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G REYSTAR

Rocky Mountain Commercial Real Estate Expo & DU Fall Forecast. November 12, 2004. G REYSTAR. Greystar Offices . Regional Offices. Denver, CO. Charleston, SC (Headquarters). Phoenix, AZ. Dallas, TX. Jacksonville, FL. Austin, TX. Tampa, FL. Houston, TX. Ft. Lauderdale, FL.

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G REYSTAR

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  1. Rocky Mountain Commercial Real Estate Expo & DU Fall Forecast November 12, 2004 GREYSTAR

  2. Greystar Offices Regional Offices Denver, CO Charleston, SC (Headquarters) Phoenix, AZ Dallas, TX Jacksonville, FL Austin, TX Tampa, FL Houston, TX Ft. Lauderdale, FL Regional Offices Greystar Presence (Management, Construction or Investment) National in Presence Regional in Practice

  3. Four Lines of Business Property Management Greystar Construction Development Investment GREYSTAR

  4. DEVELOPMENT • Develop with a national perspective and local expertise • Over $800 million of real estate developed over the last ten years • Product types include multifamily housing, office, industrial, retail and hotels GREYSTAR

  5. INVESTMENT • Greystar sponsored investments approaching $2 Billion • One-stop shopping for investors, bypassing traditional investment advisors • Opportunistic. Create value at all stages of investment cycle and execute with in-house capabilities • Investment partners include Crow Holdings, JMI, Oregon Pension Fund, Goldman Sachs, Prudential, Recap, FNMA and Morgan Stanley GREYSTAR

  6. PROPERTY MANAGEMENT • Manage over 60,000 units • 12th largest property manager in nation (Source: NMHC) • 3rd largest third-party multifamily manager • 1,850 team members in 30 markets • 5 largest clients: Sendera, Invesco, Fannie Mae, Investment Associates, and Merrill Lynch GREYSTAR

  7. CONSTRUCTION • Construction Volume: $150M • 90% 3rd party business • 10 % construction services for Greystar projects • Diverse product types: multifamily, senior living, hotels, and retail • $100 million in Bonding Capacity GREYSTAR

  8. GREYSTAR Growth of the Real Estate Investment Market • Amount of Money in the Market • Stability of the Market • Historical Real Estate Returns

  9. GREYSTAR Cap Rate and Interest Rate Relationship • National • Denver

  10. GREYSTAR Investment Analysis Case Study • Yesterday’s Investment • Today’s Reality • Tomorrow’s Bet

  11. GREYSTAR The Future • The Rising Tide

  12. GREYSTAR Growth of the Real Estate Investment Market • Amount of Money in the Market • Stability of the Market • Historical Real Estate Returns

  13. GREYSTAR REITS – 1993 Vs. 2004 Source: ULI’s Real Estate Capital Markets Update

  14. GREYSTAR Capital Chasing Deals Billions +63.2% Since January 97, the money supply has risen from $3.8 to $6.2 Trillion. Source: Federal Reserve Board – M2

  15. GREYSTAR Public Securities And Real Estate Performance S&P 500 Stock Index NASDAQ Comp. Index NAREIT REIT Index NCREIF Property Index Source: ULI’s Real Estate Capital Markets Update

  16. GREYSTAR Public Securities And Real Estate Performance S&P 500 Stock Index NASDAQ Comp. Index NAREIT REIT Index NCREIF Property Index Source: ULI’s Real Estate Capital Markets Update

  17. GREYSTAR $100 Investment Performance - 1994 - 2004 Source: ULI’s Real Estate Capital Markets Update

  18. GREYSTAR 10 – Year Treasury Yield Source: Federal Reserve

  19. GREYSTAR Total U.S Sales Volume By Property Type (Billions) Source: Real Capital Analytics

  20. GREYSTAR Metro Denver Historical Real Estate Investment (millions) Source: CoStar Group and Apartment Appraisers

  21. GREYSTAR Metro Denver Historical Price per Square Foot Source: CoStar Group and Apartment Appraisers

  22. GREYSTAR Historical Commercial Mortgage Flow Source: Federal Reserve

  23. GREYSTAR Cap Rate and Interest Rate Relationship • National

  24. GREYSTAR National Cap Rates By Property Type Source: ULI’s Real Estate Capital Markets Update

  25. GREYSTAR National Multifamily Cap Rate Vs. 10-Year Treasury Yield Source: ULI’s Real Estate Capital Markets Update and Federal Reserve

  26. GREYSTAR National Multifamily Cap Rate Vs. 10-Year Treasury Yield Spread 2.9 2.8 3.0 3.2 3.6 4.5 2.6 Source: ULI’s Real Estate Capital Markets Update and Federal Reserve

  27. GREYSTAR National Office - CBD Cap Rate Vs. 10-Year Treasury Yield Source: ULI’s Real Estate Capital Markets Update and Federal Reserve

  28. GREYSTAR National Office - CBD Cap Rate Vs. 10-Year Treasury Yield 3.0 2.6 2.9 Spread 2.8 4.4 5.4 3.5 Source: ULI’s Real Estate Capital Markets Update and Federal Reserve

  29. GREYSTAR National Industrial Cap Rate Vs. 10-Year Treasury Yield Source: ULI’s Real Estate Capital Markets Update and Federal Reserve

  30. GREYSTAR National Industrial Cap Rate Vs. 10-Year Treasury Yield Spread 3.2 2.9 3.1 3.5 4.1 5.2 3.4 Source: ULI’s Real Estate Capital Markets Update and Federal Reserve

  31. GREYSTAR Cap Rate and Interest Rate Relationship • National • Denver

  32. GREYSTAR Metro Denver Historical Cap Rates Source: CoStar Group and Apartment Appraisers

  33. GREYSTAR Investment Analysis Case Study • Yesterday’s Investment • Today’s Reality • Tomorrow’s Bet

  34. GREYSTAR The Summit at Flatirons • 500 Units • 481,569 Total Square Feet • Average Unit: 963 Sq.Ft.

  35. GREYSTAR 2000 Proforma

  36. GREYSTAR Today’s Reality

  37. GREYSTAR Tomorrow’s projection

  38. GREYSTAR Rising Tide • Interest Rates • Delinquency Rates • Cap Rates • Employment

  39. GREYSTAR Rising Tide • Interest Rates

  40. GREYSTAR One Month LIBOR Forecast Source: Morgan Stanley

  41. GREYSTAR Rising Tide • Interest Rates • Delinquency Rates

  42. GREYSTAR Mortgage Delinquency Rates Source: Freddie Mac

  43. GREYSTAR Rising Tide • Interest Rates • Delinquency Rates • Cap Rates

  44. GREYSTAR Rising Tide • Interest Rates • Delinquency Rates • Cap Rates • Employment

  45. GREYSTAR Metro Denver Employment Growth 1994 - 2003 Source: Metro Denver EDC

  46. Rocky Mountain Commercial Real Estate Expo & DU Fall Forecast November 12, 2004 GREYSTAR

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