QUARTER ENDED SEPTEMBER 30, 2015 Conclusion The Company is in the asset disposition phase of its lifecycle and anticipates winding up its operations over the next couple of years. Central to our plan is managing assets to create liquidity for shareholders, continuing to focus on identifying the appropriate times to sell remaining assets, continuing to consider additional special distributions from asset sales and maintaining a strong balance sheet, which provides flexibility to execute. 25 Total assets $ 350,093 $ 409,691 (in thousands, except per share amounts) 3 mos. ended Sept. 30, 2015 3 mos. ended Sept. 30, 2014 9 mos. ended Sept. 30, 2015 9 mos. ended Sept. 30, 2014 Adjustments for: 3,085 2,896 10,767 9,256 and amortization1 Gain on sale of real estate2 (16,884) (9) (21,584) (11,454) estate sale3 FFO 4 $ 115 $ 397 $ 2,579 $ 1,612 25,667 25,935 25,715 25,980 shares, basic and diluted FFO per share $ $ 0.01 $ 0.10 $ 0.06 – $ 0.50 $ (0.10) $ 0.42 $ 0.15 per share Parkside Apartments in Sugarland, TX 1Includes our consolidated amount, as well as our pro rata share of those unconsolidated investments which we account for under the equity method of accounting, and the noncontrolling interest adjustment for the third-party partner’s share. 2For the three months ended September 30, 2015, includes our proportionate share of the gain on sale of real estate related to our Holstenplatz and Wimberly investments. For the nine months ended September 30, 2015, includes our proportionate share of the gain on sale of real estate related to the Babcock, AJS, Holstenplatz and Wimberly investments. The gain on sale of AJS is net of cumulative foreign currency translation loss of approximately $0.6 million due to the substantial liquidation of AJS. The gain on sale of Holstenplatz includes a CTA credit of approximately $0.4 million due to the substantial liquidation of Holstenplatz. The gain on sale of real estate for the nine months ended September 30, 2014, is related to the sale of our 1875 Lawrence office building. During the second quarter of 2015, the Company recorded a credit of $0.5 million to the provision for income tax based on a change in the estimated taxes payable on the sale of AJS. 3During the third quarter of 2015, the Company recorded an estimated provision for income tax of approximately $1 million as a result of foreign income tax related to the sale of Holstenplatz. 4FFO (Funds From Operations) should not be considered as an alternative to net income (loss), or as indications of our liquidity, nor is it either indicative of funds available to fund our cash needs, including our ability to fund distributions. FFO should be reviewed in connection with other GAAP measurements. A reconciliation of FFO and FFO-per-share to net income (loss) can be found in our third quarter Form 10-Q on file with the SEC. Net income (loss) GAAP weighted average Income tax expense associated with real 1,059–2,674– Real estate depreciation Net income (loss) attributable to $12,855 $(2,490) $10,722 $3,810 the Company Reconciliation of FFO to Net Income (Loss) Total liabilities$190,571$233,135 (in thousands, except3 mos. ended3 mos. ended9 mos. ended9 mos. ended per share amounts)Sept. 30, 2015Sept. 30, 2014Sept. 30, 2015Sept. 30, 2014 FOURTH QUARTER UPDATE CALL FFO$115$397 $2,579 $1,612 FRIDAY Please join us for the fourth quarter call on Friday, March 25, 2016 at 1:00 pm Central Time. Further details about this call MARCH FFO per share$–$0.01 $0.10 $0.06 Distributions per share$–$0.50 $1.00 $0.50 will be included in the next quarterly statement. (in thousands)As of As of Sept. 30, 2015Dec. 31, 2014 Distributions declared $–$– $25,732 $12,984 Financial Highlights II