Multi-Family Sales Presentation

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  • Investment Real Estate Both commercial and residential investment real estate sectors are driven by similar, as well as differing fundamentals. Broader economic indicators, such as interest rates and employment numbers, will impact all segments, while more specific factors such as levels of international trade will have a more immediate impact on individual sectors.
  • Multi-Family Sales Presentation

    1. 1. <ul><li>Analysis of Top 11 Companies </li></ul>
    2. 2. Methodology <ul><li>Categorization Choice: Primary & secondary </li></ul><ul><ul><li>Explanation of choice </li></ul></ul><ul><li>Company Overview </li></ul><ul><ul><li>Company Type (Hoovers.com) </li></ul></ul><ul><ul><ul><li>Private Headquarters or Public </li></ul></ul></ul><ul><ul><li>Company description </li></ul></ul><ul><ul><li>General Statistics </li></ul></ul><ul><ul><ul><li>2007 Sales </li></ul></ul></ul><ul><ul><ul><li>Number of properties owned </li></ul></ul></ul><ul><li>Company Details </li></ul><ul><ul><li>Properties Handled </li></ul></ul><ul><ul><ul><li>Apartment, Single Family, Condominiums, Military Housing, Affordable Housing etc. </li></ul></ul></ul><ul><ul><ul><ul><li>Affordable Housing is categorized as a more effective option under that companies portfolio, not necessarily </li></ul></ul></ul></ul><ul><ul><ul><ul><li>low income </li></ul></ul></ul></ul><ul><ul><ul><ul><li>High Barrier-to-Entry Markets are characterized by a low supply of zoned apartment land and a lengthy & contentious entitlement process </li></ul></ul></ul></ul><ul><ul><li>Properties Managed </li></ul></ul><ul><ul><li>Services Offered/ Subsidiary Companies </li></ul></ul><ul><ul><ul><li>Development, Construction, etc. </li></ul></ul></ul><ul><li>Locations </li></ul><ul><ul><li>Headquarters </li></ul></ul><ul><ul><li>Offices </li></ul></ul><ul><ul><li>Properties </li></ul></ul><ul><ul><li>Future Expansion </li></ul></ul><ul><li>Competitors </li></ul><ul><ul><li>Main competitors are in bold (Hoovers.com) </li></ul></ul>
    3. 3. Presentation Summary
    4. 4. NMHC & NAHB Members
    5. 5. 11 Top MF Builders, Property Mgrs & Relationship Holders with Tyvek <ul><ul><li>Alliance Residential Co. </li></ul></ul><ul><ul><li>Lincoln Property Co. </li></ul></ul><ul><ul><li>Camden Property Trust </li></ul></ul><ul><ul><li>Picerne Real Estate Group </li></ul></ul><ul><ul><li>The Irvine Co. Apartment Communities </li></ul></ul><ul><ul><li>AvalonBay Communities Inc. </li></ul></ul><ul><ul><li>Gables Residential </li></ul></ul><ul><ul><li>Simpson Housing </li></ul></ul><ul><ul><li>Legacy Partners Residential </li></ul></ul><ul><ul><li>United Dominion Realty Trust </li></ul></ul><ul><ul><li>Colonial Properties Trust </li></ul></ul>
    6. 6. Overview: DuPont Solid Surfaces Opp. In Multi-Family Willingness to Pay For Solid Surface (Installed Price/ft2) $20 $25 $30-$48 *Estimates based on US Census Data & VOC Note: “Willingness to Pay” data from Freedonia 2007 K&B report & VOC form MF Builders & Prop. Mgrs. MF Segments* Natural Stone Engineered Stone Solid Surface Laminate <ul><li>Type A (Luxury-20%) </li></ul><ul><li>“ Renters for Life” </li></ul><ul><li>Act as high-end residential </li></ul>Granite rules luxury Some interest – aggressive sales strategy needed for Zodiaq Only in bathrooms – tub surrounds & possibly vanity tops Very Limited <ul><li>Type B (Mid-level-60% ) </li></ul><ul><li>Entry-level (delaying home purchase) </li></ul><ul><li>“ Value” segment –(Price conscious) </li></ul>Low-end China imports affected demand of solid surface ($30/ft2 install) Very Limited Biggest Opportunity for K&B if #1 < granite #2 positioned eff. vs. laminate Laminate has a strong play for value seekers - ~70% of market <ul><li>Type C (Low Inc.-20%) </li></ul><ul><li>Property Managers value durability but not willing to pay for style or upgrades </li></ul>Very Limited Very Limited Opportunity for polyester blend in K&B and Cultured Marble in Vanity Tops Ruled by Laminate
    7. 7. 1. Alliance Residential Co. <ul><li>My Categorization: Type B with a Type A Focus </li></ul><ul><li>This company is in the type B category but attempts to appeal to the higher end of type B as an affordable luxury. </li></ul>
    8. 8. 1. Alliance Residential Co. <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li>Alliance Residential Company is a fully integrated multifamily real estate operating company focused on innovative developments, strategic acquisitions and the proactive management of multifamily residential and mixed-use communities in the Western, Southern, South-Central and Southeast United States. </li></ul><ul><li>Alliance is one of the largest 3rd party management companies in the United States </li></ul><ul><ul><li>Portfolio of over $3 billion </li></ul></ul><ul><ul><li>Over 140 communities </li></ul></ul><ul><ul><li>19 major markets </li></ul></ul><ul><ul><li>In 2007 developed over 55,000 units in ten states throughout the Western, Southern and South Central United States </li></ul></ul><ul><li>2007 Sales = $16.6 million </li></ul><ul><li>Alliance is the second-largest apartment developer in the nation </li></ul><ul><li>Drop in South Florida Rental Market </li></ul>
    9. 9. 1. Alliance Residential Co. <ul><li>Company Details </li></ul><ul><li>Alliance Residential acquires properties with the following characteristics: </li></ul><ul><li>Location and Size: </li></ul><ul><ul><li>Properties in metropolitan areas consistent with Alliance Residential existing platform of management typically comprised of 150 units or more </li></ul></ul><ul><li>Asset Age: </li></ul><ul><ul><li>Prefer 1990 or newer, however will consider older assets as renovation opportunities become available </li></ul></ul><ul><li>Properties include: Garden-style complexes, mid-rises, high-rises, and student housing. Other services include construction rehabilitation of older complexes and upgrades of units </li></ul><ul><li>Alliance provides full-service property management services for multi-family apartment communities across the country, both on a 3rd party and owner-operated basis. </li></ul><ul><ul><li>Lease-up/new development programs </li></ul></ul><ul><ul><li>Creative marketing strategies and local positioning </li></ul></ul><ul><ul><li>Staff training and online support </li></ul></ul><ul><ul><li>Customized, timely accounting reports </li></ul></ul><ul><ul><li>Property transition planning </li></ul></ul>
    10. 10. 1. Alliance Residential Co. <ul><li>Locations </li></ul><ul><ul><li>Main headquarters are in Phoenix, </li></ul></ul><ul><ul><li>Arizona </li></ul></ul><ul><ul><li>Alliance currently has regional </li></ul></ul><ul><ul><li>offices in Albuquerque, Inland Empire, </li></ul></ul><ul><ul><li>Palo Alto, Atlanta, Las Vegas, San Antonio, Austin Los Angeles, San Diego, Dallas, Orange County, San Francisco, Denver, Phoenix, Salt Lake City, Houston, and Seattle </li></ul></ul><ul><ul><li>The company manages apartment buildings for third-party owners in 18 metropolitan markets in Arizona, California, Colorado, Georgia, Nevada, New Mexico, Oregon, Texas, Utah, and Washington </li></ul></ul>
    11. 11. 1. Alliance Residential Co. <ul><li>Competitors </li></ul><ul><ul><li>BRE Properties </li></ul></ul><ul><ul><li>Essex Property Trust </li></ul></ul><ul><ul><li>Pinnacle Realty </li></ul></ul><ul><ul><li>A.G. Spanos </li></ul></ul><ul><ul><li>AIMCO Properties </li></ul></ul><ul><ul><li>Camden Property </li></ul></ul><ul><ul><li>FirstService </li></ul></ul>
    12. 12. 2. Lincoln Property Co. <ul><li>My Categorization: Type B with a Type C Focus </li></ul><ul><li>This company is in the type B category for their main line of retail, commercial, office, industrial and mixed-use developments. They are in the type C category with their focus on affordable housing. </li></ul>
    13. 13. 2. Lincoln Property Co. <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li>Lincoln Property Company was created in 1965, developing and managing quality residential communities, primarily in Texas and the southwestern United States. As Lincoln began to grow and prosper, we expanded into other major areas of the United States. With over three decades of experience, Lincoln Property Company residential and commercial developments have become the industry standard for attractive architecture, attention to detail, superior management, and community enhancement. </li></ul><ul><ul><li>Own, lease, and manage over 289 residential communities throughout the US </li></ul></ul><ul><ul><li>2007 Sales= $80.7 million </li></ul></ul>
    14. 14. 2. Lincoln Property Co. <ul><li>Company Details </li></ul><ul><li>Property Management </li></ul><ul><li>Lincoln Property Company has the national resources to offer every community and Asset Manager the highest quality in staffing, training, reporting, technology and support to assure the best possible management of investments </li></ul><ul><li>Product mix includes: </li></ul><ul><ul><li>Retail </li></ul></ul><ul><ul><li>Commercial </li></ul></ul><ul><ul><li>Office </li></ul></ul><ul><ul><li>Industrial </li></ul></ul><ul><ul><li>Mixed-use development </li></ul></ul><ul><li>Commercial division: </li></ul><ul><ul><li>Management </li></ul></ul><ul><ul><ul><li>Affordable and student housing </li></ul></ul></ul><ul><ul><ul><li>Conventional property management for third-party owners </li></ul></ul></ul><ul><ul><ul><li>One of the largest development and management companies for military families </li></ul></ul></ul><ul><ul><li>Development </li></ul></ul><ul><ul><li>Brokerage services for the industrial, office, retail, and mixed-use real estate areas </li></ul></ul>
    15. 15. 2. Lincoln Property Co. <ul><li>Company Details </li></ul><ul><li>Affordable Housing </li></ul><ul><li>Lincoln Property Company’s experience in providing housing for low-income families began in the late 1970’s. Since that time, Lincoln developed the expertise needed to manage over 10,000 apartment homes in the Affordable Industry. In 1995, Lincoln formed the Affordable Division , dedicated to providing quality services to residents in the Affordable Housing Market. Our Affordable Housing division is based on a long-term commitment and a desire to meet the needs of the community </li></ul><ul><li>Program Experience </li></ul><ul><ul><li>Section 8 </li></ul></ul><ul><ul><ul><li>MOD Rehab </li></ul></ul></ul><ul><ul><ul><li>Project Base </li></ul></ul></ul><ul><ul><ul><li>Certificate/Voucher Program </li></ul></ul></ul><ul><ul><li>Section 108 </li></ul></ul><ul><ul><li>HOME Multifamily Program </li></ul></ul><ul><ul><li>Industrial Bond Programs (IDB) </li></ul></ul><ul><ul><li>Multi-Family Housing Revenue Bonds </li></ul></ul><ul><ul><li>Federal Home Loan Bank Affordable Housing Program </li></ul></ul><ul><ul><li>Right To relocate </li></ul></ul><ul><li>Rental Rehab Funds </li></ul><ul><li>Low Income Housing Tax Credit (LIHTC) </li></ul><ul><ul><li>40/60 Minimum Set Aside </li></ul></ul><ul><ul><li>100% Low Income and Mixed Income </li></ul></ul><ul><li>Walker Class Member Units </li></ul><ul><ul><li>Based on adjusted income </li></ul></ul><ul><li>RTC/FDIC Affordable Housing Disposition </li></ul><ul><ul><li>Low Income Restrictions </li></ul></ul><ul><ul><li>Very Low Income Restrictions </li></ul></ul><ul><li>City Development Block Grant (CDBG) </li></ul>
    16. 16. 2. Lincoln Property Co. <ul><li>Locations </li></ul><ul><ul><li>Corporate headquarters are located </li></ul></ul><ul><li>in Dallas, Texas. </li></ul><ul><ul><li>There are regional offices in </li></ul></ul><ul><ul><li>Austin, Boston, California, California Military, Dallas, Florida, SE Georgia, Houston, Illinois, Kansas, Missouri, Michigan, Ohio, New Jersey, Metropolitan NYC, Pittsburgh, San Antonio, and Washington D.C </li></ul></ul><ul><li>Markets: </li></ul><ul><li>Texas 118 </li></ul><ul><li>Florida 32 </li></ul><ul><li>Georgia 30 </li></ul><ul><li>Arizona 11 </li></ul><ul><li>Pennsylvania 11 </li></ul><ul><li>Illinois 10 </li></ul><ul><li>North Carolina 8 </li></ul><ul><li>Virginia 8 </li></ul><ul><li>Minnesota 5 </li></ul>Ohio 5 Colorado 4 Missouri 4 New Jersey 3 California 2 Michigan 2 Indiana 1 New Hampshire 1 Tennessee 1 __________________ Total 256
    17. 17. 2. Lincoln Property Co. <ul><li>Competitors </li></ul><ul><ul><ul><li>Pinnacle Realty </li></ul></ul></ul><ul><ul><ul><li>AIMCO </li></ul></ul></ul><ul><ul><ul><li>Equity Residential </li></ul></ul></ul><ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul></ul><ul><ul><ul><li>CB Richard Ellis </li></ul></ul></ul><ul><ul><ul><li>Centerline Capital Group </li></ul></ul></ul><ul><ul><ul><li>Duke Realty </li></ul></ul></ul><ul><ul><ul><li>Equity Office Properties </li></ul></ul></ul><ul><ul><ul><li>Fairfield Residential </li></ul></ul></ul><ul><ul><ul><li>Gale Company </li></ul></ul></ul><ul><ul><ul><li>Hines </li></ul></ul></ul><ul><ul><ul><li>JMB Realty </li></ul></ul></ul><ul><ul><ul><li>Newmark Knight Frank </li></ul></ul></ul><ul><ul><ul><li>Sperry Van Ness </li></ul></ul></ul><ul><ul><ul><li>Staubach </li></ul></ul></ul><ul><ul><ul><li>Tishman </li></ul></ul></ul><ul><ul><ul><li>Trammell Crow Company </li></ul></ul></ul><ul><ul><ul><li>Trammell Crow Residential </li></ul></ul></ul><ul><ul><ul><li>Transwestern Commercial Services </li></ul></ul></ul><ul><ul><ul><li>UDR </li></ul></ul></ul><ul><ul><ul><li>Boston Properties </li></ul></ul></ul><ul><ul><ul><li>Cushman & Wakefield </li></ul></ul></ul><ul><ul><ul><li>Grubb & Ellis </li></ul></ul></ul><ul><ul><ul><li>Inland Group </li></ul></ul></ul><ul><ul><ul><li>Jones Lang LaSalle </li></ul></ul></ul>
    18. 18. 3. Camden Property Trust <ul><li>My Categorization: Type A & Type B </li></ul><ul><li>This company does business with upscale urban, as well as affordable housing in established suburban neighborhoods. </li></ul>
    19. 19. 3. Camden Property Trust <ul><li>Company Overview </li></ul><ul><li>Company Type: Public </li></ul><ul><li>Camden is a national organization strategically focused on building, buying and selling apartment communities to maintain a high-quality portfolio balanced by geography and product type. Our strategy, Market Balance , is built around a core market operating strategy. Diversification is achieved through internal growth along with carefully staged acquisitions, developments and mergers. Through coast-to-coast diversification of our core markets and expansion into strategic high-growth markets, we capitalize on local economic strengths and establish entry points for future opportunities. </li></ul><ul><li>Camden owns interests in and operates 180 properties containing 62,338 apartment homes </li></ul><ul><li>Through the ownership of land parcels and development rights in promising markets, Camden is uniquely prepared for future growth </li></ul><ul><ul><li>Over $2.0 billion in current and future projects </li></ul></ul><ul><ul><li>Upon completion of 12 properties under development, the Company's portfolio will increase to 66,121 apartment homes in 192 properties </li></ul></ul><ul><li>2007 Sales Revenue= $635 million </li></ul><ul><li>(Increase of 10.8% from 2005) </li></ul>
    20. 20. 3. Camden Property Trust <ul><li>Company Details </li></ul><ul><li>Camden Property Trust is a multifamily real estate investment trust. The company's key activities include: </li></ul><ul><ul><li>Ownership, development, & management of multifamily apartment communities </li></ul></ul><ul><ul><li>Construction </li></ul></ul><ul><ul><li>Acquisition, disposition, & redevelopment of properties </li></ul></ul><ul><ul><li>Consulting, building, & construction services for third party clients </li></ul></ul>
    21. 21. 3. Camden Property Trust <ul><li>Company Details </li></ul><ul><li>Camden Builders is a wholly-owned subsidiary of Camden </li></ul><ul><li>They provide a range of project services: </li></ul><ul><ul><li>Pre-Development Services </li></ul></ul><ul><ul><li>Design/Build </li></ul></ul><ul><ul><li>General Contracting </li></ul></ul><ul><ul><li>Construction Management </li></ul></ul><ul><ul><li>Project Management </li></ul></ul><ul><ul><li>Projects in Multi-family: </li></ul></ul><ul><ul><li>High Density/Urban </li></ul></ul><ul><ul><li>Garden </li></ul></ul><ul><ul><li>Garden (HUD Financed) </li></ul></ul><ul><ul><ul><li>United States Department of Housing and Urban Development </li></ul></ul></ul><ul><ul><li>Independent Living </li></ul></ul><ul><ul><li>Student Housing </li></ul></ul>
    22. 22. 3. Camden Property Trust <ul><li>Locations </li></ul><ul><ul><li>Camden has completed their goal to </li></ul></ul><ul><li>become geographically diverse across the United States </li></ul><ul><ul><li>Main headquarters are in Houston, Texas </li></ul></ul><ul><ul><li>They are located in eighteen high-growth markets throughout the lower half of the United States </li></ul></ul><ul><ul><ul><li>In addition to these markets, Camden Development is branching out into the Northern California, Southern Florida, and metropolitan areas surrounding Washington D.C., as well as areas in the Northwest U.S. region </li></ul></ul></ul>
    23. 23. 3. Camden Property Trust <ul><li>Locations for Camden Builders </li></ul><ul><li>Camden Builders provides construction services throughout the United States   </li></ul><ul><ul><li>California </li></ul></ul><ul><ul><li>Nevada </li></ul></ul><ul><ul><li>Arizona </li></ul></ul><ul><ul><li>Colorado </li></ul></ul><ul><ul><li>Texas </li></ul></ul><ul><ul><li>Louisiana </li></ul></ul><ul><ul><li>Missouri </li></ul></ul><ul><ul><li>Kentucky </li></ul></ul><ul><ul><li>Virginia </li></ul></ul><ul><ul><li>Florida </li></ul></ul>
    24. 24. 3. Camden Property Trust <ul><li>Competitors </li></ul><ul><ul><li>A.G. Spanos </li></ul></ul><ul><ul><li>AMLI Residential </li></ul></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul><ul><ul><li>Associated Estates Realty </li></ul></ul><ul><ul><li>AvalonBay </li></ul></ul><ul><ul><li>Berkshire Income Realty </li></ul></ul><ul><ul><li>BRE Properties </li></ul></ul><ul><ul><li>Colonial Properties </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul><ul><ul><li>Essex Property Trust </li></ul></ul><ul><ul><li>Gables Residential Trust </li></ul></ul><ul><ul><ul><ul><ul><li>JPI </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Lane Company </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Lincoln Property </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Mid-America Apartment Communities </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Milestone Management </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Post Properties </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Roberts Realty Investors </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Simpson Housing </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Southern Management </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Tarragon </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Transcontinental Realty </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>TVO Groupe </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>UDR </li></ul></ul></ul></ul></ul>
    25. 25. 4. Picerne Real Estate Group <ul><li>My Categorization: Type B, with a high end focus </li></ul><ul><li>Picerne deals mostly with the type B target market, but does have some business in the high-end luxury developments (Type A). </li></ul>
    26. 26. 4. Picerne Real Estate Group <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li>Picerne Real Estate Group is a privately held, family-owned company. Development is their primary focus, with each new real estate project being assessed for maximum profitability. This is achieved through a regional and corporate project review process that considers both local market conditions and long-range company goals. In combining prime sites with solid research and enduring implementation, they have set a standard for developing quality properties that provide maximum profitability in multiple markets. </li></ul><ul><li>Picerne Real Estate Group has been building and managing luxury properties on a continuing basis since 1925, including affordable and upscale apartments, senior housing, military housing, and single-family homes </li></ul><ul><li>Picerne Real Estate Group: </li></ul><ul><ul><li>Built more than 10,000 houses </li></ul></ul><ul><ul><li>Owns and manages more than 40,000 apartment homes throughout the United States and Puerto Rico </li></ul></ul><ul><ul><li>Owns over 32,000 apartment units in Rhode Island alone </li></ul></ul><ul><li>2007 Sales= $68.4 million </li></ul>
    27. 27. 4. Picerne Real Estate Group <ul><li>Company Details </li></ul><ul><li>Picerne Offers: </li></ul><ul><ul><li>Apartment Communities </li></ul></ul><ul><ul><ul><li>Picerne is a full service construction, design, development, management and acquisition real estate firm </li></ul></ul></ul><ul><ul><li>Single Family Communities </li></ul></ul><ul><ul><ul><li>Are Rhode Island’s largest single-family homebuilder </li></ul></ul></ul><ul><ul><li>Condominiums </li></ul></ul><ul><ul><ul><li>Picerne Real Estate Group has developed several condominium communities </li></ul></ul></ul><ul><ul><li>Military Housing </li></ul></ul><ul><ul><ul><li>Picerne’s Military Housing is located in: Fort Bragg, Fort Meade, Fort Polk, and Fort Riley </li></ul></ul></ul>
    28. 28. 4. Picerne Real Estate Group <ul><li>Company Details </li></ul><ul><ul><li>Picerne Development is recognized as one of the top 10 multifamily developers in the nation </li></ul></ul><ul><ul><ul><li>Multifamily communities are their strength , with business in the United States and Puerto Rico </li></ul></ul></ul><ul><ul><ul><li>Develop everything from high-density apartment buildings with structured parking to low-density town home communities and single-family home subdivisions. Their experience includes high-end luxury developments and affordable multifamily communities </li></ul></ul></ul><ul><ul><li>Picerne Construction provides a full range of services for multifamily and single-family residential developments </li></ul></ul><ul><ul><ul><li>Picerne Real Estate Group is also a general contractor </li></ul></ul></ul>
    29. 29. 4. Picerne Real Estate Group <ul><li>Locations </li></ul><ul><ul><li>Main headquarters are located in Warwick, Rhode Island, with regional offices in Arizona, Rhode Island, Florida, and Nevada </li></ul></ul><ul><ul><li>The Puerto Rico office is located in the heart of downtown San Juan </li></ul></ul><ul><ul><li>Apartments are offered in Arizona, Nevada, and Rhode Island </li></ul></ul><ul><ul><li>Picerne offers affordable apartments in Alabama, Arizona, Colorado, Florida, Georgia, Indiana, Michigan, Mississippi, Nebraska, Nevada, New Mexico, New York, Ohio, Pennsylvania, Puerto Rico, South Carolina, Tennessee, Texas, and West Virginia </li></ul></ul><ul><ul><li>Picerne has recently moved to expand in California through its 2006 acquisition of Crown Pacific Properties </li></ul></ul><ul><ul><ul><li>Picerne used the acquisition to form a new Golden State-based subsidiary, TPG Apartment Group </li></ul></ul></ul>
    30. 30. 4. Picerne Real Estate Group <ul><li>Competitors </li></ul><ul><ul><li>AvalonBay </li></ul></ul><ul><ul><li>Clark Realty Builders </li></ul></ul><ul><ul><li>GMH Communities Trust </li></ul></ul><ul><ul><li>Lincoln Property </li></ul></ul><ul><ul><li>Trammell Crow Residential </li></ul></ul><ul><ul><li>WNC & Associates </li></ul></ul>
    31. 31. 5. The Irvine Co. Apartment Communities <ul><li>My Categorization: Type A </li></ul><ul><li>They focus on luxury areas and offer high end apartments and commodities. Even the affordable housing options are within the luxury tier. </li></ul>
    32. 32. 5. The Irvine Co. Apartment Communities <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li> The Irvine Company consists of community builders, master planners, asset managers and real estate investors who are committed to providing an all-inclusive master plan for the Irvine Ranch. They plan and create amazing communities that include a variety of housing, job and retail centers, recreation, schools, parks, trails and permanently preserved pieces of beautiful land. </li></ul><ul><li>Irvine Companies Apartment Communities are a former real estate investment trust (REIT). The firm was spun off by The Irvine Company (owned by Donald Bren) in 1993, then reacquired in 1999 after REIT stocks fell </li></ul><ul><ul><li>They manage more than 90 apartment properties containing some 30,000 units </li></ul></ul><ul><li>2007 Sales= $320 million </li></ul>
    33. 33. 5. The Irvine Co. Apartment Communities <ul><li>Company Details </li></ul><ul><li>Their mission is to continue planning communities for the long-term </li></ul><ul><li>Irvine Company offers apartment communities, corporate housing, & affordable housing </li></ul><ul><ul><li>Apartment Communities </li></ul></ul><ul><ul><li>Personalized service with their Rental Living Apartment Information Center </li></ul></ul><ul><ul><li>Corporate Housing </li></ul></ul><ul><ul><li>IAC Suites </li></ul></ul><ul><ul><ul><li>For a temporary job assignment, relocation, or a fully-furnished apartment. </li></ul></ul></ul><ul><ul><ul><li>Over 90 communities in the most sought-after locations throughout California </li></ul></ul></ul><ul><ul><ul><li>Fully furnished </li></ul></ul></ul><ul><ul><li>Affordable Housing </li></ul></ul><ul><ul><li>Many affordable rental housing programs exist in order to reduce the rents of those who qualify. These programs are contingent on income level and, in many cases, size of household </li></ul></ul><ul><ul><li>Programs are available at more than 30 locations offered by The Irvine Company Apartment Communities in Orange County, San Diego, and Northern California </li></ul></ul><ul><ul><ul><li>Floor plans range from studio to three-bedroom plans. (Most communities present a wide selection of amenities, including pools, spas, fitness and business centers) </li></ul></ul></ul>
    34. 34. 5. The Irvine Co. Apartment Communities <ul><li>Locations </li></ul><ul><ul><li>Irvine Co. headquarters are located </li></ul></ul><ul><ul><li>in Irvine, CA. The company's </li></ul></ul><ul><ul><li>properties are primarily located in </li></ul></ul><ul><ul><li>Southern California's Orange County </li></ul></ul><ul><ul><li>The properties are concentrated in the cities of: </li></ul></ul><ul><ul><ul><li>Irvine </li></ul></ul></ul><ul><ul><ul><li>Newport Beach </li></ul></ul></ul><ul><ul><ul><li>Tustin </li></ul></ul></ul><ul><ul><li>Irvine Apartment Communities also have properties in other high-growth areas of the Golden State, including Redwood City, Sunnyvale, and Cupertino. </li></ul></ul><ul><ul><li>Affordable housing options are offered in Southern & Northern California </li></ul></ul>
    35. 35. 5. The Irvine Co. Apartment Communities <ul><li>Competitors </li></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul><ul><ul><li>AvalonBay </li></ul></ul><ul><ul><li>BRE Properties </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul><ul><ul><li>Essex Property Trust </li></ul></ul><ul><ul><li>UDR </li></ul></ul>
    36. 36. 7. AvalonBay Communities Inc. <ul><li>My Categorization: Type B & Type A </li></ul><ul><li>Deals with both market segments, works in high end Type A markets, but mainly targeting the type B. </li></ul>
    37. 37. 7. AvalonBay Communities Inc. <ul><li>Company Overview </li></ul><ul><li>Company Type: Public </li></ul><ul><li>AvalonBay Communities likes to go where the living is easy but the rules are strict. AvalonBay develops, acquires, refurbishes, leases, and manages apartment complexes. </li></ul><ul><ul><li>AvalonBay owns about 150 apartment complexes containing more than 43,000 apartments in 10 states </li></ul></ul><ul><ul><li>Member of the National Multi Housing Council (NMHC) </li></ul></ul><ul><ul><ul><li>The apartment industry’s leading advocate and strategic consultant </li></ul></ul></ul><ul><li>2007 Sales= 737.3 million </li></ul>
    38. 38. 7. AvalonBay Communities Inc. <ul><li>Company Details </li></ul><ul><ul><li>AvalonBay Communities, Inc. is a real estate investment trust (a &quot;REIT&quot;) focused on developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States </li></ul></ul><ul><ul><li>AvalonBay operates in 16 high barrier-to-entry markets characterized by a limited supply of new apartment homes and a high cost of single-family housing, leading to more favorable demand/supply fundamentals over the long-term. Their strategy is to deeply penetrate those core markets through a broad range of products and services and an intense focus on the customer </li></ul></ul>
    39. 39. 7. AvalonBay Communities Inc. <ul><li>Locations </li></ul><ul><ul><li>Main headquarters are in </li></ul></ul><ul><ul><li>Alexandria, VA </li></ul></ul><ul><ul><li>Targeted markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country </li></ul></ul>
    40. 40. 7. AvalonBay Communities Inc. <ul><li>Locations </li></ul><ul><ul><ul><ul><ul><li>AvalonBay operates in the following markets: </li></ul></ul></ul></ul></ul>
    41. 41. 7. AvalonBay Communities Inc. <ul><li>Competitors </li></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul><ul><ul><li>Associated Estates Realty </li></ul></ul><ul><ul><li>BRE Properties </li></ul></ul><ul><ul><li>Camden Property </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul><ul><ul><li>Essex Property Trust </li></ul></ul><ul><ul><li>Gables Residential Trust </li></ul></ul><ul><ul><li>Home Properties </li></ul></ul><ul><ul><li>Irvine Apartment Communities </li></ul></ul><ul><ul><li>JCM Partners </li></ul></ul><ul><ul><li>Lefrak Organization </li></ul></ul><ul><ul><li>Post Properties </li></ul></ul><ul><ul><li>Southern Management </li></ul></ul><ul><ul><li>UDR </li></ul></ul>
    42. 42. 7. Gables Residential <ul><li>My Categorization: Type A </li></ul><ul><li>This company offers luxury apartment home living. </li></ul>
    43. 43. 7. Gables Residential <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li>Gables wants to be the only pitch you hear. Gables Residential Trust is a real estate investment trust (REIT) that acquires, constructs, and manages upscale apartment complexes in the southern US. </li></ul><ul><ul><li>The company’s current shareholders are primarily foreign and domestic institutional investors, such as real estate funds and private pension funds.They focus on high-density urban multi-family rental and mixed-use development and management opportunities </li></ul></ul><ul><ul><li>Currently manage: </li></ul></ul><ul><ul><ul><li>Over 34,000 apartment homes </li></ul></ul></ul><ul><ul><ul><li>Own 60 communities with nearly 16,000 stabilized units </li></ul></ul></ul><ul><ul><ul><li>Have an additional 25 communities under development or lease-up. </li></ul></ul></ul><ul><ul><ul><li>The current development pipeline includes approximately $1.1 billion in planned new communities. (The pipeline represents over 5,000 new apartment homes) </li></ul></ul></ul><ul><ul><li>Targets the &quot;affluent renter-by-choice&quot; through its focus on luxury properties in upscale, high-growth urban areas, rather than outlying suburban complexes </li></ul></ul>
    44. 44. 7. Gables Residential <ul><li>Company Details </li></ul><ul><ul><li>Gables operates in four key areas of the multi-family housing industry: </li></ul></ul><ul><ul><ul><li>Operations of Gables’ owned apartment and mixed-use communities, providing luxury living experiences to a diverse target demographic </li></ul></ul></ul><ul><ul><ul><li>Providing property management, leasing and consulting services to third-party institutional and private apartment community owners </li></ul></ul></ul><ul><ul><ul><li>Providing dedicated sales and service for corporate and short-term accommodations in desirable locations nationwide, known as Gables Corporate Accommodations (GCA) </li></ul></ul></ul><ul><ul><ul><li>Development, general contracting and construction of new Gables residential communities and mixed-use developments featuring residential, retail and office space </li></ul></ul></ul><ul><ul><li>Gables has been selling properties in its non-core markets; it has or reduced its holdings in such markets as Nashville and Memphis. It also entered California by acquiring Income Growth Property Management, a multifamily property manager. Gables plans to acquire or develop additional properties in southern California and in Washington, DC </li></ul></ul>
    45. 45. 7. Gables Residential <ul><li>Locations </li></ul><ul><ul><li>Corporate headquarters are located </li></ul></ul><ul><li>in Atlanta, Georgia </li></ul><ul><ul><li>There are regional offices in Boca Raton, </li></ul></ul><ul><li>Houston, Dallas, Austin, DC/MD/Virginia, California </li></ul><ul><li>Gables Properties are located in: </li></ul><ul><li>Atlanta, Austin, Chicago, Dallas, DC/MD/VA, Houston, Jacksonville, Memphis, Nashville, New York, Orlando, Phoenix, Seattle, South Florida, Southern California, Tampa, and Virginia Beach </li></ul>
    46. 46. 7. Gables Residential <ul><li>Competitors </li></ul><ul><ul><li>AMLI Residential </li></ul></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul><ul><ul><li>AvalonBay </li></ul></ul><ul><ul><li>Camden Property </li></ul></ul><ul><ul><li>Colonial Properties </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul><ul><ul><li>JPI </li></ul></ul><ul><ul><li>Lincoln Property </li></ul></ul><ul><ul><li>Mid-America Apartment Communities </li></ul></ul><ul><ul><li>Milestone Management </li></ul></ul><ul><ul><li>Post Properties </li></ul></ul><ul><ul><li>Roberts Realty Investors </li></ul></ul><ul><ul><li>Trammell Crow Residential </li></ul></ul><ul><ul><li>UDR </li></ul></ul>
    47. 47. 8. Simpson Housing <ul><li>My Categorization: Type A & Type B </li></ul><ul><li>Simpson Housing specializes in Type A luxury multifamily properties, but also has properties in both suburban and urban infill markets, and offers affordable and senior housing for more lower income populations. </li></ul>
    48. 48. 8. Simpson Housing <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li>Simpson Housing LLLP is a fully integrated real estate firm that is organized to deliver a comprehensive range of real estate services primarily focusing on multi-family property management and development. </li></ul><ul><ul><li>The holding company invests in, develops, and manages residential properties </li></ul></ul><ul><ul><li>Specializes in “Class A” luxury multifamily properties and has extensive experience in both suburban and urban infill markets and products </li></ul></ul><ul><li>2007 Sales= 316.7 million </li></ul>
    49. 49. 8. Simpson Housing <ul><li>Company Details </li></ul><ul><li>Develops Apartments </li></ul><ul><ul><ul><li>8 regional offices across the United States </li></ul></ul></ul><ul><ul><ul><li>Over 50,000 multifamily units developed </li></ul></ul></ul><ul><ul><ul><li>Assets in excess of $2 billion and growing </li></ul></ul></ul><ul><ul><li>Property Types: </li></ul></ul><ul><ul><ul><li>Garden Properties </li></ul></ul></ul><ul><ul><ul><ul><li>Primarily in suburban locations with densities of 10 to 24 units per acre </li></ul></ul></ul></ul><ul><ul><ul><li>Mid-Rise Urban Infill Properties </li></ul></ul></ul><ul><ul><ul><ul><li>Densities up to 100 units per acre, often with a small retail and/or commercial component </li></ul></ul></ul></ul><ul><ul><ul><li>High-Rise Urban Infill Properties </li></ul></ul></ul><ul><ul><ul><ul><li>Densities greater than 100 units per acre, often with a retail or commercial component comprising up to 35 percent of the entire project </li></ul></ul></ul></ul><ul><li>Builds Apartments </li></ul><ul><ul><li>Great West Contractors (GWC), a subsidiary of SHLP offers a complete range of construction services from pre-construction to project management on a variety of multifamily and mixed use communities. GWC also assists the Company in monitoring the various joint venture projects during construction </li></ul></ul>
    50. 50. 8. Simpson Housing <ul><li>Company Details </li></ul><ul><ul><li>Manages Apartments </li></ul></ul><ul><ul><li>Simpson Property Group subsidiary, is an experienced, fully integrated real estate firm providing services in commercial and multifamily property management, development and construction </li></ul></ul><ul><ul><ul><li>Established in 1948, oversees about 100 apartment and senior communities and nearly 25,000 units in 34 states </li></ul></ul></ul><ul><ul><li>Affordable & Senior Housing </li></ul></ul><ul><ul><li>Simpson Housing Solutions LLC </li></ul></ul><ul><ul><ul><li>Provides equity funding, development expertise, and management to the affordable multifamily housing sector </li></ul></ul></ul><ul><ul><ul><li>Purchases tax credits at highly competitive prices and can provide either a portion or a complete financing framework </li></ul></ul></ul><ul><ul><li>Great West Contractors provides construction management services </li></ul></ul><ul><ul><ul><li>The Michigan State Employees' Retirement System owns about 45% of the company; the Alaska Permanent Fund owns another 45% </li></ul></ul></ul>
    51. 51. 8. Simpson Housing <ul><li>Locations </li></ul><ul><ul><li>Company headquarters are in </li></ul></ul><ul><li>Denver, Colorado </li></ul><ul><ul><li>Apartment communities are located throughout: Arizona, California, Colorado, Florida, Georgia, Kansas, Kentucky, Massachusetts, Michigan, Missouri, Montana, New Mexico, North Carolina, Oregon, South Carolina, Texas, Virginia, and Washington </li></ul></ul>
    52. 52. 8. Simpson Housing <ul><li>Competitors </li></ul><ul><ul><li>AIMCO Properties </li></ul></ul><ul><ul><li>Pinnacle Realty </li></ul></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Camden Property </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul>
    53. 53. 9. Legacy Partners Residential <ul><li>My Categorization: Type A </li></ul><ul><li>Builds luxury multifamily apartment communities. </li></ul>
    54. 54. 9. Legacy Partners Residential <ul><li>Company Overview </li></ul><ul><li>Company Type: Private Headquarters </li></ul><ul><li>Since 1968, Legacy Partners Residential has built luxury multifamily communities throughout the western United States. They are an Accredited Management Organization with a team that includes a number of certified property managers, certified public accountants, and real property administrators. Legacy also has an affiliation with several industry organizations. </li></ul><ul><ul><li>Develops more than 58,000 apartment homes </li></ul></ul><ul><ul><li>Manages over 20,000 apartment homes </li></ul></ul><ul><li>Clients range from small family trusts to large institutional investors </li></ul><ul><li>2007 Sales= 34.3 million </li></ul>
    55. 55. 9. Legacy Partners Residential <ul><li>Company Details </li></ul><ul><li>Services Include: </li></ul><ul><ul><li>Property Management </li></ul></ul><ul><ul><li>Marketing Services </li></ul></ul><ul><ul><li>Acquisitions </li></ul></ul><ul><ul><li>Training </li></ul></ul><ul><ul><ul><li>All-inclusive training programs encompass everyone involved in running the communities </li></ul></ul></ul><ul><ul><li>Technology Services </li></ul></ul><ul><ul><ul><li>Create comprehensive MIS solutions for the financial and operating systems that run our apartment communities, enhance communications and increase interaction between all levels of management and accounting. </li></ul></ul></ul><ul><ul><li>Financial Services </li></ul></ul><ul><ul><li>Other Services </li></ul></ul><ul><ul><ul><li>Construction/Rehabilitation </li></ul></ul></ul><ul><ul><ul><li>Development Consulting </li></ul></ul></ul><ul><ul><ul><li>Due Diligence Analysis </li></ul></ul></ul><ul><ul><ul><li>Court Receiver </li></ul></ul></ul><ul><ul><ul><li>Property Sales/Brokerage Support </li></ul></ul></ul><ul><ul><ul><li>Business-to-Business Corporate Apartments </li></ul></ul></ul><ul><ul><li>Legacy Living (exclusively for our residents) </li></ul></ul>
    56. 56. 9. Legacy Partners Residential <ul><li>Locations </li></ul><ul><ul><li>Headquarters are located in </li></ul></ul><ul><ul><li>Foster City, California </li></ul></ul><ul><ul><li>Have communities in Northern California, </li></ul></ul><ul><ul><li>Southern California, Arizona, Colorado, Utah, Washington and Texas. </li></ul></ul>
    57. 57. 9. Legacy Partners Residential <ul><li>Competitors </li></ul><ul><ul><li>A.G. Spanos </li></ul></ul><ul><ul><li>J. H. Snyder </li></ul></ul><ul><ul><li>Pacific Property Company </li></ul></ul><ul><ul><li>Santa Fe Financial </li></ul></ul><ul><ul><li>Shea Homes </li></ul></ul><ul><ul><li>Sunset Development </li></ul></ul>
    58. 58. 10. United Dominion Realty Trust (UDR) <ul><li>My Categorization: Type B </li></ul><ul><li>This company sells to the middle-market tier, but has recently ventured out to non-core markets as well as properties outside its prime demographic market, due to the increased competition in the industry. </li></ul>
    59. 59. 10. United Dominion Realty Trust <ul><li>Company Overview </li></ul><ul><li>Company Type: Public </li></ul><ul><li>UDR, Inc., f ormerly United Dominion Realty Trust is a real estate investment trust (REIT). They are focused on two goals: providing high quality apartment homes, and providing excellent service and value to our residents. </li></ul><ul><li>S&P 400 company, UDR is the fourth largest apartment REIT in the nation </li></ul><ul><ul><li>Owns and operates more than 240 apartment communities and over 40,000 apartment homes </li></ul></ul><ul><ul><li>Has over 71,290 units </li></ul></ul><ul><ul><li>Has 6,184 homes under development (with another 738 under contract) </li></ul></ul><ul><li>2007 Sales= 500.194 million </li></ul><ul><li>Market Cap= 6.9 billion </li></ul><ul><li>2008 Company Fact Sheet </li></ul>
    60. 60. 10. United Dominion Realty Trust <ul><li>Company Details </li></ul><ul><li>UDR owns, acquires, renovates, develops, and manages middle-market apartment communities in targeted U.S. markets </li></ul><ul><ul><li>Portfolio changes incorporate rigorous analysis that measure 2 key factors to determine when and where to invest: </li></ul></ul><ul><ul><ul><li>Low home affordability index </li></ul></ul></ul><ul><ul><ul><li>Favorable demand/supply ratio for multi-family housing (demographic trends are favorable & job growth expectations are high) </li></ul></ul></ul><ul><ul><li>Housing Advantage For Corporate & Small Business Clients </li></ul></ul><ul><ul><ul><li>UDR partners with local and national businesses </li></ul></ul></ul><ul><ul><ul><ul><li>A “no-cost” corporate benefit for employees </li></ul></ul></ul></ul><ul><ul><ul><ul><li>An apartment home-finding program to assist in relocating employees </li></ul></ul></ul></ul><ul><ul><ul><ul><li>A visible and active step towards increasing employee retention </li></ul></ul></ul></ul>
    61. 61. 10. United Dominion Realty Trust <ul><li>Company Details </li></ul><ul><ul><li>UDR has recently remodeled the kitchen & baths in their apartment homes </li></ul></ul><ul><ul><ul><li>Most bathrooms have Faux granite counter tops (some offer ceramic or laminate) </li></ul></ul></ul><ul><ul><ul><li>Kitchen countertops are in granite, ceramic tile and laminates </li></ul></ul></ul><ul><ul><li>In 2005 & 2006 UDR has invested over $30 million to replace older heat pumps and air conditioners with more energy-efficient models, and upgrade old appliances </li></ul></ul><ul><ul><li>Current Redevelopment Status </li></ul></ul><ul><ul><ul><li>Reinvest with Exterior Upgrades and Interior Renovations </li></ul></ul></ul><ul><ul><ul><li>5 Communities Completed – 1,832 Homes </li></ul></ul></ul><ul><ul><ul><li>6 Communities Underway – 1,900 Homes </li></ul></ul></ul><ul><ul><ul><li>$86M Budgeted Cost - $191M Total Investment </li></ul></ul></ul><ul><ul><ul><li>Targeting 8% to 10% Stabilized ROI </li></ul></ul></ul><ul><ul><ul><li>Expect 50% growth in post-renovated cash flow to $16.7M </li></ul></ul></ul><ul><ul><ul><li>Average investment of $41,430 per home </li></ul></ul></ul>
    62. 62. 10. United Dominion Realty Trust <ul><li>Locations </li></ul><ul><ul><li>Headquarters are located in </li></ul></ul><ul><li>Highlands Ranch, Colorado </li></ul><ul><ul><li>Dominion is the Sun Belt </li></ul></ul><ul><ul><li>Apartments are offered in: Arizona, Arkansas, California, Delaware, District of Columbia, Florida, Maryland, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, and Washington </li></ul></ul>
    63. 63. 10. United Dominion Realty Trust <ul><li>Competitors </li></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul><ul><ul><li>AvalonBay </li></ul></ul><ul><ul><li>BRE Properties </li></ul></ul><ul><ul><li>Camden Property </li></ul></ul><ul><ul><li>Centerline Capital Group </li></ul></ul><ul><ul><li>Colonial Properties </li></ul></ul><ul><ul><li>Edward Rose </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul><ul><ul><li>Essex Property Trust </li></ul></ul><ul><ul><li>Gables Residential Trust </li></ul></ul><ul><ul><li>Home Properties </li></ul></ul><ul><ul><li>Lincoln Property </li></ul></ul><ul><ul><li>Mid-America Apartment Communities </li></ul></ul><ul><ul><li>Milestone Management </li></ul></ul><ul><ul><li>Post Properties </li></ul></ul>
    64. 64. 11. Colonial Properties Trust <ul><li>My Categorization: Type B </li></ul>
    65. 65. 11. Colonial Properties Trust <ul><li>Company Overview </li></ul><ul><li>Company Type: Public </li></ul><ul><li>Colonial Properties Trust is a real estate investment trust (REIT) that manages commercial assets through joint venture investments and aggressively pursuing development opportunities.  They have a long history as both a private and a public company. </li></ul><ul><ul><li>Owns and manages over 130 multifamily apartment complexes </li></ul></ul><ul><ul><ul><li>With over 40,000 units </li></ul></ul></ul><ul><li>2007 Sales= $628.895 million </li></ul>
    66. 66. 11. Colonial Properties Trust <ul><li>Company Details </li></ul><ul><ul><li>Colonial Properties in 2007 completed its strategic shift to becoming a pure-play multifamily residential REIT, selling off the last of its non-core holdings </li></ul></ul><ul><ul><ul><li>At one point, the REIT's portfolio had included office buildings, malls, and other retail property </li></ul></ul></ul><ul><ul><li>CLP focuses on development as they believe this is more profitable than simply buying and reselling properties </li></ul></ul><ul><ul><li>Colonial Properties Trust owns undeveloped land adjacent to some of their properties </li></ul></ul><ul><ul><li>Offers for commercial real estate clients: </li></ul></ul><ul><ul><ul><li>Management </li></ul></ul></ul><ul><ul><ul><li>Leasing </li></ul></ul></ul><ul><ul><ul><li>Brokerage services </li></ul></ul></ul>
    67. 67. 11. Colonial Properties Trust <ul><li>Company Details </li></ul><ul><ul><li>Colonial is a direct general partner of Colonial Realty Limited Partnership, a Delaware limited partnership (CRLP) </li></ul></ul><ul><ul><ul><li>Colonial Properties Trust conducts all of its business through CRLP </li></ul></ul></ul><ul><ul><li>Colonial Properties Services Limited Partnership (CPSLP) provides management services for its properties </li></ul></ul><ul><ul><li>Colonial Properties Services, Inc. (CPSI) provides management services for properties owned by third parties, including unconsolidated joint venture entities </li></ul></ul><ul><ul><ul><li>Colonial performs all of its for-sale residential and condominium conversion activities through CPSI </li></ul></ul></ul>
    68. 68. 11. Colonial Properties Trust <ul><li>Locations </li></ul><ul><ul><li>Headquarters are in Birmingham, Alabama </li></ul></ul><ul><ul><li>Markets located in Charlotte and Raleigh, North Carolina; Atlanta; Orlando; Richmond, Virginia; Dallas and Austin, Texas; and Phoenix. </li></ul></ul>
    69. 69. 11. Colonial Properties Trust <ul><li>Competitors </li></ul><ul><ul><li>AMLI Residential </li></ul></ul><ul><ul><li>AIMCO </li></ul></ul><ul><ul><li>Archstone-Smith Trust </li></ul></ul><ul><ul><li>Camden Property </li></ul></ul><ul><ul><li>Cousins Properties </li></ul></ul><ul><ul><li>Equity Residential </li></ul></ul><ul><ul><li>Gables Residential Trust </li></ul></ul><ul><ul><li>Mid-America Apartment Communities </li></ul></ul><ul><ul><li>Post Properties </li></ul></ul><ul><ul><li>UDR </li></ul></ul>
    70. 70. Appendix A <ul><ul><li>Business Databases Used: </li></ul></ul><ul><ul><ul><li>Hoovers.com </li></ul></ul></ul><ul><ul><ul><li>Lexus-Nexus Academic </li></ul></ul></ul><ul><ul><ul><li>Mergent </li></ul></ul></ul><ul><ul><ul><li>Market Insight </li></ul></ul></ul>

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