Transcontinental Realty Investors (TCI) SC 13E3/A Going private transaction (amended)

Exhibit 99.3

Discounted Cash Flow Analysis — Detail

ARL TCI IORI

56 Expressway DCF — ARL Office Portfolio

($ in Thousands)

																			Terminal
			2002			2003			2004			2005			2006			Flow
Net Revenues				$	484.7		$	597.2		$	626.4		$	625.3		$	677.0
	Growth Rate			NA				23.2%			4.9%			-0.2%			8.3%
Net Operating Income				$	217.0		$	317.2		$	336.4		$	325.8		$	366.2		$	366.2
	Margin				44.8%			53.1%			53.7%			52.1%			54.1%
Less: Total Leasing & Capital Costs					75.9			69.4			67.4			123.6			84.0
Cash Flow, less Capital Expenditures				$	141.1		$	247.9		$	269.0		$	202.2		$	282.2
	Margin				29.1%			41.5%			42.9%			32.3%			41.7%
Years to Receipt of Cash Flow					0.50			1.50			2.50			3.50			4.50			5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
					9.7%			10.2%			10.7%			11.2%			11.7%
		14.3%		$	2,700.5		$	2,607.4		$	2,523.0		$	2,446.1		$	2,375.9
		15.3%			2,602.8			2,513.6			2,432.8			2,359.2			2,292.0
	Discount Rate	16.3%			2,509.7			2,424.3			2,346.9			2,276.5			2,212.1
		17.3%			2,421.1			2,339.3			2,265.1			2,197.6			2,135.9
		18.3%			2,336.6			2,258.2			2,187.2			2,122.5			2,063.3
Concluded Enterprise Value Range							$	2,200.0		to			$	2,510.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Centura Tower DCF — ARL Office Portfolio

($ in Thousands)

																		Terminal
			2002			2003			2004			2005			2006			Flow
Net Revenues				$	9,955.2		$	11,156.7		$	11,286.1		$	11,489.7		$	11,794.1
	Growth Rate			NA				12.1%			1.2%			1.8%			2.6%
Net Operating Income				$	6,376.0		$	7,443.1		$	7,467.3		$	7,560.4		$	7,578.5	$	7,578.5
	Margin				64.0%			66.7%			66.2%			65.8%			64.3%
Less: Total Leasing & Capital Costs					1,931.7			20.6			97.7			94.2			1,034.0
Cash Flow, less Capital Expenditures				$	4,444.3		$	7,422.5		$	7,369.6		$	7,466.1		$	6,544.5
	Margin				44.6%			66.5%			65.3%			65.0%			55.5%
Years to Receipt of Cash Flow					0.50			1.50			2.50			3.50			4.50		5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
					9.7%			10.2%			10.7%			11.2%			11.7%
		16.3%		$	58,714.0		$	56,946.5		$	55,344.9		$	53,887.0		$	52,554.2
		17.3%			56,753.6			55,060.2			53,525.7			52,128.9			50,852.0
Discount Rate		18.3%			54,883.8			53,260.8			51,790.1			50,451.4			49,227.6
		19.3%			53,099.7			51,543.6			50,133.6			48,850.0			47,676.7
		20.3%			51,396.5			49,904.0			48,551.7			47,320.6			46,195.2
Concluded Enterprise Value Range							$	48,850.0		to			$	55,060.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

The Collections DCF — ARL Office Portfolio

($ in Thousands)

																			Terminal
			2002			2003			2004			2005			2006			Flow
Net Revenues				$	3,172.9		$	3,312.6		$	3,398.4		$	3,502.6		$	3,614.3
	Growth Rate			NA				4.4%			2.6%			3.1%			3.2%
Net Operating Income				$	2,352.2		$	2,458.7		$	2,511.7		$	2,581.5		$	2,657.2		$	2,657.2
	Margin				74.1%			74.2%			73.9%			73.7%			73.5%
Less: Total Leasing & Capital Costs					293.8			169.1			199.4			94.6			471.5
Cash Flow, less Capital Expenditures				$	2,058.4		$	2,289.6		$	2,312.3		$	2,486.8		$	2,185.7
	Margin				64.9%			69.1%			68.0%			71.0%			60.5%
Years to Receipt of Cash Flow					0.50			1.50			2.50			3.50			4.50			5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
					9.0%			9.5%			10.0%			10.5%			11.0%
		11.0%		$	25,780.8		$	24,886.3		$	24,081.2		$	23,352.9		$	22,690.7
		12.0%			24,853.7			23,998.4			23,228.7			22,532.2			21,899.1
Discount Rate		13.0%			23,972.1			23,154.0			22,417.7			21,751.6			21,146.0
		14.0%			23,133.3			22,350.5			21,645.9			21,008.5			20,429.0
		15.0%			22,334.8			21,585.5			20,911.0			20,300.8			19,746.1
Concluded Enterprise Value Range							$	21,010.0		to			$	24,000.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Cooley Building DFC — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	515.8	$	534.8	$	554.0	$	573.4	$	419.7
	Growth Rate	NA			3.7%		3.6%		3.5%		-26.8%
Net Operating Income		$	181.6	$	187.2	$	192.9	$	198.8	$	199.6	$	199.6
	Margin		35.2%		35.0%		34.8%		34.7%		47.6%
Less: Total Leasing & Capital Costs			5.2		5.3		5.5		5.6		182.0
Cash Flow, less Capital Expenditures		$	176.5	$	181.9	$	187.4	$	193.1	$	17.6
	Margin		34.2%		34.0%		33.8%		33.7%		4.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		14.3	%	$	1,610.0	$	1,599.2	$	1,513.2	$	1,471.3	$	1,433.0
		15.3	%		1,556.5		1,507.9		1,463.8		1,423.7		1,387.1
	Discount Rate	16.3	%		1,505.5		1,458.9		1,416.8		1,378.4		1,343.3
		17.3	%		1,456.9		1,412.3		1,371.9		1,335.1		1,301.5
		18.3	%		1,410.5		1,367.8		1,329.1		1,293.8		1,261.6
Concluded Enterprise Value Range						$	1,340.0	to		$	1,510.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Encino Excutive Plaza DCF — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	5,065.3	$	5,196.5	$	5,400.3	$	5,532.7	$	5,607.8
	Growth Rate	NA			2.6%		3.9%		2.5%		1.4%
Net Operating Income		$	3,176.8	$	3,251.9	$	3,396.0	$	3,469.1	$	3,485.0	$	3,485.0
	Margin		62.7%		62.6%		62.9%		62.7%		62.1%
Less: Total Leasing & Capital Costs			419.5		472.5		150.4		474.4		291.3
Cash Flow, less Capital Expenditures		$	2,757.3	$	2,799.4	$	3,245.6	$	2,994.8	$	3,193.7
	Margin		54.4%		53.5%		60.1%		54.1%		57.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.0	%	$	32,466.6	$	31,432.0	$	30,495.1	$	29,642.6	$	28,863.6
		12.0	%		31,308.0		30,318.9		29,423.1		28,607.9		27,863.1
	Discount Rate	13.0	%		30,206.2		29,260.0		28,403.2		27,623.5		26,911.0
		14.0	%		29,157.7		28,252.4		27,432.4		26,686.3		26,004.5
		15.0	%		28,159.5		27,292.9		26,507.9		25,793.7		25,141.1
Concluded Enterprise Value Range						$	26,690.0	to		$	30,320.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Executive Court DFC — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	505.8	$	491.2	$	570.6	$	620.6	$	577.5
	Growth Rate	NA			-2.9%		16.2%		8.8%		-6.9%
Net Operating Income		$	254.5	$	230.9	$	298.2	$	336.5	$	284.0	$	284.0
	Margin		50.3%		47.0%		52.3%		54.2%		49.2%
Less: Total Leasing & Capital Costs			208.9		52.4		10.0		162.4		12.6
Cash Flow, less Capital Expenditures		$	45.6	$	178.6	$	288.2	$	174.1	$	271.4
	Margin		9.0%		36.4%		50.5%		28.0%		47.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		12.3	%	$	2,288.6	$	2,209.7	$	2,138.2	$	2,073.1	$	2,013.6
		13.3	%		2,202.3		2,126.8		2,058.4		1,996.2		1,939.2
	Discount Rate	14.3	%		2,120.3		2,048.0		1,982.6		1,923.0		1,868,5
		15.3	%		2,042.2		1,973.0		1,910.4		1,853.3		1,801.2
		16.3	%		1,967.9		1,901.6		1,841.6		1,787.0		1,737.0
Concluded Enterprise Value Range						$	1,850.0	to		$	2,130.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Melrose Business Park DCF — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	405.9	$	456.6	$	470.5	$	488.2	$	506.4
	Growth Rate	NA			12.5%		3.0%		3.8%		3.7%
Net Operating Income		$	252.3	$	296.6	$	305.0	$	316.9	$	329.0	$	329.0
	Margin		62.2%		65.0%		64.8%		64.9%		65.0%
Less: Total Leasing & Capital Costs			44.6		64.8		79.8		85.1		83.2
Cash Flow, less Capital Expenditures		$	207.8	$	231.8	$	225.3	$	231.7	$	245.8
	Margin		51.2%		50.8%		47.9%		47.5%		48.5%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		14.8	%	$	2,488.7	$	2,406.0	$	2,331.1	$	2,262.9	$	2,200.6
		15.8	%		2,401.7		2,322.5		2,250.8		2,185.5		2,125.9
	Discount Rate	16.8	%		2,318.9		2,243.0		2,174.3		2,111.8		2,054.6
		17.8	%		2,240.0		2,167.2		2,101.4		2,041.5		1,986.7
		18.8	%		2,164.7		2,095.0		2,031.9		1,974.4		1,922.0
Concluded Enterprise Value Range						$	2,040.0	to		$	2,320.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

One Hickory Center DCF — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,152.4	$	2,091.5	$	2,515.3	$	2,574.3	$	2,780.8
	Growth Rate	NA			-2.8%		20.3%		2.3%		8.0%
Net Operating Income		$	1,293.3	$	1,213.6	$	1,603.5	$	1,639.0	$	1,817.0	$	1,817.0
	Margin		60.1%		58.0%		63.7%		63.7%		65.3%
Less: Total Leasing & Capital Costs			14.9		975.6		15.6		16.0		406.9
Cash Flow, less Capital Expenditures		$	1,278.4	$	238.1	$	1,587.9	$	1,622.9	$	1,410.1
	Margin		59.4%		11.4%		63.1%		63.0%		50.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.5	%	$	14,680.3	$	14,176.0	$	13,718.2	$	13,303.6	$	12,923.8
		13.5	%		14,140.3		13,657.8		13,220.8		12,823.2		12,459.8
	Discount Rate	14.5	%		13,626.8		13,165.0		12,746.7		12,366.1		12,018.4
		15.5	%		13,138.1		12,695.9		12,295.5		11,931.1		11,598.1
		16.5	%		12,672.9		12,249.4		11,865.8		11,516.8		11,197.9
Concluded Enterprise Value Range						$	11,930.0	to		$	13,660.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Rosedale Towers DCF — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,476.2	$	1,509.0	$	1,557.7	$	1.613.8	$	1,661.9
	Growth Rate	NA			2.2%		3.2%		3.6%		3.0%
Net Operating Income		$	791.1	$	797.7	$	818.6	$	845.5	$	863.6	$	863.6
	Margin		53.6%		52.9%		52.6%		52.4%		52.0%
Less: Total Leasing & Capital Costs			155.3		301.2		115.4		139.1		333.0
Cash Flow, less Capital Expenditures		$	635.8	$	496.6	$	703.2	$	706.3	$	530.7
	Margin		43.1%		32.9%		45.1%		43.8%		31.9%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.0	%	$	7,860.6	$	7,592.4	$	7,349.5	$	7,128.4	$	6,926.4
		11.0	%		7,570.4		7,314.0		7,081.9		6,870.6		6,677.5
	Discount Rate	12.0	%		7,294.7		7,049.5		6,827.5		6,625.5		6,440.9
		13.0	%		7,032.5		6,798.0		6,585.7		6,392/5		6,215.9
		14.0	%		6,783.2		6,558.8		6,355.6		6,170.7		6,001.7
Concluded Enterprise Value Range						$	6,390.0	to		$	7,310.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Sesame Square DCF — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	334.7	$	346.8	$	349.2	$	359.4	$	368.4
	Growth Rate	NA			3.6%		0.7%		2.9%		2.5%
Net Operating Income		$	168.6	$	174.2	$	170.3	$	173.6	$	175.5	$	175.5
	Margin		50.4%		50.2%		48.8%		48.3%		47.6%
Less: Total Leasing & Capital Costs			15.6		34.0		55.8		14.6		28.2
Cash Flow, less Capital Expenditures		$	153.0	$	140.2	$	114.6	$	159.0	$	147.2
	Margin		47.5%		40.4%		32.8%		44.2%		40.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.5	%	$	1,578.9	$	1,528.0	$	1.481.9	$	1,439.9	$	1,401.6
		12.5	%		1,523.0		1,474.3		1,430.1		1,390.0		1,353.3
	Discount Rate	13.5	%		1,469.7		1,423.1		1,380.9		1,342.5		1,307.4
		14.5	%		1,419.1		1,374.5		1,334.1		1,297.3		1,263.7
		15.5	%		1,370.8		1,328.1		1,289.5		1,254.3		1,222.1
Concluded Enterprise Value Range						$	1,300.0	to		$	1,470.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Two Hickory Center DCF — ARL Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,956.7	$	2,009.8	$	2,052.9	$	2,328.1	$	2,437.9
	Growth Rate	NA			2.7%		2.1%		13.4%		4.7%
Net Operating Income		$	1,116.2	$	1,147.5	$	1,168.4	$	1,414.0	$	1,498.5	$	1,498.5
	Margin		57.0%		57.1%		56.9%		60.7%		61.5%
Less: Total Leasing & Capital Costs			31.7		84.4		62.1		577.7		526.8
Cash Flow, less Capital Expenditures		$	1,084.5	$	1,063.1	$	1,106.3	$	836.3	$	971.8
	Margin		55.4%		52.9%		53.9%		35.9%		39.9%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		14.8	%	$	11,272.2	$	10,899.3	$	10,561.3	$	10,253.7	$	9,972.5
		15.8	%		10,882.9		10,525.8		10,202.2		9,907.7		9,638.4
	Discount Rate	16.8	%		10,512.1		10,170.1		9,860.1		9,577.9		9,320.0
		17.8	%		10,158.9		9,831.1		9,534.1		9,263.7		9,016.5
		18.8	%		9,822.1		9,507.9		9,223.2		8,964.0		8,727.1
Concluded Enterprise Value Range						$	9,260.0	to		$	10,530.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Cross County Shopping Mall DCF — ARL Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,044.9	$	2,190.0	$	2,244.0	$	2,257.1	$	2,322.8
	Growth Rate	NA			7.1%		2.5%		0.6%		2.9%
Net Operating Income		$	1,312.5	$	1,433.1	$	1,464.7	$	1,456.0	$	1,497.8	$	1,497.8
	Margin		64.2%		65.4%		65.3%		64.5%		64.5%
Less: Total Leasing & Capital Costs			216.6		130.7		116.6		231.3		125.0
Cash Flow, less Capital Expenditures		$	1,095.9	$	1,302.5	$	1,348.1	$	1,224.7	$	1,372.8
	Margin		53.6%		59.5%		60.1%		54.3%		59.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		11.0	%	$	14,507.9	$	14,002.5	$	13,547.7	$	13,136.2	$	12,762.1
		12.0	%		13,983.6		13,500.4		13,065.6		12,672.1		12,314.4
	Discount Rate	13.0	%		13,485.2		13,023.0		12,607.0		12,230.7		11,888.5
		14.0	%		13,010.9		12,568.7		12,170.6		11,810.5		11,483.2
		15.0	%		12,559.5		12,136.2		11,755.2		11,410.5		11,097.1
Concluded Enterprise Value Range						$	11,810.0	to		$	13,500.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Cullman Shopping Center DCF — ARL Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	376.8	$	384.5	$	396.1	$	430.0	$	439.5
	Growth Rate	NA			2.1%		3.0%		8.6%		2.2%
Net Operating Income		$	311.4	$	316.9	$	326.1	$	356.9	$	363.9	$	363.9
	Margin		82.6%		82.4%		82.3%		83.0%		82.8%
Less: Total Leasing & Capital Costs			19.5		10.0		41.5		31.4		10.0
Cash Flow, less Capital Expenditures		$	291.9	$	306.9	$	284.6	$	325.5	$	353.9
	Margin		77.5%		79.8%		71.9%		75.7%		80.5%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		10.5	%	$	3,606.4	$	3,480.8	$	3,367.8	$	3,265.5	$	3,172.5
		11.5	%		3,475.3		3,355.3		3,247.2		3,149.5		3,060.6
	Discount Rate	12.5	%		3,350.8		3,236.0		3,132.7		3,039.2		2,954.2
		13.5	%		3,232.3		3,122.5		3,023.7		2,934.2		2,852.9
		14.5	%		3,119.6		3,014.5		2,919.9		2,834.3		2,756.5
Concluded Enterprise Value Range						$	2,930.0	to		$	3,360.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Oak Tree Village Shopping Center DCF — ARL Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	573.4	$	591.9	$	620.3	$	639.7	$	658.1
	Growth Rate	NA			3.2%		4.8%		3.1%		2.9%
Net Operating Income		$	414.6	$	426.9	$	448.5	$	461.2	$	472.7	$	472.7
	Margin		72.3%		72.1%		72.3%		72.1%		71.8%
Less: Total Leasing & Capital Costs			86.3		80.2		51.1		112.2		102.2
Cash Flow, less Capital Expenditures		$	328.3	$	346.7	$	397.4	$	349.0	$	370.5
	Margin		57.3%		58.6%		64.1%		54.6%		56.3%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		10.5	%	$	4,495.3	$	4,332.5	$	4,186.0	$	4,053.5	$	3,933.0
		11.5	%		4,329.7		4,174.1		4,034.1		3,907.4		3,792.2
	Discount Rate	12.5	%		4,172.4		4,023.6		3,889.7		3,768.5		3,658.4
		13.5	%		4,022.8		3,880.4		3,752.3		3,636.4		3,531.0
		14.5	%		3,880.5		3,744.2		3,621.6		3,510.6		3,409.8
Concluded Enterprise Value Range						$	3,640.0	to		$	4,170.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Westwood Shopping Center — ARL Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,442.3	$	1,387.7	$	1,257.7	$	1,440.6	$	1,657.2
	Growth Rate	NA			-3.8%		-9.4%		14.5%		15.0%
Net Operating Income		$	1,056.5	$	989.8	$	849.5	$	1,012.1	$	1,206.7	$	1,206.7
	Margin		73.3%		71.3%		67.5%		70.3%		72.8%
Less: Total Leasing & Capital Costs			40.1		145.2		102.4		456.5		267.5
Cash Flow, less Capital Expenditures		$	1,016.4	$	844.7	$	747.1	$	555.6	$	939.2
	Margin		70.5%		60.9%		59.4%		38.6%		56.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		11.5	%	$	10,771.2	$	10,373.1	$	10,014.8	$	9,690.6	$	9,395.9
		12.5	%		10,379.9		9,999.2		9,656.6		9,346.6		9,064.7
	Discount Rate	13.5	%		10,008.0		9,643.8		9,316.0		9,019.4		8,749.8
		14.5	%		9,654.4		9,305.8		8,992.1		8,708.2		8,450.2
		15.5	%		9,317.9		8,984.2		8,683.8		8,412.0		8,164.9
Concluded Enterprise Value Range						$	8,710.0	to		$	10,000.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

2010 Valley View DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	765.8	$	780.0	$	791.6	$	792.0	$	831.1
	Growth Rate	NA			1.9%		1.5%		0.0%		4.9%
Net Operating Income		$	448.7	$	453.6	$	455.8	$	446.8	$	475.1	$	475.1
	Margin		58.6%		58.2%		57.6%		56.4%		57.2%
Less: Total Leasing & Capital Costs			28.5		97.5		127.5		58.7		116.7
Cash Flow, less Capital Expenditures		$	420.2	$	356.1	$	328.3	$	388.1	$	358.4
	Margin		54.9%		45.7%		41.5%		49.0%		43.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		14.8	%	$	3,760.3	$	3,640.9	$	3,532.7	$	3,434.2	$	3,344.3
		15.8	%		3,632.9		3,518.5		3,414.9		3,320.6		3,234.5
	Discount Rate	16.8	%		3,511.5		3,401.9		3,302.7		3,212.4		3,129.9
		17.8	%		3,395.8		3,290.8		3,195.7		3,109.2		3,030.1
		18.8	%		3,285.4		3,184.8		3,093.7		3,010.7		2,934.9
Concluded Enterprise Value Range						$	3,110.0	to		$	3,520.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

5600 Mowry DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,384.1	$	2,432.2	$	2,026.7	$	2,679.1	$	2,735.0
	Growth Rate	NA			2.0%		-16.7%		32.2%		2.1%
		$	1,192.07	$	1,216.12	$	1,013.37	$	1,339.56	$	1,367.52
Net Operating Income		$	1,782.5	$	1,813.3	$	1,403.5	$	2,019.5	$	2,056.3	$	1,028.2
	Margin		74.8%		74.6%		69.3%		75.4%		75.2%
		$	891.25	$	906.63	$	701.76	$	1,009.74	$	1,028.16
Less: Total Leasing & Capital Costs			10.0		10.3		650.5		10.9		11.3
Cash Flow, less Capital Expenditures		$	881.2	$	896.3	$	51.3	$	998.8	$	1,016.9
	Margin		37.0%		36.9%		2.5%		37.3%		37.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.0	%	$	8,804.8	$	8,513.0	$	8,248.7	$	8,008.2	$	7,788.5
		13.0	%		8,489.5		8,210.4		7,957.6		7,727.5		7,517.3
	Discount Rate	14.0	%		8,189.6		7,922.5		7,680.6		7,460.5		7,259.4
		15.0	%		7,904.4		7,648.7		7,417.1		7,206.4		7,013.9
		16.0	%		7,632.9		7,388.0		7,166.2		6,964.4		6,780.1
Concluded Enterprise Value Range						$	7,210.0	to		$	8,210.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Akard Plaza DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	790.1	$	834.4	$	864.7	$	818.5	$	874.1
	Growth Rate	NA			5.6%		3.6%		-5.3%		6.8%
Net Operating Income		$	440.8	$	474.0	$	493.3	$	438.1	$	481.4	$	481.4
	Margin		55.8%		56.8%		57.0%		53.5%		55.1%
Less: Total Leasing & Capital Costs			80.7		8.2		33.0		227.4		9.0
Cash Flow, less Capital Expenditures		$	360.1	$	465.8	$	460.3	$	210.8	$	472.4
	Margin		45.6%		55.8%		53.2%		25.7%		54.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				10.6%		11.1%		11.6%		12.1%		12.6%
		12.0	%	$	4,004.8	$	3,892.2	$	3,789.4	$	3,695.0	$	3,608.1
		13.0	%		3,866.4		3,758.7		3,660.3		3,570.0		3,486.9
	Discount Rate	14.0	%		3,734.6		3,631.6		3,537.4		3,451.0		3,371.5
		15.0	%		3,609.1		3,510.5		3,420.3		3,337.7		3,261.5
		16.0	%		3,489.6		3,395.1		3,308.8		3,229.6		3,156.7
Concluded Enterprise Value Range						$	3,340.0	to		$	3,760.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Daley Corporate DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,482.1	$	2,506.9	$	2,658.0	$	2,717.9	$	2,782.5
	Growth Rate	NA			1.0%		6.0%		2.3%		2.4%
Net Operating Income		$	1,708.0	$	1,711.0	$	1,836.0	$	1,871.8	$	1,911.5	$	1,911.5
	Margin		68.8%		68.3%		69.1%		68.9%		68.7%
Less: Total Leasing & Capital Costs			37.2		361.6		178.3		476.9		553.6
Cash Flow, less Capital Expenditures		$	1,670.7	$	1,349.4	$	1,657.7	$	1,394.9	$	1,358.0
	Margin		67.3%		53.8%		62.4%		51.3%		48.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.0	%	$	17,945.2	$	17,351.5	$	16,813.8	$	16,324.5	$	15,877.5
		11.0	%		17,296.0		16,728.6		16,214.7		15,747.1		15,319.8
	Discount Rate	12.0	%		16,679.0		16,136.5		15,645.1		15,198.0		14,789.4
		13.0	%		16,092.4		15,573.4		15,103.4		14,675.7		14,284.9
		14.0	%		15,534.2		15,037.6		14,587.9		14,178.6		13,804.7
Concluded Enterprise Value Range						$	14,680.0	to		$	16,730.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Daley Office DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,069.6	$	1,065.1	$	1,081.2	$	1,130.8	$	1,181.8
	Growth Rate	NA			-0.4%		1.5%		4.6%		4.5%
Net Operating Income		$	516.7	$	496.6	$	496.2	$	527.7	$	560.1	$	560.1
	Margin		48.3%		46.6%		45.9%		46.7%		47.4%
Less: Total Leasing & Capital Costs			130.1		490.9		111.8		108.0		118.6
Cash Flow, less Capital Expenditures		$	386.6	$	5.8	$	384.4	$	419.7	$	441.5
	Margin		36.1%		0.5%		35.6%		37.1%		37.4%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		14.0	%	$	4,289.5	$	4,124.5	$	3,975.9	$	3,841.6	$	3,719.4
		15.0	%		4,130.5		3,972.5		3,830.3		3,701.7		3,584.7
	Discount Rate	16.0	%		3,979.2		3,827.9		3,691.8		3,568.6		3,456.6
		17.0	%		3,835.3		3,690.3		3,559.9		3,441.9		3,334.6
		18.0	%		3,698.2		3,559.3		3,434.3		3,321.2		3,218.4
Concluded Enterprise Value Range						$	3,440.0	to		$	3,970.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Westlake Village DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	788.8	$	882.7	$	883.6	$	935.1	$	966.7
	Growth Rate	NA			11.9%		0.1%		5.8%		3.4%
Net Operating Income		$	472.6	$	551.9	$	540.7	$	578.0	$	595.4	$	595.4
	Margin		59.9%		62.5%		61.2%		61.8%		61.6%
Less: Total Leasing & Capital Costs			212.5		78.2		165.5		152.1		175.2
Cash Flow, less Capital Expenditures		$	260.1	$	473.7	$	375.2	$	425.9	$	420.2
	Margin		33.0%		53.7%		42.5%		45.5%		43.5%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		14.3	%	$	4,472.8	$	4,321.4	$	4,184.1	$	4,059.2	$	3,945.0
		15.3	%		4,312.9		4,167.9		4,036.5		3,916.9		3,807.6
	Discount Rate	16.3	%		4,160.7		4,021.8		3,896.0		3,781.4		3,676.7
		17.3	%		4,015.7		3,882.7		3,762.1		3,652.3		3,552.0
		18.3	%		3,877.5		3,750.0		3,634.5		3,529.3		3,433.1
Concluded Enterprise Value Range						$	3,650.0	to		$	4,170.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Yeager Building DCF — IORI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	996.5	$	1,029.6	$	1,063.9	$	1,099.3	$	1,052.0
	Growth Rate	NA			3.3%		3.3%		3.3%		-4.3%
Net Operating Income		$	778.3	$	802.9	$	828.3	$	854.6	$	800.7	$	800.7
	Margin		78.1%		78.0%		77.9%		77.7%		76.1%
Less: Total Leasing & Capital Costs			20.0		20.0		20.0		20.0		182.0
Cash Flow, less Capital Expenditures		$	758.3	$	782.9	$	808.3	$	834.6	$	618.6
	Margin		76.1%		76.0%		76.0%		75.9%		58.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.0	%	$	7,509.3	$	7,282.0	$	7,076.2	$	6,889.0	$	6,717.8
		13.0	%		7,252.7		7,035.3		6,838.4		6,659.3		6,495.6
	Discount Rate	14.0	%		7,008.4		6,800.4		6,612.0		6,440.6		6,283.9
		15.0	%		6,775.7		6,576.6		6,396.2		6,232.1		6,082.2
		16.0	%		6,553.9		6,363.3		6,190.6		6,033.4		5,889.8
Concluded Enterprise Value Range						$	6,230.0	to		$	7,040.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

La Mesa DCF — IORI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,819.6	$	1,775.7	$	1,874.0	$	1,994.9	$	2,013.0
	Growth Rate	NA			-2.4%		5.5%		6.4%		0.9%
Net Operating Income		$	1,063.4	$	1,000.7	$	1,075.3	$	1,171.2	$	1,166.7	$	1,166.7
	Margin		58.4%		56.4%		57.4%		58.7%		58.0%
Less: Total Leasing & Capital Costs			193.3		145.4		254.1		265.4		204.9
Cash Flow, less Capital Expenditures		$	870.1	$	855.3	$	821.2	$	905.8	$	961.9
	Margin		47.8%		48.2%		43.8%		45.4%		47.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				8.7%		9.2%		9.7%		10.2%		10.7%
		15.8	%	$	9,403.1	$	9,059.0	$	8,750.6	$	8,472.5	$	8,220.6
		16.8	%		9,078.6		8,749.0		8,453.6		8,187.2		7,945.9
	Discount Rate	17.8	%		8,769.5		8,453.6		8,170.5		7,915.3		7,684.0
		18.8	%		8,474.8		8,172.0		7,900.6		7,656.0		7,434.3
		19.8	%		8,193.8		7,903.4		7,643.2		7,408.6		7,196.0
Concluded Enterprise Value Range						$	7,660.0	to		$	8,750.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Walmart-Malden — IORI/TCI Retail Portfolio

($ in Thousands)

																			Terminal
				2002		2003			2004			2005			2006			Flow
Net Revenues				$	199.8		$	204.7		$	209.7		$	214.9		$	220.1
	Growth Rate			NA				2.4%			2.4%			2.4%			2.4%
Net Operating Income				$	179.7		$	184.1		$	188.6		$	193.2		$	197.9		$	197.9
	Margin				89.9%			89.9%			89.9%			89.9%			89.9%
Less: Total Leasing & Capital Costs					3.1			3.2			3.2			3.3			3.4
Cash Flow, less Capital Expenditures				$	176.6		$	181.0		$	185.4		$	189.9		$	194.5
	Margin				88.4%			88.4%			88.4%			88.4%			88.4%
Years to Receipt of Cash Flow					0.50			1.50			2.50			3.50			4.50			5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
					9.0%			9.5%			10.0%			10.5%			11.0%
			10.0%	$	2,062.5		$	1,992.6		$	1,929.7		$	1,872.8		$	1,821.1
			11.0%		1,988.3			1,921.5			1,861.4			1,807.0			1,757.6
		Discount Rate	12.0%		1,917.7			1,853.8			1,796.4			1,744.4			1,697.1
			13.0%		1,850.6			1,789.5			1,734.5			1,684.8			1,639.6
			14.0%		1,786.7			1,728.3			1,675.7			1,628.1			1,584.8
Concluded Enterprise Value Range							$	1,680.0		to			$	1,920.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Chelsea Square DCF — IORI/TCI Retail Portfolio

($ in Thousands)

															Terminal
					2002		2003		2004		2005		2006		Flow
Net Revenues					$	926.3	$	942.7	$	952.4	$	983.7	$	1,031.3
	Growth Rate				NA			1.8%		1.0%		3.3%		4.8%
Net Operating Income					$	645.2	$	653.5	$	655.0	$	677.4	$	715.2	$	715.2
	Margin					69.7%		69.3%		68.8%		68.9%		69.4%
Less: Total Leasing & Capital Costs						21.3		115.5		124.7		70.5		12.8
Cash Flow, less Capital Expenditures					$	623.9	$	538.0	$	530.3	$	606.9	$	702.4
	Margin					67.4%		57.1%		55.7%		61.7%		68.1%
Years to Receipt of Cash Flow						0.50		1.50		2.50		3.50		4.50		5.00
					Current Value of Future Cash Flows
					Exit Capitalization Rate
						9.7%		10.2%		10.7%		11.2%		11.7%
			13.5	%	$	6,020.8	$	5,832.8	$	5,662.4	$	5,507.3	$	5,365.6
			14.5	%		5,813.1		5,633.2		5,470.1		5,321.7		5,186.0
		Discount Rate	15.5	%		5,615.4		5,443.1		5,286.9		5,144.8		5,014.9
			16.5	%		5,427.0		5,261.9		5,112.4		4,976.3		4,851.8
			17.5	%		5,247.4		5,089.3		4,946.0		4,815.6		4,696.4
Concluded Enterprise Value Range							$	4,980.0	to		$	5,630.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

5000 Space Center DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	315.4	$	351.6	$	363.4	$	347.5	$	393.1
	Growth Rate	NA			11.5%		3.4%		-4.4%		13.1%
Net Operating Income		$	243.0	$	275.8	$	285.0	$	267.3	$	309.0	$	309.0
	Margin		77.0%		78.5%		78.4%		76.9%		78.6%
Less: Total Leasing & Capital Costs			91.6		10.0		10.0		100.3		10.0
Cash Flow, less Capital Expenditures		$	151.4	$	265.8	$	275.0	$	167.0	$	299.0
	Margin		48.0%		75.6%		75.7%		48.0%		76.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				10.1%		10.6%		11.1%		11.6%		12.1%
		12.3	%	$	2,530.7	$	2,451.5	$	2,379.5	$	2,313.8	$	2,253.5
		13.3	%		2,439.8		2,364.1		2,295.3		2,232.4		2,174.7
	Discount Rate	14.3	%		2,353.4		2,280.9		2,215.0		2,154.8		2,099.6
		15.3	%		2,271.1		2,201.7		2,138.6		2,081.0		2,028.2
		16.3	%		2,192.7		2,126.3		2,065.9		2,010.7		1,960.1
Concluded Enterprise Value Range						$	2,080.0	to		$	2,360.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

5360 Tulane DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
			2002		2003		2004		2005		2006		Flow
Net Revenues		$	86.6	$	90.4	$	94.4	$	98.5	$	102.8
	Growth Rate		NA		4.4%		4.4%		4.4%		4.3%
Net Operating Income		$	71.2	$	74.5	$	77.8	$	81.3	$	85.0	$	85.0
	Margin		82.2%		82.4%		82.5%		82.6%		82.7%
Less: Total Leasing & Capital Costs			12.4		9.3		9.3		9.3		9.3
Cash Flow, less Capital Expenditures		$	58.8	$	65.2	$	68.6	$	72.1	$	75.7
	Margin		67.9%		72.1%		72.7%		73.2%		73.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

			Current Value of Future Cash Flows
			Exit Capitalization Rate
				10.1%		10.6%		11.1%		11.6%		12.1%
		9.3%	$	797.7	$	772.8	$	750.1	$	729.4	$	710.4
		10.3%		768.3		744.5		722.9		703.1		684.9
	Discount Rate	11.3%		740.4		717.7		697.0		678.1		660.7
		12.3%		713.9		692.1		672.3		654.2		637.7
		13.3%		688.7		667.8		648.9		631.6		615.7
Concluded Enterprise Value Range					$	650.0	to		$	740.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

5700 Tulane DCF — TCI Industrial Portfolio

($ in Thousands)

													Terminal
		2002		2003		2004		��	2005		2006		Flow
Net Revenues		$	184.4	$	181.4	$	172.9		$	212.9	$	223.2
	Growth Rate	NA			-1.6%		-4.7%			-23.1%		4.9%
Net Operating Income		$	160.1	$	156.5	$	147.5		$	185.6	$	194.9	$	194.9
	Margin		86.8%		86.2%		85.3%			87.2%		87.3%
Less: Total Leasing & Capital Costs			13.0		7.8		54.2			9.3		4.4
Cash Flow, less Capital Expenditures		$	147.1	$	148.6	$	93.3		$	176.3	$	190.5
	Margin		79.8%		81.9%		54.0%			82.8%		85.4%
Years to Receipt of Cash Flow			0.50		1.50		2.50			3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.1%		9.6%		10.1%		10.6%		11.1%
		15.3	%	$	1,554.9	$	1,501.2	$	1,452.9	$	1,409.1	$	1,369.4
		16.3	%		1,501.0		1,449.6		1,403.3		1,361.4		1,323.3
	Discount Rate	17.3	%		1,449.7		1,400.5		1,356.1		1,316.0		1,279.5
		18.3	%		1,400.8		1,353.6		1,311.1		1,272.7		1,237.7
		19.3	%		1,354.2		1,309.0		1,268.2		1,231.3		1,197.8
Concluded Enterprise Value Range						$	1,270.0	to		$	1,450.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Addison Hangar DCF — IORI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	607.7	$	625.3	$	547.5	$	703.3	$	798.6
	Growth Rate	NA			2.9%		-12.4%		28.5%		13.5%
Net Operating Income		$	431.4	$	442.1	$	360.1	$	504.4	$	589.7	$	589.7
	Margin		71.0%		70.7%		65.8%		71.7%		73.8%
Less: Total Leasing & Capital Costs			8.6		11.2		195.0		320.6		6.1
Cash Flow, less Capital Expenditures		$	422.7	$	430.9	$	165.1	$	183.8	$	583.6
	Margin		69.6%		68.9%		30.2%		26.1%		73.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		13.3	%	$	4,485.0	$	4,330.1	$	4,189.8	$	4,062.0	$	3,945.1
		14.3	%		4,323.7		4,175.5		4,041.2		3,918.9		3,807.0
	Discount Rate	15.3	%		4,170.3		4,028.4		3,899.8		3,782.7		3,675.6
		16.3	%		4,024.3		3,888.4		3,765.3		3,653.1		3,550.5
		17.3	%		3,885.3		3,755.1		3,637.2		3,529.7		3,431.4
Concluded Enterprise Value Range						$	3,650.0	to		$	4,180.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Central Freight Warehouse DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	553.6	$	568.4	$	583.4	$	598.5	$	613.8
	Growth Rate	NA			2.7%		2.6%		2.6%		2.6%
Net Operating Income		$	434.8	$	445.1	$	455.4	$	465.6	$	475.9	$	475.9
	Margin		78.5%		78.3%		78.1%		77.8%		77.5%
Less: Total Leasing & Capital Costs			0.0		0.0		0.0		0.0		0.0
Cash Flow, less Capital Expenditures		$	434.8	$	445.1	$	455.4	$	465.6	$	475.9
	Margin		78.5%		78.3%		78.1%		77.8%		77.5%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				8.7%		9.2%		9.7%		10.2%		10.7%
		9.8	%	$	5,134.8	$	4,954.1	$	4,792.1	$	4,645.9	$	4,513.4
		10.8	%		4,949.3		4,776.6		4,621.8		4,482.1		4,355.4
	Discount Rate	11.8	%		4,773.0		4,607.9		4,459.8		4,326.3		4,205.2
		12.8	%		4,605.3		4,447.4		4,305.8		4,178.1		4,062.3
		13.8	%		4,445.8		4,294.7		4,159.2		4,037.0		3,926.2
Concluded Enterprise Value Range						$	4,180.0	to		$	4,780.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Encon Warehouse DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	512.8	$	512.8	$	512.8	$	521.4	$	538.5
	Growth Rate	NA			0.0%		0.0%		1.7%		3.3%
Net Operating Income		$	496.5	$	496.5	$	496.5	$	504.7	$	521.3	$	521.3
	Margin		96.8%		96.8%		96.8%		96.8%		96.8%
Less: Total Leasing & Capital Costs			0.0		0.0		0.0		53.8		0.0
Cash Flow, less Capital Expenditures		$	496.5	$	496.5	$	496.5	$	450.9	$	521.3
	Margin		96.8%		96.8%		96.8%		86.5%		96.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		9.3	%	$	5,328.1	$	5,164.3	$	5,015.8	$	4,880.6	$	4,756.9
		10.3	%		5,138.0		4,981.5		4,839.6		4,710.4		4,592.2
	Discount Rate	11.3	%		4,957.3		4,807.7		4,672.0		4,548.5		4,435.6
		12.3	%		4,785.4		4,642.3		4,512.6		4,394.5		4,286.5
		13.3	%		4,621.8		4,485.0		4,360.9		4,247.9		4,144.6
Concluded Enterprise Value Range						$	4,390.0	to		$	4,980.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Kelly Portfolio DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,015.6	$	1,183.3	$	1,230.1	$	1,241.3	$	1,287.6
	Growth Rate	NA			16.3%		4.0%		0.9%		3.7%
Net Operating Income		$	712.7	$	864.4	$	898.5	$	897.6	$	930.3	$	930.3
	Margin		70.2%		73.1%		73.0%		72.3%		72.2%
Less: Total Leasing & Capital Costs			278.4		129.6		27.6		146.8		218.1
Cash Flow, less Capital Expenditures		$	434.3	$	734.9	$	870.9	$	750.9	$	712.2
	Margin		42.8%		62.1%		70.8%		60.5%		55.3%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		9.3	%	$	8,746.7	$	8,454.4	$	8,189.4	$	7,948.0	$	7,727.3
		10.3	%		8,418.5		8,139.2		7,886.0		7,655.4		7,444.5
	Discount Rate	11.3	%		8,106.7		7,839.7		7,597.7		7,377.2		7,175.6
		12.3	%		7,810.3		7,555.0		7,323.5		7,112.7		6,920.0
		13.3	%		7,528.4		7,284.2		7,062.7		6,861.1		6,676.7
Concluded Enterprise Value Range						$	7,110.0	to		$	8,140.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Ogden Industrial Park DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	387.3	$	390.8	$	396.9	$	412.0	$	428.2
	Growth Rate	NA			0.9%		1.6%		3.8%		3.9%
Net Operating Income		$	306.7	$	307.5	$	310.8	$	322.5	$	335.1	$	335.1
	Margin		79.2%		78.7%		78.3%		78.3%		78.3%
Less: Total Leasing & Capital Costs			45.3		25.8		18.4		108.4		28.3
Cash Flow, less Capital Expenditures		$	261.4	$	281.7	$	292.4	$	214.1	$	306.8
	Margin		67.5%		72.1%		73.7%		52.0%		71.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				10.1%		10.6%		11.1%		11.6%		12.1%
		11.3	%	$	2,941.9	$	2,852.1	$	2,770.5	$	2,695.9	$	2,627.6
		12.3	%		2,837.8		2,752.0		2,673.9		2,602.6		2,537.2
	Discount Rate	13.3	%		2,738.8		2,656.7		2,582.0		2,513.8		2,451.2
		14.3	%		2,644.5		2,566.0		2,494.5		2,429.2		2,369.4
		15.3	%		2,554.8		2,479.6		2,411.2		2,348.7		2,291.4
Concluded Enterprise Value Range						$	2,430.0	to		$	2,750.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Texstar Warehouse DCF — TCI Industrial Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	194.0	$	219.4	$	228.2	$	237.3	$	246.8
	Growth Rate	NA			13.1%		4.0%		4.0%		4.0%
Net Operating Income		$	187.5	$	212.1	$	220.5	$	229.4	$	238.5	$	238.5
	Margin		96.6%		96.7%		96.7%		96.7%		96.7%
Less: Total Leasing & Capital Costs			139.2		0.0		0.0		0.0		0.0
Cash Flow, less Capital Expenditures		$	48.3	$	212.1	$	220.5	$	229.4	$	238.5
	Margin		24.9%		96.7%		96.7%		96.7%		96.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		9.3	%	$	2,265.5	$	2,190.6	$	2,122.6	$	2,060.7	$	2,004.1
		10.3	%		2,179.1		2,107.4		2,042.5		1,983.4		1,929.3
	Discount Rate	11.3	%		2,096.9		2,028.4		1,966.4		1,909.9		1,858.2
		12.3	%		2,018.8		1,953.3		1,894.0		1,839.9		1,790.5
		13.3	%		1,944.5		1,881.9		1,825.1		1,773.4		1,726.1
Concluded Enterprise Value Range						$	1,840.0	to		$	2,110.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Tricon Portfolio DCF — TCI Industrial Portfolio

($ in Thousands)

																			Terminal
				2002		2003			2004			2005			2006			Flow
Net Revenues				$	2,317.4		$	2,422.8		$	2,480.6		$	2,578.5		$	2,681.8
	Growth Rate			NA				4.6%			2.4%			3.9%			4.0%
Net Operating Income				$	1,834.5		$	1,921.6		$	1,961.8		$	2,044.1		$	2,127.4		$	2,127.4
	Margin				79.2%			79.3%			79.1%			79.3%			79.3%
Less: Total Leasing & Capital Costs					262.2			272.5			297.6			310.0			292.2
Cash Flow, less Capital Expenditures				$	1,572.3		$	1,649.1		$	1,664.2		$	1,734.1		$	1,835.2
	Margin				67.8%			68.1%			67.1%			67.3%			68.4%
Years to Receipt of Cash Flow					0.50			1.50			2.50			3.50			4.50			5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%			10.7%			11.2%			11.7%
		9.3	%	$	20,417.7		$	19,749.2		$	19,143.1		$	18,591.2		$	18,086.4
		10.3	%		19,665.0			19,026.2			18,447.1			17,919.8			17,437.5
	Discount Rate	11.3	%		18,949.8			18,339.2			17,785.7			17,281.6			16,820.6
		12.3	%		18,270.0			17,686.1			17,156.8			16,674.8			16,233.9
		13.3	%		17,623.5			17,065.0			16,558.6			16,097.5			15,675.7
Concluded Enterprise Value Range							$	16,670.0		to			$	19,030.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

1010 Common DCF — TCI Office Portfolio

($ in Thousands)

																				Terminal
				2002			2003			2004			2005			2006			Flow
Net Revenues				$	5,034.1			$	6,701.3		$	7,677.2		$	8,309.9		$	8,509.7
	Growth Rate			NA					33.1%			14.6%			8.2%			2.4%
Net Operating Income				$	1,934.1			$	2,978.1		$	3,192.2		$	3,635.6		$	3,652.4		$	3,652.4
	Margin				38.4%				44.4%			41.6%			43.8%			42.9%
Less: Total Leasing & Capital Costs					4,106.3				2,079.0			1,707.2			1,046.8			1,478.0
Cash Flow, less Capital Expenditures					($2,172.2	)		$	899.1		$	1,485.0		$	2,588.9		$	2,174.5
	Margin				-43.1%				13.4%			19.3%			31.2%			25.6%
Years to Receipt of Cash Flow					0.50				1.50			2.50			3.50			4.50			5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%			10.2%			10.7%			11.2%			11.7%
		14.3	%	$	21,446.6			$	20,517.6		$	19,675.7		$	18,909.4		$	18,208.8
		15.3	%		20,524.1				19,634.6			18,828.7			18,095.1			17,424.4
	Discount Rate	16.3	%		19,647.2				18,795.3			18,023.4			17,320.8			16,678.5
		17.3	%		18,813.2				17,997.0			17,257.5			16,584.3			15,968.9
		18.3	%		18,019.7				17,237.5			16,528.7			15,883.5			15,293.7
Concluded Enterprise Value Range								$	16,580.0		to			$	19,630.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

225 Baronne DCF — TCI Office Portfolio

($ in Thousands)

																Terminal
					2002		2003		2004		2005		2006			Flow
Net Revenues				$	3,884.9	$	4,187.4	$	4,537.0	$	4,618.9	$	4,587.3
	Growth Rate				NA		7.8%		8.3%		1.8%		-0.7%
Net Operating Income				$	1,284.5	$	1,478.6	$	1,714.4	$	1,686.4	$	1,544.0		$	1,544.0
	Margin				33.1%		35.3%		37.8%		36.5%		33.7%
Less: Total Leasing & Capital Costs					1,259.7		369.5		141.1		144.3		2,601.0
Cash Flow, less Capital Expenditures				$	24.8	$	1,109.1	$	1,573.3	$	1,542.1		($1,057.0	)
	Margin				0.6%		26.5%		34.7%		33.4%		-23.0%
Years to Receipt of Cash Flow					0.50		1.50		2.50		3.50		4.50			5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
					9.7%		10.2%		10.7%		11.2%		11.7%
		14.3	%	$	10,418.8	$	10,026.1	$	9,670.2	$	9,346.2	$	9,050.1
		15.3	%		10,035.9		9,659.9		9,319.2		9,009.1		8,725.6
	Discount Rate	16.3	%		9,671.3		9,311.2		8,985.0		8,687.9		8,416.4
		17.3	%		9,324.0		8,979.0		8,666.4		8,381.8		8,121.7
		18.3	%		8,993.0		8,662.3		8,362.7		8,090.0		7,840.6
Concluded Enterprise Value Range						$	8,380.0	to		$	9,660.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

4135 Beltline DCF — TCI Office Portfolio

($ in Thousands)

																Terminal
					2002		2003		2004		2005		2006				Flow
Net Revenues					$	1,344.8	$	1,426.1	$	1,513.5	$	1,589.7	$	1,139.6
	Growth Rate			NA				6.0%		6.1%		5.0%		-28.3%
Net Operating Income					$	921.3	$	988.7	$	1,061.6	$	1,123.3	$	671.2			$	671.2
	Margin					68.5%		69.3%		70.1%		70.7%		58.9%
Less: Total Leasing & Capital Costs						10.3		10.6		10.9		11.3		784.7
Cash Flow, less Capital Expenditures					$	911.0	$	978.0	$	1,050.7	$	1,112.1		($113.5	)
	Margin					67.7%		68.6%		69.4%		70.0%		-10.0%
Years to Receipt of Cash Flow						0.50		1.50		2.50		3.50		4.50				5.00
					Current Value of Future Cash Flows
					Exit Capitalization Rate
						9.7%		10.2%		10.7%		11.2%		11.7%
		12.3	%		$	6,929.6	$	6,743.1	$	6,574.1	$	6,420.3	$	6,279.7
		13.3	%			6,713.4		6,535.0		6,373.4		6,226.2		6,091.7
	Discount Rate	14.3	%			6,507.3		6,336.5		6,181.8		6,041.0		5,912.3
		15.3	%			6,310.6		6,147.1		5,999.1		5,864.2		5,741.0
		16.3	%			6,122.9		5,966.3		5,824.5		5,695.4		5,577.4
Concluded Enterprise Value Range							$	5,860.0	to		$	6,540.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Amoco Building DCF — TCI Office Portfolio

($ in Thousands)

																			Terminal
				2002		2003			2004			2005			2006				Flow
Net Revenues				$	4,771.5		$	5,254.4		$	5,454.6		$	5,710.9		$	5,662.8
	Growth Rate			NA				10.1%			3.8%			4.7%			-0.8%
Net Operating Income				$	1,544.8		$	1,911.5		$	1,989.6		$	2,106.1		$	1,922.1			$	1,922.1
	Margin				32.4%			36.4%			36.5%			36.9%			33.9%
Less: Total Leasing & Capital Costs					1,166.6			466.7			368.5			530.2			2,276.5
Cash Flow, less Capital Expenditures				$	378.3		$	1,444.8		$	1,621.0		$	1,575.9			($354.5	)
	Margin				7.9%			27.5%			29.7%			27.6%			-6.3%
Years to Receipt of Cash Flow					0.50			1.50			2.50			3.50			4.50				5.00
				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%			10.6%			11.1%			11.6%
		11.8	%	$	14,805.9		$	14,254.2		$	13,754.6		$	13,299.9		$	12,884.5
		12.8	%		14,251.1			13,723.5			13,245.6			12,810.8			12,413.5
	Discount Rate	13.8	%		13,723.7			13,218.8			12,761.6			12,345.6			11,965.4
		14.8	%		13,221.9			12,738.6			12,301.0			11,902.8			11,538.9
		15.8	%		12,744.2			12,281.5			11,862.5			11,481.1			11,132.7
Concluded Enterprise Value Range							$	11,900.0		to			$	13,720.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Atrium Office Building DCF — TCI Office Portfolio

($ in Thousands)

																Terminal
							2002		2003		2004		2005		2006		Flow
Net Revenues						$	1,040.5	$	1,104.4	$	1,085.5	$	1,121.4	$	1,153.6
	Growth Rate						NA		6.2%		-1.7%		3.3%		2.9%
Net Operating Income						$	328.2	$	342.0	$	353.7	$	367.7	$	382.0	$	382.0
	Margin						31.5%		31.0%		32.6%		32.8%		33.1%
Less: Total Leasing & Capital Costs							111.5		67.8		125.0		185.5		210.4
Cash Flow, less Capital Expenditures						$	216.7	$	274.2	$	228.7	$	182.1	$	171.6
	Margin						20.8%		24.8%		21.1%		16.2%		14.9%
Years to Receipt of Cash Flow							0.50		1.50		2.50		3.50		4.50		5.00
			Current Value of Future Cash Flows
			Exit Capitalization Rate
						9.7%		10.2%		10.7%		11.2%		11.7%
				11.8	%	$	3,041.1	$	2,932.5	$	2,834.2	$	2,744.7	$	2,662.8
				12.8	%		2,929.4		2,825.6		2,731.5		2,645.9		2,567.6
		Discount Rate		13.8	%		2,823.2		2,723.9		2,633.9		2,552.0		2,477.1
				14.8	%		2,722.3		2,627.2		2,541.0		2,462.6		2,390.9
				15.8	%		2,626.2		2,535.1		2,452.7		2,377.6		2,390.9
Concluded Enterprise Value Range								$	2,460.0	to		$	2,830.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Bay Plaza I DCF — TCI Office Building

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,192.0	$	1,206.4	$	1,258.1	$	1,320.8	$	1,355.6
	Growth Rate	NA			1.2%		4.3%		5.0%		2.6%
Net Operating Income		$	721.1	$	717.7	$	749.7	$	791.7	$	805.9	$	805.9
	Margin		60.5%		59.5%		59.6%		59.9%		59.5%
Less: Total Leasing & Capital Costs			76.0		93.9		158.9		53.8		180.4
Cash Flow, less Capital Expenditures		$	645.2	$	623.8	$	590.9	$	737.9	$	625.5
	Margin		54.1%		51.7%		47.0%		55.9%		46.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.0	%	$	7,336.9	$	7,097.6	$	6,880.9	$	6,683.8	$	6,503.6
		12.0	%		7,073.7		6,844.9		6,637.7		6,449.2		6,277.0
	Discount Rate	13.0	%		6,823.4		6,604.6		6,406.4		6,226.1		6,061.4
		14.0	%		6,585.3		6,375.9		6,186.3		6,013.8		5,856.1
		15.0	%		6,358.7		6,158.3		5,976.7		5,811.6		5,660.6
Concluded Enterprise Value Range						$	6,010.0	to		$	6,840.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Bay Plaza II DCF — TCI Office Building

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,022.5	$	1,115.3	$	1,083.4	$	1,077.0	$	1,230.4
	Growth Rate	NA			9.1%		-2.9%		-0.6%		14.2%
Net Operating Income		$	533.5	$	609.7	$	564.6	$	543.8	$	677.6	$	677.6
	Margin		52.2%		54.7%		52.1%		50.5%		55.1%
Less: Total Leasing & Capital Costs			175.7		30.4		230.8		471.7		39.6
Cash Flow, less Capital Expenditures		$	357.8	$	579.3	$	333.8	$	72.1	$	637.9
	Margin		35.0%		51.9%		30.8%		6.7%		51.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.5	%	$	5,293.9	$	5,105.8	$	4,935.5	$	4,780.5	$	4,638.9
		13.5	%		5,100.0		4,920.1		4,757.1		4,608.8		4,473.3
	Discount Rate	14.5	%		4,915.6		4,743.4		4,587.5		4,445.6		4,315.9
		15.5	%		4,740.3		4,575.4		4,426.1		4,290.2		4,166.0
		16.5	%		4,573.4		4,415.5		4,272.4		4,142.3		4,023.4
Concluded Enterprise Value Range						$	4,290.0	to		$	4,920.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Bonita Plaza DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,238.9	$	1,269.7	$	1,272.6	$	1,387.4	$	1,414.2
	Growth Rate	NA			2.5%		0.2%		9.0%		1.9%
Net Operating Income		$	902.5	$	923.4	$	917.0	$	1,018.8	$	1,035.0	$	1,035.0
	Margin		72.8%		72.7%		72.1%		73.4%		73.2%
Less: Total Leasing & Capital Costs			7.4		269.0		8.1		21.2		60.1
Cash Flow, less Capital Expenditures		$	895.1	$	654.4	$	908.9	$	997.5	$	974.9
	Margin		72.2%		51.5%		71.4%		71.9%		68.9%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.0	%	$	9,617.2	$	9,309.9	$	9,031.7	$	8,778.5	$	8,547.2
		12.0	%		9,272.7		8,978.9		8,712.9		8,470.8		8,249.6
	Discount Rate	13.0	%		8,945.1		8,664.1		8,409.7		8,178.1		7,966.5
		14.0	%		8,633.5		8,364.6		8,121.1		7,899.5		7,697.0
		15.0	%		8,336.8		8,079.4		7,846.3		7,634.2		7,440.4
Concluded Enterprise Value Range						$	7,900.0	to		$	8,980.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Brandeis Building DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	3,771.9	$	4,418.9	$	4,485.3	$	4,008.9	$	4,738.8
	Growth Rate	NA			17.2%		1.5%		-10.6%		18.2%
Net Operating Income		$	1,340.7	$	1,890.8	$	1,884.3	$	1,357.3	$	1,980.3	$	1,980.3
	Margin		35.5%		42.8%		42.0%		33.9%		41.8%
Less: Total Leasing & Capital Costs			697.4		72.1		95.7		844.9		135.2
Cash Flow, less Capital Expenditures		$	643.3	$	1,818.7	$	1,788.6	$	512.5	$	1,845.0
	Margin		17.1%		41.2%		39.9%		12.8%		38.9%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.8	%	$	15,842.7	$	15,299.1	$	14,806.7	$	14,358.8	$	13,949.4
		13.8	%		15,264.7		14,744.6		14,273.5		13,844.9		13,453.2
	Discount Rate	14.8	%		14,714.8		14,216.9		13,766.1		13,355.8		12,980.9
		15.8	%		14,191.4		13,714.7		13,282.9		12,890.1		12,531.1
		16.8	%		13,692.9		13,236.3		12,822.7		12,446.4		12,102.5
Concluded Enterprise Value Range						$	12,890.0	to		$	14,740.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Chesapeake Center DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	850.1	$	820.1	$	851.0	$	888.4	$	960.9
	Growth Rate	NA			-3.5%		3.8%		4.4%		8.2%
Net Operating Income		$	605.4	$	567.6	$	588.5	$	615.2	$	675.7	$	675.7
	Margin		71.2%		69.2%		69.1%		69.2%		70.3%
Less: Total Leasing & Capital Costs			69.4		231.0		134.4		107.8		28.1
Cash Flow, less Capital Expenditures		$	536.1	$	336.5	$	454.0	$	507.4	$	647.7
	Margin		63.1%		41.0%		53.3%		57.1%		67.4%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		14.0	%	$	5,568.1	$	5,369.1	$	5,189.9	$	5,027.8	$	4,880.4
		15.0	%		5,370.2		5,179.6		5,008.1		4,852.9		4,711.8
	Discount Rate	16.0	%		5,181.8		4,999.3		4,835.0		4,686.4		4,551.3
		17.0	%		5,002.3		4,827.5		4,670.2		4,527.8		4,398.4
		18.0	%		4,831.4		4,663.9		4,513.1		4,376.7		4,252.6
Concluded Enterprise Value Range						$	4,530.0	to		$	5,180.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Corporate Pointe DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,416.7	$	1,490.7	$	1,488.8	$	1,491.3	$	1,516.5
	Growth Rate	NA			5.2%		-0.1%		0.2%		1.7%
Net Operating Income		$	932.6	$	986.7	$	966.4	$	949.7	$	954.4	$	954.4
	Margin		65.8%		66.2%		64.9%		63.7%		62.9%
Less: Total Leasing & Capital Costs			61.8		7.5		165.3		209.2		7.5
Cash Flow, less Capital Expenditures		$	870.8	$	979.2	$	801.1	$	740.6	$	946.9
	Margin		61.5%		65.7%		53.8%		49.7%		62.4%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.0	%	$	9,444.9	$	9,148.5	$	8,880.0	$	8,635.8	$	8,412.6
		11.0	%		9,109.6		8,826.3		8,569.7		8,336.2		8,122.9
	Discount Rate	12.0	%		8,790.7		8,519.9		8,274.5		8,051.3		7,847.3
		13.0	%		8,487.5		8,228.4		7,993.7		7,780.2		7,585.1
		14.0	%		8,198.8		7,950.9		7,726.4		7,522.1		7,335.3
Concluded Enterprise Value Range						$	7,780.0	to		$	8,830.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Durham Center DCF — TCI Office Portfolio

($ in Thousands)

													Terminal
		2002		2003		2004			2005		2006		Flow
Net Revenues		$	4,233.5	$	3,308.9	$	3,685.6		$	4,360.8	$	4,475.4
	Growth Rate	NA			-21.8%		11.4%			18.3%		2.6%
Net Operating Income		$	2,525.9	$	1,565.8	$	1,865.5		$	2,452.0	$	2,492.1	$	2,492.1
	Margin		59.7%		47.3%		50.6%			56.2%		55.7%
Less: Total Leasing & Capital Costs			158.0		65.6		2,202.7			101.9		312.5
Cash Flow, less Capital Expenditures		$	2,367.9	$	1,500.1	($	337.3	)	$	2,350.1	$	2,179.6
	Margin		55.9%		45.3%		-9.2%			53.9%		48.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50			3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.0	%	$	22,030.1	$	21,256.1	$	20,555.1	$	19,917.3	$	19,334.4
		11.0	%		21,207.5		20,467.7		19,797.7		19,188.1		18,631.1
	Discount Rate	12.0	%		20,426.4		19,719.1		19,078.5		18,495.6		17,963.0
		13.0	%		19,684.5		19,007.9		18,395.1		17,837.6		17,328.1
		14.0	%		18,979.3		18,331.9		17,745.5		17,212.0		16,724.5
Concluded Enterprise Value Range						$	17,840.0	to		$	20,470.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Eton Square DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,642.2	$	2,800.4	$	2,862.6	$	2,920.9	$	3,058.7
	Growth Rate	NA			6.0%		2.2%		2.0%		4.7%
Net Operating Income		$	1,741.8	$	1,866.6	$	1,897.2	$	1,923.0	$	2,024.7	$	2,024.7
	Margin		65.9%		66.7%		66.3%		65.8%		66.2%
Less: Total Leasing & Capital Costs			1,034.2		469.0		205.0		634.9		433.4
Cash Flow, less Capital Expenditures		$	707.6	$	1,397.6	$	1,692.2	$	1,288.1	$	1,591.3
	Margin		26.8%		49.9%		59.1%		44.1%		52.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		16.3	%	$	14,087.2	$	13,615.0	$	13,187.1	$	12,797.6	$	12,441.6
		17.3	%		13,590.7		13,138.3		12,728.3		12,355.2		12,014.0
	Discount Rate	18.3	%		13,117.5		12,683.9		12,291.0		11,933.4		11,606.4
		19.3	%		12,666.4		12,250.7		11,874.0		11,531.1		11,217.6
		20.3	%		12,236.1		11,837.4		11,476.1		11,147.2		10,846.5
Concluded Enterprise Value Range						$	11,530.0	to		$	13,140.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

The Forum Building DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,250.2	$	1,305.3	$	1,300.4	$	1,398.1	$	1,327.4
	Growth Rate	NA			4.4%		-0.4%		7.5%		-5.1%
Net Operating Income		$	962.8	$	1,006.3	$	991.1	$	1,075.1	$	995.3	$	995.3
	Margin		77.0%		77.1%		76.2%		76.9%		75.0%
Less: Total Leasing & Capital Costs			121.2		74.3		138.5		239.9		355.8
Cash Flow, less Capital Expenditures		$	841.6	$	932.0	$	852.5	$	835.2	$	639.5
	Margin		67.3%		71.4%		65.6%		59.7%		48.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		14.3	%	$	8,176.0	$	7,922.8	$	7,693.4	$	7,484.6	$	7,293.7
		15.3	%		7,901.1		7,658.7		7,439.1		7,239.2		7,056.4
	Discount Rate	16.3	%		7,639.2		7,407.1		7,196.8		7,005.3		6,830.3
		17.3	%		7,389.6		7,167.2		6,965.7		6,782.3		6,614.6
		18.3	%		7,151.6		6,938.4		6,745.3		6,569.5		6,408.8
Concluded Enterprise Value Range						$	6,780.0	to		$	7,660.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Harmon DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,722.9	$	1,770.5	$	1,914.5	$	2,013.0	$	1,888.7
	Growth Rate	NA			2.8%		8.1%		5.1%		-6.2%
Net Operating Income		$	1,194.9	$	1,162.5	$	1,283.0	$	1,358.7	$	1,217.5	$	1,217.5
	Margin		69.3%		65.7%		67.0%		67.5%		64.5%
Less: Total Leasing & Capital Costs			146.7		149.4		104.8		29.6		418.3
Cash Flow, less Capital Expenditures		$	1,048.1	$	1,013.1	$	1,178.2	$	1,329.2	$	799.2
	Margin		60.8%		57.2%		61.5%		66.0%		42.3%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		16.3	%	$	9,544.0	$	9,260.0	$	9,002.7	$	8,768.5	$	8,554.4
		17.3	%		9,232.2		8,960.1		8,713.6		8,489.2		8,284.1
	Discount Rate	18.3	%		8,934.8		8,674.1		8,437.8		8,222.7		8,026.1
		19.3	%		8,651.0		8,401.0		8,174.5		7,968.3		7,779.8
		20.3	%		8,380.1		8,140.3		7,923.1		7,725.3		7,544.5
Concluded Enterprise Value Range						$	7,970.0	to		$	8,960.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Hartford Building DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,461.8	$	1,666.2	$	1,926.3	$	2,107.9	$	2,144.8
	Growth Rate	NA			14.0%		15.6%		9.4%		1.7%
Net Operating Income		$	313.3	$	478.5	$	696.6	$	837.6	$	837.2	$	837.2
	Margin		21.4%		28.7%		36.2%		39.7%		39.0%
Less: Total Leasing & Capital Costs			271.4		166.2		232.5		250.3		533.1
Cash Flow, less Capital Expenditures		$	41.9	$	312.3	$	464.1	$	587.3	$	304.1
	Margin		2.9%		18.7%		24.1%		27.9%		14.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		12.3	%	$	5,944.6	$	5,711.9	$	5,501.2	$	5,309.3	$	5,133.9
		13.3	%		5,709.4		5,486.9		5,285.3		5,101.7		4,933.9
	Discount Rate	14.3	%		5,485.9		5,273.0		5,080.0		4,904.4		4,743.8
		15.3	%		5,273.5		5,069.6		4,884.9		4,716.7		4,563.0
		16.3	%		5,071.4		4,876.1		4,699.2		4,538.1		4,390.9
Concluded Enterprise Value Range						$	4,720.0	to		$	5,490.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Jefferson Building DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,489.2	$	2,593.5	$	2,732.0	$	2,825.5	$	2,990.9
	Growth Rate	NA			4.2%		5.3%		3.4%		5.9%
Net Operating Income		$	1,514.7	$	1,588.9	$	1,695.4	$	1,757.5	$	1,888.4	$	1,888.4
	Margin		60.9%		61.3%		62.1%		62.2%		63.1%
Less: Total Leasing & Capital Costs			398.7		374.0		269.7		16.9		226.6
Cash Flow, less Capital Expenditures		$	1,116.0	$	1,214.9	$	1,425.7	$	1,740.6	$	1,661.8
	Margin		44.8%		46.8%		52.2%		61.6%		55.6%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.3	%	$	16,609.6	$	16,055.3	$	15,553.3	$	15,096.5	$	14,679.1
		12.3	%		15,999.4		15,469.4		14,989.3		14,552.5		14,153.4
	Discount Rate	13.3	%		15,419.3		14,912.2		14,453.0		14,035.1		13,653.3
		14.3	%		14,867.3		14,382.1		13,942.6		13,542.7		13,177.3
		15.3	%		14,342.0		13,877.5		13,456.7		13,073.9		12,724.1
Concluded Enterprise Value Range						$	13,540.0	to		$	15,470.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Institute Place DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,441.3	$	2,471.5	$	2,563.0	$	2,667.3	$	2,746.8
	Growth Rate	NA			1.2%		3.7%		4.1%		3.0%
Net Operating Income		$	1,365.4	$	1,360.2	$	1,412.6	$	1,476.0	$	1,514.4	$	1,514.4
	Margin		55.9%		55.0%		55.1%		55.3%		55.1%
Less: Total Leasing & Capital Costs			172.1		299.2		271.3		197.0		235.4
Cash Flow, less Capital Expenditures		$	1,193.3	$	1,061.0	$	1,141.3	$	1,279.0	$	1,278.9
	Margin		48.9%		42.9%		44.5%		48.0%		46.6%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.3	%	$	13,561.2	$	13,116.7	$	12,714.2	$	12,347.8	$	12,013.1
		12.3	%		13,073.5		12,648.4		12,263.5		11,913.2		11,593.1
	Discount Rate	13.3	%		12,609.7		12,203.1		11,834.8		11,499.7		11,193.5
		14.3	%		12,168.4		11,779.3		11,426.9		11,106.2		10,813.2
		15.3	%		11,748.4		11,375.8		11,038.4		10,731.4		10,450.9
Concluded Enterprise Value Range						$	11,110.0	to		$	12,650.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Lexington Center DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,457.4	$	1,320.8	$	1,483.9	$	1,576.5	$	1,546.8
	Growth Rate	NA			-9.4%		12.3%		6.2%		-1.9%
Net Operating Income		$	966.3	$	815.9	$	955.4	$	1,025.9	$	977.0	$	977.0
	Margin		66.3%		61.8%		64.4%		65.1%		63.2%
Less: Total Leasing & Capital Costs			74.9		284.3		178.9		112.7		14.6
Cash Flow, less Capital Expenditures		$	891.3	$	531.5	$	776.6	$	913.3	$	962.4
	Margin		61.2%		40.2%		52.3%		57.9%		62.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		14.3	%	$	7,998.5	$	7,747.4	$	7,520.1	$	7,313.2	$	7,124.1
		15.3	%		7,723.4		7,483.1		7,265.4		7,067.3		6,886.4
	Discount Rate	16.3	%		7,461.5		7,231.3		7,022.8		6,833.2		6,659.8
		17.3	%		7,211.9		6,991.4		6,791.7		6,609.9		6,443.8
		18.3	%		6,974.0		6,762.6		6,571.2		6,397.0		6,237.9
Concluded Enterprise Value Range						$	6,610.0	to		$	7,480.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

McLeod Commerce Center — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	818.0	$	923.5	$	935.8	$	957.9	$	1,018.1
	Growth Rate	NA			12.9%		1.3%		2.4%		6.3%
Net Operating Income		$	595.7	$	690.0	$	693.8	$	706.6	$	756.2	$	756.2
	Margin		72.8%		74.7%		74.1%		73.8%		74.3%
Less: Total Leasing & Capital Costs			196.3		117.2		136.0		124.1		169.4
Cash Flow, less Capital Expenditures		$	399.3	$	572.9	$	557.8	$	582.5	$	586.8
	Margin		48.8%		62.0%		59.6%		60.8%		57.6%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		10.0	%	$	6,811.4	$	6,581.3	$	6,372.6	$	6,182.6	$	6,008.8
		11.0	%		6,557.2		6,337.2		6,137.8		5,956.2		5,790.1
	Discount Rate	12.0	%		6,315.6		6,105.3		5,914.6		5,741.0		5,582.2
		13.0	%		6,086.0		5,884.8		5,702.4		5,536.3		5,384.4
		14.0	%		5,867.5		5,675.0		5,500.5		5,341.6		5,196.2
Concluded Enterprise Value Range						$	5,540.0	to		$	6,340.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Mimado — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	877.0	$	870.0	$	890.4	$	967.5	$	913.5
	Growth Rate	NA			-0.8%		2.3%		8.7%		-5.6%
Net Operating Income		$	565.0	$	549.0	$	560.6	$	626.3	$	564.5	$	564.5
	Margin		64.4%		63.1%		63.0%		64.7%		61.8%
Less: Total Leasing & Capital Costs			10.0		116.6		137.3		26.8		137.4
Cash Flow, less Capital Expenditures		$	555.0	$	435.5	$	432.2	$	599.5	$	427.1
	Margin		63.3%		49.7%		47.5%		62.0%		46.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		15.3	%	$	4,544.4	$	4,407.0	$	4,282.4	$	4,169.0	$	4,065.3
		16.3	%		4,393.9		4,262.3		4,142.9		4,034.3		3,935.1
	Discount Rate	17.3	%		4,250.5		4,124.3		4,010.0		3,905.9		3,810.8
		18.3	%		4,113.6		3,992.7		3,883.2		3,783.5		3,692.3
		19.3	%		3,983.1		3,867.2		3,762.2		3,666.6		3,579.2
Concluded Enterprise Value Range						$	3,780.0	to		$	4,260.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Nasa Office Building DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	874.5	$	977.8	$	862.6	$	886.2	$	1,099.9
	Growth Rate	NA			11.8%		-11.8%		2.7%		24.1%
Net Operating Income		$	453.0	$	541.2	$	417.3	$	427.6	$	622.0	$	622.0
	Margin		51.8%		55.4%		48.4%		48.3%		56.5%
Less: Total Leasing & Capital Costs			49.2		75.0		64.2		327.1		151.1
Cash Flow, less Capital Expenditures		$	403.8	$	466.2	$	353.1	$	100.5	$	470.9
	Margin		46.2%		47.7%		40.9%		11.3%		42.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		16.3	%	$	4,232.1	$	4,087.1	$	3,955.6	$	3,835.9	$	3,726.6
		17.3	%		4,086.4		3,947.4		3,821.5		3,706.8		3,602.0
	Discount Rate	18.3	%		3,947.6		3,814.4		3,693.7		3,583.8		3,483.3
		19.3	%		3,815.3		3,687.5		3,571.8		3,466.5		3,370.2
		20.3	%		3,689.1		3,566.6		3,455.6		3,354.6		3,262.2
Concluded Enterprise Value Range						$	3,470.0	to		$	3,950.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

One Steeplechase DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,220.9	$	2,324.0	$	2,430.6	$	2,539.9	$	2,649.3
	Growth Rate	NA			4.6%		4.6%		4.5%		4.3%
Net Operating Income		$	1,169.4	$	1,230.0	$	1,292.4	$	1,355.8	$	1,417.6	$	1,417.6
	Margin		52.7%		52.9%		53.2%		53.4%		53.5%
Less: Total Leasing & Capital Costs			5.0		5.0		5.0		5.0		5.0
Cash Flow, less Capital Expenditures		$	1,164.4	$	1,225.0	$	1,287.4	$	1,350.8	$	1,412.6
	Margin		52.4%		52.7%		53.0%		53.2%		53.3%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.0	%	$	13,968.2	$	13,527.9	$	13,129.1	$	12,766.3	$	12,434.7
		11.0	%		13,465.8		13,045.0		12,663.8		12,317.0		12,000.2
	Discount Rate	12.0	%		12,988.2		12,585.8		12,221.4		11,889.8		11,586.8
		13.0	%		12,533.9		12,149.0		11,800.4		11,483.3		11,193.4
		14.0	%		12,101.5		11,733.2		11,399.7		11,096.2		10,818.8
Concluded Enterprise Value Range						$	11,480.0	to		$	13,040.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Parkway North DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,324.9	$	1,342.3	$	1,345.4	$	1,476.0	$	1,551.7
	Growth Rate	NA			1.3%		0.2%		9.7%		5.1%
Net Operating Income		$	805.9	$	803.6	$	786.7	$	892.7	$	944.5	$	944.5
	Margin		60.8%		59.9%		58.5%		60.5%		60.9%
Less: Total Leasing & Capital Costs			32.6		115.2		264.8		115.9		18.3
Cash Flow, less Capital Expenditures		$	773.4	$	688.4	$	521.9	$	776.7	$	926.3
	Margin		58.4%		51.3%		38.8%		52.6%		59.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		15.3	%	$	7,273.8	$	7,043.8	$	6,835.3	$	6,645.6	$	6,472.2
		16.3	%		7,025.6		6,805.3		6,605.7		6,423.9		6,257.8
	Discount Rate	17.3	%		6,789.1		6,578.0		6,386.8		6,212.7		6,053.6
		18.3	%		6,563.7		6,361.4		6,178.1		6,011.3		5,858.7
		19.3	%		6,348.8		6,154.8		5,979.1		5,819.1		5,672.9
Concluded Enterprise Value Range						$	6,010.0	to		$	6,810.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Plaza Tower Portfolio DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	3,548.1	$	3,647.0	$	3,742.2	$	3,968.6	$	4,226.5
	Growth Rate	NA			2.8%		2.6%		6.0%		6.5%
Net Operating Income		$	1,707.0	$	1,733.6	$	1,753.8	$	1,898.3	$	2,070.5	$	2,070.5
	Margin		48.1%		47.5%		46.9%		47.8%		49.0%
Less: Total Leasing & Capital Costs			386.5		356.5		343.6		1,029.2		650.9
Cash Flow, less Capital Expenditures		$	1,320.5	$	1,377.1	$	1,410.3	$	869.2	$	1,419.6
	Margin		37.2%		37.8%		37.7%		21.9%		33.6%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.0	%	$	17,423.6	$	16,809.0	$	16,252.3	$	15,745.8	$	15,283.0
		12.0	%		16,779.9		16,192.3		15,660.1		15,175.8		14,733.2
	Discount Rate	13.0	%		16,168.3		15,606.2		15,097.1		14,633.9		14,210.6
		14.0	%		15,586.7		15,048.8		14,561.7		14,118.4		13,713.4
		15.0	%		15,033.5		14,518.6		14,052.3		13,628.0		13,240.2
Concluded Enterprise Value Range						$	14,120.0	to		$	16,190.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Remington Building DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,164.0	$	1,173.2	$	1,200.2	$	1,276.4	$	1,340.5
	Growth Rate	NA			0.8%		2.3%		6.4%		5.0%
Net Operating Income		$	659.8	$	654.6	$	666.3	$	725.3	$	772.0	$	772.0
	Margin		56.7%		55.8%		55.5%		56.8%		57.6%
Less: Total Leasing & Capital Costs			319.0		380.7		343.1		237.5		225.4
Cash Flow, less Capital Expenditures		$	340.8	$	273.9	$	323.2	$	487.8	$	546.7
	Margin		29.3%		23.3%		26.9%		38.2%		40.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		14.0	%	$	5,440.1	$	5,239.5	$	5,057.9	$	4,892.6	$	4,741.6
		15.0	%		5,236.7		5,044.7		4,870.8		4,712.6		4,568.0
	Discount Rate	16.0	%		5,043.2		4,859.3		4,692.8		4,541.3		4,402.8
		17.0	%		4,859.1		4,682.9		4,523.4		4,378.3		3,245.6
		18.0	%		4,683.8		4,515.0		4,362.1		4,223.0		4,095.9
Concluded Enterprise Value Range						$	4,380.0	to		$	5,040.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Ambulatory Surgery DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	845.8	$	857.1	$	868.5	$	880.2	$	892.1
	Growth Rate	NA			1.3%		1.3%		1.3%		1.3%
Net Operating Income		$	724.8	$	732.8	$	741.0	$	749.3	$	757.7	$	757.7
	Margin		85.7%		85.5%		85.3%		85.1%		84.9%
Less: Total Leasing & Capital Costs			6.2		6.4		6.6		6.8		7.0
Cash Flow, less Capital Expenditures		$	718.6	$	726.5	$	734.4	$	742.5	$	750.7
	Margin		85.0%		84.8%		84.6%		84.4%		84.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.0	%	$	7,667.9	$	7,432.6	$	7,219.4	$	7,025.5	$	6,848.3
		11.0	%		7,397.0		7,172.0		6,968.4		6,783.0		6,613.6
	Discount Rate	12.0	%		7,139.3		6,924.3		6,729.5		6,552.3		6,390.4
		13.0	%		6,894.2		6,688.5		6,502.2		6,332.7		6,177.8
		14.0	%		6,660.9		6,464.1		6,285.8		6,123.6		5,975.4
Concluded Enterprise Value Range						$	6,330.0	to		$	7,170.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Valley Rim DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	971.8	$	1,045.7	$	998.7	$	1,140.2	$	1,198.4
	Growth Rate	NA			7.6%		-4.5%		14.2%		5.1%
Net Operating Income		$	529.2	$	584.3	$	521.6	$	640.9	$	678.8	$	678.8
	Margin		54.5%		55.9%		52.2%		56.2%		56.6%
Less: Total Leasing & Capital Costs			136.3		55.2		328.8		128.7		191.5
Cash Flow, less Capital Expenditures		$	393.0	$	529.2	$	192.8	$	512.3	$	487.3
	Margin		40.4%		50.6%		19.3%		44.9%		40.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		11.0	%	$	5,704.6	$	5,503.1	$	5,320.6	$	5,154.5	$	5,002.8
		12.0	%		5,492.0		5,299.4		5,124.9		4,966.1		4,821.0
	Discount Rate	13.0	%		5,290.1		5,105.8		4,938.9		4,787.0		4,648.2
		14.0	%		5,098.1		4,921.7		4,762.0		4,616.7		4,483.9
		15.0	%		4,915.4		4,746.6		4,593.7		4,454.6		4,327.5
Concluded Enterprise Value Range						$	4,620.0	to		$	5,300.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Venture Center DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	726.3	$	727.4	$	732.8	$	761.4	$	790.2
	Growth Rate	NA			0.1%		0.8%		3.9%		3.8%
Net Operating Income		$	484.5	$	477.8	$	475.2	$	494.6	$	514.0	$	514.0
	Margin		66.7%		65.7%		64.8%		65.0%		65.1%
Less: Total Leasing & Capital Costs			76.3		139.3		29.1		29.5		29.9
Cash Flow, less Capital Expenditures		$	480.2	$	338.5	$	446.1	$	465.1	$	484.2
	Margin		56.2%		46.5%		60.9%		61.1%		61.3%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.5	%	$	4,816.9	$	4,660.8	$	4,519.5	$	4,390.9	$	4,273.3
		11.5	%		4,642.2		4,493.0		4,357.9		4,234.9		4,122.6
	Discount Rate	12.5	%		4,476.1		4,333.4		4,204.2		4,086.6		3,979.2
		13.5	%		4,318.1		4,181.6		4,058.0		3,945.5		3,842.7
		14.5	%		4,167.8		4,037.1		3,918.8		3,811.1		3,712.7
Concluded Enterprise Value Range						$	3,950.0	to		$	4,490.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Viewridge Building — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	291.0	$	351.6	$	339.4	$	348.1	$	398.3
	Growth Rate	NA			20.8%		-3.5%		2.6%		14.4%
Net Operating Income		$	198.1	$	254.4	$	239.9	$	245.7	$	291.7	$	291.7
	Margin		68.1%		72.3%		70.7%		70.6%		73.2%
Less: Total Leasing & Capital Costs			70.7		3.0		51.8		76.9		3.0
Cash Flow, less Capital Expenditures		$	127.5	$	251.4	$	188.1	$	168.7	$	288.7
	Margin		43.8%		71.5%		55.4%		48.5%		72.5%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.0	%	$	2,433.2	$	2,350.4	$	2,275.5	$	2,207.2	$	2,144.9
		13.0	%		2,343.8		2,264.6		2,192.9		2,127.6		2,068.0
	Discount Rate	14.0	%		2,258.7		2,183.0		2,114.3		2,051.9		1,994.0
		15.0	%		2,177.8		2,105.3		2,039.6		1,979.8		1,925.2
		16.0	%		2,100.8		2,031.3		1,968.4		1,911.2		1,858.9
Concluded Enterprise Value Range						$	1,980.0	to		$	2,260.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Washington Mutual DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	901.0	$	949.5	$	964.9	$	960.0	$	956.6
	Growth Rate	NA			5.4%		1.6%		-0.5%		-0.4%
Net Operating Income		$	429.5	$	463.2	$	464.3	$	445.5	$	427.6	$	427.6
	Margin		47.7%		48.8%		48.1%		46.4%		44.7%
Less: Total Leasing & Capital Costs			41.6		110.4		228.0		106.9		296.1
Cash Flow, less Capital Expenditures		$	387.8	$	352.7	$	236.3	$	338.6	$	131.5
	Margin		43.0%		37.1%		24.5%		35.3%		13.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
														��
		14.8	%	$	3,267.9	$	3,160.4	$	3,063.0	$	2,974.5	$	2,893.5
		15.8	%		3,157.9		3,054.9		2,961.7		2,876.9		2,799.4
	Discount Rate	16.8	%		3,053.1		2,954.5		2,865.2		2,783.9		2,709.7
		17.8	%		2,953.2		2,858.7		2,773.1		2,695.3		2,624.1
		18.8	%		2,858.0		2,767.4		2,685.4		2,610.7		2,542.5
Concluded Enterprise Value Range						$	2,700.0	to		$	3,050.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Waterstreet Complex DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	3,082.6	$	3,138.6	$	3,252.4	$	3,437.3	$	3,656.0
	Growth Rate	NA			1.8%		3.6%		5.7%		6.4%
Net Operating Income		$	2,159.0	$	2,180.0	$	2,255.9	$	2,399.2	$	2,574.0	$	2,574.0
	Margin		70.0%		69.5%		69.4%		69.8%		70.4%
Less: Total Leasing & Capital Costs			192.8		114.0		521.2		380.4		842.5
Cash Flow, less Capital Expenditures		$	1,966.2	$	2,066.1	$	1,734.7	$	2,018.8	$	1,731.6
	Margin		63.8%		65.8%		53.3%		58.7%		47.4%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		14.0	%	$	21,433.8	$	20,675.5	$	19,993.0	$	19,375.5	$	18,814.1
		15.0	%		20,685.7		19,959.7		19,306.4		18,715.3		18,177.9
	Discount Rate	16.0	%		19,973.3		19,278.2		18,652.5		18,086.4		17,571.8
		17.0	%		19,294.9		18,628.9		18,029.5		17,487.2		16,994.3
		18.0	%		18,648.3		18,010.1		17,435.7		16,916.0		16,443.6
Concluded Enterprise Value Range						$	17,490.0	to		$	19,960.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Westgrove Air Plaza DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,044.8	$	1,086.6	$	1,134.7	$	1,172.1	$	1,206.4
	Growth Rate	NA			4.0%		4.4%		3.3%		2.9%
Net Operating Income		$	638.2	$	663.8	$	694.8	$	714.8	$	731.2	$	731.2
	Margin		61.1%		61.1%		61.2%		61.0%		60.6%
Less: Total Leasing & Capital Costs			283.4		139.5		330.7		172.0		297.2
Cash Flow, less Capital Expenditures		$	354.8	$	524.3	$	364.1	$	542.8	$	434.0
	Margin		34.0%		48.2%		32.1%		46.3%		36.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		12.3	%	$	5,793.0	$	5,589.9	$	5,405.8	$	5,238.2	$	5,085.0
		13.3	%		5,579.7		5,385.3		5,209.2		5,048.9		4,902.4
	Discount Rate	14.3	%		5,376.8		5,190.8		5,022.3		5,868.8		4,728.6
		15.3	%		5,183.8		5,005.7		4,844.4		4,697.5		4,563.2
		16.3	%		5,000.0		4,829.5		4,675.0		4,534.3		4,405.7
Concluded Enterprise Value Range						$	4,700.0	to		$	5,390.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Wilshire Medical DCF — TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,416.4	$	1,517.5	$	1,673.0	$	1,750.7	$	1,768.9
	Growth Rate	NA			7.1%		10.2%		4.6%		1.0%
Net Operating Income		$	892.7	$	976.2	$	1,112.2	$	1,172.2	$	1,174.1	$	1,174.1
	Margin		63.0%		64.3%		66.5%		67.0%		66.4%
Less: Total Leasing & Capital Costs			158.8		57.8		180.8		95.9		435.8
Cash Flow, less Capital Expenditures		$	733.9	$	918.5	$	931.4	$	1,076.3	$	738.3
	Margin		51.8%		60.5%		55.7%		61.5%		41.7%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		12.0	%	$	10,069.0	$	9,735.7	$	9,433.9	$	9,159.3	$	8,908.3
		13.0	%		9,708.0		9,389.2		9,100.5		8,837.9		8,597.3
	Discount Rate	14.0	%		9,364.6		9,059.6		8,783.3		8,532.0		8,302.3
		15.0	%		9,037.8		8,745.8		8,481.3		8,240.7		8,020.8
		16.0	%		8,726.5		8,446.9		8,193.6		7,963.2		7.752.6
Concluded Enterprise Value Range						$	8,240.0	to		$	9,390.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Windsor Executive Plaza DCF – TCI Office Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,107.1	$	1,175.1	$	1,197.7	$	1,240.9	$	1,269.1
	Growth Rate	NA			6.2%		1.9%		3.6%		2.3%
Net Operating Income		$	549.0	$	594.6	$	594.1	$	613.2	$	617.0	$	617.0
	Margin		49.6%		50.6%		49.6%		49.4%		48.6%
Less: Total Leasing & Capital Costs			200.0		82.1		63.7		283.4		170.7
Cash Flow, less Capital Expenditures		$	349.0	$	512.4	$	530.4	$	329.8	$	446.3
	Margin		31.5%		43.6%		44.3%		26.6%		35.2%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		14.3	%	$	4,764.1	$	4,607.2	$	4,465.0	$	4,335.5	$	4,217.2
		15.3	%		4,597.6		4,447.3		4,311.2		4,187.3		4,074.0
	Discount Rate	16.3	%		4,439.0		4,295.1		4,164.7		4,046.0		3,937.5
		17.3	%		4,287.9		4,150.0		4,025.1		3,911.4		3,807.4
		18.3	%		4,143.9		4,011.7		3,892.0		3,783.0		3,683.4
Concluded Enterprise Value Range						$	3,910.0	to		$	4,450.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Plaza on Bachman Creek DCF — TCI Retail Portfolio

($ in Thousands) According to DCF this is Retail, but in BD it is Industrial — Everthing else seems fine

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,156.8	$	1,286.9	$	1,317.2	$	1,319.4	$	1,256.7
	Growth Rate	NA			11.2%		2.4%		0.2%		-4.8%
Net Operating Income		$	847.4	$	962.6	$	980.5	$	970.9	$	897.6	$	897.6
	Margin		73.3%		74.8%		74.4%		73.6%		71.4%
Less: Total Leasing & Capital Costs			120.7		120.3		167.0		81.1		372.1
Cash Flow, less Capital Expenditures		$	726.7	$	842.3	$	813.5	$	889.8	$	525.5
	Margin		62.8%		65.5%		61.8%		67.4%		41.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				10.1%		10.6%		11.1%		11.6%		12.1%
		11.5	%	$	7,980.3	$	7,742.1	$	7,525.4	$	7,327.5	$	7,145.9
		12.5	%		7,703.2		7,475.3		7,268.1		7,078.8		6,905.2
	Discount Rate	13.5	%		7,439.5		7,221.5		7,023.2		6,842.1		6,676.1
		14.5	%		7,188.4		6,979.7		6,790.0		6,616.7		6,457.7
		15.5	%		6,949.2		6,749.4		6,567.7		6,401.8		6,249.6
Concluded Enterprise Value Range						$	6,620.0	to		$	7,480.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Countryside DCF — TCI Retail Portfolio

($ in Thousands) In DB This is an Office Asset

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,731.9	$	2,786.3	$	2,900.5	$	2,944.4	$	3,021.0
	Growth Rate	NA			2.0%		4.1%		1.5%		2.6%
Net Operating Income		$	2,027.8	$	2,061.9	$	2,090.6	$	2,133.7	$	2,155.8	$	2,155.8
	Margin		74.2%		74.0%		72.1%		72.5%		71.4%
Less: Total Leasing & Capital Costs			69.7		76.7		81.9		158.3		311.4
Cash Flow, less Capital Expenditures		$	1,958.1	$	1,985.1	$	2,008.7	$	1,975.4	$	1,844.4
	Margin		71.7%		71.2%		69.3%		67.1%		61.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.6%		10.1%		10.6%		11.1%		11.6%
		10.5	%	$	20,928.3	$	20,273.7	$	19,680.9	$	19,141.5	$	18,648.6
		11.5	%		20,189.8		19,564.0		18,997.3		18,481.7		18,010.5
	Discount Rate	12.5	%		19,487.4		18,889.0		18,347.1		17,853.9		17,403.3
		13.5	%		18,819.1		18,246.6		17,728.1		17,256.3		16,825.2
		14.5	%		18,182.9		17,634.9		17,138.7		16,687.2		16,274.6
Concluded Enterprise Value Range						$	17,260.0	to		$	19,560.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Dunes Plaza DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	1,456.0	$	1,615.8	$	1,691.9	$	1,715.5	$	1.799.5
	Growth Rate	NA			11.0%		4.7%		1.4%		4.9%
Net Operating Income		$	1,104.1	$	1,246.8	$	1,307.8	$	1,317.3	$	1,384.9	$	1,384.9
	Margin		75.8%		77.2%		77.3%		76.8%		77.0%
Less: Total Leasing & Capital Costs			888.2		122.6		58.4		274.2		406.8
Cash Flow, less Capital Expenditures		$	215.9	$	1,124.2	$	1,249.4	$	1,043.1	$	978.2
	Margin		14.8%		69.6%		73.8%		60.8%		54.4%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		14.0	%	$	10,458.3	$	10,102.1	$	9,779.4	$	9,485.6	$	9,217.0
		15.0	%		10,076.2		9,735.3		9,426.3		9,145.1		8,888.0
	Discount Rate	16.0	%		9,712.5		9,386.0		9,090.1		8,820.8		8,574.6
		17.0	%		9,366.0		9,053.2		8,769.8		8,511.8		8,275.9
		18.0	%		9,035.8		8,736.0		8,464.4		8,217.2		7,991.1
Concluded Enterprise Value Range						$	8,510.0	to		$	9,740.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Fruitland Park DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	60.9	$	63.2	$	73.6	$	77.3	$	80.4
	Growth Rate	NA			3.8%		16.4%		5.0%		4.0%
Net Operating Income		$	43.1	$	44.8	$	54.2	$	57.0	$	59.3	$	59.3
	Margin		70.8%		70.8%		73.6%		73.8%		73.8%
Less: Total Leasing & Capital Costs			0.0		0.0		5.7		0.0		0.0
Cash Flow, less Capital Expenditures		$	43.1	$	44.8	$	48.5	$	57.0	$	59.3
	Margin		70.8%		70.8%		65.9%		73.8%		73.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		10.5	%	$	584.6	$	564.1	$	545.7	$	529.0	$	513.9
		11.5	%		563.1		543.6		525.9		510.0		495.5
	Discount Rate	12.5	%		542.7		524.0		507.2		491.9		478.1
		13.5	%		523.4		505.5		489.3		474.8		461.5
		14.5	%		504.9		487.8		472.4		458.4		445.7
Concluded Enterprise Value Range						$	470.0	to		$	540.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

K-Mart Cary DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	306.6	$	313.3	$	318.0	$	323.0	$	326.3
	Growth Rate	NA			1.5%		1.5%		1.5%		1.0%
Net Operating Income		$	291.1	$	295.3	$	299.6	$	304.1	$	307.0	$	307.0
	Margin		94.3%		94.3%		94.2%		94.1%		94.1%
Less: Total Leasing & Capital Costs			5.0		5.0		5.0		5.0		5.0
Cash Flow, less Capital Expenditures		$	286.1	$	290.3	$	294.6	$	299.1	$	302.0
	Margin		92.7%		92.7%		92.6%		92.6%		92.5%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		10.0	%	$	3,227.5	$	3,119.1	$	3,021.6	$	2,933.3	$	2,853.1
		11.0	%		3,111.9		3,008.4		2,915.2		2,830.8		2,754.2
	Discount Rate	12.0	%		3,002.1		2,903.1		2,814.0		2,733.3		2,660.0
		13.0	%		2,897.7		2,803.0		2,717.7		2,640.6		2,570.5
		14.0	%		2,798.3		2,707.6		2,626.1		2,552.3		2,485.2
Concluded Enterprise Value Range						$	2,640.0	to		$	3,010.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

K-Mart San Angelo DCF (Ground Lease) — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	18.0	$	18.0	$	18.0	$	18.0	$	18.0
	Growth Rate	NA			0.0%		0.0%		0.0%		0.0%
Net Operating Income		$	16.5	$	16.5	$	16.4	$	16.4	$	16.4	$	16.4
	Margin		91.8%		91.6%		91.4%		91.2%		90.9%
Less: Total Leasing & Capital Costs			0.0		0.0		0.0		0.0		0.0
Cash Flow, less Capital Expenditures		$	16.5	$	16.5	$	16.4	$	16.4	$	16.4
	Margin		91.8%		91.6%		91.4%		91.2%		90.9%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		10.0	%	$	175.3	$	169.5	$	164.3	$	159.6	$	155.3
		11.0	%		169.0		163.5		158.6		154.1		150.0
	Discount Rate	12.0	%		163.1		157.9		153.1		148.8		144.9
		13.0	%		157.5		152.5		147.9		143.8		140.1
		14.0	%		152.2		147.4		143.0		139.1		135.5
Concluded Enterprise Value Range						$	140.0	to		$	160.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

K-Mart Sheboygan DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	173.3	$	177.5	$	181.9	$	186.4	$	191.1
	Growth Rate	NA			2.4%		2.5%		2.5%		2.5%
Net Operating Income		$	157.8	$	161.4	$	165.2	$	169.1	$	173.2	$	173.2
	Margin		91.0%		90.9%		90.8%		90.7%		90.6%
Less: Total Leasing & Capital Costs			58.6		5.0		5.0		5.0		5.0
Cash Flow, less Capital Expenditures		$	99.2	$	156.4	$	160.2	$	164.1	$	168.2
	Margin		57.2%		88.1%		88.1%		88.0%		88.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%		11.0%
		10.0	%	$	1,745.6	$	1,684.5	$	1,629.5	$	1,579.7	$	1,534.4
		11.0	%		1,681.1		1,622.6		1,570.0		1,522.5		1,479.2
	Discount Rate	12.0	%		1,619.7		1,563.8		1,513.6		1,468.1		1,426.7
		13.0	%		1,561.4		1,507.9		1,459.8		1,416.3		1,376.8
		14.0	%		1,505.9		1,454.7		1,408.7		1,367.1		1,329.2
Concluded Enterprise Value Range						$	1,420.0	to		$	1,620.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Parkway Center DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	582.0	$	628.9	$	639.9	$	691.6	$	719.3
	Growth Rate	NA			8.1%		1.7%		8.1%		4.0%
Net Operating Income		$	401.1	$	440.1	$	443.9	$	487.0	$	506.5	$	506.5
	Margin		68.9%		70.0%		69.4%		70.4%		70.4%
Less: Total Leasing & Capital Costs			26.4		41.1		48.2		33.1		45.5
Cash Flow, less Capital Expenditures		$	374.7	$	399.0	$	395.7	$	453.9	$	461.0
	Margin		64.4%		63.4%		61.8%		65.6%		64.1%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		12.5	%	$	4,379.6	$	4,240.5	$	4,114.3	$	3,999.5	$	3,894.6
		13.5	%		4,225.2		4,092.0		3,971.4		3,861.5		3,761.1
	Discount Rate	14.5	%		4,078.2		3,950.7		3,835.2		3,730.1		3,634.0
		15.5	%		3,938.2		3,816.2		3,705.6		3,605.0		3,513.0
		16.5	%		3,804.9		3,688.0		3,582.1		3,485.7		3,397.6
Concluded Enterprise Value Range						$	3,600.0	to		$	4,090.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Promenade Shopping Center DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	2,324.8	$	2,421.8	$	2,507.6	$	2,622.3	$	2,740.8
	Growth Rate	NA			4.2%		3.5%		4.6%		4.5%
Net Operating Income		$	1,603.2	$	1,671.3	$	1,727.4	$	1,810.4	$	1,896.0	$	1,896.0
	Margin		69.0%		69.0%		68.9%		69.0%		69.2%
Less: Total Leasing & Capital Costs			114.6		159.8		202.5		99.0		252.7
Cash Flow, less Capital Expenditures		$	1,488.6	$	1,511.5	$	1,524.8	$	1,711.4	$	1,643.3
	Margin		64.0%		62.4%		60.8%		65.3%		60.0%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.7%		10.2%		10.7%		11.2%		11.7%
		12.0	%	$	16,782.4	$	16,249.7	$	15,767.0	$	15,327.6	$	14,925.9
		13.0	%		16,189.9		15,680.4		15,218.7		14,798.4		14,414.1
	Discount Rate	14.0	%		15,626.3		15,138.7		14,696.9		14,294.7		13,927.0
		15.0	%		15,089.7		14,622.9		14,200.0		13,815.0		13,463.0
		16.0	%		14,578.6		14,131.6		13,726.6		13,357.9		13,020.9
Concluded Enterprise Value Range						$	13,810.0	to		$	15,680.0

Houlihan Lokey Howard & Zukin

ARL TCI IORI

Sadler Square DCF — TCI Retail Portfolio

($ in Thousands)

												Terminal
		2002		2003		2004		2005		2006		Flow
Net Revenues		$	626.6	$	661.7	$	643.4	$	668.0	$	697.4
	Growth Rate	NA			5.6%		-2.8%		3.8%		4.4%
Net Operating Income		$	431.3	$	458.2	$	433.1	$	449.3	$	469.9	$	469.9
	Margin		68.8%		69.2%		67.3%		67.3%		67.4%
Less: Total Leasing & Capital Costs			72.3		20.8		69.5		136.6		45.6
Cash Flow, less Capital Expenditures		$	359.0	$	437.4	$	363.6	$	312.8	$	424.3
	Margin		57.3%		66.1%		56.5%		46.8%		60.8%
Years to Receipt of Cash Flow			0.50		1.50		2.50		3.50		4.50		5.00

				Current Value of Future Cash Flows
				Exit Capitalization Rate
				9.0%		9.5%		10.0%		10.5%			11.0%
		10.5	%	$	4,575.3	$	4,413.2	$	4,267.2	$	4,135.2		$	4.015.1
		11.5	%		4,409.0		4,254.0		4,114.5		3,988.2	��		3,873.5
	Discount Rate	12.5	%		4,250.0		4,102.7		3,969.2		3,848.5			3,738.8
		13.5	%		4,100.6		3,958.7		3,831.1		3,715.6			3,610.6
		14.5	%		3,957.5		3,821.8		3,699.6		3,589.1			3,488.6
Concluded Enterprise Value Range						$	3,720.0	to		$	4,250.0

Houlihan Lokey Howard & Zukin