.20 915 $1,100
Average 886.5 $1,070 $1,070 $1,070 $1.21 $1.21 $1.21 886.5 $1,070
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DEC-94 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min. $715 $715 $1.40 $1.40 $1.40 1.4184
Max $775 $775 $1.23 $1.23 $1.23 -2.5157
Average $745 $745 $1.32 $1.32 $1.32 -0.6667
1 Bed - Min $825 $825 $1.35 $1.35 $1.35 1.2270
Max $885 $885 $1.31 $1.31 $1.31 1.1429
Average $855 $855 $1.33 $1.33 $1.33 1.1834
2 Bed - Min $1,040 $1,040 $1.21 $1.21 $1.21 0.0000
Max $1,100 $1,100 $1.20 $1.20 $1.20 0.0000
Average $1,070 $1,070 $1.21 $1.21 $1.21 0.0000
3 Bed - Min n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 511 $715 $715 $715 $1.40 $1.40 $1.40 0.00 511 $745
Max 628 $775 $775 $775 $1.23 $1.23 $1.23 0.00 628 $785
Average 569.5 $745 $745 $745 $1.32 $1.32 $1.32 0.00 569.5 $765
1 Bed - Min 610 $825 $825 $825 $1.35 $1.35 $1.35 0.00 610 $895
Max 676 $865 $865 $865 $1.28 $1.28 $1.28 -2.26 676 $925
Average 643 $845 $845 $845 $1.32 $1.32 $1.32 -1.17 643 $910
2 Bed - Min 858 $1,020 $1,020 $1,020 $1.19 $1.19 $1.19 -1.92 858 $1,120
Max 915 $1,080 $1,080 $1,080 $1.18 $1.18 $1.18 -1.82 915 $1,120
Average 886.5 $1,050 $1,050 $1,050 $1.18 $1.18 $1.18 -1.87 886.5 $1,120
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
DEC-95 RENT PER SQ. FT. %
UNIT MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Studio - Min $775 $760 $1.46 $1.52 $1.49 6.2937
Max $845 $815 $1.25 $1.35 $1.30 5.1613
Average $810 $788 $1.35 $1.43 $1.39 5.7047
1 Bed - Min $925 $910 $1.47 $1.52 $1.49 10.3030
Max $965 $945 $1.37 $1.43 $1.40 9.2486
Average $945 $928 $1.42 $1.47 $1.44 9.7633
2 Bed - Min $1,165 $1,143 $1.31 $1.36 $1.33
Max $1,165 $1,143 $1.22 $1.27 $1.25 12.0098
Average $1,165 $1,143 $1.26 $1.32 $1.29 8.8095
3 Bed - Min n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 511 $850 $925 $888 $1.66 $1.81 $1.74 16.78
Max 628 $925 $965 $945 $1.47 $1.54 $1.50 15.95
Average 569.5 $888 $945 $916 $1.57 $1.67 $1.62 16.35
1 Bed - Min 610 $1,015 $1,055 $1,035 $1.66 $1.73 $1.70 13.74
Max 676 $1,045 $1,095 $1,070 $1.55 $1.62 $1.58 13.23
Average 643 $1,030 $1,075 $1,053 $1.60 $1.67 $1.64 13.48
2 Bed - Min 858 $1,325 $1,395 $1,360 $1.54 $1.63 $1.59 19.04
Max 915 $1,345 $1,410 $1,378 $1.47 $1.54 $1.51 20.57
Average 886.5 $1,335 $1,403 $1,369 $1.51 $1.58 $1.55 19.80
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 89
SHADOW COVE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
CITY Foster City UNITS VACANT
# OF UNITS 164 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 5 5 7 4 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
16 74 74 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jun-70 3.05% 3.05% 4.27% 2.44% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 550 $795 $805 $800 $1.45 $1.46 $1.45
Max n/a n/a n/a n/a n/a n/a n/a
Average 550 $795 $805 $800 $1.45 $1.46 $1.45
1 Bed - Min 687 $860 $870 $865 $1.25 $1.27 $1.26
Max 712 $875 $980 $928 $1.23 $1.38 $1.30
Average 699.5 $868 $925 $896 $1.24 $1.32 $1.28
2 Bed - Min 869 $1,020 $1,040 $1,030 $1.17 $1.20 $1.19
Max 952 $1,085 $1,205 $1,145 $1.14 $1.27 $1.20
Average 910.5 $1,053 $1,123 $1,088 $1.16 $1.23 $1.19
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
<CAPTION>
- ------------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 550 $795 $805 $800 $1.45 $1.46 $1.45 0.0000
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $795 $805 $800 $1.45 $1.46 $1.45 0.0000
1 Bed - Min 687 $860 $870 $865 $1.25 $1.27 $1.26 0.0000
Max 712 $875 $960 $918 $1.23 $1.35 $1.29 -1.0782
Average 699.5 $868 $915 $891 $1.24 $1.31 $1.27 -0.5579
2 Bed - Min 869 $1,020 $1,040 $1,030 $1.17 $1.20 $1.19 0.0000
Max 952 $1,085 $1,205 $1,145 $1.14 $1.27 $1.20 0.0000
Average 910.5 $1,053 $1,123 $1,088 $1.16 $1.23 $1.19 0.0000
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88
1 Bed - Min 687 $885 $895 $890 $1.29 $1.30 $1.30 2.89
Max 712 $895 $1,005 $950 $1.26 $1.41 $1.33 3.54
Average 699.5 $890 $950 $920 $1.27 $1.36 $1.31 3.23
2 Bed - Min 869 $1,045 $1,065 $1,055 $1.20 $1.23 $1.21 2.43
Max 952 $1,110 $1,250 $1,180 $1.17 $1.31 $1.24 3.06
Average 910.5 $1,078 $1,158 $1,118 $1.18 $1.27 $1.23 2.76
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
<CAPTION>
- --------------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 550 $915 $915 $915 $1.66 $1.66 $1.66 12.2699
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $915 $915 $915 $1.66 $1.66 $1.66 12.2699
1 Bed - Min 687 $1,005 $1,020 $1,013 $1.46 $1.48 $1.47 13.7640
Max 712 $1,040 $1,140 $1,090 $1.46 $1.60 $1.53 14.7368
Average 699.5 $1,023 $1,080 $1,051 $1.46 $1.54 $1.50 14.2663
2 Bed - Min 869 $1,125 $1,225 $1,175 $1.29 $1.41 $1.35 11.3744
Max 952 $1,305 $1,435 $1,370 $1.37 $1.51 $1.44 16.1017
Average 910.5 $1,215 $1,330 $1,273 $1.33 $1.46 $1.40 13.8702
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 11.48
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 11.48
1 Bed - Min 687 $1,120 $1,130 $1,125 $1.63 $1.64 $1.64 11.11
Max 712 $1,145 $1,255 $1,200 $1.61 $1.76 $1.69 10.09
Average 699.5 $1,133 $1,193 $1,163 $1.62 $1.70 $1.66 10.58
2 Bed - Min 869 $1,345 $1,355 $1,350 $1.55 $1.56 $1.55 14.89
Max 952 $1,415 $1,555 $1,485 $1.49 $1.63 $1.56 8.39
Average 910.5 $1,380 $1,455 $1,418 $1.52 $1.60 $1.56 11.39
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 90
SKYCREST
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Bruno UNITS VACANT
# OF UNITS 108 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX n/a 1 4 1 1
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
48 48 12 6/1/94 1/1/95 6/1/95 1/1/96 7/1/96
DATE OPENED Jan-70 n/a 0.93% 3.70% 0.93% 0.93%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
2 Bed - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
3 Bed - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
<CAPTION>
- ------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min. 720 $735 $760 $748 $1.02 $1.06 $1.04
Max n/a n/a n/a n/a n/a n/a n/a
Average 720 $735 $760 $748 $1.02 $1.06 $1.04
2 Bed - Min. 950 $880 $905 $893 $0.93 $0.95 $0.94
Max n/a n/a n/a n/a n/a n/a n/a
Average 950 $880 $905 $893 $0.99 $0.95 $0.94
3 Bed - Min. 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88
Max n/a n/a n/a n/a n/a n/a n/a
Average 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min. 720 $735 $760 $748 $1.02 $1.06 $1.04 0
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 720 $735 $760 $748 $1.02 $1.06 $1.04 0
2 Bed - Min. 950 $870 $905 $888 $0.92 $0.95 $0.93 -0.56
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 950 $870 $905 $888 $0.99 $0.95 $0.93 -0.56
3 Bed - Min. 1185 $1,045 $1,065 $1,055 $0.88 $0.90 $0.89 0.9569
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1185 $1,045 $1,065 $1,055 $0.88 $0.90 $0.89 0.9569
<CAPTION>
- -------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min. 720 $735 $760 $748 $1.02 $1.06 $1.04 0
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 720 $735 $760 $748 $1.02 $1.06 $1.04 0
2 Bed - Min. 950 $880 $905 $893 $0.93 $0.95 $0.94 0.5634
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 950 $880 $905 $893 $0.93 $0.95 $0.94 0.5634
3 Bed - Min. 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88 -0.948
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88 -0.948
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min. 720 $760 $785 $773 $1.06 $1.09 $1.07 3.3445
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 720 $760 $785 $773 $1.06 $1.09 $1.07 3.3445
2 Bed - Min. 950 $945 $970 $958 $0.99 $1.02 $1.01 7.2829
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 950 $945 $970 $958 $0.99 $1.02 $1.01 7.2829
3 Bed - Min. 1185 $1,150 $1,150 $1,150 $0.97 $0.97 $0.97 10.048
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1185 $1,150 $1,150 $1,150 $0.97 $0.97 $0.97 10.048
</TABLE>
<PAGE> 91
TREETOPS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Bruno UNITS VACANT
# OF UNITS 308 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX n/a 19 11 2 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
182 126 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-87 n/a 6.17% 3.57% 0.65% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min n/a n/a n/a n/a n/a n/a n/a 532 $810 $835 $823 $1.52 $1.57 $1.55
Max n/a n/a n/a n/a n/a n/a n/a 659 $850 $875 $863 $1.29 $1.33 $1.31
Average n/a n/a n/a n/a n/a n/a n/a 595.5 $830 $855 $843 $1.41 $1.45 $1.43
2 Bed - Min n/a n/a n/a n/a n/a n/a n/a 806 $1,010 $1,035 $1,023 $1.25 $1.28 $1.27
Max n/a n/a n/a n/a n/a n/a n/a 909 $1,150 $1,175 $1,163 $1.27 $1.29 $1.28
Average n/a n/a n/a n/a n/a n/a n/a 857.5 $1,080 $1,105 $1,093 $1.26 $1.29 $1.27
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 532 $820 $875 $848 $1.54 $1.64 $1.59 3.0395 532 $830 $875 $853 $1.56 $1.64 $1.60 0.58997
Max 659 $860 $915 $888 $1.31 $1.39 $1.35 2.8986 659 $875 $940 $908 $1.33 $1.43 $1.38 2.25362
Average 595.5 $840 $895 $868 $1.42 $1.52 $1.47 2.9674 595.5 $853 $908 $880 $1.44 $1.54 $1.49 1.44092
2 Bed - Min 806 $1,020 $1,075 $1,048 $1.27 $1.33 $1.30 2.445 806 $1,060 $1,145 $1,103 $1.32 $1.42 $1.37 5.2508
Max 909 $1,160 $1,215 $1,188 $1.28 $1.34 $1.31 2.1505 909 $1,195 $1,280 $1,238 $1.31 $1.41 $1.36 4.21053
Average 857.5 $1,090 $1,145 $1,118 $1.27 $1.34 $1.30 2.2883 857.5 $1,128 $1,213 $1,170 $1.31 $1.41 $1.36 4.69799
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
1 Bed - Min 532 $840 $895 $868 $1.58 $1.68 $1.63 1.7595
Max 659 $885 $980 $933 $1.34 $1.49 $1.42 2.7548
Average 595.5 $863 $938 $900 $1.46 $1.58 $1.52 2.2727
2 Bed - Min 806 $1,085 $1,180 $1,133 $1.35 $1.46 $1.41 2.7211
Max 909 $1,220 $1,315 $1,268 $1.34 $1.45 $1.39 2.4242
Average 857.5 $1,153 $1,248 $1,200 $1.34 $1.46 $1.40 2.5641
3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average n/a n/a n/a n/a n/a n/a n/a n/a
</TABLE>
<PAGE> 92
ALDERWOOD
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 234 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 14 15 6 0 1
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 124 110 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Nov-86 5.98% 6.41% 2.56% 0.00% 0.43%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $865 $965 $915 $1.24 $1.38 $1.31 700 $895 $975 $935 $1.28 $1.39 $1.34 2.19%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $865 $965 $915 $1.24 $1.38 $1.31 700 $895 $975 $935 $1.28 $1.39 $1.34 2.19%
2 Bed - Min 1000 $1,095 $1,190 $1,143 $1.10 $1.19 $1.14 1000 $1,110 $1,190 $1,150 $1.11 $1.19 $1.15 0.66%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1000 $1,095 $1,190 $1,143 $1.10 $1.19 $1.14 1000 $1,110 $1,190 $1,150 $1.11 $1.19 $1.15 0.66%
3 Bed - Min N/A
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $940 $1,040 $990 $1.34 $1.49 $1.41 5.88% 700 $1,080 $1,180 $1,130 $1.54 $1.69 $1.61 14.14%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $940 $1,040 $990 $1.34 $1.49 $1.41 5.88% 700 $1,080 $1,180 $1,130 $1.54 $1.69 $1.61 14.14%
2 Bed - Min 1000 $1,180 $1,280 $1,230 $1.18 $1.28 $1.23 6.96% 1000 $1,313 $1,413 $1,363 $1.31 $1.41 $1.36 10.77%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1000 $1,180 $1,280 $1,230 $1.18 $1.28 $1.23 6.96% 1000 $1,313 $1,413 $1,363 $1.31 $1.41 $1.36 10.77%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,220 $1,320 $1,270 $1.74 $1.89 $1.81 12.39%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,220 $1,320 $1,270 $1.74 $1.89 $1.81 12.39%
2 Bed - Min 1000 $1,445 $1,545 $1,495 $1.45 $1.55 $1.50 9.72%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1000 $1,445 $1,545 $1,495 $1.45 $1.55 $1.50 9.72%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 93
BELLA VISTA
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 634 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 12 29 14 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 330 304 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Aug-91 1.89% 4.57% 2.21% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 509 $ 765 $ 895 $ 830 $1.50 $1.76 $1.63 509 $ 815 $ 915 $ 865 $1.60 $1.80 $1.70 4.22%
Max 743 $ 965 $1,065 $1,015 $1.30 $1.43 $1.37 743 $1,015 $1,155 $1,085 $1.37 $1.55 $1.46 N/A
Average 626 $ 865 $ 980 $ 923 $1.40 $1.60 $1.50 626 $ 915 $1,035 $ 975 $1.46 $1.65 $1.56 0
2 Bed - Min 889 $1,095 $1,495 $1,295 $1.23 $1.68 $1.46 889 $1,165 $1,195 $1,180 $1.31 $1.34 $1.33 -8.88%
Max 1164 $1,115 $1,525 $1,320 $0.96 $1.31 $1.13 1164 $1,395 $1,555 $1,475 $1.20 $1.34 $1.27 11.74%
Average 1027 $1,105 $1,510 $1,308 $1.09 $1.50 $1.30 1027 $1,280 $1,375 $1,328 $1.25 $1.34 $1.30 1.43%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 509 $ 845 $ 995 $ 920 $1.66 $1.95 $1.81 6.36% 509 $ 905 $1,053 $ 979 $1.78 $2.07 $1.92 6.41%
Max 743 $1,115 $1,265 $1,190 $1.50 $1.70 $1.60 9.68% 743 $1,205 $1,355 $1,280 $1.62 $1.82 $1.72 7.56%
Average 626 $ 980 $1,130 $1,055 $1.58 $1.83 $1.70 8.02% 626 $1,055 $1,204 $1,130 $1.70 $1.95 $1.82 6.99%
2 Bed - Min 889 $1,265 $1,685 $1,475 $1.42 $1.90 $1.66 25.00% 889 $1,415 $1,835 $1,625 $1.59 $2.06 $1.83 10.17%
Max 1164 $1,395 $1,555 $1,475 $1.20 $1.34 $1.27 0.00% 1164 $1,415 $1,835 $1,625 $1.22 $1.58 $1.40 10.17%
Average 1027 $1,330 $1,620 $1,475 $1.31 $1.62 $1.46 12.50% 1027 1415 1835 1625 $1.40 $1.82 $1.61 10.17%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 509 $1,035 $1,185 $1,110 $2.03 $2.33 $2.18 13.38%
Max 743 $1,345 $1,495 $1,420 $1.81 $2.01 $1.91 10.94%
Average 626 $1,190 $1,340 $1,265 $1.92 $2.17 $2.05 12.16%
2 Bed - Min 889 $1,585 $1,585 $1,585 $1.78 $1.78 $1.78 -2.46%
Max 1164 $2,005 $2,005 $2,005 $1.72 $1.72 $1.72 23.38%
Average 1027 $1,795 $1,795 $1,795 $1.75 $1.75 $1.75 10.46%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 94
BOARDWALK LAKESIDE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 8 7 5 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 176 72 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-77 3.23% 2.82% 2.02% 0.40% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $ 850 $ 975 $ 913 $1.21 $1.39 $1.30 700 $ 825 $ 840 $ 833 $1.18 $1.20 $1.19 -8.77%
Max 750 $ 850 $ 975 $ 913 $1.13 $1.30 $1.22 750 $ 840 $ 870 $ 855 $1.12 $1.16 $1.14 -6.30%
Average 725 $ 850 $ 975 $ 913 $1.17 $1.35 $1.26 725 $ 833 $ 855 $ 844 $1.15 $1.18 $1.16 -1.23%
2 Bed - Min 950 $1,040 $1,085 $1,063 $1.09 $1.14 $1.12 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 1.41%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,040 $1,085 $1,063 $1.09 $1.14 $1.12 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 1.41%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $ 850 $ 875 $ 863 $1.21 $1.25 $1.23 3.60% 700 $1,000 $1,040 $1,020 $1.43 $1.49 $1.46 18.26%
Max 750 $ 865 $ 915 $ 890 $1.15 $1.22 $1.19 4.09% 750 $1,000 $1,040 $1,020 $1.33 $1.39 $1.36 14.61%
Average 725 $ 858 $ 895 $ 876 $1.18 $1.24 $1.21 3.85% 725 $1,000 $1,040 $1,020 $1.38 $1.44 $1.41 16.43%
2 Bed - Min 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 0.00% 950 $1,200 $1,260 $1,230 $1.26 $1.33 $1.29 14.15%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 0.00% 950 $1,200 $1,260 $1,230 $1.26 $1.33 $1.29 14.15%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,220 $1,220 $1,220 $1.74 $1.74 $1.74 19.61%
Max 750 $1,270 $1,270 $1,270 $1.69 $1.69 $1.69 24.51%
Average 725 $1,245 $1,245 $1,245 $1.72 $1.72 $1.72 22.06%
2 Bed - Min 950 $1,450 $1,475 $1,463 $1.53 $1.55 $1.54 18.90%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,450 $1,475 $1,463 $1.53 $1.55 $1.54 18.90%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 95
================================================================================
BRAMBLEWOOD
================================================================================
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
# OF UNITS 108 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 8 9 5 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 48 60 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED May-86 7.41% 8.33% 4.63% 0.93% 0.00%
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 AVE- RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX RAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 701 $ 755 $ 760 $ 758 $1.08 $1.08 $1.08 701 $ 760 $ 760 $ 760 $1.08 $1.08 $1.08 0.33%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 701 $ 755 $ 760 $ 758 $1.08 $1.08 $1.08 701 $ 760 $ 760 $ 760 $1.08 $1.08 $1.08 0.33%
2 Bed - Min 836 $ 845 $ 850 $ 848 $1.01 $1.02 $1.01 836 $ 870 $ 870 $ 870 $1.04 $1.04 $1.04 2.65%
Max 900 $ 900 $ 900 $ 900 $1.00 $1.00 $1.00 900 $ 900 $ 900 $ 900 $1.00 $1.00 $1.00 0.00%
Average 868 $ 873 $ 875 $ 874 $1.01 $1.01 $1.01 868 $ 885 $ 885 $ 885 $1.02 $1.02 $1.02 1.33%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
c RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 701 $ 780 $ 780 $ 780 $ 1.11 $ 1.11 $ 1.11 2.63% 701 $ 867 $ 867 $ 867
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 701 $ 780 $ 780 $ 780 $ 1.11 $ 1.11 $ 1.11 2.63% 701 $ 867 $ 867 $ 867
2 Bed - Min 836 $ 890 $ 890 $ 890 $ 1.06 $ 1.06 $ 1.06 2.30% 836 $ 962 $ 962 $ 962
Max 900 $ 910 $ 910 $ 910 $ 1.01 $ 1.01 $ 1.01 1.11% 900 $1,022 $1,022 $1,022
Average 868 $ 900 $ 900 $ 900 $ 1.04 $ 1.04 $ 1.04 1.70% 868 $ 992 $ 992 $ 992
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------
c RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- -------------------------------------------------------
<C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $ 1.24 $ 1.24 $ 1.24 11.09%
Max N/A N/A N/A N/A
Average $ 1.24 $ 1.24 $ 1.24 11.09%
2 Bed - Min $ 1.15 $ 1.15 $ 1.15 8.03%
Max $ 1.14 $ 1.14 $ 1.14 12.25%
Average $ 1.14 $ 1.14 $ 1.14 10.14%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
c RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 701 $ 953 $ 953 $ 953 $ 1.36 $ 1.36 $ 1.36 9.98%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 701 $ 953 $ 953 $ 953 $ 1.36 $ 1.36 $ 1.36 9.98%
2 Bed - Min 836 $1,033 $1,033 $1,033 $ 1.24 $ 1.24 $ 1.24 7.44%
Max 900 $1,133 $1,133 $1,133 $ 1.26 $ 1.26 $ 1.26 10.92%
Average 868 $1,083 $1,083 $1,083 $ 1.25 $ 1.25 $ 1.25 9.18%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 96
BRIARWOOD
<TABLE>
<CAPTION>
CITY Sunnyvale UNITS VACANT
# OF UNITS 192 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX 6 8 7 0 0
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 96 96 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Oct-85 3.13% 4.17% 3.65% 0.00% 0.00%
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 556 $700 $805 $753 $1.26 $1.45 $1.35 556 $730 $805 $768 $1.31 $1.45 $1.38 1.99%
Max 693 $730 $860 $795 $1.05 $1.24 $1.15 693 $813 $860 $837 $1.17 $1.24 $1.21 5.22%
Average 625 $715 $833 $774 $1.16 $1.34 $1.25 625 $772 $833 $802 $1.24 $1.33 $1.28 3.61%
2 Bed - Min 804 $875 $979 $927 $1.09 $1.22 $1.15 804 $900 $979 $940 $1.12 $1.22 $1.17 1.35%
Max 1125 $1,130 $1,130 $1,130 $1.00 $1.00 $1.00 1125 $1,130 $1,130 $1,130 $1.00 $1.00 $1.00 0.00%
Average 965 $1,003 $1,055 $1,029 $1.05 $1.11 $1.08 965 $1,015 $1,055 $1,035 $1.06 $1.11 $1.09 0.67%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 556 $700 $805 $753 $1.26 $1.45 $1.35 -1.95% 556 $805 $805 $805 $1.45 $1.45 $1.45 6.98%
Max 693 $935 $813 $905 $1.35 $1.17 $1.31 8.19% 693 $955 $955 $955 $1.38 $1.38 $1.38 5.52%
Average 625 $818 $809 $829 $1.30 $1.31 $1.33 3.12% 625 $880 $880 $880 $1.41 $1.41 $1.41 6.25%
2 Bed - Min 804 $900 $1,025 $963 $1.12 $1.27 $1.20 2.45% 804 $1,065 $1,075 $1,070 $1.32 $1.34 $1.33 11.17%
Max 1125 $1,180 $1,180 $1,180 $1.05 $1.05 $1.05 4.42% 1125 $1,220 $1,260 $1,240 $1.08 $1.12 $1.10 5.08%
Average 965 $1,040 $1,103 $1,071 $1.08 $1.16 $1.12 3.44% $965 $1,143 $1,168 $1,155 $1.20 $1.23 $1.22 8.13%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 556 $1,127 $1,127 $1,127 $2.03 $2.03 $2.03 40.00%
Max 693 $1,137 $1,137 $905 $1.64 $1.64 $1.31 -5.24%
Average 625 $1,132 $1,132 $1,016 $1.83 $1.83 $1.67 17.94%
2 Bed - Min 804 $1,337 $1,337 $1,337 $1.66 $1.66 $1.66 24.95%
Max 1125 $1,347 $1,347 $1,347 $1.20 $1.20 $1.20 8.63%
Average 965 $1,342 $1,342 $1,342 $1.43 $1.43 $1.43 16.79%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 97
BRISTOL COMMONS
<TABLE>
<CAPTION>
CITY Sunnyvale UNITS VACANT
# OF UNITS 188 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX 2 5 0 0 0
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 92 96 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Nov-88 1.06% 2.66% 0.00% 0.00% 0.00%
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 597 $825 $855 $840 $1.38 $1.43 $1.41 597 $835 $876 $856 $1.40 $1.47 $1.43 1.85%
Max 868 $945 $1,010 $978 $1.09 $1.16 $1.13 868 $955 $1,025 $990 $1.10 $1.18 $1.14 1.28%
Average 733 $885 $933 $909 $1.24 $1.30 $1.27 733 $895 $951 $923 $1.22 $1.30 $1.26 1.56%
2 Bed - Min 851 $1,020 $1,070 $1,045 $1.20 $1.26 $1.23 851 $1,030 $1,098 $1,064 $1.21 $1.29 $1.25 1.82%
Max 1044 $1,185 $1,245 $1,215 $1.14 $1.19 $1.16 1044 $1,195 $1,265 $1,230 $1.14 $1.21 $1.18 1.23%
Average 948 $1,103 $1,158 $1,130 $1.17 $1.22 $1.20 948 $1,113 $1,182 $1,147 $1.18 $1.25 $1.21 1.53%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 597 $885 $885 $885 $1.48 $1.48 $1.48 3.45% 597 $910 $910 $910 $1.52 $1.52 $1.52 2.82%
Max 868 $1,000 $1,000 $1,000 $1.15 $1.15 $1.15 1.01% 868 $1,060 $1,140 $1,100 $1.22 $1.31 $1.27 10.00%
Average 733 $943 $943 $943 $1.32 $1.32 $1.32 2.23% 733 $985 $1,025 $1,005 $1.37 $1.42 $1.40 6.41%
2 Bed - Min 851 $1,090 $1,090 $1,090 $1.28 $1.28 $1.28 2.44% 851 $1,060 $1,160 $1,110 $1.25 $1.36 $1.30 1.83%
Max 1044 $1,260 $1,260 $1,260 $1.21 $1.21 $1.21 2.44% 1044 $1,365 $1,420 $1,393 $1.31 $1.36 $1.33 10.52%
Average 948 $1,175 $1,175 $1,175 $1.24 $1.24 $1.24 2.44% $948 $1,213 $1,290 $1,251 $1.28 $1.36 $1.32 6.18%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 597 $1,075 $1,125 $1,100 $1.80 $1.88 $1.84 20.88%
Max 868 $1,280 $1,295 $1,288 $1.47 $1.49 $1.48 17.05%
Average 733 $1,178 $1,210 $1,194 $1.64 $1.69 $1.66 18.96%
2 Bed - Min 851 $1,300 $1,425 $1,363 $1.53 $1.67 $1.60 22.75%
Max 1044 $1,530 $1,550 $1,540 $1.47 $1.48 $1.48 10.59%
Average 948 $1,415 $1,488 $1,451 $1.50 $1.58 $1.54 16.67%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 98
================================================================================
BROOKSIDE PARK
================================================================================
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Mountain View UNITS VACANT
# OF UNITS 132 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX N/A 1 0 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 42 76 13 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-70 N/A 0.76% 0.00% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- ------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 664 N/A N/A N/A N/A N/A N/A 664 $ 775 $ 775 $ 775
Max 802 N/A N/A N/A N/A N/A N/A 802 $ 850 $ 850 $ 850
Average 733 N/A N/A N/A N/A N/A N/A 733 $ 813 $ 813 $ 813
2 Bed - Min 982 N/A N/A N/A N/A N/A N/A 982 $ 950 $ 950 $ 950
Max 1084 N/A N/A N/A N/A N/A N/A 1084 $1,050 $1,050 $1,050
Average 1033 N/A N/A N/A N/A N/A N/A 1033 $1,000 $1,000 $1,000
3 Bed - Min 1314 N/A N/A N/A N/A N/A N/A 1314 $1,250 $1,250 $1,250
Max
Average
<CAPTION>
- ----------------------------------------------------
RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- ----------------------------------------------------
<C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $ 1.17 $ 1.17 $ 1.17 N/A
Max $ 1.06 $ 1.06 $ 1.06 N/A
Average $ 1.11 $ 1.11 $ 1.11 N/A
2 Bed - Min $ 0.97 $ 0.97 $ 0.97 N/A
Max $ 0.97 $ 0.97 $ 0.97 N/A
Average $ 0.97 $ 0.97 $ 0.97 N/A
3 Bed - Min $ 0.95 $ 0.95 $ 0.95 N/A
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 664 $ 775 $ 775 $ 775 $ 1.17 $ 1.17 $ 1.17 0.00%
Max 802 $ 850 $ 850 $ 850 $ 1.06 $ 1.06 $ 1.06 0.00%
Average 733 $ 813 $ 813 $ 813 $ 1.11 $ 1.11 $ 1.11 0.00%
2 Bed - Min 982 $ 950 $ 950 $ 950 $ 0.97 $ 0.97 $ 0.97 0.00%
Max 1084 $ 1,050 $ 1,050 $ 1,050 $ 0.97 $ 0.97 $ 0.97 0.00%
Average 1033 $ 1,000 $ 1,000 $ 1,000 $ 0.97 $ 0.97 $ 0.97 0.00%
3 Bed - Min 1314 $ 1,275 $ 1,275 $ 1,275 $ 0.97 $ 0.97 $ 0.97 2.00%
Max
Average
<CAPTION>
- --------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 664 $ 800 $ 800 $ 800 $ 1.20 $ 1.20 $ 1.20 3.23%
Max 802 $ 900 $ 900 $ 900 $ 1.12 $ 1.12 $ 1.12 5.88%
Average 733 $ 850 $ 850 $ 850 $ 1.16 $ 1.16 $ 1.16 4.55%
2 Bed - Min 982 $ 1,000 $ 1,000 $ 1,000 $ 1.02 $ 1.02 $ 1.02 5.26%
Max 1084 $ 1,100 $ 1,100 $ 1,100 $ 1.01 $ 1.01 $ 1.01 4.76%
Average 1033 $ 1,050 $ 1,050 $ 1,050 $ 1.02 $ 1.02 $ 1.02 5.01%
3 Bed - Min 1314 1295 1295 $ 1,295 $ 0.99 $ 0.99 $ 0.99 1.57%
Max
Average
- --------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 664 $ 850 $ 850 $ 850 $ 1.28 $ 1.28 $ 1.28 6.25%
Max 802 $ 975 $ 975 $ 975 $ 1.22 $ 1.22 $ 1.22 8.33%
Average 733 $ 913 $ 913 $ 913 $ 1.25 $ 1.25 $ 1.25 7.29%
2 Bed - Min 982 $ 1,075 $ 1,075 $ 1,075 $ 1.09 $ 1.09 $ 1.09 7.50%
Max 1084 $ 1,200 $ 1,200 $ 1,200 $ 1.11 $ 1.11 $ 1.11 9.09%
Average 1033 $ 1,138 $ 1,138 $ 1,138 $ 1.10 $ 1.10 $ 1.10 8.30%
3 Bed - Min 1314 $ 1,295 $ 1,295 $ 1,295 $ 0.99 $ 0.99 $ 0.99 0.00%
Max
Average
</TABLE>
<PAGE> 99
================================================================================
CANYON CREEK
================================================================================
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Campbell UNITS VACANT
# OF UNITS 348 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX N/A N/A 200 3 7
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 156 180 12 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Apr-95 N/A N/A 57.47% 0.86% 2.01%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 768 N/A N/A N/A N/A N/A N/A 768 N/A N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 768 N/A N/A N/A N/A N/A N/A 768 N/A N/A N/A N/A N/A N/A N/A
2 Bed - Min 1064 N/A N/A N/A N/A N/A N/A 1064 N/A N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1064 N/A N/A N/A N/A N/A N/A 1064 N/A N/A N/A N/A N/A N/A N/A
3 Bed - Min 1189 N/A N/A N/A N/A N/A N/A 1189 N/A N/A N/A N/A N/A N/A N/A
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- ----------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 768 $ 975 $1,080 $1,028 $ 1.27 $ 1.41 $ 1.34 N/A 768 $1,050 $1,200 $1,125
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 768 $ 975 $1,080 $1,028 $ 1.27 $ 1.41 $ 1.34 N/A 768 $1,050 $1,200 $1,125
2 Bed - Min 1064 $1,250 $1,370 $1,310 $ 1.17 $ 1.29 $ 1.23 N/A 1064 $1,490 $1,700 $1,595
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1064 $1,250 $1,370 $1,310 $ 1.17 $ 1.29 $ 1.23 N/A 1064 $1,490 $1,700 $1,595
3 Bed - Min 1189 $1,650 $1,720 $1,685 $ 1.39 $ 1.45 $ 1.42 N/A 1189 1675 1800 $1,738
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------
RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- -------------------------------------------------------
<C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $ 1.37 $ 1.56 $ 1.46 9.49%
Max N/A N/A N/A 0
Average $ 1.37 $ 1.56 $ 1.46 4.74%
2 Bed - Min $ 1.40 $ 1.60 $ 1.50 21.76%
Max N/A N/A N/A 0
Average $ 1.40 $ 1.60 $ 1.50 10.88%
3 Bed - Min $ 1.41 $ 1.51 $ 1.46 3.12%
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 768 $ 1,325 $ 1,400 $ 1,363 $ 1.73 $ 1.82 $1.77 21.11%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 768 $ 1,325 $ 1,400 $ 1,363 $ 1.73 $ 1.82 $1.77 21.11%
2 Bed - Min 1064 $ 1,500 $ 1,700 $ 1,600 $ 1.41 $ 1.60 $1.50 0.31%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1064 $ 1,500 $ 1,700 $ 1,600 $ 1.41 $ 1.60 $1.50 0.31%
3 Bed - Min 1189 $ 1,900 $ 2,050 $ 1,975 $ 1.60 $ 1.72 $1.66 13.67%
Max
Average
</TABLE>
<PAGE> 100
THE CASCADES
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 184 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 8 4 2 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
44 86 54 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-87 4.35% 2.17% 1.09% 0.54% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio -Min. 458 $ 579 $ 700 $ 640 $1.26 $1.53 $1.40
Max N/A N/A N/A N/A N/A N/A N/A
Average 458 $ 579 $ 700 $ 640 $1.26 $1.53 $1.40
1 Bed - Min 712 $ 661 $ 890 $ 776 $0.93 $1.25 $1.09
Max 733 $ 880 $ 905 $ 893 $1.20 $1.23 $1.22
Average 723 $ 771 $ 898 $ 834 $1.06 $1.24 $1.15
2 Bed - Min 867 $ 745 $1,030 $ 888 $0.86 $1.19 $1.02
Max 930 $1,045 $1,065 $1,055 $1.12 $1.15 $1.13
Average 899 $ 895 $1,048 $ 971 $0.99 $1.17 $1.08
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio -Min. 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.23%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.23%
1 Bed - Min 712 $ 665 $ 890 $ 778 $0.93 $1.25 $1.09 0.26%
Max 733 $ 885 $ 905 $ 895 $1.21 $1.23 $1.22 0.28%
Average 723 $ 775 $ 898 $ 836 $1.07 $1.24 $1.16 0.27%
2 Bed - Min 867 $ 748 $1,040 $ 894 $0.86 $1.20 $1.03 0.73%
Max 930 $1,055 $1,075 $1,065 $1.13 $1.16 $1.15 0.95%
Average 899 $ 902 $1,058 $ 980 $1.00 $1.18 $1.09 0.84%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.00%
1 Bed - Min 712 $ 665 $ 905 $ 785 $0.93 $1.27 $1.10 0.96%
Max 733 $ 905 $ 925 $ 915 $1.23 $1.26 $1.25 2.23%
Average 723 $ 785 $ 915 $ 850 $1.08 $1.27 $1.18 1.60%
2 Bed - Min 867 $ 748 $1,060 $ 904 $0.86 $1.22 $1.04 1.12%
Max 930 $1,075 $1,095 $1,085 $1.16 $1.18 $1.17 1.88%
Average 899 $ 912 $1,078 $ 995 $1.01 $1.20 $1.10 1.50%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 458 $ 755 $ 775 $ 765 $1.65 $1.69 $1.67 19.34%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 458 $ 755 $ 775 $ 765 $1.65 $1.69 $1.67 19.34%
1 Bed - Min 712 $ 955 $ 975 $ 965 $1.34 $1.37 $1.36 22.93%
Max 733 $ 980 $1,000 $ 990 $1.34 $1.36 $1.35 8.20%
Average 723 $ 968 $ 988 $ 978 $1.34 $1.37 $1.35 15.56%
2 Bed - Min 867 $1,125 $1,150 $1,138 $1.30 $1.33 $1.31 25.83%
Max 930 $1,225 $1,250 $1,238 $1.32 $1.34 $1.33 14.06%
Average 899 $1,175 $1,200 $1,188 $1.31 $1.34 $1.32 19.94%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 458 $ 850 $ 875 $ 863 $1.86 $1.91 $1.88 12.75%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 458 $ 850 $ 875 $ 863 $1.86 $1.91 $1.88 12.75%
1 Bed - Min 712 $1,075 $1,110 $1,093 $1.51 $1.56 $1.53 13.21%
Max 733 $1,115 $1,140 $1,128 $1.52 $1.56 $1.54 13.89%
Average 723 $1,095 $1,125 $1,110 $1.52 $1.56 $1.54 13.55%
2 Bed - Min 867 $1,280 $1,305 $1,293 $1.48 $1.51 $1.49 13.63%
Max 930 $1,370 $1,395 $1,383 $1.47 $1.50 $1.49 11.72%
Average 899 $1,325 $1,350 $1,338 $1.47 $1.50 $1.49 12.67%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 101
<TABLE>
<CAPTION>
===================================================================================================================================
CEDAR GLEN
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Campbell UNITS VACANT
# OF UNITS 260 6/30/94 12/31/94 6/30/95 12/31/95 06/3096
UNIT MIX 6 13 7 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 110 108 42 6/30/94 12/31/94 6/30/95 12/31/95 06/3096
DATE OPENED Oct-85 2.31% 5.00% 2.69% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 654 $ 745 $ 755 $ 750 $1.14 $1.15 $1.15
Max N/A N/A N/A N/A N/A N/A N/A
Average 654 $ 745 $ 755 $ 750 $1.14 $1.15 $1.15
2 Bed - Min 846 $ 860 $ 870 $ 865 $1.02 $1.03 $1.02
Max 893 $ 885 $ 895 $ 890 $0.99 $1.00 $1.00
Average 870 $ 873 $ 883 $ 878 $1.00 $1.02 $1.01
3 Bed - Min 1158 $1,105 $1,115 $1,110 $0.95 $0.96 $0.96
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 654 $ 755 $ 765 $ 760 $1.15 $1.17 $1.16 1.33%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 654 $ 755 $ 765 $ 760 $1.15 $1.17 $1.16 1.33%
2 Bed - Min 846 $ 870 $ 879 $ 875 $1.03 $1.04 $1.03 1.10%
Max 893 $ 905 $ 915 $ 910 $1.01 $1.02 $1.02 2.25%
Average 870 $ 888 $ 897 $ 892 $1.02 $1.03 $1.03 1.67%
3 Bed - Min 1158 $1,120 $1,130 $1,125 $0.97 $0.98 $0.97 1.35%
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 654 $ 785 $ 795 $ 790 $1.20 $1.22 $1.21 3.95%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 654 $ 785 $ 795 $ 790 $1.20 $1.22 $1.21 3.95%
2 Bed - Min 846 $ 890 $ 899 $ 895 $1.05 $1.06 $1.06 2.29%
Max 893 $ 935 $ 945 $ 940 $1.05 $1.06 $1.05 3.30%
Average 870 $ 913 $ 922 $ 917 $1.05 $1.06 $1.05 2.79%
3 Bed - Min 1158 $1,140 $1,150 $1,145 $0.98 $0.99 $0.99 1.78%
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 654 $ 815 $ 825 $ 820 $1.25 $1.26 $1.25 3.80%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 654 $ 815 $ 825 $ 820 $1.25 $1.26 $1.25 3.80%
2 Bed - Min 846 $ 900 $ 910 $ 905 $1.06 $1.08 $1.07 1.17%
Max 893 $ 965 $ 975 $ 970 $1.08 $1.09 $1.09 3.19%
Average 870 $ 933 $ 943 $ 938 $1.07 $1.08 $1.08 2.18%
3 Bed - Min 1158 $1,160 $1,170 $1,165 $1.00 $1.01 $1.01 1.75%
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------------------------
Studio - Min None
Max
Average
<C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Bed - Min 654 $ 940 $ 960 $ 950 $1.44 $1.47 $1.45 15.85%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 654 $ 940 $ 960 $ 950 $1.44 $1.47 $1.45 15.85%
2 Bed - Min 846 $1,080 $1,100 $1,090 $1.28 $1.30 $1.29 20.44%
Max 893 $1,130 $1,150 $1,140 $1.27 $1.29 $1.28 17.53%
Average 870 $1,105 $1,125 $1,115 $1.27 $1.29 $1.28 18.98%
3 Bed - Min 1158 $1,380 $1,380 $1,380 $1.19 $1.19 $1.19 18.45%
Max
Average
</TABLE>
<PAGE> 102
<TABLE>
<CAPTION>
==================================================================================================================================
COLONNADE
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Jose UNITS VACANT
# OF UNITS 215 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 13 8 2 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
30 107 78 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-87 4.19% 6.05% 3.72% 0.93% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 360 $ 675 $ 755 $ 715 $1.88 $2.10 $1.99
Max N/A N/A N/A N/A N/A N/A N/A
Average 360 $ 675 $ 755 $ 715 $1.88 $2.10 $1.99
1 Bed - Min 702 $ 875 $1,000 $ 938 $1.25 $1.42 $1.34
Max N/A N/A N/A N/A N/A N/A N/A
Average 702 $ 875 $1,000 $ 938 $1.25 $1.42 $1.34
2 Bed - Min 926 $1,150 $1,200 $1,175 $1.24 $1.30 $1.27
Max 1067 $1,225 $1,440 $1,333 $1.15 $1.35 $1.25
Average 997 $1,188 $1,320 $1,254 $1.19 $1.32 $1.26
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 360 $ 675 $ 675 $ 675 $1.88 $1.88 $1.88 -5.59%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 360 $ 675 $ 675 $ 675 $1.88 $1.88 1.88 -5.59%
1 Bed - Min 702 $ 915 $1,000 $ 958 $1.30 $1.42 $1.36 2.13%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 702 $ 915 $1,000 $ 958 $1.30 $1.42 $1.36 2.13%
2 Bed - Min 926 $1,125 $1,125 $1,125 $1.21 $1.21 $1.21 -4.26%
Max 1067 $1,200 $1,200 $1,200 $1.12 $1.12 $1.12 -9.94%
Average 997 $1,163 $1,163 $1,163 $1.17 $1.17 $1.17 -7.10%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 360 $ 675 $ 675 $ 675 $1.88 $1.88 $1.88 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 360 $ 675 $ 675 $ 675 $1.88 $1.88 $1.88 0.00%
1 Bed - Min 702 $ 935 $1,000 $ 968 $1.33 $1.42 $1.38 1.04%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 702 $ 935 $1,000 $ 968 $1.33 $1.42 $1.38 1.04%
2 Bed - Min 926 $1,150 $1,230 $1,190 $1.24 $1.33 $1.29 5.78%
Max 1067 $1,250 $1,440 $1,345 $1.17 $1.35 $1.26 12.08%
Average 997 $1,200 $1,335 $1,268 $1.21 $1.34 $1.27 8.93%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 360 $ 695 $ 765 $ 730 $1.93 $2.13 $2.03 8.15%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 360 $ 695 $ 765 $ 730 $1.93 $2.13 $2.03 8.15%
1 Bed - Min 702 $ 955 $1,065 $1,010 $1.36 $1.52 $1.44 4.39%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 702 $ 955 $1,065 $1,010 $1.36 $1.52 1.44 4.39%
2 Bed - Min 926 $1,180 $1,275 $1,228 $1.27 $1.38 $1.33 3.15%
Max 1067 $1,285 $1,475 $1,380 $1.20 $1.38 $1.29 2.60%
Average 997 $1,233 $1,375 $1,304 $1.24 $1.38 $1.31 2.88%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min 360 $ 675 $ 725 $ 700 $1.88 $2.01 $1.94 -4.11%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 360 $ 675 $ 725 $ 700 $1.88 $2.01 $1.94 -4.11%
1 Bed - Min 702 $ 900 $1,000 $ 950 $1.28 $1.42 $1.35 -5.94%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 702 $ 900 $1,000 $ 950 $1.28 $1.42 $1.35 -5.94%
2 Bed - Min 926 $1,250 $1,250 $1,250 $1.35 $1.35 $1.35 1.83%
Max 1067 $1,400 $1,400 $1,400 $1.31 $1.31 $1.31 1.45%
Average 997 $1,325 $1,325 $1,325 $1.33 $1.33 $1.33 1.64%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 103
COUNTRYBROOK
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
# OF UNITS 360 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 12 13 8 3 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 109 251 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-84 3.33% 3.61% 2.22% 0.83% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 666 $750 $750 $750 $1.13 $1.13 $1.13 666 $765 $765 $765 $1.15 $1.15 $1.15 2.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 666 $750 $750 $750 $1.13 $1.13 $1.13 666 $765 $765 $765 $1.15 $1.15 $1.15 2.00%
2 Bed - Min 983 $875 $875 $875 $0.89 $0.89 $0.89 983 $895 $895 $895 $0.91 $0.91 $0.91 2.29%
Max 1013 $925 $925 $900 $0.91 $0.91 $0.89 1013 $925 $925 $925 $0.91 $0.91 $0.91 2.78%
Average 998 $900 $900 $888 $0.90 $0.90 $0.89 998 $910 $910 $910 $0.91 $0.91 $0.91 2.53%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. None
Max
Average
1 Bed - Min 666 $ 835 $ 870 $ 853 $1.25 $1.31 $1.28 11.44%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 666 $ 835 $ 870 $ 853 $1.25 $1.31 $1.28 11.44%
2 Bed - Min 983 $1,025 $1,045 $1,035 $1.04 $1.06 $1.05 15.64%
Max 1013 $1,045 $1,065 $1,055 $1.03 $1.05 $1.04 14.05%
Average 998 $1,035 $1,055 $1,045 $1.04 $1.06 $1.05 14.85%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 666 $ 905 $ 940 $ 923 $1.36 $1.41 $1.39 8.21%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 666 $ 905 $ 940 $ 923 $1.36 $1.41 $1.39 8.21%
2 Bed - Min 983 $1,040 $1,060 $1,050 $1.06 $1.08 $1.07 1.45%
Max 1013 $1,080 $1,100 $1,090 $1.07 $1.09 $1.08 3.32%
Average 998 $1,060 $1,080 $1,070 $1.06 $1.08 $1.07 2.38%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. None
Max
Average
1 Bed - Min 666 $ 950 $ 985 $ 968 $1.43 $1.48 $1.45 4.88%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 666 $ 950 $ 985 $ 968 $1.43 $1.48 $1.45 4.88%
2 Bed - Min 983 $1,115 $1,135 $1,125 $1.13 $1.15 $1.14 7.14%
Max 1013 $1,155 $1,175 $1,165 $1.14 $1.16 $1.15 6.88%
Average 998 $1,135 $1,155 $1,145 $1.14 $1.16 $1.15 7.01%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 104
E'LAN AT RIVER OAKS
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
# OF UNITS 941 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 12 13 8 3 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
64 437 440 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Apr-91 10.20% 10.73% 2.55% 1.38% 2.02%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 532 $770 $970 $870 $1.45 $1.82 $1.64
Max N/A N/A N/A N/A N/A N/A N/A
Average 532 $770 $970 $870 $1.45 $1.82 $1.64
1 Bed - Min 540 $780 $1,070 $925 $1.44 $1.98 $1.71
Max 780 $945 $1,190 $1,068 $1.21 $1.53 $1.37
Average 660 $863 $1,130 $996 $1.33 $1.75 $1.54
2 Bed - Min 1062 $1,050 $1,520 $1,285 $0.99 $1.43 $1.21
Max 1223 $1,240 $1,620 $1,430 $1.01 $1.32 $1.17
Average 1143 $1,145 $1,570 $1,358 $1.00 $1.38 $1.19
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 532 $ 780 $ 990 $ 885 $1.47 $1.86 $1.66 1.72%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 532 $ 780 $ 990 $ 885 $1.47 $1.86 $1.66 1.72%
1 Bed - Min 540 $ 820 $1,070 $ 945 $1.52 $1.98 $1.75 2.16%
Max 780 $ 950 $1,160 $1,055 $1.22 $1.49 $1.35 -1.17%
Average 660 $ 885 $1,115 $1,000 $1.34 $1.69 $1.52 0.50%
2 Bed - Min 1062 $1,050 $1,520 $1,285 $0.99 $1.43 $1.21 0.00%
Max 1223 $1,240 $1,620 $1,430 $1.01 $1.32 $1.17 0.00%
Average 1143 $1,145 $1,570 $1,358 $1.00 $1.38 $1.19 0.00%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 532 $ 885 $1,055 $ 970 $1.66 $1.98 $1.82 9.60%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 532 $ 885 $1,055 $ 970 $1.66 $1.98 $1.82 9.60%
1 Bed - Min 540 $ 905 $1,075 $ 990 $1.68 $1.99 $1.83 4.76%
Max 780 $1,085 $1,285 $1,185 $1.39 $1.65 $1.52 12.32%
Average 660 $995 $1,180 $1,088 $1.53 $1.82 $1.68 8.54%
2 Bed - Min 1062 $1,275 $1,645 $1,460 $1.20 $1.55 $1.37 13.62%
Max 1223 $1,420 $1,670 $1,545 $1.16 $1.37 $1.26 8.04%
Average 1143 $1,348 $1,658 $1,503 $1.18 $1.46 $1.32 10.83%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 532 $920 $1,050 $ 985 $1.73 $1.97 $1.85 1.55%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 532 $920 $1,050 $ 985 $1.73 $1.97 $1.85 1.55%
1 Bed - Min 540 $940 $1,080 $1,010 $1.74 $2.00 $1.87 2.02%
Max 780 $1,100 $1,290 $1,195 $1.41 $1.65 $1.53 0.84%
Average 660 $1,020 $1,185 $1,103 $1.58 $1.83 $1.70 1.43%
2 Bed - Min 1062 $1,400 $1,790 $1,595 $1.32 $1.69 $1.50 9.25%
Max 1223 $1,545 $1,835 $1,690 $1.26 $1.50 $1.38 9.39%
Average 1143 $1,473 $1,813 $1,643 $1.29 $1.59 $1.44 9.32%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. 532 $ 975 $1,125 $1,050 $1.83 $2.11 $1.97 6.60%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 532 $ 975 $1,125 $1,050 $1.83 $2.11 $1.97 6.60%
1 Bed - Min 540 $1,005 $1,160 $1,083 $1.86 $2.15 $2.00 7.18%
Max 780 $1,305 $1,465 $1,385 $1.67 $1.88 $1.78 15.90%
Average 660 $1,155 $1,313 $1,234 $1.77 $2.01 $1.89 11.54%
2 Bed - Min 1062 $1,615 $1,975 $1,795 $1.52 $1.86 $1.69 12.54%
Max 1223 $1,695 $1,995 $1,845 $1.39 $1.63 $1.51 9.17%
Average 1143 $1,655 $1,985 $1,820 $1.45 $1.75 $1.60 10.86%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 105
ELLMAR OAKS
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
# OF UNITS 266 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX N/A 3 8 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 100 142 24 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-88 N/A 1.13% 3.01% 0.38% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 712 N/A N/A N/A N/A N/A N/A 712 $ 800 $850 $ 825 $1.12 $1.19 $1.16
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 N/A N/A N/A N/A N/A N/A 712 $ 800 $850 $ 825 $1.12 $1.19 $1.16
2 Bed - Min 942 N/A N/A N/A N/A N/A N/A 942 $ 925 $985 $ 955 $0.98 $1.05 $1.01
Max 1040 N/A N/A N/A N/A N/A N/A 1040 $ 950 $1,110 $1,030 $0.91 $1.07 $0.99
Average 991 N/A N/A N/A N/A N/A N/A 991 $ 938 $1,048 $ 993 $0.95 $1.06 $1.00
3 Bed - Min 1155 N/A N/A N/A N/A N/A N/A 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1155 N/A N/A N/A N/A N/A N/A 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. None
Max
Average
1 Bed - Min 712 $ 825 $ 875 $ 850 $1.16 $1.23 $1.19 3.03%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 $ 825 $ 875 $ 850 $1.16 $1.23 $1.19 3.03%
2 Bed - Min 942 $ 950 $1,010 $ 980 $1.01 $1.07 $1.04 2.62%
Max 1040 975 1035 $1,005 $0.94 $1.00 $0.97 -2.43%
Average 991 $ 963 $1,023 $993 $0.97 $1.03 $1.00 0.10%
3 Bed - Min 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00%
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 712 $ 850 $ 900 $ 875 $1.19 $1.26 $1.23 2.94%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 $ 850 $ 900 $ 875 $1.19 $1.26 $1.23 2.94%
2 Bed - Min 942 $ 995 $1,050 $1,023 $1.06 $1.11 $1.09 4.34%
Max 1040 $1,025 $1,075 $1,050 $0.99 $1.03 $1.01 4.48%
Average 991 $1,010 $1,063 $1,036 $1.02 $1.07 $1.05 4.41%
3 Bed - Min 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00%
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min. None
Max
Average
1 Bed - Min 712 $ 875 $ 925 $ 900 $1.23 $1.30 $1.26 2.86%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 $ 875 $ 925 $ 900 $1.23 $1.30 $1.26 2.86%
2 Bed - Min 942 $ 995 $1,050 $1,023 $1.06 $1.11 $1.09 0.00%
Max 1040 $1,025 $1,075 $1,050 $0.99 $1.03 $1.01 0.00%
Average 991 $1,010 $1,063 $1,036 $1.02 $1.07 $1.05 0.00%
3 Bed - Min 1155 $1,125 $1,225 $1,175 $0.97 $1.06 $1.02 4.44%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1155 $1,125 $1,225 $1,175 $0.97 $1.06 $1.02 4.44%
</TABLE>
<PAGE> 106
FAIRWAY GLEN
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
# OF UNITS 144 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 3 4 5 2 2
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 64 80 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Nov-86 2.08% 2.78% 3.47% 1.39% 1.39%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 640 $785 $800 $793 $1.23 $1.25 $1.24 640 $850 $895 $873 $1.33 $1.40 $1.36 10.09%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 640 $785 $800 $793 $1.23 $1.25 $1.24 640 $850 $895 $873 $1.33 $1.40 $1.36 10.09%
2 Bed - Min 926 $915 $945 $930 $0.99 $1.02 $1.00 926 $930 $970 $950 $1.00 $1.05 $1.03 2.15%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 926 $915 $945 $930 $0.99 $1.02 $1.00 926 $930 $970 $950 $1.00 $1.05 $1.03 2.15%
3 Bed - Min N/A
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 640 $850 $895 $873 $1.33 $1.40 $1.36 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 640 $850 $895 $873 $1.33 $1.40 $1.36 0.00%
2 Bed - Min 926 $950 $995 $973 $1.03 $1.07 $1.05 2.37%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 926 $950 $995 $973 $1.03 $1.07 $1.05 2.37%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 640 $ 875 $ 895 $ 885 $1.37 $1.40 $1.38 1.43%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 640 $ 875 $ 895 $ 885 $1.37 $1.40 $1.38 1.43%
2 Bed - Min 926 $1,075 $1,125 $1,100 $1.16 $1.21 $1.19 13.11%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 926 $1,075 $1,125 $1,100 $1.16 $1.21 $1.19 13.11%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 640 $ 975 $1,015 $ 995 $1.52 $1.59 $1.55 12.43%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 640 $ 975 $1,015 $ 995 $1.52 $1.59 $1.55 12.43%
2 Bed - Min 926 $1,225 $1,275 $1,250 $1.32 $1.38 $1.35 13.64%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 926 $1,225 $1,275 $1,250 $1.32 $1.38 $1.35 13.64%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 107
FOUNTAINS AT RIVER OAKS
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
# OF UNITS 226 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 12 4 5 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 100 126 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Aug-91 5.31% 1.77% 2.21% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 725 $ 855 $ 880 $ 868 $1.18 $1.21 $1.20
Max 875 $ 945 $ 945 $ 945 $1.08 $1.08 $1.08
Average 800 $ 900 $ 913 $ 906 $1.13 $1.15 $1.14
2 Bed - Min 1025 $1,025 $1,025 $1,025 $1.00 $1.00 $1.00
Max 1075 $1,175 $1,175 $1,175 $1.09 $1.09 $1.09
Average 1050 $1,100 $1,100 $1,100 $1.05 $1.05 $1.05
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 725 $ 885 $ 935 $ 910 $1.22 $1.29 $1.26 4.90%
Max 875 $ 965 $ 975 $ 970 $1.10 $1.11 $1.11 2.65%
Average 800 $ 925 $ 955 $ 940 $1.16 $1.19 $1.18 3.77%
2 Bed - Min 1025 $1,140 $1,150 $1,145 $1.11 $1.12 $1.12 11.71%
Max 1075 $1,195 $1,205 $1,200 $1.11 $1.12 $1.12 2.13%
Average 1050 $1,168 $1,178 $1,173 $1.11 $1.12 $1.12 6.92%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 725 $920 $950 $935 $1.27 $1.31 $1.29 2.75%
Max 875 $1,015 $1,045 $1,030 $1.16 $1.19 $1.18 6.19%
Average 800 $968 $998 $983 $1.21 $1.25 $1.23 4.47%
2 Bed - Min 1025 $1,220 $1,250 $1,235 $1.19 $1.22 $1.20 7.86%
Max 1075 $1,270 $1,300 $1,285 $1.18 $1.21 $1.20 7.08%
Average 1050 $1,245 $1,275 $1,260 $1.19 $1.21 $1.20 7.47%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 725 $1,110 $1,135 $1,123 $1.53 $1.57 $1.55 20.05%
Max 875 $1,200 $1,200 $1,200 $1.37 $1.37 $1.37 16.50%
Average 800 $1,155 $1,168 $1,161 $1.45 $1.47 $1.46 18.28%
2 Bed - Min 1025 $1,415 $1,415 $1,415 $1.38 $1.38 $1.38 14.57%
Max 1075 $1,510 $1,510 $1,510 $1.40 $1.40 $1.40 17.51%
Average 1050 $1,463 $1,463 $1,463 $1.39 $1.39 $1.39 16.04%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 725 $1,120 $1,120 $1,120 $1.54 $1.54 $1.54 -0.22%
Max 875 $1,330 $1,330 $1,330 $1.52 $1.52 $1.52 10.83%
Average 800 $1,225 $1,225 $1,225 $1.53 $1.53 $1.53 5.31%
2 Bed - Min 1025 $1,530 $1,530 $1,530 $1.49 $1.49 $1.49 8.13%
Max 1075 $1,710 $1,710 $1,710 $1.59 $1.59 $1.59 13.25%
Average 1050 $1,620 $1,620 $1,620 $1.54 $1.54 $1.54 10.69%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 108
FOXCHASE
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
# OF UNITS 396 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX 9 4 8 1 0
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 156 240 N/A 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Jan-84 2.27% 1.01% 2.02% 0.25% 0.00%
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 710 $785 $805 $795 $1.11 $1.13 $1.12 710 $850 $860 $855 $1.20 $1.21 $1.20 7.55%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $785 $805 $795 $1.11 $1.13 $1.12 710 $850 $860 $855 $1.20 $1.21 $1.20 7.55%
2 Bed - Min 932 $905 $935 $920 $0.97 $1.00 $0.99 932 $950 $970 $960 $1.02 $1.04 $1.03 4.35%
Max 947 $905 $955 $900 $0.96 $1.01 $0.95 947 $950 $970 $960 $1.00 $1.02 $1.01 6.67%
Average 940 $905 $945 $910 $0.96 $1.01 $0.97 940 $950 $970 $960 $1.01 $1.03 $1.02 5.51%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 710 $870 $895 $883 $1.23 $1.26 $1.24 3.22% 710 $945 $995 $970 $1.33 $1.40 $1.37 9.92%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $870 $895 $883 $1.23 $1.26 $1.24 3.22% 710 $945 $995 $970 $1.33 $1.40 $1.37 9.92%
2 Bed - Min 932 $995 $1,015 $1,005 $1.07 $1.09 $1.08 4.69% 932 $1,145 $1,195 $1,170 $1.23 $1.28 $1.26 16.42%
Max 947 $995 $1,015 $1,005 $1.05 $1.07 $1.06 4.69% 947 $1,145 $1,195 $1,170 $1.21 $1.26 $1.24 16.42%
Average 940 $995 $1,015 $1,005 $1.06 $1.08 $1.07 4.69% 940 $1,145 $1,195 $1,170 $1.22 $1.27 $1.25 16.42%
3 Bed - Min
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 710 $1,050 $1,050 $1,050 $1.48 $1.48 $1.48 8.25%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $1,050 $1,050 $1,050 $1.48 $1.48 $1.48 8.25%
2 Bed - Min 932 $1,255 $1,255 $1,255 $1.35 $1.35 $1.35 7.26%
Max 947 $1,255 $1,255 $1,255 $1.33 $1.33 $1.33 7.26%
Average 940 $1,255 $1,255 $1,255 $1.34 $1.34 $1.34 7.26%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 109
GREENDALE
<TABLE>
<CAPTION>
CITY Mountain View UNITS VACANT
# OF UNITS 154 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX 11 9 4 0 0
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 38 81 34 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Jan-69 7.14% 5.84% 2.60% 0.00% 0.00%
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 540 $795 $820 $808 $1.47 $1.52 $1.50 540 $795 $820 $808 $1.47 $1.52 $1.50 0.00%
Max 705 $890 $930 $910 $1.26 $1.32 $1.29 705 $890 $930 $910 $1.26 $1.32 $1.29 0.00%
Average 623 $843 $875 $859 $1.37 $1.42 $1.39 623 $843 $875 $859 $1.35 $1.41 $1.38 0.00%
2 Bed - Min 940 $1,055 $1,110 $1,083 $1.12 $1.18 $1.15 940 $1,055 $1,110 $1,083 $1.12 $1.18 $1.15 0.00%
Max 1160 $1,205 $1,265 $1,235 $1.04 $1.09 $1.06 1160 $1,205 $1,265 $1,235 $1.04 $1.09 $1.06 0.00%
Average 1050 $1,130 $1,188 $1,159 $1.08 $1.14 $1.11 1050 $1,130 $1,188 $1,159 $1.08 $1.14 $1.11 0.00%
3 Bed - Min 1305 $1,305 $1,370 $1,338 $1.00 $1.05 $1.02 1305 $1,305 $1,370 $1,338 $1.00 $1.05 $1.02 0.00%
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 540 $820 $845 $833 $1.52 $1.56 $1.54 3.10% 540 $910 $935 $923 $1.69 $1.73 $1.71 10.81%
Max 705 $920 $960 $940 $1.30 $1.36 $1.33 3.30% 705 $1,045 $1,070 $1,058 $1.48 $1.52 $1.50 12.50%
Average 623 $870 $903 $886 $1.41 $1.46 $1.44 3.20% 623 $978 $1,003 $990 $1.58 $1.62 $1.60 11.66%
2 Bed - Min 940 $1,095 $1,150 $1,123 $1.16 $1.22 $1.19 3.70% 940 $1,225 $1,280 $1,253 $1.30 $1.36 $1.33 11.58%
Max 1160 $1,245 $1,305 $1,275 $1.07 $1.13 $1.10 3.24% 1160 $1,405 $1,445 $1,425 $1.21 $1.25 $1.23 11.76%
Average 1050 $1,170 $1,228 $1,199 $1.11 $1.17 $1.14 3.47% 1050 $1,315 $1,363 $1,339 $1.26 $1.30 $1.28 11.67%
3 Bed - Min 1305 $1,355 $1,420 $1,388 $1.04 $1.09 $1.06 3.74% 1305 $1,505 $1,570 $1,538 $1.15 $1.20 $1.18 10.81%
Max
Average
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 540 $910 $935 $923 $1.69 $1.73 $1.71 0.00%
Max 705 $1,075 $1,100 $1,088 $1.52 $1.56 $1.54 2.84%
Average 623 $993 $1,018 $1,005 $1.61 $1.65 $1.63 1.42%
2 Bed - Min 940 $1,265 $1,370 $1,318 $1.35 $1.46 $1.40 5.19%
Max 1160 $1,445 $1,465 $1,455 $1.25 $1.26 $1.25 2.11%
Average 1050 $1,355 $1,418 $1,386 $1.29 $1.35 $1.32 3.65%
3 Bed - Min 1305 $1,565 $1,630 $1,598 $1.20 $1.25 $1.22 3.90%
Max
Average
</TABLE>
<PAGE> 110
GREENTREE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Jose UNITS VACANT
# OF UNITS 220 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 14 5 4 2 4
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 68 152 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
6.36% 2.27% 1.82% 0.91% 1.82%
DATE OPENED Jan-85
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 650 $735 $760 $748 $1.13 $1.17 $1.15
Max N/A N/A N/A N/A N/A N/A N/A
Average 650 $735 $760 $748 $1.13 $1.17 $1.15
2 Bed - Min 862 $850 $900 $875 $0.99 $1.04 $1.02
Max N/A N/A N/A N/A N/A N/A N/A
Average 862 $850 $900 $875 $0.99 $1.04 $1.02
3 Bed - Min N/A
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
650 $770 $790 $780 $1.18 $1.22 $1.20 4.35%
1 Bed - Min N/A N/A N/A N/A N/A N/A N/A N/A
Max 650 $770 $790 $780 $1.18 $1.22 $1.20 4.35%
Average
862 $860 $895 $878 $1.00 $1.04 $1.02 0.29%
2 Bed - Min N/A N/A N/A N/A N/A N/A N/A N/A
Max 862 $860 $895 $878 $1.00 $1.04 $1.02 0.29%
Average
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 650 $770 $815 $793 $1.18 $1.25 $1.22 1.60%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 650 $770 $815 $793 $1.18 $1.25 $1.22 1.60%
2 Bed - Min 862 $890 $935 $913 $1.03 $1.08 $1.06 3.99%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 862 $890 $935 $913 $1.03 $1.08 $1.06 3.99%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 650 $820 $840 $830 $1.26 $1.29 $1.28 4.73%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 650 $820 $840 $830 $1.26 $1.29 $1.28 4.73%
2 Bed - Min 862 $950 $970 $960 $1.10 $1.13 $1.11 5.21%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 862 $950 $970 $960 $1.10 $1.13 $1.11 5.21%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 650 $ 835 $ 855 $ 855 $1.28 $1.32 $1.32 3.01%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 650 $ 835 $ 855 $ 855 $1.28 $1.32 $1.32 3.01%
2 Bed - Min 862 $1,010 $1,050 $1,030 $1.17 $1.22 $1.19 7.29%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 862 $1,010 $1,050 $1,030 $1.17 $1.22 $1.19 7.29%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 111
THE GROVE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 220 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96
UNIT MIX 6 8 3 3 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 80 140 N/A 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96
DATE OPENED Jan-86 2.73% 3.64% 1.36% 1.36% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 659 $ 850 $ 870 $ 860 $1.29 $1.32 $1.31
Max N/A N/A N/A N/A N/A N/A N/A
Average 659 $ 850 $ 870 $ 860 $1.29 $1.32 $1.31
2 Bed - Min 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15
Max N/A N/A N/A N/A N/A N/A N/A
Average 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15
3 Bed - Min N/A
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 659 $ 900 $ 920 $ 910 $1.37 $1.40 $1.38 5.81%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 659 $ 900 $ 920 $ 910 $1.37 $1.40 $1.38 5.81%
2 Bed - Min 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15 0.00%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 659 $ 955 $ 975 $ 965 $1.45 $1.48 $1.46 6.04%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 659 $ 955 $ 975 $ 965 $1.45 $1.48 $1.46 6.04%
2 Bed - Min 912 $1,125 $1,145 $1,135 $1.23 $1.26 $1.24 8.10%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 912 $1,125 $1,145 $1,135 $1.23 $1.26 $1.24 8.10%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 659 $1,085 $1,105 $1,095 $1.65 $1.68 $1.66 13.47%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 659 $1,085 $1,105 $1,095 $1.65 $1.68 $1.66 13.47%
2 Bed - Min 912 $1,305 $1,325 $1,315 $1.43 $1.45 $1.44 15.86%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 912 $1,305 $1,325 $1,315 $1.43 $1.45 $1.44 15.86%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 659 $1,260 $1,280 $1,270 $1.91 $1.94 $1.93 15.98%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 659 $1,260 $1,280 $1,270 $1.91 $1.94 $1.93 15.98%
2 Bed - Min 912 $1,455 $1,475 $1,465 $1.60 $1.62 $1.61 11.41%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 912 $1,455 $1,475 $1,465 $1.60 $1.62 $1.61 11.41%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 112
HEATHERSTONE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Mountain View UNITS VACANT
# OF UNITS 108 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 3 4 2 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 84 24 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-68 2.78% 3.70% 1.85% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $875 $ 875 $ 875 $1.25 $1.25 $1.25
Max 750 $890 $ 890 $ 890 $1.19 $1.19 $1.19
Average 725 $883 $ 883 $ 883 $1.22 $1.22 $1.22
2 Bed - Min 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08
Max N/A N/A N/A N/A N/A N/A N/A
Average 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $875 $ 875 $ 875 $1.25 $1.25 $1.25 0.00%
Max 750 $890 $ 890 $ 890 $1.19 $1.19 $1.19 0.00%
Average 725 $883 $ 883 $ 883 $1.22 $1.22 $1.22 0.00%
2 Bed - Min 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08 0.00%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $ 905 $ 920 $ 913 $1.29 $1.31 $1.30 4.29%
Max 750 $ 910 $ 965 $ 938 $1.21 $1.29 $1.25 5.34%
Average 725 $ 908 $ 943 $ 925 $1.25 $1.30 $1.28 4.81%
2 Bed - Min 950 $1,110 $1,150 $1,130 $1.17 $1.21 $1.19 10.51%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,110 $1,150 $1,130 $1.17 $1.21 $1.19 10.51%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 700 $ 985 $1,000 $ 993 $1.41 $1.43 $1.42 8.77%
Max 750 $1,010 $1,055 $1,033 $1.35 $1.41 $1.38 10.13%
Average 725 $ 998 $1,028 $1,013 $1.38 $1.42 $1.40 9.45%
2 Bed - Min 950 $1,205 $1,235 $1,220 $1.27 $1.30 $1.28 7.96%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,205 $1,235 $1,220 $1.27 $1.30 $1.28 7.96%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,230 $1,230 $1,230 $1.76 $1.76 $1.76 23.93%
Max 750 $1,320 $1,320 $1,320 $1.76 $1.76 $1.76 27.85%
Average 725 $1,275 $1,275 $1,275 $1.76 $1.76 $1.76 25.89%
2 Bed - Min 950 $1,390 $1,440 $1,415 $1.46 $1.52 $1.49 15.98%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,390 $1,440 $1,415 $1.46 $1.52 $1.49 15.98%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 113
KENSINGTON PLACE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 186 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 7 2 3 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 96 74 16 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jul-93 3.76% 1.08% 1.61% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $ 895 $ 990 $ 943 $1.28 $1.41 $1.35
Max N/A N/A N/A N/A N/A N/A N/A
Average 700 $ 895 $ 990 $ 943 $1.28 $1.41 $1.35
2 Bed - Min 1055 $1,190 $1,190 $1,190 $1.13 $1.13 $1.13
Max 1087 $1,300 $1,300 $1,300 $1.20 $1.20 $1.20
Average 1071 $1,245 $1,245 $1,245 $1.16 $1.16 $1.16
3 Bed - Min 1386 $1,547 $1,647 $1,597 $1.12 $1.19 $1.15
Max N/A N/A N/A N/A N/A N/A N/A
Average 1386 $1,547 $1,647 $1,597 $1.12 $1.19 $1.15
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $ 910 $1,005 $ 958 $1.30 $1.44 $1.37 1.59%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $ 910 $1,005 $ 958 $1.30 $1.44 $1.37 1.59%
2 Bed - Min 1055 $1,205 $1,205 $1,205 $1.14 $1.14 $1.14 1.26%
Max 1087 $1,315 $1,315 $1,315 $1.21 $1.21 $1.21 1.15%
Average 1071 $1,260 $1,260 $1,260 $1.18 $1.18 $1.18 0.01%
3 Bed - Min 1386 $1,565 $1,655 $1,610 $1.13 $1.19 $1.16 0.81%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1386 $1,565 $1,655 $1,610 $1.13 $1.19 $1.16 0.01%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,035 $1,135 $1,085 $1.48 $1.62 $1.55 13.32%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,035 $1,135 $1,085 $1.48 $1.62 $1.55 13.32%
2 Bed - Min 1055 $1,335 $1,365 $1,350 $1.27 $1.29 $1.28 12.03%
Max 1087 $1,335 $1,455 $1,395 $1.23 $1.34 $1.28 6.08%
Average 1071 $1,335 $1,410 $1,373 $1.25 $1.32 $1.28 9.06%
3 Bed - Min 1386 $1,670 $1,775 $1,723 $1.20 $1.28 $1.24 6.99%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1386 $1,670 $1,775 $1,723 $1.20 $1.28 $1.24 6.99%
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 700 $1,130 $1,240 $1,185 $1.61 $1.77 $1.69 9.22%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,130 $1,240 $1,185 $1.61 $1.77 $1.69 9.22%
2 Bed - Min 1055 $1,445 $1,525 $1,485 $1.37 $1.45 $1.41 10.00%
Max 1087 $1,495 $1,590 $1,543 $1.38 $1.46 $1.42 10.57%
Average 1071 $1,470 $1,558 $1,514 $1.37 $1.45 $1.41 10.29%
3 Bed - Min 1386 $1,725 $1,815 $1,770 $1.24 $1.31 $1.28 2.76%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1386 $1,725 $1,815 $1,770 $1.24 $1.31 $1.28 2.76%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,310 $1,405 $1,358 $1.87 $2.01 $1.94 14.56%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,310 $1,405 $1,358 $1.87 $2.01 $1.94 14.56%
2 Bed - Min 1055 $1,645 $1,790 $1,718 $1.56 $1.70 $1.63 15.66%
Max 1087 $1,645 $1,790 $1,718 $1.51 $1.65 $1.58 11.35%
Average 1071 $1,645 $1,790 $1,718 $1.54 $1.67 $1.60 13.50%
3 Bed - Min 1386 $1,895 $1,985 $1,940 $1.37 $1.43 $1.40 9.60%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1386 $1,895 $1,985 $1,940 $1.37 $1.43 $1.40 9.60%
</TABLE>
<PAGE> 114
KIMBERLY WOODS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Jose UNITS VACANT
# OF UNITS 208 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 15 9 4 0 3
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 60 148 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Oct-85 7.21% 4.33% 1.92% 0.00% 1.44%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 792 $ 895 $ 895 $ 895 $1.13 $1.13 $1.13
Max 860 $ 925 $ 935 $ 930 $1.08 $1.09 $1.08
Average 826 $ 910 $ 915 $ 913 $1.10 $1.11 $1.11
2 Bed - Min 1090 $1,040 $1,075 $1,058 $0.95 $0.99 $0.97
Max 1230 $1,150 $1,175 $1,163 $0.93 $0.96 $0.95
Average 1160 $1,095 $1,125 $1,110 $0.94 $0.97 $0.96
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 792 $ 895 $ 895 $ 895 $1.13 $1.13 $1.13 0.00%
Max 860 $ 925 $ 935 $ 930 $1.08 $1.09 $1.08 0.00%
Average 826 $ 910 $ 915 $ 913 $1.10 $1.11 $1.10 0.00%
2 Bed - Min 1090 $1,040 $1,075 $1,058 $0.95 $0.99 $0.97 0.00%
Max 1230 $1,150 $1,175 $1,163 $0.93 $0.96 $0.95 0.00%
Average 1160 $1,095 $1,125 $1,110 $0.94 $0.97 $0.96 0.00%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 792 $ 905 $ 905 $ 905 $1.14 $1.14 $1.14 1.12%
Max 860 $ 935 $ 945 $ 940 $1.09 $1.10 $1.09 1.08%
Average 826 $ 920 $ 925 $ 923 $1.11 $1.12 $1.12 1.10%
2 Bed - Min 1090 $1,050 $1,085 $1,068 $0.96 $1.00 $0.98 0.95%
Max 1230 $1,160 $1,185 $1,173 $0.94 $0.96 $0.95 0.86%
Average 1160 $1,105 $1,135 $1,120 $0.95 $0.98 $0.97 0.90%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 792 $ 950 $ 950 $ 950 $1.20 $1.20 $1.20 4.97%
Max 860 $1,000 $1,000 $1,000 $1.16 $1.16 $1.16 6.38%
Average 826 $ 975 $ 975 $ 975 $1.18 $1.18 $1.18 5.68%
2 Bed - Min 1090 $1,200 $1,290 $1,245 $1.10 $1.18 $1.14 16.63%
Max 1230 $1,300 $1,350 $1,325 $1.06 $1.10 $1.08 13.01%
Average 1160 $1,250 $1,320 $1,285 $1.08 $1.14 $1.11 14.82%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 792 $1,110 $1,110 $1,110 $1.40 $1.40 $1.40 16.84%
Max 860 $1,140 $1,155 $1,148 $1.33 $1.34 $1.33 14.75%
Average 826 $1,125 $1,133 $1,129 $1.36 $1.37 $1.37 15.80%
2 Bed - Min 1090 $1,305 $1,370 $1,338 $1.20 $1.26 $1.23 7.43%
Max 1230 $1,420 $1,495 $1,458 $1.15 $1.22 $1.18 10.00%
Average 1160 $1,363 $1,433 $1,398 $1.17 $1.23 $1.20 8.71%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 115
LINCOLN GREEN
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 173 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 9 9 6 0 3
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 60 113 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-79 5.20% 5.20% 3.47% 0.00% 1.73%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 600 $760 $770 $765 $1.27 $1.28 $1.28
Max N/A N/A N/A N/A N/A N/A N/A
Average 600 $760 $770 $765 $1.27 $1.28 $1.28
2 Bed - Min 800 $900 $915 $908 $1.13 $1.14 $1.13
Max 850 $945 $960 $953 $1.11 $1.13 $1.12
Average 825 $923 $938 $930 $1.12 $1.14 $1.13
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 600 $760 $770 $765 $1.27 $1.28 $1.28 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 600 $760 $770 $765 $1.27 $1.28 $1.28 0.00%
2 Bed - Min 800 $910 $910 $910 $1.14 $1.14 $1.14 0.28%
Max 850 $950 $950 $950 $1.12 $1.12 $1.12 -0.26%
Average 825 $930 $930 $930 $1.13 $1.13 $1.13 $0.00
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 600 800 $810 $805 $1.33 $1.35 $1.34 5.23%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 600 800 $810 $805 $1.33 $1.35 $1.34 5.23%
2 Bed - Min 800 910 $965 $938 $1.14 $1.21 $1.17 3.02%
Max 850 995 $1,010 $1,003 $1.17 $1.19 $1.18 5.53%
Average 825 953 $988 $970 $1.15 $1.20 $1.18 4.27%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
UNIT RANGE DEC-95 RENT PER SQ. FT. %
SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 600 $840 $850 $845 $1.40 $1.42 $1.41 4.97%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 600 $840 $850 $845 $1.40 $1.42 $1.41 4.97%
2 Bed - Min 800 $990 $1,005 $998 $1.24 $1.26 $1.25 6.40%
Max 850 $1,035 $1,050 $1,043 $1.22 $1.24 $1.23 3.99%
Average 825 $1,013 $1,028 $1,020 $1.23 $1.25 $1.24 5.20%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 600 $940 $950 $945 $1.57 $1.58 $1.58 11.83%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 600 $940 $950 $945 $1.57 $1.58 $1.58 11.83%
2 Bed - Min 800 $1,110 $1,150 $1,130 $1.39 $1.44 $1.41 13.28%
Max 850 $1,180 $1,200 $1,190 $1.39 $1.41 $1.40 14.15%
Average 825 $1,145 $1,175 $1,160 $1.39 $1.42 $1.41 13.72%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 116
LOS PADRES VILLAGE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 245 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 7 11 6 1 3
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 145 100 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Dec-86 2.86% 4.49% 2.45% 0.41% 1.22%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 716 $850 $860 $855 $1.19 $1.20 $1.19
Max N/A N/A N/A N/A N/A N/A N/A
Average 716 $850 $860 $855 $1.19 $1.20 $1.19
2 Bed - Min 858 $965 $975 $970 $1.12 $1.14 $1.13
Max 946 $1,030 $1,050 $1,040 $1.09 $1.11 $1.10
Average 902 $998 $1,013 $1,005 $1.11 $1.12 $1.11
3 Bed - Min N/A
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 716 $850 $860 $855 $1.19 $1.20 $1.19 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 716 $850 $860 $855 $1.19 $1.20 $1.19 0.00%
2 Bed - Min 858 $965 $975 $970 $1.12 $1.14 $1.13 0.00%
Max 946 $1,030 $1,050 $1,040 $1.09 $1.11 $1.10 0.00%
Average 902 $998 $1,013 $1,005 $1.11 $1.12 $1.11 0.00%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 716 $915 $955 $935 $1.28 $1.33 $1.31 10.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 716 $915 $955 $935 $1.28 $1.33 $1.31 10.00%
2 Bed - Min 858 $1,025 $1,045 $1,035 $1.19 $1.22 $1.21 7.25%
Max 946 $1,145 $1,155 $1,150 $1.21 $1.22 $1.22 11.65%
Average 902 $1,085 $1,100 $1,093 $1.20 $1.22 $1.21 9.45%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 716 $965 $995 $980 $1.35 $1.39 $1.37 4.81%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 716 $965 $995 $980 $1.35 $1.39 $1.37 4.81%
2 Bed - Min 858 $1,075 $1,095 $1,085 $1.25 $1.28 $1.26 4.83%
Max 946 $1,155 $1,195 $1,175 $1.22 $1.26 $1.24 2.17%
Average 902 $1,115 $1,145 $1,130 $1.24 $1.27 $1.25 3.50%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 716 $1,137 $1,183 $1,160 $1.59 $1.65 $1.62 20.21%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 716 $1,137 $1,183 $1,160 $1.59 $1.65 $1.62 20.21%
2 Bed - Min 858 $1,343 $1,363 $1,353 $1.57 $1.59 $1.58 25.86%
Max 946 $1,447 $1,457 $1,452 $1.53 $1.54 $1.53 25.71%
Average 902 $1,395 $1,410 $1,403 $1.55 $1.56 $1.56 25.79%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 117
MACARA GARDENS
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 234 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 7 4 8 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 142 92 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Sep-85 2.99% 1.71% 3.42% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 658 $790 $825 $808 $1.20 $1.25 $1.23
Max N/A N/A N/A N/A N/A N/A N/A
Average 658 $790 $825 $808 $1.20 $1.25 $1.23
2 Bed - Min 903 $980 $1,020 $1,000 $1.09 $1.13 $1.11
Max N/A N/A N/A N/A N/A N/A N/A
Average 903 $980 $1,020 $1,000 $1.09 $1.13 $1.11
3 Bed - Min N/A
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 658 $825 $825 $825 $1.25 $1.25 $1.25 2.17%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 658 $825 $825 $825 $1.25 $1.25 $1.25 2.17%
2 Bed - Min 903 $995 $1,035 $1,015 $1.10 $1.15 $1.12 1.50%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 903 $995 $1,035 $1,015 $1.10 $1.15 $1.12 1.50%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 658 $850 $860 $855 $1.29 $1.31 $1.30 3.64%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 658 $850 $860 $855 $1.29 $1.31 $1.30 3.64%
2 Bed - Min 903 $1,025 $1,050 $1,038 $1.14 $1.16 $1.15 2.22%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 903 $1,025 $1,050 $1,038 $1.14 $1.16 $1.15 2.22%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 658 $960 $970 $965 $1.46 $1.47 $1.47 12.87%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 658 $960 $970 $965 $1.46 $1.47 $1.47 12.87%
2 Bed - Min 903 $1,180 $1,205 $1,193 $1.31 $1.33 $1.32 14.94%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 903 $1,180 $1,205 $1,193 $1.31 $1.33 $1.32 14.94%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 658 $1,020 $1,030 $1,025 $1.55 $1.57 $1.56 6.22%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 658 $1,020 $1,030 $1,025 $1.55 $1.57 $1.56 6.22%
2 Bed - Min 903 $1,230 $1,250 $1,240 $1.36 $1.38 $1.37 3.98%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 903 $1,230 $1,250 $1,240 $1.36 $1.38 $1.37 3.98%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 118
MANSION GROVE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 876 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 48 33 34 4 1
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 438 438 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-88 5.48% 3.77% 3.88% 0.46% 0.11%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $795 $865 $830 $1.14 $1.24 $1.19
Max N/A N/A N/A N/A N/A N/A N/A
Average 700 $795 $865 $830 $1.14 $1.24 $1.19
2 Bed - Min 950 $995 $1,095 $1,045 $1.05 $1.15 $1.10
Max N/A N/A N/A N/A N/A N/A N/A
Average 950 $995 $1,095 $1,045 $1.05 $1.15 $1.10
3 Bed - Min N/A
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 $865 $930 $898 $1.24 $1.33 $1.28 8.13%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $865 $930 $898 $1.24 $1.33 $1.28 8.13%
2 Bed - Min 950 $1,065 $1,130 $1,098 $1.12 $1.19 $1.16 5.02%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,065 $1,130 $1,098 $1.12 $1.19 $1.16 5.02%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $975 $1,040 $1,008 $1.39 $1.49 $1.44 12.26%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $975 $1,040 $1,008 $1.39 $1.49 $1.44 12.26%
2 Bed - Min 950 $1,175 $1,340 $1,258 $1.24 $1.41 $1.32 14.58%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,175 $1,340 $1,258 $1.24 $1.41 $1.32 14.58%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 700 $1,070 $1,110 $1,090 $1.53 $1.59 $1.56 8.19%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,070 $1,110 $1,090 $1.53 $1.59 $1.56 8.19%
2 Bed - Min 950 $1,300 $1,380 $1,340 $1.37 $1.45 $1.41 6.56%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,300 $1,380 $1,340 $1.37 $1.45 $1.41 6.56%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,295 $1,360 $1,328 $1.85 $1.94 $1.90 21.79%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,295 $1,360 $1,328 $1.85 $1.94 $1.90 21.79%
2 Bed - Min 950 $1,525 $1,665 $1,595 $1.61 $1.75 $1.68 19.03%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,525 $1,665 $1,595 $1.61 $1.75 $1.68 19.03%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 119
MARINA COVE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 292 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96
UNIT MIX 8 7 8 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 145 147 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96
DATE OPENED Oct-85 2.74% 2.40% 2.74% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 720 $800 $835 $818 $1.11 $1.16 $1.14
Max 800 $815 $850 $833 $1.02 $1.06 $1.04
Average 760 $808 $843 $825 $1.06 $1.11 $1.09
2 Bed - Min 900 $910 $940 $925 $1.01 $1.04 $1.03
Max 1144 $1,020 $1,060 $1,040 $0.89 $0.93 $0.91
Average 1022 $965 $1,000 $983 $0.95 $0.99 $0.97
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 720 $800 $835 $818 $1.11 $1.16 $1.14 0.00%
Max 800 $815 $850 $833 $1.02 $1.06 $1.04 0.00%
Average 760 $808 $843 $825 $1.06 $1.11 $1.09 0.00%
2 Bed - Min 900 $910 $955 $933 $1.01 $1.06 $1.04 0.81%
Max 1144 $1,020 $1,060 $1,040 $0.89 $0.93 $0.91 0.00%
Average 1022 $965 $1,008 $986 $0.95 $0.99 $0.97 0.41%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 720 $830 $865 $848 $1.15 $1.20 $1.18 3.67%
Max 800 $960 $885 $923 $1.20 $1.11 $1.15 10.81%
Average 760 $895 $875 $885 $1.18 $1.15 $1.17 7.24%
2 Bed - Min 900 $955 $990 $973 $1.06 $1.10 $1.08 4.29%
Max 1144 $1,050 $1,085 $1,068 $0.92 $0.95 $0.93 2.64%
Average 1022 $1,003 $1,038 $1,020 $0.99 $1.02 $1.01 3.47%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 720 $880 $925 $903 $1.22 $1.28 $1.25 6.49%
Max 800 $930 $975 $953 $1.16 $1.22 $1.19 3.25%
Average 760 $905 $950 $928 $1.19 $1.25 $1.22 4.87%
2 Bed - Min 900 $1,025 $1,070 $1,048 $1.14 $1.19 $1.16 7.71%
Max 1144 $1,160 $1,210 $1,185 $1.01 $1.06 $1.04 11.01%
Average 1022 $1,093 $1,140 $1,116 $1.07 $1.12 $1.10 9.36%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 720 $970 $1,030 $1,000 $1.35 $1.43 $1.39 10.80%
Max 800 $985 $1,045 $1,015 $1.23 $1.31 $1.27 6.56%
Average 760 $978 $1,038 $1,008 $1.29 $1.37 $1.33 8.68%
2 Bed - Min 900 $1,100 $1,145 $1,123 $1.22 $1.27 $1.25 7.16%
Max 1144 $1,230 $1,275 $1,253 $1.08 $1.11 $1.09 5.70%
Average 1022 $1,165 $1,210 $1,188 $1.14 $1.18 $1.16 6.43%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 120
MARINA PLAYA
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Santa Clara UNITS VACANT
# OF UNITS 272 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 13 11 4 1 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 172 86 14 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-72 4.78% 4.04% 1.47% 0.37% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 664 $ 735 $ 760 $ 748 $1.11 $1.14 $1.13
Max 805 $ 925 $ 925 $ 925 $1.15 $1.15 $1.15
Average 735 $ 830 $ 843 $ 836 $1.13 $1.15 $1.14
2 Bed - Min 950 $ 915 $ 935 $ 925 $0.96 $0.98 $0.97
Max 1338 $1,380 $1,400 $1,390 $1.03 $1.05 $1.04
Average 1144 $1,148 $1,168 $1,158 $1.00 $1.02 $1.01
3 Bed - Min 1270 $1,275 $1,300 $1,288 $1.00 $1.02 $1.01
Max n/a n/a n/a n/a n/a n/a n/a
Average 1270 $1,275 $1,300 $1,288 $1.00 $1.02 $1.01
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Average
1 Bed - Min 664 $ 760 $ 775 $ 768 $1.14 $1.17 $1.16 2.68%
Max 805 $ 925 $ 925 $ 925 $1.15 $1.15 $1.15 0.00%
Average 735 $ 843 $ 850 $ 846 $1.15 $1.16 $1.15 1.34%
2 Bed - Min 950 $ 950 $ 975 $ 963 $1.00 $1.03 $1.01 4.05%
Max 1338 $1,405 $1,425 $1,415 $1.05 $1.07 $1.06 1.80%
Average 1144 $1,178 $1,200 $1,189 $1.03 $1.05 $1.04 $0.03
3 Bed - Min 1270 $1,295 $1,325 $1,310 $1.02 $1.04 $1.03 1.75%
Max n/a n/a n/a n/a n/a n/a n/a 0
Average 1270 $1,295 $1,325 $1,310 $1.02 $1.04 $1.03 $0.01
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 664 $ 780 $ 795 $ 788 $1.17 $1.20 $1.19 2.61%
Max 805 $ 950 $ 950 $ 950 $1.18 $1.18 $1.18 2.70%
Average 735 $ 865 $ 873 $ 869 $1.18 $1.19 $1.18 2.65%
2 Bed - Min 950 $ 975 $1,000 $ 988 $1.03 $1.05 $1.04 2.60%
Max 1338 $1,440 $1,460 $1,450 $1.08 $1.09 $1.08 2.47%
Average 1144 $1,208 $1,230 $1,219 $1.05 $1.07 $1.06 2.54%
3 Bed - Min 1270 $1,325 $1,355 $1,340 $1.04 $1.07 $1.06 2.29%
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1270 $1,325 $1,355 $1,340 $1.04 $1.07 $1.06 2.29%
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 664 $ 855 $ 865 $ 860 $1.29 $1.30 $1.30 9.21%
Max 805 $1,010 $1,010 $1,010 $1.25 $1.25 $1.25 6.32%
Average 735 $ 933 $ 938 $ 935 $1.27 $1.28 $1.27 7.76%
2 Bed - Min 950 $1,035 $1,045 $1,040 $1.09 $1.10 $1.09 5.32%
Max 1338 $1,495 $1,495 $1,495 $1.12 $1.12 $1.12 3.10%
Average 1144 $1,265 $1,270 $1,268 $1.10 $1.11 $1.11 4.21%
3 Bed - Min 1270 $1,310 $1,340 $1,325 $1.03 $1.06 $1.04 -1.12%
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1270 $1,310 $1,340 $1,325 $1.03 $1.06 $1.04 -1.12%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 664 $ 975 $ 975 $ 975 $1.47 $1.47 $1.47 13.37%
Max 805 $1,100 $1,125 $1,113 $1.37 $1.40 $1.38 10.15%
Average 735 $1,038 $1,050 $1,044 $1.42 $1.43 $1.43 11.76%
2 Bed - Min 950 $1,150 $1,175 $1,163 $1.21 $1.24 $1.22 11.78%
Max 1338 $1,600 $1,650 $1,625 $1.20 $1.23 $1.21 8.70%
Average 1144 $1,375 $1,413 $1,394 $1.20 $1.24 $1.22 10.24%
3 Bed - Min 1270 $1,475 $1,550 $1,513 $1.16 $1.22 $1.19 14.15%
Max n/a n/a n/a n/a n/a n/a n/a n/a
Average 1270 $1,475 $1,550 $1,513 $1.16 $1.22 $1.19 14.15%
</TABLE>
<PAGE> 121
THE MEADOWS
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 336 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX N/A 8 11 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 200 136 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-85 N/A 2.38% 3.27% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 715 N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A
Average 715 N/A N/A N/A N/A N/A N/A
2 Bed - Min 915 N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A
Average 915 N/A N/A N/A N/A N/A N/A
3 Bed - Min N/A
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 715 $ 880 $ 920 $ 900 $1.23 $1.29 $1.26 N/A
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 715 $ 880 $ 920 $ 900 $1.23 $1.29 $1.26 N/A
2 Bed - Min 915 $1,080 $1,120 $1,100 $1.18 $1.22 $1.20 N/A
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 915 $1,080 $1,120 $1,100 $1.18 $1.22 $1.20 N/A
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 715 $ 960 $1,000 $ 980 $1.34 $1.40 $1.37 8.89%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 715 $ 960 $1,000 $ 980 $1.34 $1.40 $1.37 8.89%
2 Bed - Min 915 $1,175 $1,200 $1,188 $1.28 $1.31 $1.30 7.95%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 915 $1,175 $1,200 $1,188 $1.28 $1.31 $1.30 7.95%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 715 $1,080 $1,120 $1,100 $1.51 $1.57 $1.54 12.24%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 715 $1,080 $1,120 $1,100 $1.51 $1.57 $1.54 12.24%
2 Bed - Min 915 $1,300 $1,340 $1,320 $1.42 $1.46 $1.44 11.16%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 915 $1,300 $1,340 $1,320 $1.42 $1.46 $1.44 11.16%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 715 $1,300 $1,330 $1,330 $1.82 $1.86 $1.86 20.91%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 715 $1,300 $1,330 $1,330 $1.82 $1.86 $1.86 20.91%
2 Bed - Min 915 $1,500 $1,540 $1,520 $1.64 $1.68 $1.66 15.15%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 915 $1,500 $1,540 $1,520 $1.64 $1.68 $1.66 15.15%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 122
MISSION POINTE
CITY Sunnyvale
# OF UNITS 617
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
N/A 302 315 N/A
</TABLE>
DATE OPENED Sep-90
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
N/A 27 15 0 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
N/A 4.38% 2.43% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-94 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Avg Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 580 N/A N/A N/A N/A N/A N/A
Max 704 N/A N/A N/A N/A N/A N/A
Average 642 N/A N/A N/A N/A N/A N/A
2 Bed - Min 906 N/A N/A N/A N/A N/A N/A
Max 1108 N/A N/A N/A N/A N/A N/A
Average 1007 N/A N/A N/A N/A N/A N/A
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
Range Dec-94 Rent Per Sq. Ft. %
Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
580 $795 $795 $795 $1.37 $1.37 $1.37
704 $895 $895 $895 $1.27 $1.27 $1.27
642 $845 $845 $845 $1.32 $1.32 $1.32
906 $1,045 $1,045 $1,045 $1.15 $1.15 $1.15
1108 $1,135 $1,135 $1,135 $1.02 $1.02 $1.02
1007 $1,090 $1,090 $1,090 $1.09 $1.09 $1.09
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-95 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 580 $835 $875 $855 $1.44 $1.51 $1.47 7.55%
Max 704 $945 $985 $965 $1.34 $1.40 $1.37 7.82%
Average 642 $890 $930 $910 $1.39 $1.45 $1.42 7.68%
2 Bed - Min 906 $1,100 $1,150 $1,125 $1.21 $1.27 $1.24 7.66%
Max 1108 $1,220 $1,270 $1,245 $1.10 $1.15 $1.12 9.69%
Average 1007 $1,160 $1,210 $1,185 $1.16 $1.21 $1.18 8.67%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
Range Dec-95 Rent Per Sq. Ft. %
Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
580 $900 $930 $915 $1.55 $1.60 $1.58 7.02%
704 $1,020 $1,070 $1,045 $1.45 $1.52 $1.48 8.29%
642 $960 $1,000 $980 $ 1.50 $1.56 $1.53 7.65%
906 $1,160 $1,210 $1,185 $1.28 $1.34 $1.31 5.33%
1108 $1,300 $1,350 $1,325 $1.17 $1.22 $1.20 6.43%
1007 $1,230 $1,280 $1,255 $ 1.23 $1.28 $1.25 5.88%
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-96 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 580 $1,035 $1,075 $1,055 $ 1.78 $ 1.85 $ 1.82 15.30%
Max 704 $1,195 $1,235 $1,215 $ 1.70 $ 1.75 $ 1.73 16.27%
Average 642 $1,115 $1,155 $1,135 $ 1.74 $ 1.80 $ 1.77 15.78%
2 Bed - Min 906 $1,295 $1,335 $1,315 $ 1.43 $ 1.47 $ 1.45 10.97%
Max 1108 $1,525 $1,575 $1,550 $ 1.38 $ 1.42 $ 1.40 16.98%
Average 1007 $1,410 $1,455 $1,433 $ 1.40 $ 1.45 $ 1.43 13.98%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 123
PARK CENTRAL
CITY Santa Clara
# OF UNITS 172
<TABLE>
<CAPTION>
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
N/A 90 82 N/A
</TABLE>
DATE OPENED May-86
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
N/A 5 3 2 2
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
N/A 2.91% 1.74% 1.16% 1.16%
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-94 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Avg Min Max Avg Change
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 700 N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A
Average 700 N/A N/A N/A N/A N/A N/A
2 Bed - Min 950 N/A N/A N/A N/A N/A N/A
Max 963 N/A N/A N/A N/A N/A N/A
Average 957 N/A N/A N/A N/A N/A N/A
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
Range Dec-94 Rent Per Sq. Ft. %
Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
700 $ 840 $ 950 $ 895 $ 1.20 $ 1.36 $ 1.28 N/A
N/A N/A N/A N/A N/A N/A N/A N/A
700 $ 840 $ 950 $ 895 $ 1.20 $ 1.36 $ 1.28 N/A
950 $1,160 $1,200 $1,180 $ 1.22 $ 1.26 $ 1.24 N/A
963 $1,200 $1,250 $1,225 $ 1.25 $ 1.30 $ 1.27 N/A
957 $1,180 $1,225 $1,203 $ 1.23 $ 1.28 $ 1.26 N/A
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-95 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $ 875 $1,000 $ 938 $ 1.25 $ 1.43 $ 1.34 4.75%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $ 875 $1,000 $ 938 $ 1.25 $ 1.43 $ 1.34 4.75%
2 Bed - Min 950 $1,160 $1,225 $1,193 $ 1.22 $ 1.29 $ 1.26 1.06%
Max 963 $1,250 $1,265 $1,258 $ 1.30 $ 1.31 $ 1.31 2.65%
Average 957 $1,205 $1,245 $1,225 $ 1.26 $ 1.30 $ 1.28 1.86%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
Range Dec-95 Rent Per Sq. Ft. %
Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
700 $1,035 $1,145 $1,090 $1.48 $1.64 $1.56 16.27%
N/A N/A N/A N/A N/A N/A N/A N/A
700 $1,035 $1,145 $1,090 $1.48 $1.64 $1.56 16.27%
950 $1,270 $1,340 $1,305 $1.34 $1.41 $1.37 9.43%
963 $1,380 $1,423 $1,401 $1.43 $1.48 $1.46 11.43%
957 $1,325 $1,381 $1,353 $1.38 $1.44 $1.41 10.43%
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-96 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,195 $1,290 $1,243 $ 1.71 $ 1.84 $ 1.78 13.99%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,195 $1,290 $1,243 $ 1.71 $ 1.84 $ 1.78 13.99%
2 Bed - Min 950 $1,380 $1,455 $1,418 $ 1.45 $ 1.53 $ 1.49 8.62%
Max 963 $1,510 $1,580 $1,545 $ 1.57 $ 1.64 $ 1.60 10.26%
Average 957 $1,445 $1,518 $1,481 $ 1.51 $ 1.59 $ 1.55 9.44%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 124
PARK PLACE
CITY Mountain View
# OF UNITS 370
UNIT MIX
<TABLE>
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed
<S> <C> <C> <C> <C>
N/A 177 187 6
</TABLE>
DATE OPENED Dec-88
UNITS VACANT
<TABLE>
<CAPTION>
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
N/A 8 12 0 0
</TABLE>
<TABLE>
<CAPTION>
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C>
N/A 2.16% 3.24% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-94 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Avg Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 700 N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A
Average 700 N/A N/A N/A N/A N/A N/A
2 Bed - Min 910 N/A N/A N/A N/A N/A N/A
Max 965 N/A N/A N/A N/A N/A N/A
Average 938 N/A N/A N/A N/A N/A N/A
3 Bed - Min 1100 N/A N/A N/A N/A N/A N/A
Max
Average
</TABLE>
<TABLE>
<CAPTION>
Range Dec-94 Rent Per Sq. Ft. %
Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
700 $1,020 $1,130 $1,075 $1.46 $1.61 $1.54 N/A
N/A N/A N/A N/A N/A N/A N/A N/A
700 $1,020 $1,130 $1,075 $1.46 $1.61 $1.54 N/A
910 $1,290 $1,445 $1,368 $1.42 $1.59 $1.50 N/A
965 $1,290 $1,445 $1,368 $1.34 $1.50 $1.42 N/A
938 $1,290 $1,445 $1,368 $1.38 $1.54 $1.46 N/A
1100 $1,675 $1,675 $1,675 $1.52 $1.52 $1.52 N/A
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-95 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,230 $1,340 $1,285 $1.76 $1.91 $1.84 19.53%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,230 $1,340 $1,285 $1.76 $1.91 $1.84 19.53%
2 Bed - Min 910 $1,470 $1,535 $1,503 $1.62 $1.69 $1.65 9.87%
Max 965 $1,530 $1,625 $1,578 $1.59 $1.68 $1.63 15.36%
Average 938 $1,500 $1,580 $1,540 $1.60 $1.69 $1.64 12.61%
3 Bed - Min 1100 $1,890 $1,890 $1,890 $1.72 $1.72 $1.72 12.84%
Max
Average
</TABLE>
<TABLE>
<CAPTION>
Range Dec-95 Rent Per Sq. Ft. %
Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C>
700 $1,260 $1,370 $1,315 $1.80 $1.96 $1.88 2.33%
N/A N/A N/A N/A N/A N/A N/A N/A
700 $1,260 $1,370 $1,315 $1.80 $1.96 $1.88 2.33%
910 $1,530 $1,595 $1,563 $1.68 $1.75 $1.72 3.99%
965 $1,565 $1,660 $1,613 $1.62 $1.72 $1.67 2.22%
938 $1,548 $1,628 $1,588 $1.65 $1.74 $1.69 3.11%
1100 $1,860 $1,860 $1,860 $1.69 $1.69 $1.69 -1.59%
</TABLE>
<TABLE>
<CAPTION>
Rent Jun-96 Rent Per Sq. Ft. %
Unit Sq. Ft. Min Max Average Min Max Avg Change
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $1,455 $1,565 $1,510 $2.08 $2.24 $2.16 14.83%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,455 $1,565 $1,510 $2.08 $2.24 $2.16 14.83%
2 Bed - Min 910 $1,725 $1,790 $1,758 $1.90 $1.97 $1.93 12.48%
Max 965 $1,760 $1,855 $1,808 $1.82 $1.92 $1.87 12.09%
Average 938 $1,743 $1,823 $1,783 $1.86 $1.94 $1.90 12.29%
3 Bed - Min 1100 $1,930 $1,930 $1,930 $1.75 $1.75 $1.75 3.76%
Max
Average
</TABLE>
<PAGE> 125
PARKSIDE COMMONS
<TABLE>
<CAPTION>
CITY Sunnyvale UNITS VACANT
# OF UNITS 192 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX N/A 2 6 1 0
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 60 96 36 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Dec-90 N/A 1.04% 3.13% 0.52% 0.00%
<CAPTION>
SQ. RENT JUN-94 RENT PER SQ. FT. % SQ. RANGE DEC-94 RENT PER SQ. FT. %
UNIT FT. MIN MAX AVG MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 800 N/A N/A N/A N/A N/A N/A 800 $985 $1,150 $1,068 $1.23 $1.44 $1.33 N/A
Max 860 N/A N/A N/A N/A N/A N/A 860 $985 $1,150 $1,068 $1.15 $1.34 $1.24 N/A
Average 830 N/A N/A N/A N/A N/A N/A 830 $985 $1,150 $1,068 $1.19 $1.39 $1.29 N/A
2 Bed - Min 1100 N/A N/A N/A N/A N/A N/A 1100 $1,205 $1,360 $1,283 $1.10 $1.24 $1.17 N/A
Max 1160 N/A N/A N/A N/A N/A N/A 1160 $1,205 $1,360 $1,283 $1.04 $1.17 $1.11 N/A
Average 1130 N/A N/A N/A N/A N/A N/A 1130 $1,205 $1,360 $1,283 $1.07 $1.20 $1.14 N/A
3 Bed - Min 1354 N/A N/A N/A N/A N/A N/A 1354 $1,505 $1,675 $1,590 $1.11 $1.24 $1.17 N/A
Max
Average
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. % SQ. RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 800 $1,035 $1,200 $1,118 $1.29 $1.50 $1.40 4.68% 800 $1,120 $1,245 $1,183 $1.40 $1.56 $1.48 5.82%
Max 860 $1,035 $1,200 $1,118 $1.20 $1.40 $1.30 4.68% 860 $1,130 $1,255 $1,193 $1.31 $1.46 $1.39 6.71%
Average 830 $1,035 $1,200 $1,118 $1.25 $1.45 $1.35 4.68% 830 $1,125 $1,250 $1,188 $1.36 $1.51 $1.43 6.26%
2 Bed - Min 1100 $1,275 $1,430 $1,353 $1.16 $1.30 $1.23 5.46% 1100 $1,375 $1,575 $1,475 $1.25 $1.43 $1.34 9.06%
Max 1160 $1,295 $1,430 $1,363 $1.12 $1.23 $1.17 6.24% 1160 $1,375 $1,575 $1,475 $1.19 $1.36 $1.27 8.26%
Average 1130 $1,285 $1,430 $1,370 $1.14 $1.27 $1.20 5.85% 1130 $1,375 $1,575 $1,475 $1.22 $1.39 $1.31 8.66%
3 Bed - Min 1354 $1,700 $1,870 $1,785 $1.26 $1.38 $1.32 12.26% 1354 $1,720 $1,885 $1,803 $1.27 $1.39 $1.33 0.98%
Max
Average
<CAPTION>
SQ. RENT JUN-96 RENT PER SQ. FT. %
UNIT FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 800 $1,210 $1,420 $1,315 $1.51 $1.78 $1.64 11.21%
Max 860 $1,210 $1,420 $1,315 $1.41 $1.65 $1.53 10.27%
Average 830 $1,210 $1,420 $1,315 $1.46 $1.71 $1.59 10.74%
2 Bed - Min 1100 $1,525 $1,735 $1,630 $1.39 $1.58 $1.48 10.51%
Max 1160 $1,525 $1,735 $1,630 $1.31 $1.50 $1.41 10.51%
Average 1130 $1,525 $1,735 $1,370 $1.35 $1.54 $1.44 10.51%
3 Bed - Min 1354 $1,895 $2,100 $1,998 $1.40 $1.55 $1.48 10.82%
Max
Average
</TABLE>
<PAGE> 126
THE REDWOODS
<TABLE>
<CAPTION>
CITY San Jose UNITS VACANT
# OF UNITS 332 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX 9 18 10 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 120 212 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Jan-85 2.71% 5.42% 3.01% 0.00% 0.00%
<CAPTION>
SQ. RENT JUN-94 RENT PER SQ. FT. % SQ. RANGE DEC-94 RENT PER SQ. FT. %
UNIT FT. MIN MAX AVG MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 675 $800 $820 $810 $1.19 $1.21 $1.20 675 $850 $880 $865 $1.26 $1.30 $1.28 6.79%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 675 $800 $820 $810 $1.19 $1.21 $1.20 675 $850 $880 $865 $1.26 $1.30 $1.28 6.79%
2 Bed - Min 950 $905 $925 $915 $0.95 $0.97 $0.96 950 $980 $1,000 $990 $1.03 $1.05 $1.04 8.20%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $905 $925 $915 $0.95 $0.97 $0.96 950 $980 $1,000 $990 $1.03 $1.05 $1.04 8.20%
3 Bed - Min N/A
Max
Average
<CAPTION>
SQ. RENT JUN-95 RENT PER SQ. FT. % SQ. RANGE DEC-95 RENT PER SQ. FT. %
UNIT FT. MIN MAX AVERAGE MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 675 $860 $880 $870 $1.27 $1.30 $1.29 0.58% 675 $945 $965 $955 $1.40 $1.43 $1.41 9.77%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 675 $860 $880 $870 $1.27 $1.30 $1.29 0.58% 675 $945 $965 $955 $1.40 $1.43 $1.41 9.77%
2 Bed - Min 950 $1,015 $1,040 $1,028 $1.07 $1.09 $1.08 3.79% 950 $1,085 $1,110 $1,098 $1.14 $1.17 $1.16 6.81%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,015 $1,040 $1,028 $1.07 $1.09 $1.08 3.79% 950 $1,085 $1,110 $1,098 $1.14 $1.17 $1.16 6.81%
3 Bed - Min
Max
Average
<CAPTION>
SQ. RENT JUN-96 RENT PER SQ. FT. %
UNIT FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 675 $1,090 $1,150 $1,120 $1.61 $1.70 $1.66 17.28%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 675 $1,090 $1,150 $1,120 $1.61 $1.70 $1.66 17.28%
2 Bed - Min 950 $1,290 $1,310 $1,300 $1.36 $1.38 $1.37 18.45%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 950 $1,290 $1,310 $1,300 $1.36 $1.38 $1.37 18.45%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 127
SAN MARINO
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Jose UNITS VACANT
# OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 7 1 8 3 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 102 146 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-86 2.82% 0.40% 3.23% 1.21% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 701 $765 $785 $775 $1.09 $1.12 $1.11
Max 720 $800 $830 $815 $1.11 $1.15 $1.13
Average 711 $783 $808 $795 $1.10 $1.14 $1.12
2 Bed - Min 901 $900 $920 $910 $1.00 $1.02 $1.01
Max 978 $975 $995 $985 $1.00 $1.02 $1.01
Average 940 $938 $958 $948 $1.00 $1.02 $1.01
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 701 $745 $760 $753 $1.06 $1.08 $1.07 -2.90%
Max 720 $825 $860 $843 $1.15 $1.19 $1.17 3.37%
Average 711 $785 $810 $798 $1.10 $1.14 $1.12 0.24%
2 Bed - Min 901 $925 $960 $943 $1.03 $1.07 $1.05 3.57%
Max 978 $975 $1,000 $988 $1.00 $1.02 $1.01 0.25%
Average 940 $950 $980 $965 FALSE $1.04 $1.03 1.91%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 701 $745 $760 $753 $1.06 $1.08 $1.07 0.00%
Max 720 $825 $860 $905 $1.15 $1.19 $1.26 7.42%
Average 711 $785 $810 $829 $1.10 $1.14 $1.17 3.71%
2 Bed - Min 901 $925 $960 $943 $1.03 $1.07 $1.05 0.00%
Max 978 $975 $1,000 $988 $1.00 $1.02 $1.01 0.00%
Average 940 $950 $980 $965 $1.01 $1.04 $1.03 0.00%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 701 $823 $843 $833 $1.17 $1.20 $1.19 10.63%
Max 720 $923 $953 $938 $1.28 $1.32 $1.30 3.59%
Average 711 $873 $898 $885 $1.23 $1.26 $1.24 7.11%
2 Bed - Min 901 $1,015 $1,045 $1,030 $1.13 $1.16 $1.14 9.28%
Max 978 $1,098 $1,123 $1,110 $1.12 $1.15 $1.13 12.41%
Average $940 $1,056 $1,084 $1,070 $1.12 $1.15 $1.14 10.84%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 701 $900 $925 $913 $1.28 $1.32 $1.30 9.61%
Max 720 $1,020 $1,045 $1,033 $1.42 $1.45 $1.43 10.13%
Average 711 $960 $985 $973 $1.35 $1.39 $1.37 9.88%
2 Bed - Min 901 $1,105 $1,130 $1,118 $1.23 $1.25 $1.24 8.50%
Max 978 $1,220 $1,245 $1,233 $1.25 $1.27 $1.26 11.04%
Average 940 $1,163 $1,188 $1,175 $1.24 $1.26 $1.25 9.76%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 128
SOUTH PARK
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Mountain View UNITS VACANT
# OF UNITS 180 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX N/A 2 3 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 132 48 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Jan-65 N/A 1.11% 1.67% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 750 N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A
Average 750 N/A N/A N/A N/A N/A N/A
2 Bed - Min 900 N/A N/A N/A N/A N/A N/A
Max N/A N/A N/A N/A N/A N/A N/A
Average 900 N/A N/A N/A N/A N/A N/A
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 750 $850 $895 $873 $1.13 $1.19 $1.16 N/A
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 750 $850 $895 $873 $1.13 $1.19 $1.16 N/A
2 Bed - Min 900 $950 $995 $973 $1.06 $1.11 $1.08 N/A
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 900 $950 $995 $973 $1.06 $1.11 $1.08 N/A
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 750 $850 $895 $873 $1.13 $1.19 $1.16 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 750 $850 $895 $873 $1.13 $1.19 $1.16 0.00%
2 Bed - Min 900 $1,010 $1,010 $1,010 $1.12 $1.12 $1.12 3.86%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 900 $1,010 $1,010 $1,010 $1.12 $1.12 $1.12 3.86%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 750 $895 $950 $923 $1.19 $1.27 $1.23 5.73%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 750 $895 $950 $923 $1.19 $1.27 $1.23 5.73%
2 Bed - Min 900 $1,010 $1,050 $1,030 $1.12 $1.17 $1.14 1.98%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 900 $1,010 $1,050 $1,030 $1.12 $1.17 $1.14 1.98%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 750 $920 $975 $948 $1.23 $1.30 $1.26 2.71%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 750 $920 $975 $948 $1.23 $1.30 $1.26 2.71%
2 Bed - Min 900 $1,200 $1,400 $1,300 $1.33 $1.56 $1.44 26.21%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 900 $1,200 $1,400 $1,300 $1.33 $1.56 $1.44 26.21%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 129
SUMMERHILL PARK
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY Sunnyvale UNITS VACANT
# OF UNITS 100 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 1 2 1 0 0
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 40 60 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Nov-87 1.00% 2.00% 1.00% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 710 $940 $975 $958 $1.32 $1.37 $1.35
Max N/A N/A N/A N/A N/A N/A N/A
Average 710 $940 $975 $958 $1.32 $1.37 $1.35
2 Bed - Min 900 $1,100 $1,140 $1,120 $1.22 $1.27 $1.24
Max 950 $1,150 $1,190 $1,170 $1.21 $1.25 $1.23
Average 925 $1,125 $1,165 $1,145 $1.22 $1.26 $1.24
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 710 $940 $975 $958 $1.32 $1.37 $1.35 0.00%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $940 $975 $958 $1.32 $1.37 $1.35 0.00%
2 Bed - Min 900 $1,100 $1,140 $1,120 $1.22 $1.27 $1.24 0.00%
Max 950 $1,140 $1,190 $1,165 $1.20 $1.25 $1.23 N/A
Average 925 $1,120 $1,165 $1,143 $1.21 $1.26 $1.24 $0.00
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 710 $945 $990 $968 $1.33 $1.39 $1.36 1.04%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $945 $990 $968 $1.33 $1.39 $1.36 1.04%
2 Bed - Min 900 $1,110 $1,160 $1,135 $1.23 $1.29 $1.26 1.34%
Max 950 $1,150 $1,195 $1,173 $1.21 $1.26 $1.23 0.64%
Average 925 $1,130 $1,178 $1,154 $1.22 $1.27 $1.25 0.99%
3 Bed - Min
Max
Average
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 710 $1,025 $1,100 $1,100 $1.44 $1.55 $1.55 13.70%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $1,025 $1,100 $1,100 $1.44 $1.55 $1.55 13.70%
2 Bed - Min 900 $1,200 $1,275 $1,238 $1.33 $1.42 $1.38 9.03%
Max 950 $1,275 $1,350 $1,313 $1.34 $1.42 $1.38 11.94%
Average 925 $1,238 $1,313 $1,275 $1.34 $1.42 $1.38 10.49%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 710 $1,150 $1,175 $1,163 $1.62 $1.65 $1.64 5.68%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 710 $1,150 $1,175 $1,163 $1.62 $1.65 $1.64 5.68%
2 Bed - Min 900 $1,300 $1,350 $1,325 $1.44 $1.50 $1.47 7.07%
Max 950 $1,450 $1,475 $1,463 $1.53 $1.55 $1.54 11.43%
Average 925 $1,375 $1,413 $1,394 $1.49 $1.53 $1.51 9.25%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 130
================================================================================
TIMBERLEAF
================================================================================
CITY Santa Clara
# OF UNITS 124
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
N/A 64 60 N/A
DATE OPENED Nov-86
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
5 3 4 2 0
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
4.03% 2.42% 3.23% 1.61% 0.00%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 700 $ 850 $ 935 $ 893 $ 1.21 $ 1.34 $ 1.28 700 $ 865 $ 970 $ 918
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $ 850 $ 935 $ 893 $ 1.21 $ 1.34 $ 1.28 700 $ 865 $ 970 $ 918
2 Bed - Min 1000 $1,075 $1,150 $1,113 $ 1.08 $ 1.15 $ 1.11 1000 $1,050 $1,110 $1,080
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1000 $1,075 $1,150 $1,113 $ 1.08 $ 1.15 $ 1.11 1000 $1,050 $1,110 $1,080
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------
RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- ------------------------------------------------------
<S> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $ 1.24 $ 1.39 $ 1.31 2.80%
Max N/A N/A N/A N/A
Average $ 1.24 $ 1.39 $ 1.31 2.80%
2 Bed - Min $ 1.05 $ 1.11 $ 1.08 -2.92%
Max N/A N/A N/A N/A
Average $ 1.05 $ 1.11 $ 1.08 -2.92%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 700 $ 920 $ 980 $ 950 $ 1.31 $ 1.40 $ 1.36 3.54% 700 $1,058 $1,138 $1,098
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $ 920 $ 980 $ 950 $ 1.31 $ 1.40 $ 1.36 3.54% 700 $1,058 $1,138 $1,098
2 Bed - Min 1000 $1,130 $1,220 $1,175 $ 1.13 $ 1.22 $ 1.18 8.80% 1000 $1,258 $1,353 $1,305
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1000 $1,130 $1,220 $1,175 $ 1.13 $ 1.22 $ 1.18 8.80% 1000 $1,258 $1,353 $1,305
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $ 1.51 $ 1.63 $ 1.57 15.53%
Max N/A N/A N/A N/A
Average $ 1.51 $ 1.63 $ 1.57 15.53%
2 Bed - Min $ 1.26 $ 1.35 $ 1.31 11.06%
Max N/A N/A N/A N/A
Average $ 1.26 $ 1.35 $ 1.31 11.06%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- ----------------------------------------------------------------------------------------
Studio - Min None
Max
Average
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Bed - Min 700 $1,195 $1,295 $1,245 $1.71 $1.85 $1.78 13.44%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 700 $1,195 $1,295 $1,245 $1.71 $1.85 $1.78 13.44%
2 Bed - Min 1000 $1,385 $1,485 $1,435 $1.39 $1.49 $1.44 9.96%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1000 $1,385 $1,485 $1,435 $1.39 $1.49 $1.44 9.96%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 131
================================================================================
TRELLIS SQUARE
================================================================================
CITY Sunnyvale
# OF UNITS 204
UNIT MIX
Studios 1 Bed 2 Bed 3 Bed
N/A 96 108 N/A
DATE OPENED Dec-89
UNITS VACANT
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
6 3 7 1 0
VACANCY RATE
6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
2.94% 1.47% 3.43% 0.49% 0.00%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 673 $ 890 $1,010 $ 950 $1.32 $1.50 $1.41 673 $ 900 $1,020 $ 960
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 673 $ 890 $1,010 $ 950 $1.32 $1.50 $1.41 673 $ 900 $1,020 $ 960
2 Bed - Min 958 $1,130 $1,270 $1,200 $1.18 $1.33 $1.25 958 $1,140 $1,280 $1,210
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 958 $1,130 $1,270 $1,200 $1.18 $1.33 $1.25 958 $1,140 $1,280 $1,210
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------
RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- --------------------------------------------------
<S> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $1.34 $1.52 $1.43 1.05%
Max N/A N/A N/A N/A
Average $1.34 $1.52 $1.43 1.05%
2 Bed - Min $1.19 $1.34 $1.26 0.83%
Max N/A N/A N/A N/A
Average $1.19 $1.34 $1.26 0.83%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 673 $1,000 $1,150 $1,075 $1.49 $1.71 $1.60 11.98% 673 $1,120 $1,270 $1,195
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 673 $1,000 $1,150 $1,075 $1.49 $1.71 $1.60 11.98% 673 $1,120 $1,270 $1,195
2 Bed - Min 958 $1,250 $1,325 $1,288 $1.30 $1.38 $1.34 6.40% 958 $1,395 $1,515 $1,455
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 958 $1,250 $1,325 $1,288 $1.30 $1.38 $1.34 6.40% 958 $1,395 $1,515 $1,455
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------
RENT PER SQ. FT. %
UNIT MIN MAX AVG CHANGE
- -------------------------------------------------
<S> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min $1.66 $1.89 $1.78 11.16%
Max N/A N/A N/A N/A
Average $1.66 $1.89 $1.78 11.16%
2 Bed - Min $1.46 $1.58 $1.52 13.01%
Max N/A N/A N/A N/A
Average $1.46 $1.58 $1.52 13.01%
3 Bed - Min
Max
Average
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 673 $1,310 $1,480 $1,395 $1.95 $2.20 $2.07 16.74%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 673 $1,310 $1,480 $1,395 $1.95 $2.20 $2.07 16.74%
2 Bed - Min 958 $1,665 $1,805 $1,735 $1.74 $1.88 $1.81 19.24%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 958 $1,665 $1,805 $1,735 $1.74 $1.88 $1.81 19.24%
3 Bed - Min
Max
Average
</TABLE>
<PAGE> 132
VILLA MARIPOSA
<TABLE>
<CAPTION>
CITY Mountain View UNITS VACANT
# OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C>
UNIT MIX 5 16 8 0 0
<CAPTION>
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 108 88 52 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
<S> <C> <C> <C> <C> <C> <C>
DATE OPENED Apr-86 2.02% 6.45% 3.23% 0.00% 0.00%
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 712 $920 $960 $940 $1.29 $1.35 $1.32 712 $995 $1,025 $1,010 $1.40 $1.44 $1.42 7.45%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 $920 $960 $940 $1.29 $1.35 $1.32 712 $995 $1,025 $1,010 $1.40 $1.44 $1.42 7.45%
1.29 1.35 1.32
2 Bed - Min 920 $1,100 $1,185 $1,143 $1.20 $1.29 $1.24 920 $1,095 $1,120 $1,108 $1.19 $1.22 $1.20 -3.06%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 920 $1,100 $1,185 $1,143 $1.20 $1.29 $1.24 920 $1,095 $1,120 $1,108 $1.19 $1.22 $1.20 -3.06%
3 Bed - Min 1060 $1,400 $1,460 $1,430 $1.32 $1.38 $1.35 1060 $1,270 $1,305 $1,288 $1.20 $1.23 $1.21 -9.97%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1060 $1,400 $1,460 $1,430 $1.32 $1.38 $1.35 1060 $1,270 $1,305 $1,288 $1.20 $1.23 $1.21 -9.97%
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 712 $1,010 $1,050 $1,030 $1.42 $1.47 $1.45 1.98% 712 $1,090 $1,150 $1,120 $1.53 $1.62 $1.57 8.74%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 $1,010 $1,050 $1,030 $1.42 $1.47 $1.45 1.98% 712 $1,090 $1,150 $1,120 $ $ $ 8.74%
1.53 1.62 1.57
2 Bed - Min 920 $1,310 $1,400 $1,355 $1.42 $1.52 $1.47 22.35% 920 $1,480 $1,550 $1,515 $1.61 $1.68 $1.65 11.81%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 920 $1,310 $1,400 $1,355 $1.42 $1.52 $1.47 22.35% 920 $1,480 $1,550 $1,515 $ $ $ 11.81%
1.61 1.68 1.65
3 Bed - Min 1060 $1,475 $1,550 $1,513 $1.39 $1.46 $1.43 17.48% 1060 $1,625 $1,700 $1,663 $1.53 $1.60 $1.57 9.92%
Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Average 1060 $1,475 $1,550 $1,513 $1.39 $1.46 $1.43 17.48% 1060 $1,625 $1,700 $1,663 $1.53 $1.60 $1.57 9.92%
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 712 $1,205 $1,305 $1,255 $1.69 $1.83 $1.76 12.05%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 712 $1,205 $1,305 $1,255 $1.69 $1.83 $1.76 12.05%
2 Bed - Min 920 $1,575 $1,630 $1,603 $1.71 $1.77 $1.74 5.78%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 920 $1,575 $1,630 $1,603 $1.71 $1.77 $1.74 5.78%
3 Bed - Min 1060 $1,815 $1,870 $1,843 $1.71 $1.76 $1.74 10.83%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1060 $1,815 $1,870 $1,843 $1.71 $1.76 $1.74 10.83%
</TABLE>
<PAGE> 133
WILLOW LAKE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY San Jose UNITS VACANT
# OF UNITS 408 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
UNIT MIX 16 17 15 0 7
Studios 1 Bed 2 Bed 3 Bed VACANCY RATE
N/A 180 200 28 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96
DATE OPENED Aug-89 3.92% 4.17% 3.68% 0.00% 1.72%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 732 $ 885 $ 985 $ 935 $1.21 $1.35 $1.28
Max N/A N/A N/A N/A N/A N/A N/A
Average 732 $ 885 $ 985 $ 935 $1.21 $1.35 $1.28
2 Bed - Min 1015 $1,105 $1,325 $1,215 $1.09 $1.31 $1.20
Max N/A N/A N/A N/A N/A N/A N/A
Average 1015 $1,105 $1,325 $1,215 $1.09 $1.31 $1.20
3 Bed - Min 1303 $1,495 $1,595 $1,545 $1.15 $1.22 $1.19
Max N/A N/A N/A N/A N/A N/A N/A
Average 1303 $1,495 $1,595 $1,545 $1.15 $1.22 $1.19
<CAPTION>
RANGE DEC-94 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min.
Max
Average
1 Bed - Min 732 $ 935 $1,035 $ 985 $1.28 $1.41 $1.35 5.35%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 732 $ 935 $1,035 $ 985 $1.28 $1.41 $1.35 5.35%
2 Bed - Min 1015 $1,175 $1,375 $1,275 $1.16 $1.35 $1.26 4.94%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1015 $1,175 $1,375 $1,275 $1.16 $1.35 $1.26 4.94%
3 Bed - Min 1303 $1,495 $1,675 $1,585 $1.15 $1.29 $1.22 2.59%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1303 $1,495 $1,675 $1,585 $1.15 $1.29 $1.22 2.59%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 732 $1,005 $1,165 $1,085 $1.37 $1.59 $1.48 10.15%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 732 $1,005 $1,165 $1,085 $1.37 $1.59 $1.48 10.15%
2 Bed - Min 1015 $1,200 $1,450 $1,325 $1.18 $1.43 $1.31 3.92%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1015 $1,200 $1,450 $1,325 $1.18 $1.43 $1.31 3.92%
3 Bed - Min 1303 $1,595 $1,715 $1,655 $1.22 $1.32 $1.27 4.42%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1303 $1,595 $1,715 $1,655 $1.22 $1.32 $1.27 4.42%
<CAPTION>
RANGE DEC-95 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min
Max
Average
1 Bed - Min 732 $1,100 $1,260 $1,180 $1.50 $1.72 $1.61 8.76%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 732 $1,100 $1,260 $1,180 $1.50 $1.72 $1.61 8.76%
2 Bed - Min 1015 $1,300 $1,600 $1,450 $1.28 $1.58 $1.43 9.43%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1015 $1,300 $1,600 $1,450 $1.28 $1.58 $1.43 9.43%
3 Bed - Min 1303 $1,700 $1,800 $1,750 $1.30 $1.38 $1.34 5.74%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1303 $1,700 $1,800 $1,750 $1.30 $1.38 $1.34 5.74%
</TABLE>
<TABLE>
<CAPTION>
RENT JUN-96 RENT PER SQ. FT. %
UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Studio - Min None
Max
Average
1 Bed - Min 732 $1,150 $1,335 $1,243 $1.57 $1.82 $1.70 5.30%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 732 $1,150 $1,335 $1,243 $1.57 $1.82 $1.70 5.30%
2 Bed - Min 1015 $1,350 $1,750 $1,550 $1.33 $1.72 $1.53 6.90%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1015 $1,350 $1,750 $1,550 $1.33 $1.72 $1.53 6.90%
3 Bed - Min 1303 $1,750 $1,950 $1,850 $1.34 $1.50 $1.42 5.71%
Max N/A N/A N/A N/A N/A N/A N/A N/A
Average 1303 $1,750 $1,950 $1,850 $1.34 $1.50 $1.42 5.71%
</TABLE>
