Forward-Looking Statements 1 We make statements in this presentation that are forward-looking statements within the meaning of the federal securities laws. In particular, statements pertaining to our sources and uses of capital, the availability and terms of third party financing, our progress in developing properties in our development pipeline, our prospects for future pipeline development projects, the performance of our property portfolio, estimates of revenues and profits from general contracting and real estate services, anticipated market conditions and our results of operations contain forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: • adverse economic or real estate developments, either nationally or in the markets in which our properties are located; • our failure to develop the properties in our identified development pipeline successfully, on the anticipated timeline or at the anticipated costs; • our failure to generate sufficient cash flows to service our outstanding indebtedness; • defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; • bankruptcy or insolvency of a significant tenant or a substantial number of smaller tenants; • difficulties in identifying or completing property development or acquisition opportunities, including our proposed acquisition of the Liberty Apartments; • our failure to successfully operate developed and acquired properties; • fluctuations in interest rates and increased operating costs; • our failure to obtain necessary outside financing on favorable terms or at all, including any increase in the borrowing capacity under our credit facility; • our failure to generate income in our general contracting and real estate services segment in amounts that we anticipate; • general economic conditions; • financial market fluctuations; • risks that affect the general retail environment or the market for office properties or multifamily units; • the competitive environment in which we operate; • decreased rental rates or increased vacancy rates; • conflicts of interests with our officers and directors; • lack or insufficient amounts of insurance; • environmental uncertainties and risks related to adverse weather conditions and natural disasters; • other factors affecting the real estate industry generally; • our failure to qualify and maintain our qualification as a REIT for U.S. federal income tax purposes; • limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes; and • changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. You should not place undue reliance on any forward-looking statements that are based on information currently available to us. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section titled “Risk Factors” in our Prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) on May 9, 2013 as part of our Registration Statement on Form S-11 and our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with or furnished to the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this presentation, except as required by applicable law. | 
