Financial Highlights – 2016 Starts 23 Projected Predevelopment Communities Location Apartments Current Ownership Scheduled Start Costs MC Capital NOI YIELD PI South ‐ Building 11 Weehawken, NJ 295 50.00% Q1 2016 $117,620 $38,145 $7,578 6.44% Lofts at 40 Park Morristown, NJ 59 25.00% Q2 2016 17,924 3,223 1,163 6.49% Conshohocken Conshohocken, PA 310 100.00% Q3 2016 85,932 17,600 5,192 6.04% 150 Monument Road (repurposing) Bala Cynwyd, PA 206 100.00% Q3 2016 53,952 18,883 3,394 6.29% Freehold (1) Freehold, NJ 400 100.00% Q4 2016 96,687 33,841 6,204 6.42% 709 Chestnut (1) Philadelphia, PA 273 75.00% Q4 2016 116,007 37,603 7,072 6.10% PI North ‐ Building C West New York, NJ 363 20.00% Q4 2016 145,000 17,400 9,266 6.39% Predevelopment Communities 1,906 71.12% $633,122 $166,694 $39,869 6.30% As of December 31, 2015, RRT had a future development portfolio of approximately 11,286 apartments comprised of: Predevelopment (1,906 apartments): Communities with likely starts through year‐end 2016 Future Developments (9,380 apartments): Roseland owned/controlled future development sites, includes 1,332 apartments of Identified Repurposing communities 2016 starts are projected to generate approximately $164 million in value: Value Creation Summary Projected Average Yield 6.30% Projected NOI $39,869 Gross Value @ 5.00% Cap $797,380 Less: Projected Costs (633,122) Net Value Creation @ 100% $164,258 Note: (1) Roseland has a signed acquisition agreement, subject to certain conditions. Source: Roseland Supplemental as of December 31, 2015
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