1 EXHIBIT 99.2 BAY APARTMENT COMMUNITIES, INC. San Francisco Bay Area Rental Analysis PRESENTED TO Bay Apartment Communities, Inc. PREPARED BY Ann Roulac & Company 98 Main Street, Suite 439 Tiburon, CA 94920 June 30, 1996 2 [ANN ROULAC AND COMPANY LETTERHEAD] June 30, 1996 Mr. Gilbert M. Meyer President Bay Apartment Communities, Inc. 4340 Stevens Creek Blvd., Suite 275 San Jose, CA 95129 Re: San Francisco Bay Area Rental Analysis Dear Mr. Meyer: Accompanying this letter is our report on the status of the San Francisco Bay Area rental market. Our analysis comprised a review of the following factors as reported by the Bay Area Apartment Market Report for the periods of June and December of 1994 and 1995 and compiled by RealData, Inc., and re-surveyed and compiled by Ann Roulac and Company as of June, 1996: - Analysis of effective rents - Analysis of historical rent increases - Analysis of historical vacancy rates - Analysis of projects in planning Pursuant to our engagement letter dated June 7, 1996, we selected the counties of Alameda, San Francisco, San Mateo and Santa Clara for the analysis (the counties wherein the majority of Bay Apartment Communities, Inc.'s properties are located). The properties selected, as stated in the methodology sections, were those of institutional quality as defined herein. We have relied on current information, including, but not limited to, industry statistics, relevant market data assembled by us through direct research and from secondary sources, which we believe are reliable. While we relied on the data prepared by RealData, Inc., we have not audited this information nor do we warrant its completeness or accuracy, however, we have no reason to believe that the information is anything other than complete and accurate. We appreciate this opportunity to serve Bay Apartment Communities, Inc. Should you have any questions regarding our analysis and conclusions, we stand ready to be of further assistance. Very truly yours, Ann Roulac and Company /s/Ann Roulac - ------------- Ann N. Roulac 3 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- TABLE OF CONTENTS Research Methodology...........................................................1 Definition of Terms............................................................3 Market Overview................................................................4 Effective Rents................................................................7 Discussion of Historical Rent Increases.......................................10 Discussion of Historical Vacancy Rates........................................14 Planned and Proposed Projects.................................................17 Conclusion....................................................................21 INDEX OF EXHIBITS Exhibit I .......................Number of Units Constructed by Year and County Exhibit II ................................List of Apartment Properties Surveyed Exhibit III ....................Rental Surveys of Institutional Grade Properties - -------------------------------------------------------------------------------- Ann Roulac and Company 4 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- RESEARCH METHODOLOGY The information provided herein is based on Ann Roulac and Company's analysis of the research compiled by RealData, Inc., the current producer of the Bay Area Apartment Market Report (BAAMR), a detailed reference guide to the San Francisco Bay Area apartment market. RealData, Inc. compiles the report semi-annually, providing current and historic information on apartment market activity in nine counties and the region as a whole. The statistics in BAAMR were compiled from over 450 multifamily rental properties of 100 units or more, with individual property detail provided on more than 500 properties of 50-plus units within the San Francisco Bay Area. Facts and figures have been collected through various means, including interviews with property owners, their managers and staff. The data published for each property is comprised primarily of original research by Ann Roulac and Company prior to December, 1993. After that point in time, RealData, Inc. assumed publication responsibilities. Ann Roulac and Company has no reason to believe that the RealData, Inc. research is not complete and accurate. Ann Roulac and Company believes RealData, Inc.'s research methodologies are prudent and reasonable in all respects. THE BAY AREA DEFINED The San Francisco Bay Area region is generally defined as the vicinity surrounding the San Francisco Bay, which is incorporated into nine contiguous counties: Marin, Napa, Solano and Sonoma, comprising the North Bay Region; Alameda and Contra Costa, comprising the East Bay Region; and Santa Clara and San Mateo, comprising the South Bay Region, with San Francisco in the center. The major urban centers of the region include San Francisco, Oakland and San Jose. ENGAGEMENT FOCUS The scope of our engagement was to identify the 100 plus investment grade apartment properties from the BAAMR database of 450 properties for the counties of Alameda, San Francisco, San Mateo and Santa Clara. The data presented by Ann Roulac and Company is based on surveys with managers of 100 apartment properties in the four subject counties. Ann Roulac and Company believes that the referenced sample size is reasonable and statistically significant. The apartment properties selected are institutional quality apartment properties. The properties selected are most comparable to the institutional quality of the Bay Apartment Communities, Inc. portfolio. The apartment properties selected are generally newer and built in the last ten years, but they could also be older properties that are structurally sound - -------------------------------------------------------------------------------- Ann Roulac and Company 1 5 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- and well positioned in the applicable Bay Area region. Additionally, the properties were selected based on their size, year built and proximity to the Bay Apartment Communities, Inc. portfolio. Additionally, the properties were selected based on whether they were professionally managed. Thus, some of the properties in the BAAMR database of 450 properties that were newer than some of the properties selected for the purposes of this study, were not chosen due to the lack of professional property management companies. In the process of reviewing the information which we deemed relevant and prepared by RealData, Inc., there appeared to be some discrepancies between the trends reflected in the historical charts and the activity reported by many of the major owners of institutional apartment properties in the Bay Area regions. Upon reviewing the properties surveyed in BAAMR, we noted that since the transfer of the publication from Ann Roulac and Company to RealData, Inc. in late 1993, the database of properties had been expanded to include older properties as well as subsidized and low income properties. Prior to that time, the apartment properties surveyed from 1987 through 1993 were institutional quality properties. The addition of properties whose rents are in many cases substantially below institutional quality has skewed the results. The result has been to decrease the actual performance of the database as a whole. Ann Roulac and Company recalculated the performances of the institutional apartment segment based on the selected sample of 100 institutional apartment properties from the BAAMR database of 450 apartment properties. Information presented on planned and proposed projects was completed by Ann Roulac and Company based on interviews with local planning departments and apartment developers. - -------------------------------------------------------------------------------- Ann Roulac and Company 2 6 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- DEFINITION OF TERMS Effective Rent: The average asking street rent less the value of all concessions, including without limitation, moving allowances or discounts. Note: Due to extremely tight market conditions in the Bay Area, as of the writing of this report, we found rental concessions to be negligible at this time. Percent Change: The percent increase or decrease in the rental rate between the applicable reporting periods. Vacant Units: The total number of physically unoccupied units in completed buildings throughout the applicable apartment complex or Bay Area region. Vacancy Rate: The percent of physically unoccupied units in completed buildings throughout the applicable apartment complex or Bay Area region, calculated by dividing the vacant units by the total number of units in the applicable apartment complex or Bay Area region. Institutional Quality/Grade: Professionally managed apartment properties of 100 units or more that are generally newer. However, older apartment properties that are structurally sound and well positioned in the applicable Bay Area region are included as well. - -------------------------------------------------------------------------------- Ann Roulac and Company 3 7 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- MARKET OVERVIEW The San Francisco Bay Area is a region of approximately six and a half million people living in nine different counties. With the advantages of weather and quality of life, the Bay Area region continues to attract newcomers, unlike other areas of California, which are generally losing population. High-tech innovation continues to create new jobs, albeit in slightly different businesses than the previous defense and computer hardware sectors. A variety of proposals for redeveloping former military bases may bring new economic opportunity. According to a 1990 study by the Association of Bay Area Governments (ABAG), there will be a demand for 645,900 additional housing units to be built by the year 2005. But less than 6% of the total 4.6 million acres of land in the Bay Area is currently available for housing development, and ABAG has projected that under present development constraints, no more than 577,900 units of housing can be built. That creates a shortfall of 68,000 housing units. The two counties that will experience the brunt of this shortfall will be Alameda and Santa Clara. Closely related to the housing shortfall is the high cost of all forms of housing. As of March 1996, the Real Estate Research Council of Northern California reports that the average sales prices of new and existing homes are as follows: COUNTY SALES PRICE ------ ----------- Alameda $221,366 San Francisco $331,619 San Mateo $371,748 Santa Clara $289,388 9-COUNTY BAY AREA $265,890 Home ownership is unaffordable for large numbers of San Francisco Bay Area residents, as only 20% of the population can afford to buy even a starter home. The following are highlights from our research of the four Bay Area counties as of June 1996. ALAMEDA COUNTY OVERVIEW - Average rental rates from the survey were $1,019.00 or $1.19/square foot. - -------------------------------------------------------------------------------- Ann Roulac and Company 4 8 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- - The highest average rents were in Fremont with an average rent of $1,150.00 or $1.33/square foot. - Rent increases for 1995 were 5.26% and were up significantly during the first half of 1996 increasing 5.93%. - Fremont experienced the largest rent increases in Alameda County , which increased 9.79% during the first half of 1996. - Vacancy rates decreased from 1.44% at year end 1995 to 0.4% as of June 30, 1996 SAN FRANCISCO COUNTY OVERVIEW - Average rental rates from the survey were $1,382.00 or $1.92/square foot. - Rental increases for 1995 were 8.12% while rents in San Francisco increased by 11.18% during the first half of 1996. - Vacancy rates decreased from 2.30% at year end 1995 to 0.58% as of June 30, 1996. SAN MATEO COUNTY OVERVIEW - Average rental rates from the survey were $1,254.00 or $1.58/square foot. - The highest average rents were in Redwood Shores with an average rent of $1,548.00 or $1.78/square foot. - Rent increases in San Mateo were the largest of the four counties surveyed at 12.88% for the first half of 1996. This was more than double the 5.97% increase reported in 1995. - Vacancy rates as of year end 1995 were 1.04% and had decreased to 0.32% by June 30, 1996. Vacancy rates reported throughout all of the cities in San Mateo County were below 1% vacancy as of June 30, 1996. SANTA CLARA COUNTY OVERVIEW - Average rental rates from the survey were $1,321.00 or $1.55/square foot. - The highest average rents were reported in Mountain View with an average rent of $1,395.00 or $1.62/square foot. - -------------------------------------------------------------------------------- Ann Roulac and Company 5 9 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- - Of the four counties surveyed, Santa Clara reported the largest rent increases at 16.46% for 1995. Rental increases through the first half of 1996 were up 12.04%. - Vacancy rates as of June 30, 1996 remained below 1% and relatively constant with those reported as of year end 1995. - -------------------------------------------------------------------------------- Ann Roulac and Company 6 10 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- EFFECTIVE RENTS STATUS OF EFFECTIVE RENTS The following table reflects the weighted average effective rents for institutional grade apartment properties for the four counties surveyed by Ann Roulac and Company and outlined below. The weighted averages were calculated based on the total number of units in each county. - ---------------------------------------------------------------------------------- RENTAL RATES AS OF JUNE 1996 - ---------------------------------------------------------------------------------- RENT RENT PER SQUARE FOOT - ---------------------------------------------------------------------------------- COUNTY MIN MAX WEIGHTED MIN MAX WEIGHTED AVG AVG - ---------------------------------------------------------------------------------- Alameda $ 993 $1,044 $1,019 $1.16 $1.22 $1.19 - ---------------------------------------------------------------------------------- San Francisco 1,162 1,602 1,382 1.62 2.23 1.92 - ---------------------------------------------------------------------------------- San Mateo 1,212 1,295 1,254 1.53 1.64 1.58 - ---------------------------------------------------------------------------------- Santa Clara 1,283 1,359 1,321 1.50 1.59 1.55 - ---------------------------------------------------------------------------------- WEIGHTED AVERAGE $1,175 $1,322 $1,249 $1.44 $1.62 $1.53 - ---------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Ann Roulac and Company 7 11 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- The following table reflects the rental range of the weighted average effective rents for institutional grade apartment properties for the cities within the four counties surveyed and outlined below: - -------------------------------------------------------------------------------------- EFFECTIVE RENTS AS OF JUNE 1996 - -------------------------------------------------------------------------------------- RENT RENT PER SQUARE FOOT - -------------------------------------------------------------------------------------- COUNTY / CITY / # UNITS MIN MAX WEIGHTED MIN MAX WEIGHTED AVG AVG - -------------------------------------------------------------------------------------- ALAMEDA COUNTY (7,672) $ 993 $1,044 $1,019 $1.16 $1.22 $1.19 - -------------------------------------------------------------------------------------- Dublin (1421) 953 1,028 991 1.08 1.17 1.13 - -------------------------------------------------------------------------------------- Fremont (2142) 1,118 1,182 1,150 1.29 1.36 1.33 - -------------------------------------------------------------------------------------- Hayward (2023) 882 922 902 1.04 1.08 1.06 - -------------------------------------------------------------------------------------- Pleasanton (1804) 1,015 1,049 1,032 1.19 1.23 1.21 - -------------------------------------------------------------------------------------- Union City (282) 897 923 910 1.27 1.31 1.29 - -------------------------------------------------------------------------------------- SAN FRANCISCO COUNTY (6,563) $1,162 $1,602 $1,382 $1.62 $2.23 $1.92 - -------------------------------------------------------------------------------------- San Francisco (6563) 1,162 1,602 1,382 1.62 2.23 1.92 - -------------------------------------------------------------------------------------- SAN MATEO COUNTY (4,979) $1,212 $1,295 $1,254 $1.53 $1.64 $1.58 - -------------------------------------------------------------------------------------- Daly City (396) 1,106 1,164 1,135 1.54 1.62 1.58 - -------------------------------------------------------------------------------------- Foster City (2480) 1,322 1,394 1,358 1.57 1.66 1.62 - -------------------------------------------------------------------------------------- Pacifica (360) 906 1,054 980 1.38 1.60 1.49 - -------------------------------------------------------------------------------------- Redwood City (452) 1,223 1,296 1,260 1.59 1.68 1.63 - -------------------------------------------------------------------------------------- Redwood Shores (185) 1,473 1,623 1,548 1.69 1.86 1.78 - -------------------------------------------------------------------------------------- San Bruno (606) 973 1,033 1,003 1.25 1.33 1.29 - -------------------------------------------------------------------------------------- San Mateo (500) 1,152 1,274 1,213 1.61 1.78 1.70 - -------------------------------------------------------------------------------------- SANTA CLARA COUNTY (12,009) $1,283 $1,359 $1,321 $1.50 $1.59 $1.55 - -------------------------------------------------------------------------------------- Campbell (608) 1,283 1,372 1,328 1.44 1.55 1.49 - -------------------------------------------------------------------------------------- Mountain View (1190) 1,361 1,428 1,395 1.58 1.66 1.62 - -------------------------------------------------------------------------------------- San Jose (4072) 1,204 1,300 1,252 1.38 1.49 1.43 - -------------------------------------------------------------------------------------- Santa Clara (3097) 1,336 1,404 1,370 1.61 1.69 1.65 - -------------------------------------------------------------------------------------- Sunnyvale (3042) 1,303 1,364 1,334 1.56 1.64 1.60 - -------------------------------------------------------------------------------------- TOTAL 31,223 - -------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Ann Roulac and Company 8 12 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- RENTAL RATES The following table reflects the weighted average effective rents for institutional grade apartment properties for the cities within the four counties surveyed and outlined below: - -------------------------------------------------------------------------------- AVERAGE EFFECTIVE RENTS - -------------------------------------------------------------------------------- COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96 6/30/96 - -------------------------------------------------------------------------------- ALAMEDA COUNTY $ 904 $ 913 $ 925 $ 962 $1,019 - -------------------------------------------------------------------------------- Dublin 920 925 943 969 991 - -------------------------------------------------------------------------------- Fremont 982 976 993 1,048 1,150 - -------------------------------------------------------------------------------- Hayward 831 855 861 868 902 - -------------------------------------------------------------------------------- Pleasanton 894 909 916 974 1,032 - -------------------------------------------------------------------------------- Union City 810 829 838 868 910 - -------------------------------------------------------------------------------- SAN FRANCISCO COUNTY $1,101 $1,149 $1,160 $1,243 $1,382 - -------------------------------------------------------------------------------- San Francisco 1,101 1,149 1,160 1,243 1,382 - -------------------------------------------------------------------------------- SAN MATEO COUNTY $1,027 $1,047 $1,078 $1,111 $1,254 - -------------------------------------------------------------------------------- Daly City 904 905 895 968 1,135 - -------------------------------------------------------------------------------- Foster City 1,034 1,057 1,091 1,175 1,358 - -------------------------------------------------------------------------------- Pacifica n/a 868 868 879 980 - -------------------------------------------------------------------------------- Redwood City 1,069 1,079 1,126 1,180 1,260 - -------------------------------------------------------------------------------- Redwood Shores 1,255 1,306 1,363 1,363 1,548 - -------------------------------------------------------------------------------- San Bruno n/a 889 904 953 1,003 - -------------------------------------------------------------------------------- San Mateo 960 978 1,003 1,108 1,213 - -------------------------------------------------------------------------------- SANTA CLARA COUNTY $ 986 $1,006 $1,086 $1,179 $1,321 - -------------------------------------------------------------------------------- Campbell 856 869 1,070 1,191 1,328 - -------------------------------------------------------------------------------- Mountain View 1,073 1,083 1,184 1,259 1,395 - -------------------------------------------------------------------------------- San Jose 989 989 1,070 1,156 1,252 - -------------------------------------------------------------------------------- Santa Clara 987 1,014 1,100 1,189 1,370 - -------------------------------------------------------------------------------- Sunnyvale 971 988 1,064 1,168 1,334 - -------------------------------------------------------------------------------- NOTE: Data through 6/30/95 for Pacifica and San Bruno were not used in calculating the San Mateo County average due to incomplete information. - -------------------------------------------------------------------------------- Ann Roulac and Company 9 13 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- DISCUSSION OF HISTORICAL RENT INCREASES HISTORICAL RENT INCREASES FROM THE BAY AREA APARTMENT MARKET REPORT (BAAMR) The following table summarizes historical rent increases of apartment properties of 100 units or more in the San Francisco Bay Area reported by RealData, Inc. in their most recent report dated December 1995. - -------------------------------------------------------------------------------- RENT INCREASES - BAAMR - -------------------------------------------------------------------------------- BAY AREA 1988 1989 1990 1991 1992 1993 1994 1995 - -------------------------------------------------------------------------------- Alameda 4.27 5.70 4.25 1.73 1.57 1.80 1.01 2.13 - -------------------------------------------------------------------------------- Contra Costa 3.87 4.04 5.37 2.55 1.38 1.09 -.13 2.70 - -------------------------------------------------------------------------------- Marin 10.28 4.00 6.29 3.72 1.69 -3.32 4.30 0.78 - -------------------------------------------------------------------------------- Napa 1.82 4.82 9.37 3.89 -5.40 .32 .95 0.93 - -------------------------------------------------------------------------------- San Francisco 5.39 4.59 8.40 3.35 -2.01 1.14 1.69 1.62 - -------------------------------------------------------------------------------- San Mateo 2.87 3.77 5.11 3.32 .87 3.19 1.90 5.89 - -------------------------------------------------------------------------------- Santa Clara 3.08 4.81 4.34 3.33 -.69 2.66 .11 9.49 - -------------------------------------------------------------------------------- Solano 4.08 7.28 6.96 4.07 1.56 -.62 .62 0.00 - -------------------------------------------------------------------------------- Sonoma 8.71 7.83 7.43 3.46 1.22 -.60 -1.21 3.08 - -------------------------------------------------------------------------------- Average 4.90 5.20 6.40 3.30 .02 .60 1.03 2.97 - -------------------------------------------------------------------------------- Source: RealData, Inc., December 1995 As previously discussed in the methodology section, the apartment properties surveyed from 1987 through 1993 were of institutional quality. The addition of apartment properties whose rents are in many cases substantially below institutional quality has skewed the results, lowering the performance of the database as a whole. Therefore, the average rent increases reflected in the RealData, Inc. report of 1.03% for 1994 and 2.97% for 1995, are not reflective of the performance of either institutional quality or market rate apartment properties. Many of the apartment properties added to the database were older or subsidized lower quality properties, in less desirable locations, with rental rate restrictions. Rent increases reported by RealData, Inc. per county and unit type are reflected in Table I. - -------------------------------------------------------------------------------- Ann Roulac and Company 10 14 TABLE 1: APARTMENT MARKET PERFORMANCE -- BAAMR AVERAGE UNFURNISHED RENT CHARACTERISTICS BY UNIT TYPE (EXCLUDING UTILITY COSTS) 12/31/94 6/30/95 12/31/95 ---------------------- ---------------------- ---------------------- 12/31//94 7/1/95 Avg. Avg. Avg. to to Avg. -------------- Avg. -------------- Avg. -------------- 6/30/95 12/31/95 Total County/City Sq.Ft. $Unit $Sq.Ft. Sq.Ft. $Unit $Sq.Ft. Sq.Ft. $Unit $Sq.Ft. % Change % Change % Change ----------- ------ ----- ------- ------ ----- ------- ------ ----- ------- ---------- -------- -------- San Francisco Bay Area 813 $824 $1.01 812 $833 $1.03 812 $872 $1.07 1.09% 4.68% 5.77% Studio 484 658 1.36 480 653 1.36 480 684 1.43 -0.76% 4.75% 3.99% 1/1 686 743 1.08 685 754 1.10 685 792 1.15 1.48% 5.04% 6.52% 2/1 868 813 0.94 871 823 0.94 871 856 0.98 1.23% 4.01% 5.24% 2/1+ 994 948 0.95 992 962 0.97 992 1,008 1.02 1.48% 4.78% 6.26% 3/1 1,049 1,131 1.08 1,026 1,018 0.99 1,026 1,032 1.01 -9.99% 1.38% -8.62% 3/1+ 1,205 1,095 0.91 1,194 1,111 0.93 1,194 1,157 0.97 1.46% 4.14% 5.60% Alameda 822 $803 $0.98 820 $800 $0.98 820 $820 $1.00 -0.37% 2.50% 2.13% Studio 512 629 1.23 511 625 1.22 511 637 1.25 -0.64% 1.92% 1.28% 1/1 680 715 1.05 677 713 1.05 677 733 1.05 -0.28% 2.81% 2.53% 2/1 863 790 0.91 870 784 0.90 870 801 0.92 -0.76% 2.17% 1.41% 2/1+ 995 927 0.93 999 936 0.94 999 962 0.96 0.97% 2.78% 3.75% 3/1 988 875 0.89 910 760 0.84 910 760 0.84 -13.14% 0.00% -13.14% 3/1+ 1,149 1,020 0.89 1,159 1,012 0.87 1,159 1,024 0.88 -0.78% 1.19% 0.40% San Francisco 807 $931 $1.15 802 $928 $1.16 802 $946 $1.18 -0.32% 1.94% 1.62% Studio 496 735 1.48 488 717 1.47 488 748 1.53 -2.45% 4.32% 1.87% 1/1 710 868 1.22 710 871 1.23 710 889 1.25 0.35% 2.07% 2.41% 2/1 935 953 1.02 935 1,009 1.08 935 1,022 1.09 5.88% 1.29% 7.16% 2/1+ 1,058 1,112 1.05 1,058 1,087 1.03 1,058 1,096 1.04 -2.25% 0.83% -1.42% 3/1 1,095 1,300 1.19 1,095 1,425 1.30 1,095 1,450 1.32 9.62% 1.75% 11.37% 3/1+ 1,231 1,220 0.99 1,231 1,238 1.01 1,231 1,255 1.02 1.48% 1.37% 2.85% San Mateo 757 $864 $1.14 767 $866 $1.13 767 $915 $1.19 0.23% 5.66% 5.89% Studio 466 632 1.36 473 637 1.35 473 694 1.47 0.79% 8.95% 9.74% 1/1 678 779 1.15 691 787 1.14 691 828 1.20 1.03% 5.21% 6.24% 2/1 850 932 1.10 863 943 1.09 863 1,000 1.16 1.18% 6.04% 7.22% 2/1+ 1,010 1,136 1.12 1,002 1,107 1.10 1,002 1,159 1.16 -2.55% 4.70% 2.14% 3/1 1,009 983 0.97 994 964 0.97 994 1,018 1.02 -1.93% 5.60% 3.67% 3/1+ 1,156 1,081 0.94 1,145 1,095 0.96 1,145 1,165 1.02 1.30% 6.39% 7.69% Santa Clara 820 $886 $1.08 815 $897 $1.10 815 $971 $1.19 1.24% 8.25% 9.49% Studio 454 662 1.46 452 657 1.45 452 692 1.53 -0.76% 5.33% 4.57% 1/1 694 797 1.15 691 812 1.18 691 881 1.27 1.88% 8.50% 10.38% 2/1 902 920 1.02 896 900 1.00 896 964 1.08 -2.17% 7.11% 4.94% 2/1+ 997 1,012 1.01 991 1,038 1.05 992 1,128 1.14 2.57% 8.67% 11.24% 3/1 989 912 0.92 1,024 873 0.85 1,024 883 0.86 -4.28% 1.15% -3.13% 3/1+ 1,224 1,192 0.97 1,201 1,206 1.00 1,202 1,289 1.07 1.17% 6.88% 8.06% Source: RealData, Inc., December 1995 15 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- RENT INCREASES FOR INSTITUTIONAL APARTMENT PROPERTIES The following table reflects the rent increases for the 100 institutional grade apartment properties for the four counties surveyed by Ann Roulac and Company on both a periodic and annualized basis: - -------------------------------------------------------------------------------------------------- RENT INCREASES FOR INSTITUTIONAL PROPERTIES - -------------------------------------------------------------------------------------------------- PERCENT PERCENT PERCENT PERCENT ANNUALIZED ANNUALIZED CHANGE CHANGE CHANGE CHANGE INCREASE INCREASE INCREASE - -------------------------------------------------------------------------------------------------- COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96 TO 12/31/94 TO 6/30/95 TO 12/31/95 TO 6/30/96 1994 1995 1996 - -------------------------------------------------------------------------------------------------- Alameda 1.00 1.31 3.95 5.93 2.00 5.26 11.86 - -------------------------------------------------------------------------------------------------- San Francisco 4.36 0.96 7.16 11.18 8.72 8.12 22.37 - -------------------------------------------------------------------------------------------------- San Mateo 1.95 2.96 3.01 12.88 3.90 5.97 25.75 - -------------------------------------------------------------------------------------------------- Santa Clara 2.00 7.90 8.56 12.04 4.00 16.46 24.09 - -------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE 1.81 4.74 6.25 10.49 3.62 10.99 20.99 - -------------------------------------------------------------------------------------------------- Source: Ann Roulac and Company, June 1996 The annualized rental increases were calculated by multiplying the monthly increase by twelve. The largest average increase occurred during the January 1996 to June 1996 time frame. The rental rate gains through June of 1996 were most substantial in the county of San Mateo, with an annualized increase of 25.75%, followed by Santa Clara with an annualized increase of 24.09%, San Francisco with an annualized increase of 22.37%, and Alameda with an annualized increase of 11.86%. - -------------------------------------------------------------------------------- Ann Roulac and Company 12 16 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- The following table summarizes the rent increases for the institutional grade apartment properties surveyed by Ann Roulac and Company for the counties and cities outlined below: - -------------------------------------------------------------------------------------------------- RENT INCREASES FOR INSTITUTIONAL PROPERTIES - -------------------------------------------------------------------------------------------------- PERCENT PERCENT PERCENT PERCENT ANNUALIZED ANNUALIZED CHANGE CHANGE CHANGE CHANGE INCREASE INCREASE INCREASE - -------------------------------------------------------------------------------------------------- COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96 TO 12/31/94 TO 6/30/95 TO 12/31/95 TO 6/30/96 1994 1995 1996 - -------------------------------------------------------------------------------------------------- ALAMEDA COUNTY 1.00 1.31 3.95 5.93 2.00 5.26 11.86 - -------------------------------------------------------------------------------------------------- Dublin 0.54 1.95 2.76 2.22 1.08 4.71 4.44 - -------------------------------------------------------------------------------------------------- Fremont -0.61 1.74 5.49 9.79 -1.22 7.23 19.57 - -------------------------------------------------------------------------------------------------- Hayward 2.89 0.70 0.75 3.98 5.78 1.45 7.95 - -------------------------------------------------------------------------------------------------- Pleasanton 1.68 0.77 6.33 5.95 3.36 7.10 11.91 - -------------------------------------------------------------------------------------------------- Union City 2.35 1.09 3.58 4.84 4.70 4.67 9.68 - -------------------------------------------------------------------------------------------------- SAN FRANCISCO 4.36 0.96 7.16 11.18 8.72 8.12 22.37 COUNTY - -------------------------------------------------------------------------------------------------- San Francisco 4.36 0.96 7.16 11.18 8.72 8.12 22.37 - -------------------------------------------------------------------------------------------------- SAN MATEO COUNTY 1.95 2.96 3.01 12.88 3.90 5.97 25.75 - -------------------------------------------------------------------------------------------------- Daly City 0.11 -1.10 8.16 17.25 0.22 7.06 34.50 - -------------------------------------------------------------------------------------------------- Foster City 2.22 3.22 7.70 15.57 4.44 10.92 31.15 - -------------------------------------------------------------------------------------------------- Pacifica n/a n/a 1.27 11.49 n/a n/a 22.98 - -------------------------------------------------------------------------------------------------- Redwood City 0.94 4.36 4.75 6.78 1.88 9.11 13.57 - -------------------------------------------------------------------------------------------------- Redwood Shores 4.06 4.36 0.00 13.57 8.12 4.36 27.15 - -------------------------------------------------------------------------------------------------- San Bruno n/a 1.69 5.42 5.25 -- 7.11 10.49 - -------------------------------------------------------------------------------------------------- San Mateo 1.88 2.56 10.42 9.53 3.76 12.98 19.05 - -------------------------------------------------------------------------------------------------- SANTA CLARA COUNTY 2.00 7.90 8.56 12.04 4.00 16.46 24.09 - -------------------------------------------------------------------------------------------------- Campbell 2.00 2.20 11.26 11.51 4.00 13.46 23.02 - -------------------------------------------------------------------------------------------------- Mountain View 0.01 9.30 6.29 10.81 0.02 15.59 21.61 - -------------------------------------------------------------------------------------------------- San Jose 0.00 8.10 8.04 8.30 0.00 16.14 16.61 - -------------------------------------------------------------------------------------------------- Santa Clara 2.70 8.60 8.05 15.27 5.40 16.65 30.54 - -------------------------------------------------------------------------------------------------- Sunnyvale 2.80 6.60 9.73 14.22 5.60 16.33 28.44 - -------------------------------------------------------------------------------------------------- Source: Ann Roulac and Company, June 1996 NOTE: The annualized rental increases were calculated by multiplying the monthly increase by twelve. - -------------------------------------------------------------------------------- Ann Roulac and Company 13 17 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- DISCUSSION OF HISTORICAL VACANCY RATES For purposes of discussion and comparison, the following table outlines the annual average vacancy rates for the nine Bay Area counties for the database of 450 apartment properties of 100 units or more in size in the San Francisco Bay Area reported by RealData, Inc. in their December 1995 publication. The apartment properties surveyed are representative of the market as a whole, and include both older and newer properties. - -------------------------------------------------------------------------------- HISTORICAL VACANCY RATES FROM BAAMR - -------------------------------------------------------------------------------- BAY AREA 1987 1988 1989 1990 1991 1992 1993 1994 1995 - -------------------------------------------------------------------------------- Alameda 3.72 4.08 3.99 3.07 3.68 2.56 5.24 4.84 3.43 - -------------------------------------------------------------------------------- Contra Costa 5.27 4.94 3.31 3.67 3.99 2.72 5.96 5.67 5.07 - -------------------------------------------------------------------------------- Marin 2.35 2.57 2.58 2.38 5.58 3.11 2.64 3.17 3.61 - -------------------------------------------------------------------------------- Napa 2.83 1.90 1.61 1.57 2.46 1.21 3.14 2.85 4.17 - -------------------------------------------------------------------------------- San Francisco 3.39 2.05 4.68 6.16 3.18 3.28 4.86 4.05 3.12 - -------------------------------------------------------------------------------- San Mateo 3.03 2.90 2.57 2.76 3.48 1.58 3.75 3.38 2.83 - -------------------------------------------------------------------------------- Santa Clara 3.61 2.64 2.21 2.56 2.68 3.35 4.94 4.01 2.17 - -------------------------------------------------------------------------------- Solano 7.01 5.46 4.35 2.66 2.75 2.16 4.80 5.13 5.02 - -------------------------------------------------------------------------------- Sonoma 2.84 2.72 1.60 2.16 3.17 4.13 5.35 6.04 4.28 - -------------------------------------------------------------------------------- Weighted Average 3.78 3.51 3.16 3.20 3.33 2.85 4.96 4.69 3.29 - -------------------------------------------------------------------------------- Source: RealData, Inc., December 1995 In order to compare the performance of institutional quality apartment properties to the market as a whole, we have analyzed the vacancy rates for institutional grade apartment properties in the four surveyed counties. The results indicate that the vacancy rates for institutional properties have decreased by approximately 1.15% in the last several months, and are lower than the apartment database surveyed by RealData, Inc. - -------------------------------------------------------------------------------- Ann Roulac and Company 14 18 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- The following table reflects the vacancy rates for institutional grade apartment properties for the four counties surveyed by Ann Roulac and Company: - ---------------------------------------------------------------------------------- VACANCY RATES FOR INSTITUTIONAL PROPERTIES - ---------------------------------------------------------------------------------- COUNTY 7/1/94 1/1/95 7/1/95 1/1/96 6/30/96 - ---------------------------------------------------------------------------------- Alameda 3.11 3.34 2.49 1.44 0.40 - ---------------------------------------------------------------------------------- San Francisco 3.02 4.13 3.17 2.30 0.58 - ---------------------------------------------------------------------------------- San Mateo 4.62 3.67 2.99 1.04 0.32 - ---------------------------------------------------------------------------------- Santa Clara 4.35 3.80 2.69 0.36 0.42 - ---------------------------------------------------------------------------------- WEIGHTED AVERAGE 3.99 3.66 2.71 1.14 0.43 - ---------------------------------------------------------------------------------- Source: Ann Roulac and Company, June 1996 - -------------------------------------------------------------------------------- Ann Roulac and Company 15 19 Bay Apartment Communities, Inc. --------------------------------------------------------------- VACANCY RATES Apartment vacancy rates for the institutional grade apartment properties surveyed by Ann Roulac and Company in the cities within the four surveyed Counties are reflected in the following table: -------------------------------------------------------------------------------------------------------------------- VACANCY RATES FOR INSTITUTIONAL PROPERTIES -------------------------------------------------------------------------------------------------------------------- COUNTY / CITY 7/1/94 1/1/95 7/1/95 1/1/96 6/30/96 -------------------------------------------------------------------------------------------------------------------- ALAMEDA COUNTY 3.11% 3.34% 2.49% 1.44% 0.40% -------------------------------------------------------------------------------------------------------------------- Dublin 1.79% 1.34% 0.00% 0.35% 0.00% -------------------------------------------------------------------------------------------------------------------- Fremont 3.40% 5.53% 2.13% 1.98% 0.28% -------------------------------------------------------------------------------------------------------------------- Hayward 4.28% 3.51% 4.45% 2.13% 1.13% -------------------------------------------------------------------------------------------------------------------- Pleasanton 2.55% 2.44% 2.58% 1.05% 0.11% -------------------------------------------------------------------------------------------------------------------- Union City 2.84% 1.42% 3.19% 0.35% 0.00% -------------------------------------------------------------------------------------------------------------------- SAN FRANCISCO COUNTY 3.02% 4.13% 3.17% 2.30% 0.58% -------------------------------------------------------------------------------------------------------------------- San Francisco 3.02% 4.13% 3.17% 2.30% 0.58% -------------------------------------------------------------------------------------------------------------------- SAN MATEO COUNTY 4.62% 3.67% 2.99% 1.04% 0.32% -------------------------------------------------------------------------------------------------------------------- Daly City 4.04% 8.84% 6.57% 0.00% 0.00% -------------------------------------------------------------------------------------------------------------------- Foster City 4.32% 2.57% 2.52% 1.49% 0.28% -------------------------------------------------------------------------------------------------------------------- Pacifica n/a 1.11% 3.89% 0.00% 0.56% -------------------------------------------------------------------------------------------------------------------- Redwood City 3.32% 3.98% 3.54% 0.44% 0.44% -------------------------------------------------------------------------------------------------------------------- Redwood Shores 2.16% 2.70% 2.16% 0.00% 0.00% -------------------------------------------------------------------------------------------------------------------- San Bruno n/a 4.29% 3.63% 0.96% 0.29% -------------------------------------------------------------------------------------------------------------------- San Mateo 8.85% 5.73% 2.60% 1.40% 0.60% -------------------------------------------------------------------------------------------------------------------- SANTA CLARA COUNTY 4.35% 3.80% 2.69% 0.36% 0.42% -------------------------------------------------------------------------------------------------------------------- Campbell 2.31% 5.00% 2.69% 0.49% 1.15% -------------------------------------------------------------------------------------------------------------------- Mountain View 3.77% 3.44% 2.43% 0.00% 0.00% -------------------------------------------------------------------------------------------------------------------- San Jose 5.52% 4.93% 2.73% 0.56% 0.86% -------------------------------------------------------------------------------------------------------------------- Santa Clara 3.93% 3.91% 2.71% 0.36% 0.17% -------------------------------------------------------------------------------------------------------------------- Sunnyvale 3.11% 2.89% 2.73% 0.20% 0.10% -------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------- Ann Roulac and Company 16 20 Bay Apartment Communities, Inc. --------------------------------------------------------------- PLANNED AND PROPOSED PROJECTS PROJECTS IN PLANNING Construction activity in the past 15 years follows a pattern typical of California, with few units built in the early 1980's, a surge starting in the mid-1980's that peaked in 1989, and a marked decline in the 1990's. While apartment rental markets in the Bay Area experienced over building during the mid-1980's, building activity has tapered off since the peak of 1985 and 1986 when the construction of rental apartment properties were at their highest level. Exhibit I at the end of this report reflects the following number of units constructed by county for the six year period 1990 through 1995 reported by RealData , Inc. The number of units are for 100+ unit projects both market rate and subsidized. COUNTY NUMBER OF UNITS ------ --------------- Alameda 1,508 San Francisco 839 San Mateo 185 Santa Clara 4,948 TOTAL 7,480 ANNUAL AVERAGE 1,247 In the process of our research, we contacted the cities within the four Bay Area counties to obtain information on apartment projects that were currently in the planning or construction stages. This would include all projects that had applied and received tentative approval from the applicable city planning department. Additionally, we contacted major development companies to identify projects that were currently being processed through planning. Our research revealed that the majority of all planned development is in Santa Clara County. Our research indicates that a total of 8,052 units are in various stages of planning in the market area as follows: --------------------------------------------------------------- Ann Roulac and Company 17 21 Bay Apartment Communities, Inc. --------------------------------------------------------------- COUNTY NUMBER OF PLANNED UNITS ------ ----------------------- Alameda 1,440 San Francisco 302 San Mateo 1,104 Santa Clara 5,206 TOTAL 8,052 ANNUAL AVERAGE 2,684 The annual average number of units that could commence lease up between June of 1996 through June of 1999 could be as high as 2,684 units per year. In all likelihood, the actual number of new apartments will be less, given the current difficulty of obtaining debt and equity financing for non-REIT owned development companies. We have identified projects that are either in the planning stage or are under construction in the Bay Area region. The table below describes the location, size, and status of these projects. -------------------------------------------------------------------------------------------------------------- PROJECTS IN PLANNING -------------------------------------------------------------------------------------------------------------- TOTAL COUNTY/CITY PROJECT/DEVELOPER LOCATION UNITS COMMENTS -------------------------------------------------------------------------------------------------------------- ALAMEDA -------------------------------------------------------------------------------------------------------------- Fremont Red Hawk Ranch /M.H. Gardeno and Stevenson 582 (phase I - 303 units fully Podell Blvds. leased) phase II - 150 units projected completion 12/96 phase III - 252 units projected completion 6/97 phase IV - 180 units projected completion 3/98 -------------------------------------------------------------------------------------------------------------- Oakland Lincoln Property Jack London Square 250 projected construction start Company 6/97 -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------- Ann Roulac and Company 18 22 Bay Apartment Communities, Inc. --------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- Pleasanton Spanish Oaks Hacienda Business Park 462 approved 12/91 - stalled as Robertson Homes now bankrupt -------------------------------------------------------------------------------------------------------------- Pleasanton The Promenade/A.F. Case Ave. 146 projected completion 3/97 Evans -------------------------------------------------------------------------------------------------------------- SUB-TOTAL 1,440 (Alameda) -------------------------------------------------------------------------------------------------------------- SAN FRANCISCO -------------------------------------------------------------------------------------------------------------- San Francisco Beale/Reynolds & Brown 300 Beale 60 projected completion 9/96 -------------------------------------------------------------------------------------------------------------- San Francisco Emerald 540 Delancey 242 projected completion 12/97 Fund/Delancey -------------------------------------------------------------------------------------------------------------- SUB-TOTAL 302 (San Francisco) -------------------------------------------------------------------------------------------------------------- SAN MATEO -------------------------------------------------------------------------------------------------------------- Redwood City Thompson Residential El Camino 220 projected construction start 3/97 -------------------------------------------------------------------------------------------------------------- Redwood Shores Lido/M.H. Podell Lido Subdivision 470 projected construction start 3/97 -------------------------------------------------------------------------------------------------------------- San Mateo Bridgepoint/ Sobrato Fashion Island 414 change of use required projected construction start 3/97 -------------------------------------------------------------------------------------------------------------- SUB-TOTAL 1,104 (San Mateo) -------------------------------------------------------------------------------------------------------------- SANTA CLARA -------------------------------------------------------------------------------------------------------------- Cupertino Citation Central Homestead Rd. 204 final plan approved -------------------------------------------------------------------------------------------------------------- Cupertino Thompson Residential Wolf & Pruneridge 348 projected cnstruction start 3/97 -------------------------------------------------------------------------------------------------------------- Milpitas Bresford Terrace N. Milpitas Blvd. 114 under construction -------------------------------------------------------------------------------------------------------------- Milpitas McCarthy Ranch McCarthy Ranch 375 unknown /Fairfield -------------------------------------------------------------------------------------------------------------- Morgan Hill Sterla Dunne Ave. 76 planned - must begin construction by 6/96 -------------------------------------------------------------------------------------------------------------- Mountain View Park Place /Prometheus Castro Street 120 projected completion 1997 -------------------------------------------------------------------------------------------------------------- Mountain View The Americano Continental Circle 78 planned -------------------------------------------------------------------------------------------------------------- Mountain View The Crossings Old Mill Site 120 planned /Plymouth -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------- Ann Roulac and Company 19 23 Bay Apartment Communities, Inc. --------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- San Jose Sienna/Forest City Renaissance Square 606 construction start by 9/96 -------------------------------------------------------------------------------------------------------------- San Jose Willow Lake/Sobrato Ringwood & Murphy 150 projected completion (Phase II) 3/97 -------------------------------------------------------------------------------------------------------------- San Jose Bay Apartment Capital Expressway 300 projected completion end of Communities 1996 -------------------------------------------------------------------------------------------------------------- San Jose Villa Tereno/ Sobrato Julian/1st 198 under construction/start leasing 10/96 -------------------------------------------------------------------------------------------------------------- San Jose Bay Apartment Stevens Creek & 580 510 projected construction start Communities 3/97 -------------------------------------------------------------------------------------------------------------- San Jose Bay Apartment Fallstaff 250+ projected construction start Communities 7/97 -------------------------------------------------------------------------------------------------------------- San Jose Perucci/Lincoln Downtown San Jose 220 projected construction start Property Company 7/97 -------------------------------------------------------------------------------------------------------------- San Jose Almaden Lake/FPI Coleman 250 projected construction start 9/96 -------------------------------------------------------------------------------------------------------------- San Jose Market Gateway/ David Market Street 50 in planning Neal -------------------------------------------------------------------------------------------------------------- Santa Clara Bella Vista Phase III-Nantucket Lickmill Blvd 252 projected completion 1997 Phase IV/Interland Lickmill Blvd 276 projected start 1997 -------------------------------------------------------------------------------------------------------------- Sunnyvale The Mark/ Lawrence & 101 709 projected completion 1997 Bay Apartment Communities -------------------------------------------------------------------------------------------------------------- SUB-TOTAL 5,206 (Santa Clara) -------------------------------------------------------------------------------------------------------------- TOTAL 8,052 -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------- Ann Roulac and Company 20 24 Bay Apartment Communities, Inc. --------------------------------------------------------------- CONCLUSION OUTLOOK Over the next several years the outlook for the Bay Area economy is highly positive. The Bay Area's strong base in computer and related manufacturing and research and development, high income levels, and attractiveness as a residential and business community provide a solid foundation for future economic growth. The highly educated work force and the proximity to strong research universities will continue to encourage the presence of many computer, electronics, and other high-tech firms. The Bay Area's difficult regulatory environment and the limited supply of developable land are expected to continue to inhibit new residential/apartment construction. These two aspects should contribute to a continued increase in rental rates and decrease in vacancy rates. The 1996 Landauer Real Estate Market Forecast ranked three Bay Area markets (Oakland, San Jose and San Francisco) as first, fourth, and sixth in a study that compared 35 apartment markets by examining market occupancy trends, rental pricing patterns, demand indicators and construction volumes. Notably, these reflected an improvement over Landauer's 1995 rankings, which listed Oakland as fifth and San Jose as sixth in a similar study. PROJECTED RENT INCREASES Rent increases have been substantial through June of 1996 due to continued Bay Area economic recovery as well as limited rental starts. It is anticipated that construction activities will increase as reflected and discussed in the previous Planned and Proposed Project section, and will result in rental increases in the 5.4% to 13.75% range through 1999. The projected rental increases reflected above are based on the fact that the demand for rental units in the market area will remain constrained within the next two to three years. We have projected more aggressive rental increases in San Mateo and Santa Clara Counties due to the following: - A significantly larger pool of qualified renters with the ability to pay rent at the high end of the market - Close proximity to computer, electronics and high tech employers. We have projected more moderate yet still significant increases in San Francisco County due to the following: --------------------------------------------------------------- Ann Roulac and Company 21 25 Bay Apartment Communities, Inc. --------------------------------------------------------------- - Average rents are the highest rates charged in the Bay Area on a nominal and per square foot basis; - Decreasing gap between rents paid and mortgage payments for similar type units. We have projected increased though less aggressive rent growth in Alameda County for the following reasons: - Less dynamic income fundamentals and growth than in neighboring Santa Clara County; - Recent history of lower rent increases. The following table displays annualized rent increases for 1996 and projects annual rent increases for the years 1996 through 1999 for institutional grade apartment properties for the four counties identified below. The 1996 projections are lower than the annualized 1996 figures, as we are projecting that rent increases in the second half of 1996 will be slightly lower than the first half of 1996. ------------------------------------------------------------------------------------------------------ PROJECTED RENT INCREASES ------------------------------------------------------------------------------------------------------ COUNTY ANNUALIZED 1996 1997 1998 1999 1996 ----------------------------------------------------------------------------------------------------- Alameda 11.86% 8.50% 6.50% 5.00% 4.50% ----------------------------------------------------------------------------------------------------- San Francisco 22.37% 14.50% 8.50% 6.00% 5.00% ----------------------------------------------------------------------------------------------------- San Mateo 25.75% 16.00% 9.50% 8.00% 6.00% ----------------------------------------------------------------------------------------------------- Santa Clara 24.09% 16.00% 9.00% 8.00% 6.00% ----------------------------------------------------------------------------------------------------- AVERAGE 20.99% 13.75% 8.38% 6.75% 5.38% ----------------------------------------------------------------------------------------------------- Note: The 1996 projections reflect the annualized increase through June 1996. PROJECTED VACANCY RATES The low affordability of single-family housing in the Bay Area has continued to increase demand for multifamily rental units. Rental vacancy rates for investment grade apartment properties have continued to decline while construction has occurred at a very slow pace. Vacancy rates have decreased in the last several months, and institutional apartment properties are experiencing tighter vacancy rates than the older apartment properties. --------------------------------------------------------------- Ann Roulac and Company 22 26 Bay Apartment Communities, Inc. --------------------------------------------------------------- Fundamental to our vacancy rate projections is the expectation that new construction will somewhat ease the current low vacancy rates but we do not anticipate that they will fall below the 3% to 4% range through 1999. The following table projects vacancy rates for investment grade apartment properties for the four counties outlined below: ----------------------------------------------------------------------------------------------------------- PROJECTED VACANCY RATES ----------------------------------------------------------------------------------------------------------- COUNTY 1996 1997 1998 1999 ----------------------------------------------------------------------------------------------------------- Alameda 1.00% 2.00% 3.50% 3.50% ----------------------------------------------------------------------------------------------------------- San Francisco 1.50% 2.00% 3.00% 3.00% ----------------------------------------------------------------------------------------------------------- San Mateo 1.00% 2.00% 2.50% 3.00% ----------------------------------------------------------------------------------------------------------- Santa Clara 1.25% 3.00% 3.25% 3.5% ----------------------------------------------------------------------------------------------------------- AVERAGE 1.20% 2.25% 3.10% 3.25% ----------------------------------------------------------------------------------------------------------- Note: 1996 vacancy rates are projected vacancy rates through 12/31/96, per Ann Roulac and Company. --------------------------------------------------------------- Ann Roulac and Company 23 27 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- EXHIBIT I NUMBER OF UNITS CONSTRUCTED BY YEAR AND COUNTY - -------------------------------------------------------------------------------- Ann Roulac and Company 28 NUMBER OF UNITS CONSTRUCTED BY YEAR & COUNTY (100+ UNIT CONVENTIONAL PROJECTS) Year Contra San San Santa Built Alameda Costa Marin Napa Francisco Mateo Clara Solano Sonoma Total - ----- ------- ------ ----- ---- --------- ----- ----- ------ ------ ----- 1959* 276 4,392 4,077 244 8,989 1960 478 198 123 883 182 1,864 1961 264 482 746 1962 685 105 769 1,559 1963 202 243 311 756 1964 162 464 576 1,228 120 2,550 1965 1,497 300 284 1,254 1,053 1,592 178 6,158 1966 1,047 723 942 2,712 1967 457 150 230 514 100 1,451 1968 557 588 721 1,276 183 3,325 1969 760 244 2,315 3,319 1970 996 316 1,438 4,206 6,956 1971 1,049 1,790 641 168 1,229 2,835 7,712 1972 1,902 1,792 180 154 2,118 4,238 621 11,005 1973 934 1,531 676 1,452 2,473 118 7,184 1974 1,130 606 189 359 322 2,915 180 640 6,341 1975 1,246 724 117 256 3,005 171 5,519 1976 529 464 1,266 110 120 2,489 1977 1,212 104 864 100 202 2,482 1978 360 568 220 1,206 194 2,548 1979 368 248 540 166 631 180 2,133 1980 886 184 168 104 1,342 1981 433 1,249 252 1,934 1982 290 216 506 1983 400 188 588 1984 279 1,188 224 862 188 822 3,563 1985 4,553 1,496 168 410 736 1,766 1,446 748 11,323 1986 1,903 2,620 304 304 3,609 2,505 1,118 12,363 1987 1,806 4,759 1,194 1,497 1,104 542 10,902 1988 2,640 918 2,074 308 2,668 316 8,924 1989 1,386 868 156 1,433 148 1,110 558 116 5,775 1990 314 728 468 349 185 1,551 300 412 4,307 1991 479 771 207 2,173 100 3,730 1992 308 1,427 108 366 2,209 1993 175 186 216 577 1994 324 324 1995 407 348 168 923 - ---------------------------------------------------------------------------------------------------------------- Contra San San Santa Alameda Costa Marin Napa Francisco Mateo Clara Solano Sonoma Total Totals 30,808 25,621 3,376 1,007 14,368 15,820 51,805 8,264 6,218 157,088 * Includes units constructed prior to 1959. December 1995 Copyright (c) 1991 RealData, Inc. All Rights Reserved. 29 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- EXHIBIT II LIST OF APARTMENT PROPERTIES SURVEYED - -------------------------------------------------------------------------------- Ann Roulac and Company 30 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- EXHIBIT II LIST OF APARTMENT PROPERTIES SURVEYED ALAMEDA COUNTY Amador Lake Dublin Alicante Fremont* Amador Oaks Dublin Barrington Hills Hayward* Civic Square Pleasanton Clarendon Hills Hayward Cotton Wood Dublin Creekside Village Fremont Dublin Meadows Dublin Hacienda Commons Pleasanton Hacienda Gardens Pleasanton* Hampton Place Fremont* Hillcrest Hayward Mission Heights Hayward Mission Wells Fremont Parkwood Dublin Pathfinder Village Fremont Springhouse Pleasanton Stoneridge Pleasanton Summerwood Hayward Sun Pointe Village Fremont Veranda Union City Waterford Hayward* Willow Creek Fremont* Wimbledon Woods Hayward *Denotes Bay Apartment Communities properties - -------------------------------------------------------------------------------- Ann Roulac and Company 31 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- SAN FRANCISCO COUNTY 2000 Post Bayside Village City Heights Filmore Center Fox Plaza Golden Gateway Center Oakwood Post Street Towers Potero Court RinconTowers South Beach Marina St. Francis Village Square* * Denotes Bay Apartment Communities properties - -------------------------------------------------------------------------------- Ann Roulac and Company 32 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- SAN MATEO COUNTY Beach Cove Foster City Creekside San Mateo Evergreen Ridge San Bruno The Fairmont Pacifica Foster's Landing Foster City Franciscan Foster City Harbor Cove Foster City Harborside Redwood City Indian Creek Redwood Shores Lakeshore Landing San Mateo Lands End Pacifica Lantern Cove Foster City Redwood Shores Redwood City Sand Cove Foster City Schooner Bay Foster City Seramonte Ridge Daly City Shadow Cove Foster City Sky Crest San Bruno Treetops San Bruno *Denotes Bay Apartment Communities properties - -------------------------------------------------------------------------------- Ann Roulac and Company 33 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- SANTA CLARA COUNTY Alderwood Santa Clara Bella Vista Santa Clara Boardwalk Santa Clara Bramblewood San Jose Briarwood Sunnyvale Bristol Commons Sunnyvale Brookside Park Mountain Vies Canyon Creek Campbell* Cascades Sunnyvale Cedar Glen Campbell Colonnade San Jose Countrybrook San Jose Elan at River Oaks San Jose Ellmar Oaks San Jose Fairway Glen San Jose* Fountains at River Oaks San Jose Foxchase San Jose* Greendale Mountain View Greentree San Jose The Grove Sunnyvale Heatherstone Mountain View Kensington Place Sunnyvale Kimberly Woods San Jose Lincoln Green Sunnyvale Los Padres Village Santa Clara Macara Gardents Sunnyvale Mansion Grove Santa Clara Marin a Cove Santa Clara Marina Playa Santa Clara The Meadows Sunnyvale Mission Pointe Sunnyvale Park Central Santa Clara Park Place Mountain View Parkside Commons Sunnyvale The Redwoods San Jose San Marino San Jose Shadowbrook Sunnyvale South Park Mountain View Summerhill Park Sunnyvale Timberleaf Santa Clara Trellis Square Sunnyvale Villa Mariposa Mountain View* Willow Lake San Jose - -------------------------------------------------------------------------------- Ann Roulac and Company 34 Bay Apartment Communities, Inc. - -------------------------------------------------------------------------------- EXHIBIT III RENTAL SURVEYS - -------------------------------------------------------------------------------- Ann Roulac and Company 35 ALICANTE CITY Fremont # OF UNITS 135 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 42 81 12 DATE OPENED Mar-91 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2 3 5 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 1.48% 2.22% 3.70% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 721 $895 $945 $920 $1.24 $1.31 $1.28 Max n/a n/a n/a n/a n/a n/a n/a Average 721 $895 $945 $920 $1.24 $1.31 $1.28 2 Bed - Min 1040 $1,065 $1,175 $1,120 $1.02 $1.13 $1.08 Max n/a n/a n/a n/a n/a n/a n/a Average 1040 $1,065 $1,175 $1,120 $1.02 $1.13 $1.08 3 Bed - Min 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17 Max n/a n/a n/a n/a n/a n/a n/a Average 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17 RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 721 $895 $950 $923 $1.24 $1.32 $1.28 0.27173913 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 721 $895 $950 $923 $1.24 $1.32 $1.28 0.27173913 2 Bed - Min 1040 $1,100 $1,170 $1,135 $1.06 $1.13 $1.09 1.339285714 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1040 $1,100 $1,170 $1,135 $1.06 $1.13 $1.09 1.339285714 3 Bed - Min 1319 $1,395 $1,475 $1,435 $1.06 $1.12 $1.09 -7.1197411 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1319 $1,395 $1,475 $1,435 $1.06 $1.12 $1.09 -7.1197411 RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 721 $910 $995 $953 $1.26 $1.38 $1.32 3.25 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 721 $910 $995 $953 $1.26 $1.38 $1.32 3.25 2 Bed - Min 1040 $1,145 $1,210 $1,178 $1.10 $1.16 $1.13 3.74 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1040 $1,145 $1,210 $1,178 $1.10 $1.16 $1.13 3.74 3 Bed - Min 1319 $1,415 $1,510 $1,463 $1.07 $1.14 $1.11 1.92 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1319 $1,415 $1,510 $1,463 $1.07 $1.14 $1.11 1.92 RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 721 $925 $995 $960 $1.28 $1.38 $1.33 0.787401575 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 721 $925 $995 $960 $1.28 $1.38 $1.33 0.787401575 2 Bed - Min 1040 $1,165 $1,225 $1,195 $1.12 $1.18 $1.15 1.486199575 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1040 $1,165 $1,225 $1,195 $1.12 $1.18 $1.15 1.486199575 3 Bed - Min 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17 5.641025641 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1319 $1,495 $1,595 $1,545 $1.13 $1.21 $1.17 5.641025641 RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a Bed - Min 721 $1,050 $1,100 $1,075 $1.46 $1.53 $1.49 11.98 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 721 $1,050 $1,100 $1,075 $1.46 $1.53 $1.49 11.98 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1040 $1,325 $1,400 $1,363 $1.27 $1.35 $1.31 14.02 3 Bed - Min 1319 $1,750 $1,810 $1,780 $1.33 $1.37 $1.35 15.21 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1319 $1,750 $1,810 $1,780 $1.33 $1.37 $1.35 15.21 36 AMADOR LAKE CITY Dublin UNITS VACANT # OF UNITS 555 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 11 12 3 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 160 395 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Apr-85 1.98% 2.16% 0.54% 0.18% 0.00% - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 733 $745 $ 790 $ 768 $1.02 $1.08 $1.05 733 $775 $ 810 $ 793 $1.06 $1.11 $1.08 3.2573 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 733 $745 $ 790 $ 768 $1.02 $1.08 $1.05 733 $775 $ 810 $ 793 $1.06 $1.11 $1.08 3.2573 2 Bed - Min 876 $855 $ 890 $ 873 $0.98 $1.02 $1.00 876 $865 $ 890 $ 878 $0.99 $1.02 $1.00 0.5731 Max 988 $985 $1,035 $1,010 $1.00 $1.05 $1.02 988 $975 $1,040 $1,008 $0.99 $1.05 $1.02 -0.248 Average 932 $920 $ 963 $ 941 $0.99 $1.03 $1.01 932 $920 $ 965 $ 943 $0.99 $1.03 $1.01 0.1328 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 733 $790 $ 825 $ 808 $1.08 $1.13 $1.10 1.89 733 $ 810 $ 845 $ 828 $1.11 $1.15 $1.13 2.4768 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 733 $790 $ 825 $ 808 $1.08 $1.13 $1.10 1.89 733 $ 810 $ 845 $ 828 $1.11 $1.15 $1.13 2.4768 2 Bed - Min 876 $880 $ 905 $ 893 $1.00 $1.03 $1.02 1.71 876 $ 910 $ 935 $ 923 $1.04 $1.07 $1.05 3.3613 Max 988 $990 $1,045 $1,018 $1.00 $1.06 $1.03 0.99 988 $1,025 $1,080 $1,053 $1.04 $1.09 $1.07 3.4398 Average 932 $935 $ 975 $ 955 $0.99 $1.05 $1.02 1.33 932 $ 968 $1,008 $ 988 $1.04 $1.08 $1.06 3.4031 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ----------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 733 $815 $ 880 $ 848 $1.11 $1.20 $1.16 2.42 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 733 $815 $ 880 $ 848 $1.11 $1.20 $1.16 2.42 2 Bed - Min 876 $935 $ 995 $ 965 $1.07 $1.14 $1.10 4.61 Max 988 $965 $1,130 $1,048 $0.98 $1.14 $1.06 -0.48 Average 932 $950 $1,063 $1,006 $0.99 $1.14 $1.08 1.90 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 37 AMADOR OAKS CITY Dublin UNITS VACANT # OF UNITS 204 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 15 13 8 2 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 16 72 68 48 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jun-89 7.35% 6.37% 3.92% 0.98% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 509 $ 725 $ 745 $ 735 $1.42 $1.46 $1.44 509 $ 725 $ 745 $ 735 $1.42 $1.46 $1.44 0 Max 559 $ 735 $ 755 $ 745 $1.31 $1.35 $1.33 559 $ 735 $ 755 $ 745 $1.31 $1.35 $1.33 0 Average 534 $ 730 $ 750 $ 740 $1.37 $1.41 $1.39 534 $ 730 $ 750 $ 740 $1.37 $1.41 $1.39 0 1 Bed - Min 671 $ 820 $ 860 $ 840 $1.22 $1.28 $1.25 671 $ 830 $ 870 $ 850 $1.24 $1.30 $1.27 1.19048 Max 695 $ 840 $ 880 $ 860 $1.21 $1.27 $1.24 695 $ 850 $ 890 $ 870 $1.22 $1.28 $1.25 1.16279 Average 683 $ 830 $ 870 $ 850 $1.22 $1.27 $1.24 683 $ 840 $ 880 $ 860 $1.23 $1.29 $1.26 1.17647 2 Bed - Min 865 $ 925 $ 950 $ 938 $1.07 $1.10 $1.08 865 $ 930 $ 955 $ 943 $1.08 $1.10 $1.09 0.53333 Max 1005 $1,010 $1,060 $1,035 $1.00 $1.05 $1.03 1005 $1,025 $1,075 $1,050 $1.02 $1.07 $1.04 1.44928 Average 935 $ 968 $1,005 $ 986 $1.04 $1.08 $1.06 935 $ 978 $1,015 $ 996 $1.05 $1.09 $1.07 1.01394 3 Bed - Min 1192 $1,225 $1,275 $1,250 $1.03 $1.07 $1.05 1192 $1,245 $1,295 $1,270 $1.04 $1.09 $1.07 1.6 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1192 $1,225 $1,275 $1,250 $1.03 $1.07 $1.05 1192 $1,245 $1,295 $1,270 $1.04 $1.09 $1.07 1.6 - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min 509 $ 740 $ 760 $ 750 $1.45 $1.49 $1.47 n/a 509 $ 790 $ 820 $ 805 $1.55 $1.61 $1.58 n/a Max 559 $ 750 $ 770 $ 760 $1.34 $1.38 $1.36 n/a 559 $ 800 $ 820 $ 810 $1.43 $1.47 $1.45 n/a Average 534 $ 745 $ 765 $ 755 $1.40 $1.44 $1.42 n/a 534 $ 795 $ 820 $ 808 $1.49 $1.54 $1.52 n/a 1 Bed - Min 671 $ 830 $ 870 $ 850 $1.24 $1.30 $1.27 0.00 671 $ 845 $ 885 $ 865 $1.26 $1.32 $1.29 1.76471 Max 695 $ 850 $ 890 $ 870 $1.22 $1.28 $1.25 n/a 695 $ 865 $ 905 $ 885 $1.24 $1.30 $1.27 n/a Average 683 $ 840 $ 880 $ 860 $1.23 $1.29 $1.26 0.00 683 $ 855 $ 895 $ 875 $1.25 $1.31 $1.28 1.74419 2 Bed - Min 865 $ 940 $ 965 $ 953 $1.09 $1.12 $1.10 1.06 865 $ 960 $ 985 $ 973 $1.11 $1.14 $1.12 2.09974 Max 1005 $1,035 $1,085 $1,060 $1.03 $1.08 $1.05 n/a 1005 $1,045 $1,095 $1,070 $1.04 $1.09 $1.06 n/a Average 935 $ 988 $1,025 $1,006 $1.06 $1.10 $1.08 1.00 935 $1,003 $1,040 $1,021 $1.07 $1.11 $1.09 1.49068 3 Bed - Min 1192 $1,260 $1,310 $1,285 $1.06 $1.10 $1.08 1.18 1192 $1,295 $1,345 $1,320 $1.09 $1.13 $1.11 2.72374 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1192 $1,260 $1,310 $1,285 $1.06 $1.10 $1.08 1.18 1192 $1,295 $1,345 $1,320 $1.09 $1.13 $1.11 2.72374 - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 509 $ 790 $ 810 $ 800 $1.55 $1.59 $1.57 n/a Max 559 $ 800 $ 820 $ 810 $1.43 $1.47 $1.45 n/a Average 534 $ 795 $ 815 $ 805 $1.49 $1.53 $1.51 n/a 1 Bed - Min 671 $ 845 $ 885 $ 865 $1.26 $1.32 $1.29 0.00 Max 695 $ 865 $ 905 $ 885 $1.24 $1.30 $1.27 n/a Average 683 $ 855 $ 895 $ 875 $1.25 $1.31 $1.28 0.00 2 Bed - Min 865 $ 985 $1,010 $ 998 $1.14 $1.17 $1.15 2.57 Max 1005 $1,070 $1,120 $1,095 $1.06 $1.11 $1.09 n/a Average 935 $1,028 $1,065 $1,046 $1.10 $1.14 $1.12 2.45 3 Bed - Min 1192 $1,330 $1,380 $1,355 $1.12 $1.16 $1.14 2.65 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1192 $1,330 $1,380 $1,355 $1.12 $1.16 $1.14 2.65 38 BARRINGTON HILLS CITY Hayward UNITS VACANT # OF UNITS 188 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX n/a 10 8 7 5 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 48 140 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-87 n/a 5.32% 4.26% 3.72% 2.66% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a 711 $760 $785 $773 $1.07 $1.10 $1.09 Max n/a n/a n/a n/a n/a n/a n/a 925 $800 $825 $813 $0.86 $0.89 $0.88 Average n/a n/a n/a n/a n/a n/a n/a 818 $780 $805 $793 $0.97 $1.00 $0.98 2 Bed - Min n/a n/a n/a n/a n/a n/a n/a 900 $870 $910 $890 $0.97 $1.01 $0.99 Max n/a n/a n/a n/a n/a n/a n/a 965 $870 $910 $890 $0.90 $0.94 $0.92 Average n/a n/a n/a n/a n/a n/a n/a 932.5 $870 $910 $890 $0.99 $0.98 $0.98 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 711 $785 $800 $793 $1.10 $1.13 $1.11 2.59 711 $800 $815 $808 $1.13 $1.15 $1.14 1.8927 Max 925 $855 $870 $863 $0.92 $0.94 $0.93 6.15 925 $870 $885 $878 $0.94 $0.96 $0.95 1.7391 Average 818 $820 $835 $828 $1.01 $1.03 $1.02 4.42 818 $835 $850 $843 $1.03 $1.05 $1.04 1.8127 2 Bed - Min 900 $910 $925 $918 $1.01 $1.03 $1.02 3.09 900 $925 $940 $933 $1.03 $1.04 $1.04 1.6349 Max 965 $910 $925 $918 $0.94 $0.96 $0.95 3.09 965 $925 $940 $933 $0.96 $0.97 $0.97 1.6349 Average 932.5 $910 $925 $918 $0.98 $0.99 $0.99 3.09 932.5 $925 $940 $933 $0.99 $1.01 $1.00 1.6349 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 711 $825 $845 $835 $1.16 $1.19 $1.17 3.41 Max 925 $885 $905 $895 $0.96 $0.98 $0.97 1.99 Average 818 $855 $875 $865 $1.06 $1.08 $1.07 2.67 2 Bed - Min 900 $965 $985 $975 $1.07 $1.09 $1.08 4.56 Max 965 $965 $985 $975 $1.00 $1.02 $1.01 4.56 Average 932.5 $965 $985 $975 $1.04 $1.06 $1.05 4.56 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 39 CIVIC SQUARE CITY Pleasanton UNITS VACANT # OF UNITS 262 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 8 3 3 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 99 163 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-87 3.44% 3.05% 1.15% 1.15% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 657 $725 $725 $725 $1.10 $1.10 $1.10 657 $725 $725 $725 $1.10 $1.10 $1.10 0 Max 682 $735 $735 $735 $1.08 $1.08 $1.08 682 $735 $735 $735 $1.08 $1.08 $1.08 0 Average 669.5 $730 $730 $730 $1.09 $1.09 $1.09 669.5 $730 $730 $730 $1.09 $1.09 $1.09 0 2 Bed - Min 790 $840 $840 $840 $1.06 $1.06 $1.06 790 $800 $800 $800 $1.01 $1.01 $1.01 -4.762 Max 985 $895 $950 $923 $0.91 $0.96 $0.94 985 $900 $900 $900 $0.91 $0.91 $0.91 -2.439 Average 887.5 $868 $895 $881 $0.99 $1.01 $1.00 887.5 $850 $850 $850 $0.96 $0.96 $0.96 -3.546 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 657 $735 $750 $743 $1.12 $1.14 $1.13 2.41 657 $785 $825 $805 $1.19 $1.26 $1.23 8.4175 Max 682 $745 $760 $753 $1.09 $1.11 $1.10 2.38 682 $785 $825 $805 $1.15 $1.21 $1.18 6.9767 Average 669.5 $740 $755 $748 $1.11 $1.13 $1.12 2.40 669.5 $785 $825 $805 $1.17 $1.23 $1.20 7.6923 2 Bed - Min 790 $810 $820 $815 $1.03 $1.04 $1.03 1.88 790 $865 $905 $885 $1.09 $1.15 $1.12 8.589 Max 985 $910 $970 $940 $0.92 $0.98 $0.95 4.44 985 $950 $1,000 $975 $0.96 $1.02 $0.99 3.7234 Average 887.5 $860 $895 $878 $0.97 $1.01 $0.99 3.24 887.5 $908 $953 $930 $1.03 $1.08 $1.06 5.9829 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 657 $810 $850 $830 $1.23 $1.29 $1.26 3.11 Max 682 $785 $825 $805 $1.15 $1.21 $1.18 0.00 Average 669.5 $798 $838 $818 $1.19 $1.25 $1.22 1.55 2 Bed - Min 790 $910 $930 $920 $1.15 $1.18 $1.16 3.95 Max 985 $975 $1,000 $988 $0.99 $1.02 $1.00 1.28 Average 887.5 $943 $965 $954 $1.07 $1.10 $1.08 2.55 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 40 CLARENDON HILLS CITY Hayward UNITS VACANT # OF UNITS 285 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 15 10 6 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 100 160 25 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Sep-88 5.26% 3.51% 2.11% 0.00% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $775 $850 $813 $1.11 $1.21 $1.16 700 $775 $850 $813 $1.11 $1.21 $1.16 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $775 $850 $813 $1.11 $1.21 $1.16 700 $775 $850 $813 $1.11 $1.21 $1.16 0 2 Bed - Min 946 $900 $995 $948 $0.95 $1.05 $1.00 946 $900 $995 $948 $0.95 $1.05 $1.00 0 Max 947 $925 $1,050 $988 $0.98 $1.11 $1.04 947 $925 $1,050 $988 $0.98 $1.11 $1.04 0 Average 946.5 $913 $1,023 $968 $0.96 $1.08 $1.02 946.5 $913 $1,023 $968 $0.96 $1.08 $1.02 0 3 Bed - Min 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0 - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $775 $850 $813 $1.11 $1.21 $1.16 0.00 700 $775 $850 $813 $1.11 $1.21 $1.16 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $775 $850 $813 $1.11 $1.21 $1.16 0.00 700 $775 $850 $813 $1.11 $1.21 $1.16 0 2 Bed - Min 946 $900 $995 $948 $0.95 $1.05 $1.00 0.00 946 $925 $995 $960 $0.98 $1.05 $1.01 1.3193 Max 947 $925 $1,050 $988 $0.98 $1.11 $1.04 0.00 947 $950 $1,050 $1,000 $1.00 $1.11 $1.06 1.2658 Average 946.5 $913 $1,023 $968 $0.96 $1.08 $1.02 0.00 946.5 $938 $1,023 $980 $0.99 $1.08 $1.04 1.292 3 Bed - Min 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0.00 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0.00 1200 $1,150 $1,350 $1,250 $0.96 $1.13 $1.04 0 - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $890 $950 $920 $1.27 $1.36 $1.31 13.23 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $890 $950 $920 $1.27 $1.36 $1.31 13.23 2 Bed - Min 946 $990 $1,060 $1,025 $1.05 $1.12 $1.08 6.77 Max 947 $1,010 $1,090 $1,050 $1.07 $1.15 $1.11 5.00 Average 946.5 $1,000 $1,075 $1,038 $1.06 $1.14 $1.10 5.87 3 Bed - Min 1200 $1,310 $1,450 $1,380 $1.09 $1.21 $1.15 10.40 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1200 $1,310 $1,450 $1,380 $1.09 $1.21 $1.15 10.40 41 COTTON WOOD CITY Dublin UNITS VACANT # OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 5 5 5 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 96 152 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jun-88 2.02% 2.02% 2.02% 0.00% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 748 $755 $840 $798 $1.01 $1.12 $1.07 748 $755 $840 $798 $1.01 $1.12 $1.07 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 748 $755 $840 $798 $1.01 $1.12 $1.07 748 $755 $840 $798 $1.01 $1.12 $1.07 0 2 Bed - Min 876 $875 $925 $900 $1.00 $1.06 $1.03 876 $875 $925 $900 $1.00 $1.06 $1.03 0 Max 988 $1,015 $1,095 $1,055 $1.03 $1.11 $1.07 988 $1,015 $1,095 $1,055 $1.03 $1.11 $1.07 0 Average 932 $945 $1,010 $978 $1.01 $1.08 $1.05 932 $945 $1,010 $978 $1.01 $1.08 $1.05 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 748 $780 $850 $815 $1.04 $1.14 $1.09 2.1944 748 $800 $875 $838 $1.07 $1.17 $1.12 2.7607 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 748 $780 $850 $815 $1.04 $1.14 $1.09 2.1944 748 $800 $875 $838 $1.07 $1.17 $1.12 2.7607 2 Bed - Min 876 $890 $945 $918 $1.02 $1.08 $1.05 1.9444 876 $920 $980 $950 $1.05 $1.12 $1.08 3.5422 Max 988 $1,030 $1,110 $1,070 $1.04 $1.12 $1.08 1.4218 988 $1,065 $1,145 $1,105 $1.08 $1.16 $1.12 3.271 Average 932 $960 $1,028 $994 $1.03 $1.10 $1.07 1.6624 932 $993 $1,063 $1,028 $1.06 $1.14 $1.10 3.3962 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 748 $845 $900 $873 $1.13 $1.20 $1.17 4.1791 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 748 $845 $900 $873 $1.13 $1.20 $1.17 4.1791 2 Bed - Min 876 $945 $1,005 $975 $1.08 $1.15 $1.11 2.6316 Max 988 $995 $1,165 $1,080 $1.01 $1.18 $1.09 -2.262 Average 932 $970 $1,085 $1,028 $1.04 $1.16 $1.10 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 42 CREEKSIDE VILLAGE CITY Fremont UNITS VACANT # OF UNITS 480 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 22 31 35 15 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 228 262 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Dec-86 4.58% 6.46% 7.29% 3.13% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 640 $765 $835 $800 $1.20 $1.30 $1.25 640 $785 $855 $820 $1.23 $1.34 $1.28 2.500 Max 720 $850 $885 $868 $1.18 $1.23 $1.20 720 $870 $905 $888 $1.21 $1.26 $1.23 2.305 Average 680 $808 $860 $834 $1.19 $1.27 $1.23 680 $828 $880 $854 $1.22 $1.30 $1.26 2.399 2 Bed - Min 870 $920 $990 $955 $1.06 $1.14 $1.10 870 $935 $1,005 $970 $1.07 $1.16 $1.11 1.571 Max 910 $955 $1,050 $1,003 $1.05 $1.15 $1.10 910 $955 $1,050 $1,003 $1.05 $1.15 $1.10 0.000 Average 890 $938 $1,020 $979 $1.05 $1.15 $1.10 890 $945 $1,028 $986 $1.06 $1.15 $1.11 0.766 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 640 $775 $855 $815 $1.21 $1.34 $1.27 -0.61 640 $845 $905 $875 $1.32 $1.41 $1.37 7.362 Max 720 $870 $905 $888 $1.21 $1.26 $1.23 0.00 720 $935 $965 $950 $1.30 $1.34 $1.32 7.042 Average 680 $823 $880 $851 $1.21 $1.30 $1.25 -0.29 680 $890 $935 $913 $1.31 $1.38 $1.34 7.195 2 Bed - Min 870 $872 $1,005 $939 $1.00 $1.16 $1.08 -3.25 870 $1,040 $1,075 $1,058 $1.20 $1.24 $1.22 12.680 Max 910 $975 $1,050 $1,013 $1.07 $1.15 $1.11 1.00 910 $1,055 $1,130 $1,093 $1.16 $1.24 $1.20 7.901 Average 890 $924 $1,028 $976 $1.04 $1.15 $1.10 -1.09 890 $1,048 $1,103 $1,075 $1.18 $1.24 $1.21 10.200 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 640 $925 $975 $950 $1.45 $1.52 $1.48 8.57 Max 720 $995 $1,055 $1,025 $1.38 $1.47 $1.42 7.89 Average 680 $960 $1,015 $988 $1.41 $1.49 $1.45 8.22 2 Bed - Min 870 $1,140 $1,200 $1,170 $1.31 $1.38 $1.34 10.64 Max 910 $1,185 $1,270 $1,228 $1.30 $1.40 $1.35 12.36 Average 890 $1,163 $1,235 $1,199 $1.31 $1.39 $1.35 11.51 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 43 DUBLIN MEADOWS CITY Dublin UNITS VACANT # OF UNITS 190 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 5 10 7 2 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 58 96 36 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-91 2.63% 5.26% 3.68% 1.05% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 722 $800 $830 $815 $1.11 $1.15 $1.13 722 $800 $830 $815 $1.11 $1.15 $1.13 0 Max 805 $840 $870 $855 $1.04 $1.08 $1.06 805 $840 $870 $855 $1.04 $1.08 $1.06 0 Average 763.5 $820 $850 $835 $1.08 $1.12 $1.10 763.5 $820 $850 $835 $1.08 $1.12 $1.10 0 2 Bed - Min 809 $870 $900 $885 $1.08 $1.11 $1.09 809 $870 $900 $885 $1.08 $1.11 $1.09 0 Max 1080 $1,030 $1,060 $1,045 $0.95 $0.98 $0.97 1080 $1,030 $1,060 $1,045 $0.95 $0.98 $0.97 0 Average 944.5 $950 $980 $965 $1.01 $1.05 $1.03 944.5 $950 $980 $965 $1.01 $1.05 $1.03 0 3 Bed - Min 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 1214 $1,080 $1,125 $1,103 $0.89 $0.93 $0.91 0 - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 722 $830 $860 $845 $1.15 $1.19 $1.17 3.68 722 $860 $860 $860 $1.19 $1.19 $1.19 1.7751 Max 805 $870 $900 $885 $1.08 $1.12 $1.10 3.51 805 $900 $930 $915 $1.12 $1.16 $1.14 3.3898 Average 763.5 $850 $880 $865 $1.12 $1.15 $1.13 3.59 763.5 $880 $895 $888 $1.15 $1.17 $1.16 2.6012 2 Bed - Min 809 $900 $930 $915 $1.11 $1.15 $1.13 3.39 809 $1,020 $1,050 $1,035 $1.26 $1.30 $1.28 13.1148 Max 1080 $1,060 $1,090 $1,075 $0.98 $1.01 $1.00 2.87 1080 $1,060 $1,090 $1,075 $0.98 $1.01 $1.00 0.0000 Average 944.5 $980 $1,010 $995 $1.05 $1.08 $1.06 3.11 944.5 $1,040 $1,070 $1,055 $1.12 $1.15 $1.14 6.0302 3 Bed - Min 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 11.56 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 0.0000 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 11.56 1214 $1,215 $1,245 $1,230 $1.00 $1.03 $1.01 0.0000 - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 722 $860 $860 $860 $1.19 $1.19 $1.19 0.00 Max 805 $900 $930 $915 $1.12 $1.16 $1.14 0.00 Average 763.5 $880 $895 $888 $1.15 $1.17 $1.16 0.00 2 Bed - Min 809 $1,100 $1,150 $1,125 $1.36 $1.42 $1.39 8.70 Max 1080 $1,150 $1,200 $1,175 $1.06 $1.11 $1.09 9.30 Average 944.5 $1,125 $1,175 $1,150 $1.21 $1.27 $1.24 9.00 3 Bed - Min 1214 $1,275 $1,325 $1,300 $1.05 $1.09 $1.07 5.69 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1214 $1,275 $1,325 $1,300 $1.05 $1.09 $1.07 5.69 44 HACIENDA COMMONS CITY Pleasanton UNITS VACANT # OF UNITS 212 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 4 4 2 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 128 84 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Sep-88 4.25% 1.89% 1.89% 0.94% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 583 $720 $740 $730 $1.23 $1.27 $1.25 583 $750 $750 $750 $1.29 $1.29 $1.29 2.7397 Max 810 $845 $825 $835 $1.04 $1.02 $1.03 810 $845 $845 $845 $1.04 $1.04 $1.04 1.1976 Average 696.5 $783 $783 $783 $1.14 $1.14 $1.14 696.5 $798 $798 $798 $1.16 $1.16 $1.16 1.9169 2 Bed - Min 847 $860 $910 $885 $1.02 $1.07 $1.04 847 $925 $925 $925 $1.09 $1.09 $1.09 4.5198 Max 1073 $975 $995 $985 $0.91 $0.93 $0.92 1073 $1,025 $1,025 $1,025 $0.96 $0.96 $0.96 4.0609 Average 960 $918 $953 $935 $0.96 $1.00 $0.98 960 $975 $975 $975 $1.02 $1.02 $1.02 4.2781 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 583 $780 $780 $780 $1.34 $1.34 $1.34 4.00 583 $795 $870 $833 $1.36 $1.49 $1.43 6.7308 Max 810 $860 $860 $860 $1.06 $1.06 $1.06 1.78 810 $900 $995 $948 $1.11 $1.23 $1.17 10.174 Average 696.5 $820 $820 $820 $1.20 $1.20 $1.20 2.82 696.5 $848 $933 $890 $1.24 $1.36 $1.30 8.5366 2 Bed - Min 847 $950 $950 $950 $1.12 $1.12 $1.12 2.70 847 $950 $1,025 $988 $1.12 $1.21 $1.17 3.9474 Max 1073 $1,025 $1,050 $1,038 $0.96 $0.98 $0.97 1.22 1073 $1,025 $1,100 $1,063 $0.96 $1.03 $0.99 2.4096 Average 960 $988 $1,000 $994 $1.04 $1.05 $1.04 1.92 960 $988 $1,063 $1,025 $1.04 $1.12 $1.08 3.1447 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 583 $815 $880 $848 $1.40 $1.51 $1.45 1.80 Max 810 $935 $970 $953 $1.15 $1.20 $1.18 0.53 Average 696.5 $875 $925 $900 $1.28 $1.35 $1.31 1.12 2 Bed - Min 847 $1,000 $1,100 $1,050 $1.18 $1.30 $1.24 6.33 Max 1073 $1,130 $1,170 $1,150 $1.05 $1.09 $1.07 8.24 Average 960 $1,065 $1,135 $1,100 $1.12 $1.19 $1.16 7.32 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 45 HACIENDA GARDENS CITY Pleasanton UNITS VACANT # OF UNITS 456 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 13 16 16 8 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 228 228 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-88 2.85% 3.51% 3.51% 1.75% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $785 $840 $813 $1.12 $1.20 $1.16 700 $780 $810 $795 $1.11 $1.16 $1.14 -2.154 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $785 $840 $813 $1.12 $1.20 $1.16 700 $780 $810 $795 $1.11 $1.16 $1.14 -2.154 2 Bed - Min 975 $895 $1,000 $948 $0.92 $1.03 $0.97 975 $920 $970 $945 $0.94 $0.99 $0.97 -0.264 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 975 $895 $1,000 $948 $0.92 $1.03 $0.97 975 $920 $970 $945 $0.94 $0.99 $0.97 -0.264 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $780 $810 $795 $1.11 $1.16 $1.14 0.00 700 $845 $875 $860 $1.21 $1.25 $1.23 8.1761 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $780 $810 $795 $1.11 $1.16 $1.14 0.00 700 $845 $875 $860 $1.21 $1.25 $1.23 8.1761 2 Bed - Min 975 $920 $970 $945 $0.94 $0.99 $0.97 0.00 975 $1,075 $1,115 $1,095 $1.10 $1.14 $1.12 15.873 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 975 $920 $970 $945 $0.94 $0.99 $0.97 0.00 975 $1,075 $1,115 $1,095 $1.10 $1.14 $1.12 15.873 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $865 $935 $900 $1.24 $1.34 $1.29 4.65 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $865 $935 $900 $1.24 $1.34 $1.29 4.65 2 Bed - Min 975 $1,095 $1,115 $1,105 $1.12 $1.14 $1.13 0.91 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 975 $1,095 $1,115 $1,105 $1.12 $1.14 $1.13 0.91 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 46 ================================================================================ HAMPTON PLACE ================================================================================ CITY Fremont # OF UNITS 308 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 88 176 44 DATE OPENED Jan-92 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 9 15 10 4 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.92% 4.87% 3.25% 1.30% 0.65% - ----------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 761 $895 $995 $945 $1.18 $1.31 $1.24 Max 785 $895 $995 $945 $1.14 $1.27 $1.20 Average 773 $895 $995 $945 $1.16 $1.29 $1.22 2 Bed - Min 975 $1,095 $1,295 $1,195 $1.12 $1.33 $1.23 Max 1036 $1,395 $1,495 $1,445 $1.35 $1.44 $1.39 Average 1005.5 $1,245 $1,395 $1,320 $1.23 $1.39 $1.31 3 Bed - Min 1369 $1,475 $1,675 $1,575 $1.08 $1.22 $1.15 Max n/a n/a n/a n/a n/a n/a n/a Average 1369 $1,475 $1,675 $1,575 $1.08 $1.22 $1.15 - -------------------------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 761 $875 $975 $925 $1.15 $1.28 $1.22 -2.116 Max 785 $875 $975 $925 $1.11 $1.24 $1.18 -2.116 Average 773 $875 $975 $925 $1.13 $1.26 $1.20 -2.116 2 Bed - Min 975 $1,175 $1,275 $1,225 $1.21 $1.31 $1.26 2.510 Max 1036 $1,175 $1,275 $1,225 $1.13 $1.23 $1.18 -15.225 Average 1005.5 $1,175 $1,275 $1,225 $1.17 $1.27 $1.22 -7.197 3 Bed - Min 1369 $1,475 $1,575 $1,525 $1.08 $1.15 $1.11 -3.175 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1369 $1,475 $1,575 $1,525 $1.08 $1.15 $1.11 n/a - --------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 761 $965 $965 $965 $1.27 $1.27 $1.27 4.32 Max 785 $965 $965 $965 $1.23 $1.23 $1.23 4.32 Average 773 $965 $965 $965 $1.25 $1.25 $1.25 4.32 2 Bed - Min 975 $1,250 $1,250 $1,250 $1.28 $1.28 $1.28 2.04 Max 1036 $1,250 $1,250 $1,250 $1.21 $1.21 $1.21 2.04 Average 1005.5 $1,250 $1,250 $1,250 $1.24 $1.24 $1.24 2.04 3 Bed - Min 1369 $1,525 $1,525 $1,525 $1.11 $1.11 $1.11 0.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1369 $1,525 $1,525 $1,525 $1.11 $1.11 $1.11 0.00 - ----------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 761 $985 $1,015 $1,000 $1.29 $1.33 $1.31 3.627 Max 785 $1,025 $1,025 $1,025 $1.31 $1.31 $1.31 6.218 Average 773 $1,005 $1,020 $1,013 $1.30 $1.32 $1.31 4.922 2 Bed - Min 975 $1,275 $1,275 $1,275 $1.31 $1.31 $1.31 2.000 Max 1036 $1,335 $1,335 $1,335 $1.29 $1.29 $1.29 6.800 Average 1005.5 $1,305 $1,305 $1,305 $1.30 $1.30 $1.30 4.400 3 Bed - Min 1369 $1,575 $1,675 $1,625 $1.15 $1.22 $1.19 6.557 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1369 $1,575 $1,675 $1,625 $1.15 $1.22 $1.19 6.557 - ------------------------------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 761 $1,050 $1,050 $1,050 $1.38 $1.38 $1.38 5.00 Max 785 $1,100 $1,100 $1,100 $1.40 $1.40 $1.40 7.32 Average 773 $1,075 $1,075 $1,075 $1.39 $1.39 $1.39 6.17 2 Bed - Min 975 $1,325 $1,325 $1,325 $1.36 $1.36 $1.36 3.92 Max 1036 $1,375 $1,375 $1,375 $1.33 $1.33 $1.33 3.00 Average 1005.5 $1,350 $1,350 $1,350 $1.34 $1.34 $1.34 3.45 3 Bed - Min 1369 $1,790 $1,810 $1,800 $1.31 $1.32 $1.31 10.77 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1369 $1,790 $1,810 $1,800 $1.31 $1.32 $1.31 10.77 47 ================================================================================ HILLCREST ================================================================================ CITY Hayward # OF UNITS 138 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 69 69 DATE OPENED Jun-90 UNITS VACANT 6/30/94 12/31/04 6/30/95 12/31/95 6/30/96 12 8 6 1 0 VACANCY RATE 6/30/94 12/31/04 6/30/95 12/31/95 6/30/96 8.70% 5.80% 4.35% 0.72% 0.00% - --------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 816 $825 $920 $873 $1.01 $1.13 $1.07 Max 841 $830 $880 $835 $0.99 $1.05 $1.02 Average 828.5 $828 $900 $854 $1.00 $1.09 $1.04 2 Bed - Min 1010 $975 $1,200 $1,088 $0.97 $1.19 $1.08 Max 1015 $1,020 $1,120 $1,070 $1.00 $1.10 $1.05 Average 1012.5 $998 $1,160 $1,079 $0.99 $1.15 $1.07 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 816 $835 $920 $878 $1.02 $1.13 $1.08 0.5731 Max 841 $840 $880 $860 $1.00 $1.05 $1.02 2.994 Average 828.5 $838 $900 $869 $1.01 $1.09 $1.05 1.757 2 Bed - Min 1010 $975 $1,200 $1,088 $0.97 $1.19 $1.08 0 Max 1015 $1,000 $1,200 $1,100 $0.99 $1.18 $1.08 2.8037 Average 1012.5 $988 $1,200 $1,094 $0.98 $1.19 $1.08 1.3905 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 816 $835 $920 $878 $1.02 $1.13 $1.08 0.00 Max 841 $840 $880 $860 $1.00 $1.05 $1.02 0.00 Average 828.5 $838 $900 $869 $1.01 $1.09 $1.05 0.00 2 Bed - Min 1010 $975 $1,200 $1,088 $0.97 $1.19 $1.08 0.00 Max 1015 $1,000 $1,200 $1,100 $0.99 $1.18 $1.08 0.00 Average 1012.5 $988 $1,200 $1,094 $0.98 $1.19 $1.08 0.00 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 816 $840 $880 $860 $1.03 $1.08 $1.05 -1.994 Max 841 $850 $920 $885 $1.01 $1.09 $1.05 2.907 Average 828.5 $845 $900 $873 $1.02 $1.09 $1.05 0.4317 2 Bed - Min 1010 $975 $1,150 $1,063 $0.97 $1.14 $1.05 -2.299 Max 1015 $1,000 $1,200 $1,100 $0.99 $1.18 $1.08 0 Average 1012.5 $988 $1,175 $1,081 $0.98 $1.16 $1.07 -1.143 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 816 $840 $880 $860 $1.03 $1.08 $1.05 0.00 Max 841 $850 $920 $885 $1.01 $1.09 $1.05 0.00 Average 828.5 $845 $900 $873 $1.02 $1.09 $1.05 0.00 2 Bed - Min 1010 $985 $1,175 $1,080 $0.98 $1.16 $1.07 1.65 Max 1015 $1,120 $1,220 $1,170 $1.10 $1.20 $1.15 6.36 Average 1012.5 $1,053 $1,198 $1,125 $1.04 $1.18 $1.11 4.05 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 48 MISSION HEIGHTS CITY Hayward # OF UNITS 146 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 77 65 4 DATE OPENED Aug-68 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4 7 6 0 5 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.74% 4.79% 4.11% 0.00% 3.42% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 760 $665 $670 $668 $0.88 $0.88 $0.88 Max n/a n/a n/a n/a n/a n/a n/a Average 760 $665 $670 $668 $0.88 $0.88 $0.88 2 Bed - Min 1002 $775 $775 $775 $0.77 $0.77 $0.77 Max n/a n/a n/a n/a n/a n/a n/a Average 1002 $775 $775 $775 $0.77 $0.77 $0.77 3 Bed - Min 1278 $975 $975 $975 $0.76 $0.76 $0.76 Max n/a n/a n/a n/a n/a n/a n/a Average 1278 $975 $975 $975 $0.76 $0.76 $0.76 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 760 $670 $685 $678 $0.88 $0.90 $0.89 1.4981 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 760 $670 $685 $678 $0.88 $0.90 $0.89 1.4981 2 Bed - Min 1002 $775 $785 $780 $0.77 $0.78 $0.78 0.6452 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1002 $775 $785 $780 $0.77 $0.78 $0.78 0.6452 3 Bed - Min 1278 $975 $975 $975 $0.76 $0.76 $0.76 0.0000 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1278 $975 $975 $975 $0.76 $0.76 $0.76 0.0000 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 760 $675 $ 690 $683 $0.89 $0.91 $0.90 0.74 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 760 $675 $ 690 $683 $0.89 $0.91 $0.90 0.74 2 Bed - Min 1002 $790 $ 825 $808 $0.79 $0.82 $0.81 3.53 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1002 $790 $ 825 $808 $0.79 $0.82 $0.81 3.53 3 Bed - Min 1278 $975 $1,000 $988 $0.76 $0.78 $0.77 n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1278 $975 $1,000 $988 $0.76 $0.78 $0.77 n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 760 $ 685 $ 700 $ 693 $0.90 $0.92 $0.91 1.4652 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 760 $ 685 $ 700 $ 693 $0.90 $0.92 $0.91 1.4652 2 Bed - Min 1002 $ 805 $ 815 $ 810 $0.80 $0.81 $0.81 0.3096 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1002 $ 805 $ 815 $ 810 $0.80 $0.81 $0.81 0.3096 3 Bed - Min 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 1.2658 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 1.2658 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 760 $ 725 $ 740 $ 733 $0.95 $0.97 $0.96 5.78 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 760 $ 725 $ 740 $ 733 $0.95 $0.97 $0.96 5.78 2 Bed - Min 1002 $ 840 $ 845 $ 843 $0.84 $0.84 $0.84 4.01 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1002 $ 840 $ 845 $ 843 $0.84 $0.84 $0.84 4.01 3 Bed - Min 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 0.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1278 $1,000 $1,000 $1,000 $0.78 $0.78 $0.78 0.00 49 MISSION WELLS CITY Fremont # OF UNITS 392 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 195 197 DATE OPENED Dec-86 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 18 14 10 6 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4.59% 3.57% 2.55% 1.53% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24 Max n/a n/a n/a n/a n/a n/a n/a Average 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24 2 Bed - Min 860 $ 950 $1,045 $ 998 $1.10 $1.22 $1.16 Max 1065 $1,100 $1,225 $1,163 $1.03 $1.15 $1.09 Average 962.5 $1,025 $1,135 $1,080 $0.99 $1.18 $1.13 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24 0 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 693 $ 830 $ 890 $ 860 $1.20 $1.28 $1.24 0 2 Bed - Min 860 $ 950 $1,045 $ 998 $1.10 $1.22 $1.16 0 Max 1065 $1,100 $1,225 $1,163 $1.03 $1.15 $1.09 0 Average 962.5 $1,025 $1,135 $1,080 $0.99 $1.18 $1.13 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 693 $ 895 $ 935 $ 915 $1.29 $1.35 $1.32 6.40 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 693 $ 895 $ 935 $ 915 $1.29 $1.35 $1.32 6.40 2 Bed - Min 860 $1,015 $1,090 $1,053 $1.18 $1.27 $1.22 5.51 Max 1065 $1,200 $1,275 $1,238 $1.13 $1.20 $1.16 6.45 Average 962.5 $1,108 $1,183 $1,145 $0.99 $1.23 $1.19 6.02 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 693 $ 925 $ 965 $ 945 $1.33 $1.39 $1.36 3.2787 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 693 $ 925 $ 965 $ 945 $1.33 $1.39 $1.36 3.2787 2 Bed - Min 860 $1,060 $1,120 $1,090 $1.23 $1.30 $1.27 3.5629 Max 1065 $1,230 $1,305 $1,268 $1.15 $1.23 $1.19 2.4242 Average 962.5 $1,145 $1,213 $1,179 $1.19 $1.26 $1.23 2.9476 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 693 $1,025 $1,100 $1,063 $1.48 $1.59 $1.53 12.43 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 693 $1,025 $1,100 $1,063 $1.48 $1.59 $1.53 12.43 2 Bed - Min 860 $1,230 $1,330 $1,280 $1.43 $1.55 $1.49 17.43 Max 1065 $1,420 $1,495 $1,458 $1.33 $1.40 $1.37 14.99 Average 962.5 $1,325 $1,413 $1,369 $0.99 $1.48 $1.43 16.12 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 50 =============================================================================================================================== PARKWOOD =============================================================================================================================== CITY Dublin # OF UNITS 224 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 128 68 28 DATE OPENED Feb-91 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4 3 0 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 1.79% 1.34% 0.00% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN - ----------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 559 $690 $730 $710 $1.23 $1.31 $1.27 559 $700 Max 944 $925 $940 $933 $0.98 $1.00 $0.99 944 $940 Average 751.5 $808 $835 $821 $1.11 $1.15 $1.13 751.5 $820 2 Bed - Min 873 $890 $930 $910 $1.02 $1.07 $1.04 873 $890 Max 1061 $1,045 $1,115 $1,080 $0.98 $1.05 $1.02 1061 $1,045 Average 967 $968 $1,023 $995 $1.00 $1.06 $1.03 967 $968 3 Bed - Min 1121 $1,150 $1,225 $1,188 $1.03 $1.09 $1.06 1121 $1,150 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1121 $1,150 $1,225 $1,188 $1.03 $1.09 $1.06 1121 $1,150 - ------------------------------------------------------------------------------------- DEC-94 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $730 $715 $1.25 $1.31 $1.28 0.7042 Max $940 $940 $1.00 $1.00 $1.00 0.8043 Average $835 $828 $1.12 $1.15 $1.14 0.7610 2 Bed - Min $930 $910 $1.02 $1.07 $1.04 0.0000 Max $1,115 $1,080 $0.98 $1.05 $1.02 0.0000 Average $1,023 $995 $1.00 $1.06 $1.03 0.0000 3 Bed - Min $1,225 $1,188 $1.03 $1.09 $1.06 0.0000 Max n/a n/a n/a n/a n/a n/a Average $1,225 $1,188 $1.03 $1.09 $1.06 0.0000 - ----------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - ----------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 559 $715 $745 $730 $1.28 $1.33 $1.31 2.10 559 $733 Max 944 $950 $950 $950 $1.01 $1.01 $1.01 1.06 944 $898 Average 751.5 $833 $848 $840 $1.14 $1.17 $1.16 1.51 751.5 $815 2 Bed - Min 873 $905 $950 $928 $1.04 $1.09 $1.06 1.92 873 $935 Max 1061 $1,050 $1,130 $1,090 $0.99 $1.07 $1.03 0.93 1061 $1,063 Average 967 $978 $1,040 $1,009 $1.01 $1.08 $1.04 1.38 967 $999 3 Bed - Min 1121 $1,175 $1,250 $1,213 $1.05 $1.12 $1.08 2.11 1121 $1,225 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1121 $1,175 $1,250 $1,213 $1.05 $1.12 $1.08 2.11 1121 $1,225 - ------------------------------------------------------------------------------------------ DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $770 $751 $1.31 $1.38 $1.34 2.9110 Max $925 $911 $0.95 $0.98 $0.97 -4.0789 Average $848 $831 $1.13 $1.18 $1.15 -1.0417 2 Bed - Min $978 $956 $1.07 $1.12 $1.10 3.0997 Max $1,153 $1,108 $1.00 $1.09 $1.04 1.6055 Average $1,065 $1,032 $1.04 $1.10 $1.07 2.2924 3 Bed - Min $1,300 $1,263 $1.09 $1.16 $1.13 4.1237 Max n/a n/a n/a n/a n/a n/a Average $1,300 $1,263 $1.09 $1.16 $1.13 4.1237 - ----------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 559 $750 $795 $773 $1.34 $1.42 $1.38 2.83 Max 944 $845 $900 $873 $0.90 $0.95 $0.92 -4.25 Average 751.5 $798 $848 $823 $1.12 $1.19 $1.15 -1.05 2 Bed - Min 873 $965 $1,005 $985 $1.11 $1.15 $1.13 3.01 Max 1061 $1,075 $1,175 $1,125 $1.01 $1.11 $1.06 1.58 Average 967 $1,020 $1,090 $1,055 $1.06 $1.13 $1.09 2.24 3 Bed - Min 1121 $1,275 $1,350 $1,313 $1.14 $1.20 $1.17 3.96 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1121 $1,275 $1,350 $1,313 $1.14 $1.20 $1.17 3.96 51 ================================================================================ PATHFINDER VILLAGE ================================================================================ City Fremont # of Units 246 Unit Mix Studios 1 Bed 2 Bed 3 Bed 142 104 Date Opened Jan-85 Units Vacant 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 5 21 11 3 3 Vacancy Rate 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.03% 8.54% 4.47% 1.22% 1.22% - -------------------------------------------------------------------------------------------------------------------------- Rent Jun-94 Rent Per Sq. Ft. % Range Unit Sq. Ft. Min Max Avg Min Max Avg Change Sq. Ft. Min - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min 828 $755 $775 $765 $0.91 $0.94 $0.92 828 $755 Max 898 $795 $815 $805 $0.89 $0.91 $0.90 898 $795 Average 863 $775 $795 $785 $0.90 $0.92 $0.91 863 $775 3 Bed - Min 1006 $900 $910 $905 $0.89 $0.90 $0.90 1006 $900 Max 1026 $920 $930 $925 $0.90 $0.91 $0.90 1026 $920 Average 1016 $910 $920 $915 $0.90 $0.91 $0.90 1016 $910 - --------------------------------------------------------------------------------- Dec-94 Rent Per Sq. Ft. % Unit Max Average Min Max Avg Change - --------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 2 Bed - Min $775 $765 $0.91 $0.94 $0.92 0.00 Max $815 $805 $0.89 $0.91 $0.90 0.00 Average $795 $785 $0.90 $0.92 $0.91 0.00 3 Bed - Min $910 $905 $0.89 $0.90 $0.90 0.00 Max $930 $925 $0.90 $0.91 $0.90 0.00 Average $920 $915 $0.90 $0.91 $0.90 0.00 - ------------------------------------------------------------------------------------------------------------------------- Rent Jun-95 Rent Per Sq. Ft. % Range Unit Sq. Ft. Min Max Average Min Max Avg Change Sq. Ft. Min - ------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min 828 $777 $798 $788 $0.94 $0.96 $0.95 2.94 828 $777 Max 898 $819 $840 $830 $0.91 $0.94 $0.92 3.04 898 $819 Average 863 $798 $819 $809 $0.93 $0.95 $0.94 2.99 863 $798 3 Bed - Min 1006 $935 $940 $938 $0.93 $0.93 $0.93 3.59 1006 $935 Max 1026 $948 $958 $953 $0.92 $0.93 $0.93 3.03 1026 $948 Average 1016 $942 $949 $945 $0.93 $0.93 $0.93 3.31 1016 $942 - ------------------------------------------------------------------------------- Dec-95 Rent Per Sq. Ft. % Unit Max Average Min Max Avg Change - ------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 2 Bed - Min $798 $788 $0.94 $0.96 $0.95 0 Max $840 $830 $0.91 $0.94 $0.92 0 Average $819 $809 $0.93 $0.95 $0.94 0 3 Bed - Min $940 $938 $0.93 $0.93 $0.93 0 Max $958 $953 $0.92 $0.93 $0.93 0 Average $949 $945 $0.93 $0.93 $0.93 0 - --------------------------------------------------------------------------------------------------- Rent Jun-96 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min 828 $815 $915 $865 $0.98 $1.11 $1.04 9.84 Max 898 $830 $965 $898 $0.92 $1.07 $1.00 8.20 Average 863 $823 $940 $881 $0.95 $1.09 $1.02 9.00 3 Bed - Min 1006 $965 $1,090 $1,028 $0.96 $1.08 $1.02 9.60 Max 1026 $990 $1,105 $1,048 $0.96 $1.08 $1.02 9.92 Average 1016 $978 $1,098 $1,038 $0.96 $1.08 $1.02 9.76 52 ================================================================================ SPRINGHOUSE ================================================================================ CITY Pleasanton # OF UNITS 354 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 192 162 DATE OPENED Jul-90 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3 11 4 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 0.85% 3.11% 1.13% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. - ------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $675 $780 $728 $1.18 $1.37 $1.28 570 Max 750 $775 $885 $835 $1.03 $1.18 $1.11 750 Average 660 $725 $833 $781 $1.11 $1.27 $1.19 660 2 Bed - Min 800 $800 $930 $865 $1.00 $1.16 $1.08 800 Max 990 $875 $1,010 $943 $0.88 $1.02 $0.95 990 Average 895 $838 $970 $904 $0.94 $1.09 $1.02 895 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $725 $755 $740 $1.27 $1.32 $1.30 1.7182 Max $855 $855 $855 $1.14 $1.14 $1.14 2.3952 Average $790 $805 $798 $1.21 $1.23 $1.22 2.08 2 Bed - Min $875 $900 $888 $1.09 $1.13 $1.11 2.6012 Max $960 $980 $970 $0.97 $0.99 $0.98 2.9178 Average $918 $940 $929 $1.03 $1.06 $1.04 2.7663 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX - --------------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $745 $755 $750 $1.31 $1.32 $1.32 1.35 570 $755 $755 Max 750 $855 $855 $855 $1.14 $1.14 $1.14 0.00 750 $880 $880 Average 660 $800 $805 $803 $1.22 $1.23 $1.23 0.63 660 $818 $818 2 Bed - Min 800 $875 $900 $888 $1.09 $1.13 $1.11 0.00 800 $900 $930 Max 990 $960 $980 $970 $0.97 $0.99 $0.98 0.00 990 $980 $1,010 Average 895 $918 $940 $929 $1.03 $1.06 $1.04 0.00 895 $940 $970 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------- RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $755 $1.32 $1.32 $1.32 0.6667 Max $880 $1.17 $1.17 $1.17 2.924 Average $818 $1.25 $1.25 $1.25 1.8692 2 Bed - Min $915 $1.13 $1.16 $1.14 3.0986 Max $995 $0.99 $1.02 $1.01 2.5773 Average $955 $1.06 $1.09 $1.07 2.8264 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $775 $775 $775 $1.36 $1.36 $1.36 2.65 Max 750 $890 $890 $890 $1.19 $1.19 $1.19 1.14 Average 660 $833 $833 $833 $1.27 $1.27 $1.27 1.83 2 Bed - Min 800 $950 $950 $950 $1.19 $1.19 $1.19 3.83 Max 990 $980 $1,050 $1,015 $0.99 $1.06 $1.03 2.01 Average 895 $965 $1,000 $983 $1.09 $1.12 $1.11 2.88 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 53 ================================================================================ STONERIDGE ================================================================================ CITY Pleasanton # OF UNITS 520 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 208 312 DATE OPENED Aug-88 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 18 10 19 6 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3.46% 1.92% 3.65% 1.15% 0.38% - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN - ----------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 525 $750 $750 $750 $1.43 $1.43 $1.43 525 $765 Max 731 $870 $890 $835 $1.19 $1.22 $1.20 731 $885 Average 628 $810 $820 $793 $1.31 $1.32 $1.32 628 $825 2 Bed - Min 1180 $1,120 $1,140 $1,130 $0.95 $0.97 $0.96 1180 $1,150 Max 1247 $1,130 $1,150 $1,140 $0.91 $0.92 $0.91 1247 $1,170 Average 1213.5 $1,125 $1,145 $1,135 $0.93 $0.94 $0.94 1213.5 $1,160 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $765 $765 $1.46 $1.46 $1.46 2 Max $905 $895 $1.21 $1.24 $1.22 7.1856 Average $835 $830 $1.33 $1.35 $1.34 4.7319 2 Bed - Min $1,170 $1,160 $0.97 $0.99 $0.98 2.6549 Max $1,190 $1,180 $0.94 $0.95 $0.95 3.5088 Average $1,180 $1,170 $0.96 $0.97 $0.96 3.0837 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX - ---------------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 525 $765 $765 $765 $1.46 $1.46 $1.46 0.00 525 $790 $790 Max 731 $885 $905 $895 $1.21 $1.24 $1.22 0.00 731 $895 $915 Average 628 $825 $835 $830 $1.33 $1.35 $1.34 0.00 628 $843 $853 2 Bed - Min 1180 $1,180 $1,190 $1,185 $1.00 $1.01 $1.00 2.16 1180 $1,245 $1,265 Max 1247 $1,199 $1,210 $1,205 $0.96 $0.97 $0.97 2.08 1247 $1,245 $1,265 Average 1213.5 $1,190 $1,200 $1,195 $0.98 $0.99 $0.99 2.12 1213.5 $1,245 $1,265 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------ RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $790 $1.50 $1.50 $1.50 3.268 Max $905 $1.22 $1.25 $1.24 1.1173 Average $848 $1.36 $1.38 $1.37 2.1084 2 Bed - Min $1,255 $1.06 $1.07 $1.06 5.9072 Max $1,255 $1.00 $1.01 $1.01 4.1926 Average $1,255 $1.03 $1.04 $1.03 5.0429 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 525 $850 $850 $850 $1.62 $1.62 $1.62 7.59 Max 731 $995 $1,115 $1,055 $1.36 $1.53 $1.44 16.57 Average 628 $923 $983 $953 $1.49 $1.57 $1.53 12.39 2 Bed - Min 1180 $1,410 $1,420 $1,415 $1.19 $1.20 $1.20 12.75 Max 1247 $1,420 $1,430 $1,425 $1.14 $1.15 $1.14 13.55 Average 1213.5 $1,415 $1,425 $1,420 $1.17 $1.18 $1.17 13.15 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 54 ================================================================================ SUMMERWOOD ================================================================================ CITY Hayward # OF UNITS 162 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 74 84 4 DATE OPENED Oct-82 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 5 5 2 2 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3.09% 3.09% 1.23% 1.23% 1.23% - ---------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX - ---------------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 628 $640 $640 $640 $1.02 $1.02 $1.02 628 $640 $640 Max 646 $650 $650 $650 $1.01 $1.01 $1.01 646 $650 $650 Average 637 $645 $645 $645 $1.01 $1.01 $1.01 637 $645 $645 2 Bed - Min 820 $755 $755 $755 $0.92 $0.92 $0.92 820 $755 $755 Max 874 $755 $780 $768 $0.86 $0.89 $0.88 874 $780 $780 Average 847 $755 $768 $761 $0.89 $0.91 $0.90 847 $768 $768 3 Bed - Min 1123 $812 $812 $812 $0.72 $0.72 $0.72 1123 $812 $812 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1123 $812 $812 $812 $0.72 $0.72 $0.72 1123 $812 $812 - --------------------------------------------------------------------- RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $640 $1.02 $1.02 $1.02 0.00 Max $650 $1.01 $1.01 $1.01 0.00 Average $645 $1.01 $1.01 $1.01 0.00 2 Bed - Min $755 $0.92 $0.92 $0.92 0.00 Max $780 $0.89 $0.89 $0.89 1.63 Average $768 $0.91 $0.91 $0.91 0.82 3 Bed - Min $812 $0.72 $0.72 $0.72 0.00 Max n/a n/a n/a n/a n/a Average $812 $0.72 $0.72 $0.72 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX - ---------------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 628 $640 $640 $640 $1.02 $1.02 $1.02 0.00 628 $650 $650 Max 646 $650 $650 $650 $1.01 $1.01 $1.01 0.00 646 $660 $660 Average 637 $645 $645 $645 $1.01 $1.01 $1.01 0.00 637 $655 $655 2 Bed - Min 820 $755 $755 $755 $0.92 $0.92 $0.92 0.00 820 $775 $775 Max 874 $780 $780 $780 $0.89 $0.89 $0.89 0.00 874 $800 $800 Average 847 $768 $768 $768 $0.91 $0.91 $0.91 0.00 847 $788 $788 3 Bed - Min 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00 1123 $812 $812 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00 1123 $812 $812 - -------------------------------------------------------------------- RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $650 $1.04 $1.04 $1.04 1.5625 Max $660 $1.02 $1.02 $1.02 n/a Average $655 $1.03 $1.03 $1.03 1.5504 2 Bed - Min $775 $0.95 $0.95 $0.95 2.649 Max $800 $0.92 $0.92 $0.92 n/a Average $788 $0.93 $0.93 $0.93 2.6059 3 Bed - Min $812 $0.72 $0.72 $0.72 0 Max n/a n/a n/a n/a n/a Average $812 $0.72 $0.72 $0.72 0 - ------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 628 $683 $713 $698 $1.09 $1.14 $1.11 7.38 Max 646 $660 $660 $660 $1.02 $1.02 $1.02 0.00 Average 637 $672 $687 $679 $1.05 $1.08 $1.07 3.66 2 Bed - Min 820 $813 $813 $813 $0.99 $0.99 $0.99 4.90 Max 874 $847 $847 $847 $0.97 $0.97 $0.97 5.88 Average 847 $830 $830 $830 $0.98 $0.98 $0.98 5.40 3 Bed - Min 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1123 $812 $812 $812 $0.72 $0.72 $0.72 0.00 55 ================================================================================ SUN POINTE VILLAGE ================================================================================ City Fremont # of Units 336 Unit Mix Studios 1 Bed 2 Bed 3 Bed 168 168 Date Opened May-89 Units Vacant 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 23 4 4 5 0 Vacancy Rate 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 6.85% 1.19% 1.19% 1.49% 0.00% - ------------------------------------------------------------------------------------------------------------------------- Rent Jun-94 Rent Per Sq. Ft. % Range Unit Sq. Ft. Min Max Avg Min Max Avg Change Sq. Ft. Min - ------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 704 $795 $795 $795 $1.13 $1.13 $1.13 704 $820 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 704 $795 $795 $795 $1.13 $1.13 $1.13 704 $820 2 Bed - Min 906 $940 $985 $963 $1.04 $1.09 $1.06 906 $940 Max 1108 $1,030 $1,095 $1,063 $0.93 $0.99 $0.96 1108 $1,055 Average 1007 $985 $1,040 $1,013 $0.98 $1.04 $1.01 1007 $998 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------- Dec-94 Rent Per Sq. Ft. % Unit Max Average Min Max Avg Change - ----------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $905 $863 $1.16 $1.29 $1.23 8.4906 Max n/a n/a n/a n/a n/a n/a Average $905 $863 $1.16 $1.29 $1.23 8.4906 2 Bed - Min $995 $968 $1.04 $1.10 $1.07 0.5195 Max $1,105 $1,080 $0.95 $1.00 $0.97 1.6471 Average $1,050 $1,024 $0.99 $1.05 $1.02 1.1111 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------------------------- Rent Jun-95 Rent Per Sq. Ft. % Range Unit Sq. Ft. Min Max Average Min Max Avg Change Sq. Ft. Min - ----------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 704 $860 $935 $898 $1.22 $1.33 $1.27 4.06 704 $890 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 704 $860 $935 $898 $1.22 $1.33 $1.27 4.06 704 $890 2 Bed - Min 906 $980 $1,040 $1,010 $1.08 $1.15 $1.11 4.39 906 $1,030 Max 1108 $1,085 $1,145 $1,115 $0.98 $1.03 $1.01 3.24 1108 $1,135 Average 1007 $1,033 $1,093 $1,063 $1.03 $1.09 $1.06 3.79 1007 $1,083 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------- Dec-95 Rent Per Sq. Ft. % Unit Max Average Min Max Avg Change - ---------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $965 $928 $1.26 $1.37 $1.32 3.3426 Max n/a n/a n/a n/a n/a n/a Average $965 $928 $1.26 $1.37 $1.32 3.3426 2 Bed - Min $1,090 $1,060 $1.14 $1.20 $1.17 4.9505 Max $1,195 $1,165 $1.02 $1.08 $1.05 4.4843 Average $1,143 $1,113 $1.08 $1.14 $1.11 4.7059 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------- Rent Jun-96 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change - ------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 704 $910 $985 $948 $1.29 $1.40 $1.35 2.16 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 704 $910 $985 $948 $1.29 $1.40 $1.35 2.16 2 Bed - Min 906 $1,081 $1,145 $1,113 $1.19 $1.26 $1.23 5.00 Max 1108 $1,205 $1,265 $1,235 $1.09 $1.14 $1.11 6.01 Average 1007 $1,143 $1,205 $1,174 $1.14 $1.20 $1.17 5.53 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 56 ================================================================================ VERANDA ================================================================================ City Union City # of Units 282 Unit Mix Studios 1 Bed 2 Bed 3 Bed 48 186 48 Date Opened Aug-89 Units Vacant 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 8 4 9 1 0 Vacancy Rate 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.84% 1.42% 3.19% 0.35% 0.00% - --------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX - --------------------------------------------------------------------------------------------------------------------------------- Studio - Min. 510 $695 $695 $695 $1.36 $1.36 $1.36 510 $695 $710 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 510 $695 $695 $695 $1.36 $1.36 $1.36 510 $695 $710 1 Bed - Min 602 $745 $745 $745 $1.24 $1.24 $1.24 602 $755 $785 Max 777 $825 $850 $838 $1.06 $1.09 $1.08 777 $835 $855 Average 689.5 $785 $798 $791 $1.15 $1.17 $1.16 689.5 $795 $820 2 Bed - Min 955 $975 $1,020 $998 $1.02 $1.07 $1.04 955 $1,025 $1,050 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 955 $975 $1,020 $998 $1.02 $1.07 $1.04 955 $1,025 $1,050 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min. $703 $1.36 $1.39 $1.38 1.1511 Max n/a n/a n/a n/a n/a Average $703 $1.36 $1.39 $1.38 1.1511 1 Bed - Min $770 $1.25 $1.30 $1.28 3.3557 Max $845 $1.07 $1.10 $1.09 0.8955 Average $808 $1.16 $1.20 $1.18 2.0537 2 Bed - Min $1,038 $1.07 $1.10 $1.09 4.0602 Max n/a n/a n/a n/a n/a Average $1,038 $1.07 $1.10 $1.09 4.0602 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - ----------------------------------------------------------------------------------------------------------------------- Studio - Min 510 695 710 $703 $1.36 $1.39 $1.38 -0.07 510 735 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 510 $695 $710 $703 $1.36 $1.39 $1.38 -0.07 510 $735 1 Bed - Min 602 $770 $790 $780 $1.28 $1.31 $1.30 1.30 602 $805 Max 777 $850 $870 $860 $1.09 $1.12 $1.11 1.78 777 $855 Average 689.5 $810 $830 $820 $1.19 $1.22 $1.20 1.55 689.5 $830 2 Bed - Min 955 $1,035 $1,050 $1,043 $1.08 $1.10 $1.09 0.48 955 $1,085 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 955 $1,035 $1,050 $1,043 $1.08 $1.10 $1.09 0.48 955 $1,085 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------- Studio - Min 750 $743 $1.44 $1.47 $1.46 5.6940 Max n/a n/a n/a n/a n/a n/a Average $750 $743 $1.44 $1.47 $1.46 5.6940 1 Bed - Min $825 $815 $1.34 $1.37 $1.35 4.4872 Max $880 $868 $1.10 $1.13 $1.12 0.9302 Average $853 $842 $1.22 $1.25 $1.24 2.6220 2 Bed - Min $1,110 $1,098 $1.14 $1.16 $1.15 5.2733 Max n/a n/a n/a n/a n/a n/a Average $1,110 $1,098 $1.14 $1.16 $1.15 5.2733 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------- Studio - Min 510 745 765 $755 $1.46 $1.50 $1.48 1.68 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 510 $745 $765 $755 $1.46 $1.50 $1.48 1.68 1 Bed - Min 602 $840 $865 $780 $1.40 $1.44 $1.42 -4.29 Max 777 $910 $940 $860 $1.17 $1.21 $1.19 -0.92 Average 689.5 $875 $903 $820 $1.28 $1.32 $1.30 -2.55 2 Bed - Min 955 $1,135 $1,160 $1,043 $1.19 $1.21 $1.20 -5.01 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 955 $1,135 $1,160 $1,043 $1.19 $1.21 $1.20 -5.01 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 57 ================================================================================ WATERFORD ================================================================================ CITY Hayward # OF UNITS 544 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 208 336 DATE OPENED Sep-85 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 20 25 40 20 n/a VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3.68% 4.60% 7.35% 3.68% 2.00% - ------------------------------------------------------------------------------------------------------------------------ RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN - ------------------------------------------------------------------------------------------------------------------------ Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 701 $700 $750 $725 $1.00 $1.07 $1.03 701 $725 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 701 $700 $750 $725 $1.00 $1.07 $1.03 701 $725 2 Bed - Min 900 $820 $860 $840 $0.91 $0.96 $0.93 900 $845 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $820 $860 $840 $0.91 $0.96 $0.93 900 $845 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------- DEC-94 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $765 $745 $1.03 $1.09 $1.06 2.7586 Max n/a n/a n/a n/a n/a n/a Average $765 $745 $1.03 $1.09 $1.06 2.7586 2 Bed - Min $900 $873 $0.94 $1.00 $0.97 3.869 Max n/a n/a n/a n/a n/a n/a Average $900 $873 $0.94 $1.00 $0.97 3.869 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - -------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 701 $740 $780 $760 $1.06 $1.11 $1.08 2.01 701 $775 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 701 $740 $780 $760 $1.06 $1.11 $1.08 2.01 701 $775 2 Bed - Min 900 $845 $900 $873 $0.94 $1.00 $0.97 0.00 900 $875 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $845 $900 $873 $0.94 $1.00 $0.97 0.00 900 $875 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $815 $795 $1.11 $1.16 $1.13 4.6053 Max n/a n/a n/a n/a n/a n/a Average $815 $795 $1.11 $1.16 $1.13 4.6053 2 Bed - Min $925 $900 $0.97 $1.03 $1.00 3.1519 Max n/a n/a n/a n/a n/a n/a Average $925 $900 $0.97 $1.03 $1.00 3.1519 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 701 $815 $840 $828 $1.16 $1.20 $1.18 4.09 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 701 $815 $840 $828 $1.16 $1.20 $1.18 4.09 2 Bed - Min 900 $945 $965 $955 $1.05 $1.07 $1.06 6.11 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $945 $965 $955 $1.05 $1.07 $1.06 6.11 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 58 ================================================================================ WILLOW CREEK ================================================================================ CITY Fremont # OF UNITS 235 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 92 143 DATE OPENED Jan-85 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 5 13 8 9 1 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.13% 5.53% 3.40% 3.83% 0.43% - ------------------------------------------------------------------------------------------------------------------------------ RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX - ------------------------------------------------------------------------------------------------------------------------------ Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $785 $825 $805 $1.12 $1.18 $1.15 700 $795 $850 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $785 $825 $805 $1.12 $1.18 $1.15 700 $795 $850 2 Bed - Min 900 $925 $965 $945 $1.03 $1.07 $1.05 900 $930 $960 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $925 $965 $945 $1.03 $1.07 $1.05 900 $930 $960 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------- RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $823 $1.14 $1.21 $1.18 2.1739 Max n/a n/a n/a n/a n/a Average $823 $1.14 $1.21 $1.18 2.1739 2 Bed - Min $945 $1.03 $1.07 $1.05 0 Max n/a n/a n/a n/a n/a Average $945 $1.03 $1.07 $1.05 0 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX - ------------------------------------------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $850 $890 $870 $1.21 $1.27 $1.24 5.78 700 $880 $920 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $850 $890 $870 $1.21 $1.27 $1.24 5.78 700 $880 $920 2 Bed - Min 900 $960 $1,000 $980 $1.07 $1.11 $1.09 3.70 900 $1,045 $1,085 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $960 $1,000 $980 $1.07 $1.11 $1.09 3.70 900 $1,045 $1,085 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------- RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $900 $1.26 $1.31 $1.29 3.4483 Max n/a n/a n/a n/a n/a Average $900 $1.26 $1.31 $1.29 3.4483 2 Bed - Min $1,065 $1.16 $1.21 $1.18 8.6735 Max n/a n/a n/a n/a n/a Average $1,065 $1.16 $1.21 $1.18 8.6735 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 700 $1,000 $1,050 $1,025 $1.43 $1.50 $1.46 13.89 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $1,000 $1,050 $1,025 $1.43 $1.50 $1.46 13.89 2 Bed - Min 900 $1,200 $1,250 $1,225 $1.33 $1.39 $1.36 15.02 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,200 $1,250 $1,225 $1.33 $1.39 $1.36 15.02 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 59 ================================================================================ WIMBLEDON WOODS ================================================================================ CITY Hayward # OF UNITS 560 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 356 204 DATE OPENED Aug-75 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 31 13 23 13 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 5.54% 2.32% 4.11% 2.32% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX - ----------------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 662 $675 $725 $700 $1.02 $1.10 $1.06 662 $730 $785 Max 797 $775 $815 $835 $0.97 $1.02 $1.00 797 $805 $845 Average 729.5 $725 $770 $768 $1.00 $1.06 $1.03 729.5 $768 $815 2 Bed - Min 976 $910 $955 $933 $0.93 $0.98 $0.96 976 $950 $985 Max 1091 $970 $1,010 $990 $0.89 $0.93 $0.91 1091 $1,010 $1,050 Average 1033.5 940 982.5 $961 $0.91 $0.95 $0.93 1033.5 $980 $1,018 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a Max n/a n/a n/a n/a Average n/a n/a n/a n/a 1 Bed - Min $758 $1.10 $1.19 $1.14 8.2143 Max $825 $1.01 $1.06 $1.04 -1.198 Average $791 $1.06 $1.12 $1.09 3.0945 2 Bed - Min $968 $0.97 $1.01 $0.99 3.7534 Max $1,030 $0.93 $0.96 $0.94 4.0404 Average $999 $0.95 $0.99 $0.97 3.9012 3 Bed - Min n/a n/a n/a n/a Max n/a n/a n/a n/a Average n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. - --------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 662 $740 $810 $775 $1.12 $1.22 $1.17 2.31 662 Max 797 $815 $855 $835 $1.02 $1.07 $1.05 1.21 797 Average 729.5 $778 $833 $805 $1.07 $1.15 $1.11 1.74 729.5 2 Bed - Min 976 $960 $1,005 $983 $0.98 $1.03 $1.01 1.55 976 Max 1091 $1,020 $1,060 $1,040 $0.93 $0.97 $0.95 0.97 1091 Average 1033.5 $990 $1,033 $1,011 $0.96 $1.00 $0.98 1.25 1033.5 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min $740 $805 $773 $1.12 $1.22 $1.17 -0.323 Max $825 $865 $845 $1.04 $1.09 $1.06 1.1976 Average $783 $835 $809 $1.08 $1.15 $1.11 0.4658 2 Bed - Min $905 $950 $928 $0.93 $0.97 $0.95 -5.598 Max $970 $1,010 $990 $0.89 $0.93 $0.91 -4.808 Average $938 $980 $959 $0.91 $0.95 $0.93 -5.192 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 662 $740 $805 $773 $1.12 $1.22 $1.17 0.00 Max 797 $825 $865 $845 $1.04 $1.09 $1.06 0.00 Average 729.5 $783 $835 $809 $1.08 $1.15 $1.11 0.00 2 Bed - Min 976 $915 $950 $933 $0.94 $0.97 $0.96 0.54 Max 1091 $970 $1,020 $995 $0.89 $0.93 $0.91 0.51 Average 1033.5 $943 $985 $964 $0.91 $0.95 $0.93 0.52 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 60 2000 POST CITY San Francisco Units Vacant # OF UNITS 304 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 20 17 2 6 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 148 98 58 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Sep-86 6.58% 5.59% 0.66% 1.97% 0.00% - ------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------------- Studio - Min 482 $ 699 $ 999 $ 849 $1.45 $2.07 $1.76 482 $ 890 $ 890 $ 890 $1.85 $1.85 $1.85 4.8292 Max 720 $1,100 $1,200 $1,150 $1.53 $1.67 $1.60 720 $1,100 $1,200 $1,150 $1.53 $1.67 $1.60 0 Average 601 $ 900 $1,100 $1,000 $1.49 $1.87 $1.68 601 $ 995 $1,045 $1,020 $1.69 $1.76 $1.72 2.051 1 Bed - Min 630 $ 950 $1,150 $1,050 $1.51 $1.83 $1.67 630 $1,055 $1,150 $1,103 $1.67 $1.83 $1.75 5 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 630 $ 950 $1,150 $1,050 $1.51 $1.83 $1.67 630 $1,055 $1,150 $1,103 $1.67 $1.83 $1.75 5 2 Bed - Min 900 $1,250 $1,495 $1,373 $1.39 $1.66 $1.53 900 $1,345 $1,495 $1,420 $1.49 $1.66 $1.58 3.4608 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,250 $1,495 $1,373 $1.39 $1.66 $1.53 900 $1,345 $1,495 $1,420 $1.49 $1.66 $1.58 3.4608 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------------------- Studio - Min 482 $ 890 $ 890 $ 890 $1.85 $1.85 $1.85 0.00 482 $ 860 $ 895 $ 878 $1.78 $1.86 $1.82 -1.404 Max 720 $1,050 $1,050 $1,050 $1.46 $1.46 $1.46 -8.70 720 $1,050 $1,050 $1,050 $1.46 $1.46 $1.46 0 Average 601 $ 970 $ 970 $ 970 $1.65 $1.65 $1.65 -4.90 601 $ 955 $ 973 $ 964 $1.62 $1.66 $1.64 -0.644 1 Bed - Min 630 $1,095 $1,095 $1,095 $1.74 $1.74 $1.74 -0.68 630 $1,050 $1,295 $1,173 $1.67 $2.06 $1.86 7.0776 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 630 $1,095 $1,095 $1,095 $1.74 $1.74 $1.74 -0.68 630 $1,050 $1,295 $1,173 $1.67 $2.06 $1.86 7.0776 2 Bed - Min 900 $1,495 $1,575 $1,535 $1.66 $1.75 $1.71 8.10 900 $1,525 $1,675 $1,600 $1.69 $1.86 $1.78 4.2345 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,495 $1,575 $1,535 $1.66 $1.75 $1.71 8.10 900 $1,525 $1,675 $1,600 $1.69 $1.86 $1.78 4.2345 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ----------------------------------------------------------------------- Studio - Min 482 $ 895 $ 895 $ 895 $1.86 $1.86 $1.86 1.99 Max 720 $1,395 $1,395 $1,395 $1.94 $1.94 $1.94 32.86 Average 601 $1,145 $1,145 $1,145 $1.90 $1.90 $1.90 18.81 1 Bed - Min 630 $1,040 $1,595 $1,318 $1.65 $2.53 $2.09 12.37 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 630 $1,040 $1,595 $1,318 $1.65 $2.53 $2.09 12.37 2 Bed - Min 900 $1,590 $1,995 $1,793 $1.77 $2.22 $1.99 12.03 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,590 $1,995 $1,793 $1.77 $2.22 $1.99 12.03 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 61 BAYSIDE VILLAGE CITY San Francisco Units Vacant # OF UNITS 862 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 16 24 5 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 280 289 293 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jul-88 1.04% 1.86% 2.78% 0.58% 0.00% - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min 490 $ 800 $ 900 $ 850 $1.63 $1.84 $1.73 490 $ 850 $ 950 $ 900 $1.73 $1.94 $1.84 5.8824 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 490 $ 800 $ 900 $ 850 $1.63 $1.84 $1.73 490 $ 850 $ 950 $ 900 $1.73 $1.94 $1.84 5.8824 1 Bed - Min 678 $ 995 $1,150 $1,073 $1.47 $1.70 $1.58 678 $1,050 $1,250 $1,150 $1.55 $1.84 $1.70 7.2261 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 678 $ 995 $1,150 $1,073 $1.47 $1.70 $1.58 678 $1,050 $1,250 $1,150 $1.55 $1.84 $1.70 7.2261 2 Bed - Min 1050 $1,295 $1,850 $1,573 $1.23 $1.76 $1.50 1050 $1,350 $1,900 $1,625 $1.29 $1.81 $1.55 3.3386 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1050 $1,295 $1,850 $1,573 $1.23 $1.76 $1.50 1050 $1,350 $1,900 $1,625 $1.29 $1.81 $1.55 3.3386 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min 490 $ 860 $ 950 $ 905 $1.76 $1.94 $1.85 0.56 490 $ 895 $ 980 $ 938 $1.83 $2.00 $1.91 3.5912 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 490 $ 860 $ 950 $ 905 $1.76 $1.94 $1.85 0.56 490 $ 895 $ 980 $ 938 $1.83 $2.00 $1.91 3.5912 1 Bed - Min 678 $1,060 $1,250 $1,155 $1.56 $1.84 $1.70 0.43 678 $1,150 $1,350 $1,250 $1.70 $1.99 $1.84 8.2251 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 678 $1,060 $1,250 $1,155 $1.56 $1.84 $1.70 0.43 678 $1,150 $1,350 $1,250 $1.70 $1.99 $1.84 8.2251 2 Bed - Min 1050 $1,395 $1,900 $1,648 $1.33 $1.81 $1.57 1.38 1050 $1,495 $2,000 $1,748 $1.42 $1.90 $1.66 6.0698 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1050 $1,395 $1,900 $1,648 $1.33 $1.81 $1.57 1.38 1050 $1,495 $2,000 $1,748 $1.42 $1.90 $1.66 6.0698 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 490 $ 940 $1,025 $ 983 $1.92 $2.09 $2.01 4.80 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 490 $ 940 $1,025 $ 983 $1.92 $2.09 $2.01 4.80 1 Bed - Min 678 $1,225 $1,425 $1,325 $1.81 $2.10 $1.95 6.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 678 $1,225 $1,425 $1,325 $1.81 $2.10 $1.95 6.00 2 Bed - Min 1050 $1,592 $2,100 $1,846 $1.52 $2.00 $1.76 5.64 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1050 $1,592 $2,100 $1,846 $1.52 $2.00 $1.76 5.64 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 62 CITY HEIGHTS CITY San Francisco UNITS VACANT # OF UNITS 185 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 8 7 3 5 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 46 114 25 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jul-90 4.86% 4.32% 3.78% 1.62% 2.70% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 430 $ 675 $ 825 $ 750 $1.57 $1.92 $1.74 430 $ 775 $ 825 $ 800 $1.80 $1.92 $1.86 6.6667 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 430 $ 675 $ 825 $ 750 $1.57 $1.92 $1.74 430 $ 775 $ 825 $ 800 $1.80 $1.92 $1.86 6.6667 1 Bed - Min 690 $ 835 $1,250 $1,043 $1.21 $1.81 $1.51 690 $ 895 $1,250 $1,073 $1.30 $1.81 $1.55 2.8777 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 690 $ 835 $1,250 $1,043 $1.21 $1.81 $1.51 690 $ 895 $1,250 $1,073 $1.30 $1.81 $1.55 2.8777 2 Bed - Min 910 $1,250 $1,550 $1,400 $1.37 $1.70 $1.54 910 $1,220 $1,525 $1,373 $1.34 $1.68 $1.51 -1.964 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 910 $1,250 $1,550 $1,400 $1.37 $1.70 $1.54 910 $1,220 $1,525 $1,373 $1.34 $1.68 $1.51 -1.964 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 482 $ 775 $ 865 $ 820 $1.61 $1.79 $1.70 2.50 430 $ 775 $ 950 $ 863 $1.80 $2.21 $2.01 5.1829 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 482 $ 775 $ 865 $ 820 $1.61 $1.79 $1.70 2.50 430 $ 775 $ 950 $ 863 $1.80 $2.21 $2.01 5.1829 1 Bed - Min 690 $ 905 $1,295 $1,100 $1.31 $1.88 $1.59 2.56 690 $ 950 $1,295 $1,123 $1.38 $1.88 $1.63 2.0455 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 690 $ 905 $1,295 $1,100 $1.31 $1.88 $1.59 2.56 690 $ 950 $1,295 $1,123 $1.38 $1.88 $1.63 2.0455 2 Bed - Min 910 $1,220 $1,535 $1,378 $1.34 $1.69 $1.51 0.36 910 $1,295 $1,545 $1,420 $1.42 $1.70 $1.56 3.0853 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 910 $1,220 $1,535 $1,378 $1.34 $1.69 $1.51 0.36 910 $1,295 $1,545 $1,420 $1.42 $1.70 $1.56 3.0853 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 482 $ 875 $1,050 $ 963 $1.82 $2.18 $2.00 11.59 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 482 $ 875 $1,050 $ 963 $1.82 $2.18 $2.00 11.59 1 Bed - Min 690 $1,100 $1,300 $1,200 $1.59 $1.88 $1.74 6.90 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 690 $1,100 $1,300 $1,200 $1.59 $1.88 $1.74 6.90 2 Bed - Min 910 $1,400 $1,695 $1,548 $1.54 $1.86 $1.70 8.98 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 910 $1,400 $1,695 $1,548 $1.54 $1.86 $1.70 8.98 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 63 FILLMORE CENTER CITY San Francisco UNITS VACANT # OF UNITS 1113 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 59 98 97 100 20 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 312 428 342 31 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-89 5.30% 8.81% 8.72% 8.98% 1.80% - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min 600 $ 695 $ 756 $ 726 $ 1.16 $ 1.26 $1.21 600 $ 775 $ 756 $ 766 $1.29 $1.26 $1.28 5.5134 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 600 $ 695 $ 756 $ 726 $ 1.16 $ 1.26 $1.21 600 $ 775 $ 756 $ 766 $1.29 $1.26 $1.28 5.5134 1 Bed - Min 780 $ 795 $1,100 $ 948 $ 1.02 $ 1.41 $1.21 780 $ 865 $1,040 $ 953 $1.11 $1.33 $1.22 0.5277 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 780 $ 795 $1,100 $ 948 $ 1.02 $ 1.41 $1.21 780 $ 865 $1,040 $ 953 $1.11 $1.33 $1.22 0.5277 2 Bed - Min 1100 $1,050 $1,400 $1,225 $ 0.95 $ 1.27 $1.11 1100 $1,210 $1,410 $1,310 $1.10 $1.28 $1.19 6.9388 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1100 $1,050 $1,400 $1,225 $ 0.95 $ 1.27 $1.11 1100 $1,210 $1,410 $1,310 $1.10 $1.28 $1.19 6.9388 3 Bed - Min 1200 $1,400 $1,400 $1,400 $ 1.17 $ 1.17 $1.17 1200 $1,400 $1,400 $1,400 $1.17 $1.17 $1.17 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1200 $1,400 $1,400 $1,400 $ 1.17 $ 1.17 $1.17 1200 $1,400 $1,400 $1,400 $1.17 $1.17 $1.17 0 - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min 600 $ 750 $ 840 $ 795 $1.25 $1.40 $1.33 3.85 600 $ 800 $ 890 $ 845 $1.33 $1.48 $1.41 6.2893 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 600 $ 750 $ 840 $ 795 $1.25 $1.40 $1.33 3.85 600 $ 800 $ 890 $ 845 $1.33 $1.48 $1.41 6.2893 1 Bed - Min 780 $ 865 $1,050 $ 958 $1.11 $1.35 $1.23 0.52 780 $ 925 $1,100 $1,013 $1.19 $1.41 $1.30 5.7441 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 780 $ 865 $1,050 $ 958 $1.11 $1.35 $1.23 0.52 780 $ 925 $1,100 $1,013 $1.19 $1.41 $1.30 5.7441 2 Bed - Min 1100 $1,210 $1,525 $1,368 $1.10 $1.39 $1.24 4.39 1100 $1,285 $1,600 $1,443 $1.17 $1.45 $1.31 5.4845 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1100 $1,210 $1,525 $1,368 $1.10 $1.39 $1.24 4.39 1100 $1,285 $1,600 $1,443 $1.17 $1.45 $1.31 5.4845 3 Bed - Min 1200 $1,400 $1,420 $1,410 $1.17 $1.18 $1.18 0.71 1200 $1,600 $1,600 $1,600 $1.33 $1.33 $1.33 13.475 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1200 $1,400 $1,420 $1,410 $1.17 $1.18 $1.18 0.71 1200 $1,600 $1,600 $1,600 $1.33 $1.33 $1.33 13.475 - -------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - -------------------------------------------------------------------- Studio - Min 600 $ 830 $ 945 $ 888 $1.38 $1.58 $1.48 5.03 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 600 $ 830 $ 945 $ 888 $1.38 $1.58 $1.48 5.03 1 Bed - Min 780 $ 950 $1,265 $1,108 $1.22 $1.62 $1.42 9.38 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 780 $ 950 $1,265 $1,108 $1.22 $1.62 $1.42 9.38 2 Bed - Min 1100 $1,325 $1,700 $1,513 $1.20 $1.55 $1.38 4.85 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1100 $1,325 $1,700 $1,513 $1.20 $1.55 $1.38 4.85 3 Bed - Min 1200 $1,665 $1,680 $1,673 $1.39 $1.40 $1.39 4.53 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1200 $1,665 $1,680 $1,673 $1.39 $1.40 $1.39 4.53 64 FOX PLAZA CITY San Francisco UNITS VACANT # OF UNITS 446 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 64 74 28 3 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 300 96 50 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Aug-66 14.35% 16.59% 6.28% 0.67% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 446 $ 655 $ 775 $ 715 $1.47 $1.74 $1.60 0 1 Bed - Min 671 $ 865 $1,100 $ 983 $1.29 $1.64 $1.46 671 $ 875 $1,170 $1,023 $1.30 $1.74 $1.52 4.0712 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 671 $ 865 $1,100 $ 983 $1.29 $1.64 $1.46 671 $ 875 $1,170 $1,023 $1.30 $1.74 $1.52 4.0712 2 Bed - Min 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 446 $ 685 $ 875 $ 780 $1.54 $1.96 $1.75 9.09 446 $ 750 $ 890 $ 820 $1.68 $2.00 $1.84 5.1282 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 446 $ 685 $ 875 $ 780 $1.54 $1.96 $1.75 9.09 446 $ 750 $ 890 $ 820 $1.68 $2.00 $1.84 5.1282 1 Bed - Min 671 $ 930 $1,150 $1,040 $1.39 $1.71 $1.55 1.71 671 $ 910 $1,220 $1,065 $1.36 $1.82 $1.59 2.4038 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 671 $ 930 $1,150 $1,040 $1.39 $1.71 $1.55 1.71 671 $ 910 $1,220 $1,065 $1.36 $1.82 $1.59 2.4038 2 Bed - Min 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0.00 814 $1,270 $1,350 $1,310 $1.56 $1.66 $1.61 8.2645 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 814 $1,170 $1,250 $1,210 $1.44 $1.54 $1.49 0.00 814 $1,270 $1,350 $1,310 $1.56 $1.66 $1.61 8.2645 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 446 $ 795 $ 935 $ 865 $1.78 $2.10 $1.94 5.49 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 446 $ 795 $ 935 $ 865 $1.78 $2.10 $1.94 5.49 1 Bed - Min 671 $ 955 $1,265 $1,110 $1.42 $1.89 $1.65 4.23 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 671 $ 955 $1,265 $1,110 $1.42 $1.89 $1.65 4.23 2 Bed - Min 814 $1,315 $1,395 $1,355 $1.62 $1.71 $1.66 3.44 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 814 $1,315 $1,395 $1,355 $1.62 $1.71 $1.66 3.44 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 65 GOLDEN GATEWAY CENTER CITY San Francisco UNITS VACANT # OF UNITS 1254 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 18 9 29 10 10 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 391 530 297 36 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-65 1.44% 0.72% 2.31% 0.80% 0.80% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 500 $ 775 $1,300 $1,038 $1.55 $2.60 $2.08 500 $ 825 $1,200 $1,013 $1.65 $2.40 $2.03 -2.4096 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $ 775 $1,300 $1,038 $1.55 $2.60 $2.08 500 $ 825 $1,200 $1,013 $1.65 $2.40 $2.03 -2.4096 1 Bed - Min 700 $ 950 $1,800 $1,375 $1.36 $2.57 $1.96 700 $ 925 $1,900 $1,413 $1.32 $2.71 $2.02 2.72727 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $ 950 $1,800 $1,375 $1.36 $2.57 $1.96 700 $ 925 $1,900 $1,413 $1.32 $2.71 $2.02 2.72727 2 Bed - Min 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 900 $1,250 $2,300 $1,775 $1.39 $2.56 $1.97 0 3 Bed - Min 1271 $2,250 $3,000 $2,625 $1.77 $2.36 $2.07 1271 $2,250 $3,000 $2,625 $1.77 $2.36 $2.07 0 Max 1500 $2,300 $3,000 $2,650 $1.53 $2.00 $1.77 1500 $2,300 $3,000 $2,650 $1.53 $2.00 $1.77 0 Average 1385.5 $2,275 $3,000 $2,638 $1.65 $2.18 $1.92 1385.5 $2,275 $3,000 $2,638 $1.65 $2.18 $1.92 0 - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min 500 $ 900 $1,300 $1,100 $1.80 $2.60 $2.20 8.64 500 $ 950 $1,450 $1,200 $1.90 $2.90 $2.40 9.09091 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $ 900 $1,300 $1,100 $1.80 $2.60 $2.20 8.64 500 $ 950 $1,450 $1,200 $1.90 $2.90 $2.40 9.09091 1 Bed - Min 700 $ 975 $1,950 $1,463 $1.39 $2.79 $2.09 3.54 700 $1,125 $2,250 $1,688 $1.61 $3.21 $2.41 15.3846 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $ 975 $1,950 $1,463 $1.39 $2.79 $2.09 3.54 700 $1,125 $2,250 $1,688 $1.61 $3.21 $2.41 15.3846 2 Bed - Min 900 $1,300 $2,350 $1,825 $1.44 $2.61 $2.03 2.82 900 $1,550 $2,100 $1,825 $1.72 $2.33 $2.03 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,300 $2,350 $1,825 $1.44 $2.61 $2.03 2.82 900 $1,550 $2,100 $1,825 $1.72 $2.33 $2.03 0 3 Bed - Min 1271 $2,300 $3,050 $2,675 $1.81 $2.40 $2.10 1.90 1271 $2,100 $3,050 $2,575 $1.65 $2.40 $2.03 -3.7383 Max 1500 $2,350 $3,050 $2,700 $1.57 $2.03 $1.80 1.89 1500 $2,600 $2,900 $2,750 $1.73 $1.93 $1.83 1.85185 Average 1385.5 $2,325 $3,050 $2,688 $1.69 $2.22 $1.95 1.90 1385.5 $2,350 $2,975 $2,663 $1.69 $2.17 $1.93 -0.9302 - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 500 $1,025 $1,595 $1,310 $2.05 $3.19 $2.62 9.17 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $1,025 $1,595 $1,310 $2.05 $3.19 $2.62 9.17 1 Bed - Min 700 $1,250 $2,450 $1,850 $1.79 $3.50 $2.64 9.63 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 700 $1,250 $2,450 $1,850 $1.79 $3.50 $2.64 9.63 2 Bed - Min 900 $1,495 $3,000 $2,248 $1.66 $3.33 $2.50 23.15 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 900 $1,495 $3,000 $2,248 $1.66 $3.33 $2.50 23.15 3 Bed - Min 1271 $2,700 $3,800 $3,250 $2.12 $2.99 $2.56 26.21 Max 1500 $2,700 $3,800 $3,250 $1.80 $2.53 $2.17 18.18 Average 1385.5 $2,700 $3,800 $3,250 $1.96 $2.76 $2.36 22.07 66 OAKWOOD CITY San Francisco UNITS VACANT # OF UNITS 721 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 16 30 23 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 258 375 88 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Sep-86 2.22% 4.16% 3.19% 0.00% 0.00% - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min 510 $ 695 $ 710 $ 703 $ 1.36 $ 1.39 $ 1.38 510 $ 670 $ 710 $ 690 $1.31 $1.39 $1.35 -1.7794 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 510 $ 695 $ 710 $ 703 $ 1.36 $ 1.39 $ 1.38 510 $ 670 $ 710 $ 690 $1.31 $1.39 $1.35 -1.7794 1 Bed - Min 732 $ 740 $ 810 $ 775 $ 1.01 $ 1.11 $ 1.06 732 $ 760 $ 860 $ 810 $1.04 $1.17 $1.11 4.5161 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 732 $ 740 $ 810 $ 775 $ 1.01 $ 1.11 $ 1.06 732 $ 760 $ 860 $ 810 $1.04 $1.17 $1.11 4.5161 2 Bed - Min 900 $ 995 $1,045 $1,020 $ 1.11 $ 1.16 $ 1.13 900 $ 995 $1,045 $1,020 $1.11 $1.16 $1.13 0 Max 1075 $1,050 $1,255 $1,153 $ 0.98 $ 1.17 $ 1.07 1075 $1,095 $1,255 $1,175 $1.02 $1.17 $1.09 1.9523 Average 987.5 $1,023 $1,150 $1,086 $ 1.05 $ 1.16 $ 1.10 987.5 $1,045 $1,150 $1,098 $1.06 $1.16 $1.11 1.0357 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min 510 $ 670 $ 710 $ 690 $1.31 $1.39 $ 1.35 0 510 $ 690 $ 735 $ 713 $1.35 $1.44 $1.40 3.2609 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 510 $ 670 $ 710 $ 690 $1.31 $1.39 $ 1.35 0 510 $ 690 $ 735 $ 713 $1.35 $1.44 $1.40 3.2609 1 Bed - Min 732 $ 760 $ 860 $ 810 $1.04 $1.17 $ 1.11 0 732 $ 765 $ 880 $ 823 $1.05 $1.20 $1.12 1.5432 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 732 $ 760 $ 860 $ 810 $1.04 $1.17 $ 1.11 0 732 $ 765 $ 880 $ 823 $1.05 $1.20 $1.12 1.5432 2 Bed - Min 900 $ 995 $1,045 $1,020 $1.11 $1.16 $ 1.13 0 900 $1,005 $1,265 $1,135 $1.12 $1.41 $1.26 11.275 Max 1075 $1,095 $1,255 $1,175 $1.02 $1.17 $ 1.09 0 1075 $1,100 $1,265 $1,183 $1.02 $1.18 $1.10 0.6383 Average 987.5 $1,045 $1,150 $1,098 $1.06 $1.16 $ 1.11 0 987.5 $1,053 $1,265 $1,159 $1.07 $1.29 $1.18 5.5809 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------- Studio - Min 510 $ 780 $ 825 $ 803 $1.53 $1.62 $1.57 12.632 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 510 $ 780 $ 825 $ 803 $1.53 $1.62 $1.57 12.632 1 Bed - Min 732 $ 890 $ 990 $ 940 $1.22 $1.35 $1.28 14.286 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 732 $ 890 $ 990 $ 940 $1.22 $1.35 $1.28 14.286 2 Bed - Min 900 $1,200 $1,200 $1,200 $1.33 $1.33 $1.33 5.7269 Max 1075 $1,445 $1,445 $1,445 $1.34 $1.34 $1.34 22.199 Average 987.5 $1,323 $1,323 $1,323 $1.34 $1.34 $1.34 14.132 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 67 POST STREET TOWERS CITY San Francisco UNITS VACANT # OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 4 5 3 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 147 60 41 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Mar-88 1.61% 2.02% 1.21% 0.40% 0.00% - ------------------------------------------------------------------------------------------------------------------------------ RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------------ Studio - Min 345 $ 685 $ 810 $ 748 $1.99 $2.35 $2.17 345 $ 685 $ 810 $ 748 $1.99 $2.35 $2.17 0 Max 400 $ 685 $ 810 $ 748 $1.71 $2.03 $1.87 400 $ 685 $ 810 $ 748 $1.71 $2.03 $1.87 0 Average 372.5 $ 685 $ 810 $ 748 $1.85 $2.19 $2.02 372.5 $ 685 $ 810 $ 748 $1.85 $2.19 $2.02 0 1 Bed - Min 550 $ 830 $ 900 $ 865 $1.51 $1.64 $1.57 550 $ 865 $ 935 $ 900 $1.57 $1.70 $1.64 4.04624 Max 600 $ 965 $1,110 $1,038 $1.61 $1.85 $1.73 600 $ 965 $1,110 $1,038 $1.61 $1.85 $1.73 0 Average 575 $ 898 $1,005 $ 951 $1.56 $1.74 $1.65 575 $ 915 $1,023 $ 969 $1.59 $1.78 $1.68 1.83968 2 Bed - Min 690 $1,060 $1,210 $1,135 $1.54 $1.75 $1.64 690 $1,060 $1,210 $1,135 $1.54 $1.75 $1.64 0 Max 705 $1,210 $1,410 $1,310 $1.72 $2.00 $1.86 705 $1,210 $1,410 $1,310 $1.72 $2.00 $1.86 0 Average 697.5 $1,135 $1,310 $1,223 $1.63 $1.88 $1.75 697.5 $1,135 $1,310 $1,223 $1.63 $1.88 $1.75 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------------------- Studio - Min 345 $ 735 $ 835 $ 785 $2.13 $2.42 $2.28 5.02 345 $ 745 $ 845 $ 795 $2.16 $2.45 $2.30 1.27389 Max 400 $ 735 $ 835 $ 785 $1.84 $2.09 $1.96 n/a 400 $ 745 $ 845 $ 795 $1.86 $2.11 $1.99 n/a Average 372.5 $ 735 $ 835 $ 785 $1.98 $2.25 $2.12 5.02 372.5 $ 745 $ 845 $ 795 $2.01 $2.28 $2.15 1.27389 1 Bed - Min 550 $ 900 $ 965 $ 933 $1.64 $1.75 $1.70 3.61 550 $ 910 $ 975 $ 943 $1.65 $1.77 $1.71 1.07239 Max 600 $ 975 $1,120 $1,048 $1.63 $1.87 $1.75 n/a 600 $ 975 $1,120 $1,048 $1.63 $1.87 $1.75 n/a Average 575 $ 938 $1,043 $ 990 $1.63 $1.81 $1.72 2.19 575 $ 943 $1,048 $ 995 $1.64 $1.82 $1.73 0.50505 2 Bed - Min 690 $1,135 $1,285 $1,210 $1.64 $1.86 $1.75 6.61 690 $1,135 $1,285 $1,210 $1.64 $1.86 $1.75 0 Max 705 $1,255 $1,455 $1,355 $1.78 $2.06 $1.92 n/a 705 $1,255 $1,455 $1,355 $1.78 $2.06 $1.92 n/a Average 697.5 $1,195 $1,370 $1,283 $1.71 $1.96 $1.84 4.91 697.5 $1,195 $1,370 $1,283 $1.71 $1.96 $1.84 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------- Studio - Min 345 $ 795 $ 895 $ 845 $2.30 $2.59 $2.45 6.29 Max 400 $ 795 $ 895 $ 845 $1.99 $2.24 $2.11 n/a Average 372.5 $ 795 $ 895 $ 845 $2.15 $2.42 $2.28 6.29 1 Bed - Min 550 $ 940 $1,005 $ 973 $1.71 $1.83 $1.77 3.18 Max 600 $ 985 $1,130 $1,058 $1.64 $1.88 $1.76 n/a Average 575 $ 963 $1,068 $1,015 $1.68 $1.86 $1.77 2.01 2 Bed - Min 690 $1,185 $1,310 $1,248 $1.72 $1.90 $1.81 3.10 Max 705 $1,255 $1,455 $1,355 $1.78 $2.06 $1.92 n/a Average 697.5 $1,220 $1,383 $1,301 $1.75 $1.98 $1.86 1.46 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 68 POTRERO COURT CITY San Francisco UNITS VACANT # OF UNITS 132 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 10 3 6 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 12 60 40 20 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Aug-88 7.58% 2.27% 4.55% 0.00% 0.00% - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 500 $ 745 $ 745 $ 745 $1.49 $1.49 $1.49 0 1 Bed - Min 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0 2 Bed - Min 875 $1,025 $1,025 $1,025 $1.17 $1.17 $1.17 875 $1,025 $1,025 $1,025 $1.17 $1.17 $1.17 0 Max 960 $1,140 $1,140 $1,140 $1.19 $1.19 $1.19 960 $1,140 $1,140 $1,140 $1.19 $1.19 $1.19 0 Average 917.5 $1,083 $1,083 $1,083 $1.18 $1.18 $1.18 917.5 $1,083 $1,083 $1,083 $1.18 $1.18 $1.18 0 3 Bed - Min 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0 - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min 500 $ 725 $ 765 $ 745 $1.45 $1.53 $1.49 0.00 500 $ 765 $ 795 $ 780 $1.53 $1.59 $1.56 4.698 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $ 725 $ 765 $ 745 $1.45 $1.53 $1.49 0.00 500 $ 765 $ 795 $ 780 $1.53 $1.59 $1.56 4.698 1 Bed - Min 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0.00 650 $ 825 $ 875 $ 850 $1.27 $1.35 $1.31 3.0303 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $ 825 $ 825 $ 825 $1.27 $1.27 $1.27 0.00 650 $ 825 $ 875 $ 850 $1.27 $1.35 $1.31 3.0303 2 Bed - Min 875 $1,025 $1,025 $1,025 $1.17 $1.17 $1.17 0.00 875 $1,025 $1,075 $1,050 $1.17 $1.23 $1.20 2.439 Max 960 $1,160 $1,160 $1,160 $1.21 $1.21 $1.21 1.75 960 $1,160 $1,190 $1,175 $1.21 $1.24 $1.22 1.2931 Average 917.5 $1,093 $1,093 $1,093 $1.19 $1.19 $1.19 0.92 917.5 $1,093 $1,133 $1,113 $1.19 $1.23 $1.21 1.8307 3 Bed - Min 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0.00 1125 $1,275 $1,375 $1,325 $1.13 $1.22 $1.18 3.9216 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1125 $1,275 $1,275 $1,275 $1.13 $1.13 $1.13 0.00 1125 $1,275 $1,375 $1,325 $1.13 $1.22 $1.18 3.9216 - ------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------- Studio - Min 500 $ 795 $ 795 $ 795 $1.59 $1.59 $1.59 1.92 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $ 795 $ 795 $ 795 $1.59 $1.59 $1.59 1.92 1 Bed - Min 650 $ 915 $ 915 $ 915 $1.41 $1.41 $1.41 7.65 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $ 915 $ 915 $ 915 $1.41 $1.41 $1.41 7.65 2 Bed - Min 875 $1,115 $1,115 $1,115 $1.27 $1.27 $1.27 6.19 Max 960 $1,115 $1,115 $1,115 $1.16 $1.16 $1.16 -5.11 Average 917.5 $1,115 $1,115 $1,115 $1.22 $1.22 $1.22 0.22 3 Bed - Min 1125 $1,370 $1,370 $1,370 $1.22 $1.22 $1.22 3.40 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1125 $1,370 $1,370 $1,370 $1.22 $1.22 $1.22 3.40 69 RINCON TOWERS CITY San Francisco UNITS VACANT # OF UNITS 320 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 5 11 5 3 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 120 100 100 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-89 0.00% 1.56% 3.44% 1.56% 0.94% - ------------------------------------------------------------------------------------------------------------------------- RENT JUL-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min 415 $ 750 $1,050 $ 900 $1.81 $2.53 $2.17 415 $ 786 $1,050 $ 918 $1.89 $2.53 $2.21 2.000 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 415 $ 750 $1,050 $ 900 $1.81 $2.53 $2.17 415 $ 786 $1,050 $ 918 $1.89 $2.53 $2.21 2.000 1 Bed - Min 650 $ 995 $2,100 $1,548 $1.53 $3.23 $2.38 650 $ 899 $2,100 $1,500 $1.38 $3.23 $2.31 -3.102 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $ 995 $2,100 $1,548 $1.53 $3.23 $2.38 650 $ 899 $2,100 $1,500 $1.38 $3.23 $2.31 -3.102 2 Bed - Min 799 $1,400 $1,700 $1,550 $1.75 $2.13 $1.94 799 $1,123 $1,700 $1,412 $1.41 $2.13 $1.77 -8.935 Max 880 $1,250 $1,700 $1,475 $1.42 $1.93 $1.68 880 $1,011 $1,850 $1,431 $1.15 $2.10 $1.63 -3.017 Average 839.5 $1,325 $1,700 $1,513 $1.59 $2.03 $1.81 839.5 $1,067 $1,775 $1,421 $1.28 $2.11 $1.70 -6.050 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min 415 $ 802 $1,050 $ 926 $1.93 $2.53 $2.23 0.87 415 $ 950 $1,050 $1,000 $2.29 $2.53 $2.41 7.991 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 415 $ 802 $1,050 $ 926 $1.93 $2.53 $2.23 0.87 415 $ 950 $1,050 $1,000 $2.29 $2.53 $2.41 7.991 1 Bed - Min 650 $ 917 $1,550 $1,234 $1.41 $2.38 $1.90 -17.74 650 $1,100 $2,000 $1,550 $1.69 $3.08 $2.38 25.659 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $ 917 $1,550 $1,234 $1.41 $2.38 $1.90 -17.74 650 $1,100 $2,000 $1,550 $1.69 $3.08 $2.38 25.659 2 Bed - Min 779 $1,147 $2,400 $1,774 $1.47 $3.08 $2.28 25.65 779 $1,500 $3,000 $2,250 $1.93 $3.85 $2.89 26.868 Max 880 $1,032 $2,400 $1,716 $1.17 $2.73 $1.95 19.96 880 $1,500 $3,000 $2,250 $1.70 $3.41 $2.56 31.119 Average 829.5 $1,090 $2,400 $1,745 $1.32 $2.90 $2.11 22.78 829.5 $1,500 $3,000 $2,250 $1.82 $3.63 $2.72 28.958 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 415 $1,350 $1,950 $1,650 $3.25 $4.70 $3.98 65.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 415 $1,350 $1,950 $1,650 $3.25 $4.70 $3.98 65.00 1 Bed - Min 650 $1,550 $3,000 $2,275 $2.38 $4.62 $3.50 46.77 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $1,550 $3,000 $2,275 $2.38 $4.62 $3.50 46.77 2 Bed - Min 779 $1,650 $4,000 $2,825 $2.12 $5.13 $3.63 25.56 Max 880 $1,650 $4,000 $2,825 $1.88 $4.55 $3.21 25.56 Average 829.5 $1,650 $4,000 $2,825 $2.00 $4.84 $3.42 25.56 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 70 ST. FRANCIS PLACE CITY San Francisco UNITS VACANT # OF UNITS 410 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 4 16 10 12 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 40 244 124 2 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-85 0.98% 3.90% 2.44% 2.93% 0.00% - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min 533 $ 760 $ 885 $ 823 $1.43 $1.66 $1.54 533 $ 806 $ 938 $ 872 $1.51 $1.76 $1.64 6.0182 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 533 $ 760 $ 885 $ 823 $1.43 $1.66 $1.54 533 $ 806 $ 938 $ 872 $1.51 $1.76 $1.64 6.0182 1 Bed - Min 564 $ 845 $ 885 $ 865 $1.50 $1.57 $1.53 564 $ 845 $ 905 $ 875 $1.50 $1.60 $1.55 1.1561 Max 725 $ 869 $1,132 $1,001 $1.20 $1.56 $1.38 725 $ 895 $1,168 $1,032 $1.23 $1.61 $1.42 3.0985 Average 644.5 $ 857 $1,009 $ 933 $1.35 $1.57 $1.46 644.5 $ 870 $1,037 $ 953 $1.37 $1.61 $1.49 2.1978 2 Bed - Min 1044 $1,086 $1,532 $1,309 $1.04 $1.47 $1.25 1044 $1,095 $1,532 $1,314 $1.05 $1.47 $1.26 0.3438 Max 1133 $1,086 $1,552 $1,319 $0.96 $1.37 $1.16 1133 $1,095 $1,552 $1,324 $0.97 $1.37 $1.17 0.3412 Average 1088.5 $1,086 $1,542 $1,314 $1.00 $1.42 $1.21 1088.5 $1,095 $1,542 $1,319 $1.01 $1.42 $1.21 0.3425 3 Bed - Min 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 1429 $1,909 $1,950 $1,930 $1.34 $1.36 $1.35 0 - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min 533 $ 820 $ 960 $ 890 $1.54 $1.80 $1.67 2.06 533 $ 925 $ 999 $ 962 $1.74 $1.87 $1.80 8.0899 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 533 $ 820 $ 960 $ 890 $1.54 $1.80 $1.67 2.06 533 $ 925 $ 999 $ 962 $1.74 $1.87 $1.80 8.0899 1 Bed - Min 564 $ 895 $ 975 $ 935 $1.59 $1.73 $1.66 6.86 564 $ 960 $1,010 $ 985 $1.70 $1.79 $1.75 5.3476 Max 725 $ 895 $1,195 $1,045 $1.23 $1.65 $1.44 1.31 725 $1,045 $1,225 $1,135 $1.44 $1.69 $1.57 8.6124 Average 644.5 $ 895 $1,085 $ 990 $1.41 $1.69 $1.55 3.86 644.5 $1,003 $1,118 $1,060 $1.57 $1.74 $1.66 7.0707 2 Bed - Min 1044 $1,115 $1,575 $1,345 $1.07 $1.51 $1.29 2.40 1044 $1,475 $1,615 $1,545 $1.41 $1.55 $1.48 14.87 Max 1133 $1,520 $1,590 $1,555 $1.34 $1.40 $1.37 17.49 1133 $1,625 $1,675 $1,650 $1.43 $1.48 $1.46 6.1093 Average 1088.5 $1,318 $1,583 $1,450 $1.20 $1.46 $1.33 9.97 1088.5 $1,550 $1,645 $1,598 $1.42 $1.51 $1.47 10.172 3 Bed - Min 1429 $1,960 $1,999 $1,980 $1.37 $1.40 $1.39 2.59 1429 $1,960 $2,150 $2,055 $1.37 $1.50 $1.44 3.8141 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 1429 $1,960 $1,999 $1,980 $1.37 $1.40 $1.39 2.59 1429 $1,960 $2,150 $2,055 $1.37 $1.50 $1.44 3.8141 - ------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min 533 $1,055 $1,094 $1,075 $1.98 $2.05 $2.02 11.69 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 533 $1,055 $1,094 $1,075 $1.98 $2.05 $2.02 11.69 1 Bed - Min 564 $1,155 $1,155 $1,155 $2.05 $2.05 $2.05 17.26 Max 725 $1,450 $1,450 $1,450 $2.00 $2.00 $2.00 27.75 Average 644.5 $1,303 $1,303 $1,303 $2.02 $2.02 $2.02 22.88 2 Bed - Min 1044 $1,675 $1,675 $1,675 $1.60 $1.60 $1.60 8.41 Max 1133 $1,825 $1,825 $1,825 $1.61 $1.61 $1.61 10.61 Average 1088.5 $1,750 $1,750 $1,750 $1.61 $1.61 $1.61 9.55 3 Bed - Min 1429 $2,390 $2,390 $2,390 $1.67 $1.67 $1.67 16.30 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1429 $2,390 $2,390 $2,390 $1.67 $1.67 $1.67 16.30 71 SOUTH BEACH MARINA CITY San Francisco UNITS VACANT # OF UNITS 414 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 10 9 12 5 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 204 210 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Aug-88 2.42% 2.17% 2.90% 1.21% 0.00% - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 650 $ 925 $ 925 $ 925 $1.42 $1.42 $1.42 650 $1,050 $1,500 $1,275 $1.62 $2.31 $1.96 37.838 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $ 925 $ 925 $ 925 $1.42 $1.42 $1.42 650 $1,050 $1,500 $1,275 $1.62 $2.31 $1.96 37.838 2 Bed - Min 913 $1,050 $1,500 $1,275 $1.15 $1.64 $1.40 913 $1,350 $1,800 $1,575 $1.48 $1.97 $1.73 23.529 Max 1029 $1,350 $2,150 $1,750 $1.31 $2.09 $1.70 1029 $1,500 $2,150 $1,825 $1.46 $2.09 $1.77 4.2857 Average 971 $1,200 $1,825 $1,513 $1.23 $1.87 $1.55 971 $1,425 $1,975 $1,700 $1.47 $2.03 $1.75 12.397 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 650 $1,050 $1,550 $1,300 $1.62 $2.38 $2.00 1.96 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 3.8462 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $1,050 $1,550 $1,300 $1.62 $2.38 $2.00 1.96 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 3.8462 2 Bed - Min 913 $1,350 $1,850 $1,600 $1.48 $2.03 $1.75 1.59 913 $1,500 $2,200 $1,850 $1.64 $2.41 $2.03 15.6250 Max 1029 $1,500 $2,200 $1,850 $1.46 $2.14 $1.80 1.37 1029 $1,500 $2,250 $1,875 $1.46 $2.19 $1.82 1.3514 Average 971 $1,425 $2,025 $1,725 $1.47 $2.08 $1.78 1.47 971 $1,500 $2,225 $1,863 $1.55 $2.30 $1.92 7.9710 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 0.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 650 $1,100 $1,600 $1,350 $1.69 $2.46 $2.08 0.00 2 Bed - Min 913 $1,500 $2,200 $1,850 $1.64 $2.41 $2.03 0.00 Max 1029 $1,500 $2,220 $1,860 $1.46 $2.16 $1.81 -0.80 Average 971 $1,500 $2,210 $1,855 $1.55 $2.28 $1.92 -0.40 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 72 VILLAGE SQUARE CITY San Francisco UNITS VACANT # OF UNITS 154 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 1 2 6 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 90 49 15 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Feb-72 0.65% 1.30% 3.90% 0.65% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 615 $ 885 $1,075 $ 980 $1.44 $1.75 $1.59 0 2 Bed - Min 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 0 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 995 $1,175 $1,520 $1,348 $1.18 $1.53 $1.35 0 3 Bed - Min 1254 $1,475 $1,845 $1,660 $1.18 $1.47 $1.32 1254 $1,475 $1,845 $1,660 $1.18 $1.47 $1.32 0 Max 1265 $1,475 $1,845 $1,660 $1.17 $1.46 $1.31 1265 $1,475 $1,845 $1,660 $1.17 $1.46 $1.31 0 Average 1259.5 $1,475 $1,845 $1,660 $1.17 $1.46 $1.32 1259.5 $1,475 $1,845 $1,660 $1.17 $1.46 $1.32 0 - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 615 $ 910 $1,125 $1,018 $1.48 $1.83 $1.65 3.8265 615 $ 960 $1,175 $1,068 $1.56 $1.91 $1.74 4.914 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 615 $ 910 $1,125 $1,018 $1.48 $1.83 $1.65 3.8265 615 $ 960 $1,175 $1,068 $1.56 $1.91 $1.74 4.914 2 Bed - Min 995 $1,200 $1,570 $1,385 $1.21 $1.58 $1.39 2.7829 995 $1,250 $1,620 $1,435 $1.26 $1.63 $1.44 3.6101 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 995 $1,200 $1,570 $1,385 $1.21 $1.58 $1.39 2.7829 995 $1,250 $1,620 $1,435 $1.26 $1.63 $1.44 3.6101 3 Bed - Min 1254 $1,500 $1,870 $1,685 $1.20 $1.49 $1.34 1.506 1254 $1,550 $1,920 $1,735 $1.24 $1.53 $1.38 2.9674 Max 1265 $1,500 $1,870 $1,685 $1.19 $1.48 $1.33 1.506 1265 $1,525 $1,895 $1,710 $1.21 $1.50 $1.35 1.4837 Average 1259.5 $1,500 $1,870 $1,685 $1.19 $1.48 $1.34 1.506 1259.5 $1,538 $1,908 $1,723 $1.22 $1.51 $1.37 2.2255 - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 615 $1,060 $1,275 $1,168 $1.72 $2.07 $1.90 9.3677 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 615 $1,060 $1,275 $1,168 $1.72 $2.07 $1.90 9.3677 2 Bed - Min 995 $1,400 $1,770 $1,585 $1.41 $1.78 $1.59 10.453 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 995 $1,400 $1,770 $1,585 $1.41 $1.78 $1.59 10.453 3 Bed - Min 1254 $1,700 $1,700 $1,700 $1.36 $1.36 $1.36 -2.017 Max 1265 $2,070 $2,070 $2,070 $1.64 $1.64 $1.64 21.053 Average 1259.5 $1,885 $1,885 $1,885 $1.50 $1.50 $1.50 9.434 73 BEACH COVE CITY Foster City # OF UNITS 416 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 40 216 160 DATE OPENED Jun-73 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 24 20 10 9 5 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 5.77% 4.81% 2.40% 2.16% 1.20% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min 520 $ 795 $ 805 $ 800 $1.53 $1.55 $ 1.54 Max n/a n/a n/a n/a n/a n/a n/a Average 520 $ 795 $ 805 $ 800 $1.53 $1.55 $ 1.54 1 Bed - Min 667 $ 830 $ 945 $ 888 $1.24 $1.42 $ 1.33 Max 687 $ 850 $ 860 $ 855 $1.24 $1.25 $ 1.24 Average 677 $ 840 $ 903 $ 871 $1.24 $1.33 $ 1.29 2 Bed - Min 869 $ 995 $ 995 $ 995 $1.14 $1.14 $ 1.14 Max 958 $1,085 $1,195 $1,140 $1.13 $1.25 $ 1.19 Average 913.5 $1,040 $1,095 $1,068 $1.14 $1.20 $ 1.17 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min 520 $ 795 $ 805 $ 800 $1.53 $1.55 $1.54 0 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 520 $ 795 $ 805 $ 800 $1.53 $1.55 $1.54 0 1 Bed - Min 667 $ 830 $ 925 $ 878 $1.24 $1.39 $1.32 -1.1268 Max 687 $ 850 $ 860 $ 855 $1.24 $1.25 $1.24 0 Average 677 $ 840 $ 893 $ 866 $1.24 $1.32 $1.28 -0.5739 2 Bed - Min 869 $ 995 $1,125 $1,060 $1.14 $1.29 $1.22 6.5327 Max 958 $1,085 $1,195 $1,140 $1.13 $1.25 $1.19 0 Average 913.5 $1,040 $1,160 $1,100 $1.14 $1.27 $1.20 3.0445 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min 520 $ 810 $ 820 $ 815 $1.56 $1.58 $ 1.57 1.88 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 520 $ 810 $ 820 $ 815 $1.56 $1.58 $ 1.57 1.88 1 Bed - Min 667 $ 855 $ 970 $ 913 $1.28 $1.45 $ 1.37 3.99 Max 687 $ 875 $ 875 $ 875 $1.27 $1.27 $ 1.27 2.34 Average 677 $ 865 $ 923 $ 894 $1.28 $1.36 $ 1.32 3.17 2 Bed - Min 869 $1,020 $1,150 $1,085 $1.17 $1.32 $ 1.25 2.36 Max 958 $1,110 $1,230 $1,170 $1.16 $1.28 $ 1.22 2.63 Average 913.5 $1,065 $1,190 $1,128 $1.17 $1.30 $ 1.23 2.50 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min 520 $ 905 $ 915 $ 910 $1.74 $1.76 $ 1.75 11.6564 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 520 $ 905 $ 915 $ 910 $1.74 $1.76 $ 1.75 11.6564 1 Bed - Min 667 $ 955 $1,040 $ 998 $1.43 $1.56 $ 1.50 9.3151 Max 687 $ 920 $ 925 $ 923 $1.34 $1.35 $ 1.34 5.4286 Average 677 $ 938 $ 983 $ 960 $1.39 $1.45 $ 1.42 7.4126 2 Bed - Min 869 $1,080 $1,295 $1,188 $1.24 $1.49 $ 1.37 9.4470 Max 958 $1,195 $1,300 $1,248 $1.25 $1.36 $ 1.30 6.6239 Average 913.5 $1,138 $1,298 $1,218 $1.25 $1.42 $ 1.33 7.9823 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min 520 $1,005 $1,015 $1,010 $1.93 $1.95 $1.94 10.99 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 520 $1,005 $1,015 $1,010 $1.93 $1.95 $1.94 10.99 1 Bed - Min 667 $1,065 $1,175 $1,120 $1.60 $1.76 $1.68 12.28 Max 687 $1,130 $1,140 $1,135 $1.64 $1.66 $1.65 23.04 Average 677 $1,098 $1,158 $1,128 $1.62 $1.71 $1.67 17.45 2 Bed - Min 869 $1,315 $1,325 $1,320 $1.51 $1.52 $1.52 11.16 Max 958 $1,335 $1,455 $1,395 $1.39 $1.52 $1.46 11.82 Average 913.5 $1,325 $1,390 $1,358 $1.45 $1.52 $1.49 11.50 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 74 CREEKSIDE CITY San Mateo # OF UNITS 192 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 104 88 DATE OPENED Sep-85 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 17 11 5 3 3 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 8.85% 5.73% 2.60% 1.56% 1.56% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 600 $ 800 $ 800 $ 800 $1.33 $1.33 $1.33 Max 712 $ 890 $ 890 $ 890 $1.25 $1.25 $1.25 Average 656 $ 845 $ 845 $ 845 $1.29 $1.29 $1.29 2 Bed - Min 808 $ 970 $ 970 $ 970 $1.20 $1.20 $1.20 Max 875 $1,020 $1,030 $1,025 $1.17 $1.18 $1.17 Average 841.5 $ 995 $1,000 $ 998 $0.99 $1.19 $1.19 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 600 $ 800 $ 800 $ 800 $1.33 $1.33 $ 1.33 0 Max 712 $ 890 $ 890 $ 890 $1.25 $1.25 $ 1.25 0 Average 656 $ 845 $ 845 $ 845 $1.29 $1.29 $ 1.29 0 2 Bed - Min 808 $ 970 $ 970 $ 970 $1.20 $1.20 $ 1.20 0 Max 875 $1,020 $1,030 $1,025 $1.17 $1.18 $ 1.17 0 Average 841.5 $ 995 $1,000 $ 998 $0.99 $1.19 $ 1.19 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 600 $ 820 $ 820 $ 820 $1.37 $1.37 $1.37 2.50 Max 712 $ 910 $ 910 $ 910 $1.28 $1.28 $1.28 2.25 Average 656 $ 865 $ 865 $ 865 $1.32 $1.32 $1.32 2.37 2 Bed - Min 808 $ 995 $ 995 $ 995 $1.23 $1.23 $1.23 2.58 Max 875 $1,050 $1,060 $1,055 $1.20 $1.21 $1.21 2.93 Average 841.5 $1,023 $1,028 $1,025 $0.99 $1.22 $1.22 2.76 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 600 $ 830 $ 830 $ 830 $1.38 $1.38 $1.38 1.21951 Max 712 $ 920 $ 920 $ 920 $1.29 $1.29 $1.29 1.0989 Average 656 $ 875 $ 875 $ 875 $1.34 $1.34 $1.34 1.15607 2 Bed - Min 808 $1,010 $1,010 $1,010 $1.25 $1.25 $1.25 1.50754 Max 875 $1,070 $1,070 $1,070 $1.22 $1.22 $1.22 1.4218 Average 841.5 $1,040 $1,040 $1,040 $1.24 $1.24 $1.24 1.46341 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 600 $ 917 $ 957 $ 937 $1.53 $1.60 $1.56 12.89 Max 712 $1,013 $1,103 $1,058 $1.42 $1.55 $1.49 15.00 Average 656 $ 965 $1,030 $ 998 $1.48 $1.57 $1.52 14.00 2 Bed - Min 808 $1,123 $1,203 $1,163 $1.39 $1.49 $1.44 15.15 Max 875 $1,223 $1,313 $1,268 $1.40 $1.50 $1.45 18.50 Average 841.5 $1,173 $1,258 $1,216 $0.99 $1.49 $1.44 16.88 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 75 EVERGREEN RIDGE CITY San Bruno # OF UNITS 190 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 76 114 DATE OPENED Jan-73 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 n/a 2 11 3 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 n/a 1.05% 5.79% 1.58% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 690 $ 775 $ 800 $ 788 $1.12 $1.16 $1.14 Max 697 $ 725 $ 800 $ 763 $1.04 $1.15 $1.09 Average 693.5 $ 750 $ 800 $ 775 $1.08 $1.15 $1.12 2 Bed - Min 830 $ 830 $ 860 $ 845 $1.00 $1.04 $1.02 Max 1050 $1,065 $1,100 $1,083 $1.01 $1.05 $1.03 Average 940 $ 948 $ 980 $ 964 $0.99 $1.04 $1.02 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 690 $ 775 $ 800 $ 788 $1.12 $1.16 $1.14 0.00 Max 697 $ 750 $ 800 $ 775 $1.08 $1.15 $1.11 1.64 Average 693.5 $ 763 $ 800 $ 781 $1.10 $1.15 $1.13 0.81 2 Bed - Min 830 $ 850 $ 880 $ 865 $1.02 $1.06 $1.04 2.37 Max 1050 $1,065 $1,100 $1,083 $1.01 $1.05 $1.03 0.00 Average 940 $ 958 $ 990 $ 974 $0.99 $1.05 $1.04 1.04 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 690 $ 780 $ 800 $ 790 $1.13 $1.16 $1.14 0.31746 Max 697 $ 925 $ 950 $ 938 $1.33 $1.36 $1.35 20.9677 Average 693.5 $ 853 $ 875 $ 864 $1.23 $1.26 $1.24 10.56 2 Bed - Min 830 $ 850 $ 880 $ 865 $1.02 $1.06 $1.04 0 Max 1050 $1,065 $1,160 $1,113 $1.01 $1.10 $1.06 2.77136 Average 940 $ 958 $1,020 $ 989 $1.02 $1.08 $1.05 1.54044 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 690 $ 825 $ 825 $ 825 $1.20 $1.20 $1.20 4.43 Max 697 $ 925 $ 950 $ 938 $1.33 $1.36 $1.35 0.00 Average 693.5 $ 875 $ 888 $ 881 $1.26 $1.28 $1.27 2.03 2 Bed - Min 830 $ 900 $ 975 $ 938 $1.08 $1.17 $1.13 8.38 Max 1050 $1,300 $1,350 $1,325 $1.24 $1.29 $1.26 19.10 Average 940 $1,100 $1,163 $1,131 $0.99 $1.23 $1.20 14.41 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 76 FAIRMONT, THE CITY Pacifica # OF UNITS 100 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 56 44 DATE OPENED Jan-67 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 n/a 1 7 0 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 n/a 1.00% 7.00% 0.00% 2.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 649 $725 $750 $738 $1.12 $1.16 $1.14 Max 680 $725 $750 $738 $1.07 $1.10 $1.08 Average 664.5 $725 $750 $738 $1.09 $1.13 $1.11 2 Bed - Min 861 $850 $870 $860 $0.99 $1.01 $1.00 Max 1000 $950 $975 $963 $0.95 $0.98 $0.96 Average 930.5 $900 $923 $911 $0.99 $0.99 $0.98 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 649 $725 $750 $738 $1.12 $1.16 $1.14 0.00 Max 680 $725 $750 $738 $1.07 $1.10 $1.08 0.00 Average 664.5 $725 $750 $738 $1.09 $1.13 $1.11 0.00 2 Bed - Min 861 $850 $870 $860 $0.99 $1.01 $1.00 0.00 Max 1000 $950 $975 $963 $0.95 $0.98 $0.96 0.00 Average 930.5 $900 $923 $911 $0.99 $0.99 $0.98 0.00 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 649 $750 $765 $758 $1.16 $1.18 $1.17 2.71186 Max 680 $725 $750 $738 $1.07 $1.10 $1.08 0 Average 664.5 $738 $758 $748 $1.11 $1.14 $1.13 1.35593 2 Bed - Min 861 $850 $870 $860 $0.99 $1.01 $1.00 0 Max 1000 $950 $975 $963 $0.95 $0.98 $0.96 0 Average 930.5 $900 $923 $911 $0.99 $0.99 $0.98 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 649 $ 775 $ 845 $ 810 $1.19 $1.30 $1.25 6.93 Max 680 $ 775 $ 845 $ 810 $1.14 $1.24 $1.19 9.83 Average 664.5 $ 775 $ 845 $ 810 $1.17 $1.27 $1.22 8.36 2 Bed - Min 861 $ 950 $1,020 $ 985 $1.10 $1.18 $1.14 14.53 Max 1000 $1,050 $1,120 $1,085 $1.05 $1.12 $1.09 12.73 Average 930.5 $1,000 $1,070 $1,035 $0.99 $1.15 $1.11 13.58 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 77 FOSTER'S LANDING CITY Foster City # OF UNITS 490 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 252 238 DATE OPENED Feb-87 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 19 16 11 10 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3.88% 3.27% 2.24% 2.04% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 632 $ 930 $1,025 $ 978 $1.47 $1.62 $1.55 Max 900 $1,230 $1,300 $1,265 $1.37 $1.44 $1.41 Average 766 $1,080 $1,163 $1,121 $1.42 $1.53 $1.48 2 Bed - Min 900 $1,110 $1,210 $1,160 $1.23 $1.34 $1.29 Max 1100 $1,450 $1,475 $1,463 $1.32 $1.34 $1.33 Average 1000 $1,280 $1,343 $1,311 $0.99 $1.34 $1.31 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 632 $ 965 $1,030 $ 998 $1.53 $1.63 $1.58 2.04604 Max 900 $1,250 $1,320 $1,285 $1.39 $1.47 $1.43 1.58103 Average 766 $1,108 $1,175 $1,141 $1.46 $1.55 $1.50 1.78372 2 Bed - Min 900 $1,130 $1,250 $1,190 $1.26 $1.39 $1.32 2.58621 Max 1100 $1,465 $1,495 $1,480 $1.33 $1.36 $1.35 1.19658 Average 1000 $1,298 $1,373 $1,335 $0.99 $1.37 $1.33 1.81125 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 632 $ 995 $1,075 $1,035 $1.57 $1.70 $1.64 3.76 Max 900 $1,295 $1,365 $1,330 $1.44 $1.52 $1.48 3.50 Average 766 $1,145 $1,220 $1,183 $1.51 $1.61 $1.56 3.61 2 Bed - Min 900 $1,170 $1,295 $1,233 $1.30 $1.44 $1.37 3.57 Max 1100 $1,510 $1,540 $1,525 $1.37 $1.40 $1.39 3.04 Average 1000 $1,340 $1,418 $1,379 $0.99 $1.42 $1.38 3.28 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 632 $1,045 $1,110 $1,078 $1.65 $1.76 $1.70 4.10628 Max 900 $1,330 $1,400 $1,365 $1.48 $1.56 $1.52 2.63158 Average 766 $1,188 $1,255 $1,221 $1.57 $1.66 $1.61 3.27696 2 Bed - Min 900 $1,205 $1,330 $1,268 $1.34 $1.48 $1.41 2.83976 Max 1100 $1,545 $1,600 $1,573 $1.40 $1.45 $1.43 3.11475 Average 1000 $1,375 $1,465 $1,420 $1.37 $1.47 $1.42 2.99184 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 632 $1,195 $1,260 $1,228 $1.89 $1.99 $1.94 13.92 Max 900 $1,480 $1,550 $1,515 $1.64 $1.72 $1.68 10.99 Average 766 $1,338 $1,405 $1,371 $1.77 $1.86 $1.81 12.28 2 Bed - Min 900 $1,355 $1,580 $1,468 $1.51 $1.76 $1.63 15.78 Max 1100 $1,750 $1,775 $1,763 $1.59 $1.61 $1.60 12.08 Average 1000 $1,553 $1,678 $1,615 $0.99 $1.68 $1.62 13.73 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 78 FRANCISCAN, THE CITY Foster City # OF UNITS 122 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 36 70 16 DATE OPENED Jan-71 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3 3 3 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.46% 2.46% 2.46% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 695 $ 770 $ 810 $ 790 $1.11 $1.17 $1.14 Max n/a n/a n/a n/a n/a n/a n/a Average 695 $ 770 $ 810 $ 790 $1.11 $1.17 $1.14 2 Bed - Min 1027 $1,010 $1,050 $1,030 $0.98 $1.02 $1.00 Max n/a n/a n/a n/a n/a n/a n/a Average 1027 $1,010 $1,050 $1,030 $0.99 $1.02 $1.00 3 Bed - Min 1380 $1,230 $1,270 $1,250 $0.89 $0.92 $0.91 Max n/a n/a n/a n/a n/a n/a n/a Average 1380 $1,230 $1,270 $1,250 $0.89 $0.92 $0.91 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 6.32911 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 6.32911 2 Bed - Min 1027 $1,030 $1,080 $1,055 $1.00 $1.05 $1.03 2.42718 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1027 $1,030 $1,080 $1,055 $0.99 $1.05 $1.03 2.42718 3 Bed - Min 1380 $1,265 $1,280 $1,273 $0.92 $0.93 $0.92 1.8 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1380 $1,265 $1,280 $1,273 $0.92 $0.93 $0.92 1.8 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 0 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 695 $ 820 $ 860 $ 840 $1.18 $1.24 $1.21 0 2 Bed - Min 1027 $1,030 $1,080 $1,055 $1.00 $1.05 $1.03 0 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1027 $1,030 $1,080 $1,055 $0.99 $1.05 $1.03 0 3 Bed - Min 1380 $1,320 $1,360 $1,340 $0.96 $0.99 $0.97 5.30452 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1380 $1,320 $1,360 $1,340 $0.96 $0.99 $0.97 5.30452 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 695 $ 890 $ 920 $ 905 $1.28 $1.32 $ 1.30 7.73810 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 695 $ 890 $ 920 $ 905 $1.28 $1.32 $ 1.30 7.73810 2 Bed - Min 1027 $1,100 $1,170 $1,135 $1.07 $1.14 $ 1.11 7.58294 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1027 $1,100 $1,170 $1,135 $1.07 $1.14 $ 1.11 7.58294 3 Bed - Min 1380 $1,400 $1,400 $1,400 $1.01 $1.01 $ 1.01 4.47761 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1380 $1,400 $1,400 $1,400 $1.01 $1.01 $ 1.01 4.47761 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 695 $ 920 $ 945 $ 933 $1.32 $1.36 $ 1.34 3.03867 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 695 $ 920 $ 945 $ 933 $1.32 $1.36 $ 1.34 3.03867 2 Bed - Min 1027 $1,240 $1,280 $1,260 $1.21 $1.25 $ 1.23 11.01322 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1027 $1,240 $1,280 $1,260 $0.99 $1.25 $ 1.23 11.01322 3 Bed - Min 1380 $1,600 $1,650 $1,625 $1.16 $1.20 $ 1.18 16.07143 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1380 $1,600 $1,650 $1,625 $1.16 $1.20 $ 1.18 16.07143 79 ================================================================================ HARBOR COVE ================================================================================ CITY Foster City # OF UNITS 400 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 23 260 117 DATE OPENED Jun-82 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 14 8 11 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 3.50% 2.00% 2.75% 0.00% 0.00% - ------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------- Studio - Min. 500 $735 $750 $743 $1.47 $1.50 $1.49 Max n/a n/a n/a n/a n/a n/a n/a Average 500 $735 $750 $743 $1.47 $1.50 $1.49 1 Bed - Min 625 $800 $820 $810 $1.28 $1.31 $1.30 Max 780 $860 $910 $885 $1.10 $1.17 $1.13 Average 702.5 $830 $865 $848 $1.19 $1.24 $1.22 2 Bed - Min 780 $920 $950 $935 $1.18 $1.22 $1.20 Max 1020 $1,050 $1,175 $1,113 $1.03 $1.15 $1.09 Average 900 $985 $1,063 $1,024 $1.10 $1.18 $1.14 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------ RANGE DEC-94 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------- Studio - Min. 500 $735 $750 $743 $1.47 $1.50 $1.49 0.00% Max n/a n/a n/a n/a n/a n/a n/a n/a Average 500 $735 $750 $743 $1.47 $1.50 $1.49 0.00% 1 Bed - Min 625 $800 $820 $810 $1.28 $1.31 $1.30 0.00% Max 780 $860 $910 $885 $1.10 $1.17 $1.13 0.00% Average 702.5 $830 $865 $848 $1.19 $1.24 $1.22 0.00% 2 Bed - Min 780 $920 $950 $935 $1.18 $1.22 $1.20 0.00% Max 1020 $1,050 $1,175 $1,113 $1.03 $1.15 $1.09 0.00% Average 900 $985 $1,063 $1,024 $1.10 $1.18 $1.14 0.00% 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- 500 $760 $790 $775 $1.52 $1.58 $1.55 4.38 Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max 500 $760 $790 $775 $1.52 $1.58 $1.55 4.38 Average 625 $825 $845 $835 $1.32 $1.35 $1.34 3.09 1 Bed - Min 780 $860 $975 $918 $1.10 $1.25 $1.18 3.67 Max 702.5 $843 $910 $876 $1.21 $1.30 $1.26 3.39 Average 780 $985 $1,000 $993 $1.26 $1.28 $1.27 6.15 2 Bed - Min 1020 $1,075 $1,200 $1,138 $1.05 $1.18 $1.12 2.25 Max 900 $1,030 $1,100 $1,065 $1.16 $1.23 $1.19 4.03 Average n/a n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average - ------------------------------------------------------------------------------------------ RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------ 500 $760 $790 $775 $1.52 $1.58 $1.55 0.00 Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max 500 $760 $790 $775 $1.52 $1.58 $1.55 0.00 Average 625 $825 $845 $835 $1.32 $1.35 $1.34 0.00 1 Bed - Min 780 $875 $975 $925 $1.12 $1.25 $1.19 0.82 Max 702.5 $850 $910 $880 $1.22 $1.30 $1.26 0.43 Average 780 $985 $1,000 $993 $1.26 $1.28 $1.27 0.00 2 Bed - Min 1020 $1,075 $1,200 $1,138 $1.05 $1.18 $1.12 0.00 Max 900 $1,030 $1,100 $1,065 $1.16 $1.23 $1.19 0.00 Average n/a n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average - --------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------- 500 $760 $790 $775 $1.52 $1.58 $1.55 0.00 Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max 500 $760 $790 $775 $1.52 $1.58 $1.55 0.00 Average 625 $950 $1,000 $975 $1.52 $1.60 $1.56 16.77 1 Bed - Min 780 $1,050 $1,100 $1,075 $1.35 $1.41 $1.38 16.22 Max 702.5 $1,000 $1,050 $1,025 $1.43 $1.51 $1.47 16.48 Average 780 $1,100 $1,150 $1,125 $1.41 $1.47 $1.44 13.35 2 Bed - Min 1020 $1,300 $1,450 $1,375 $1.27 $1.42 $1.35 20.88 Max 900 $1,200 $1,300 $1,250 $1.34 $1.45 $1.40 17.37 Average n/a n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average 80 ================================================================================ HARBORSIDE ================================================================================ CITY RedwoodCity # OF UNITS 148 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 72 76 DATE OPENED Jan-89 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 9 3 5 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 6.08% 2.03% 3.38% 0.00% 0.00% - ---------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 630 $925 $1,075 $1,000 $1.47 $1.71 $1.59 Max 730 $1,050 $1,150 $1,100 $1.44 $1.58 $1.51 Average 680 $988 $1,113 $1,050 $1.45 $1.64 $1.55 2 Bed - Min 820 $1,075 $1,275 $1,175 $1.31 $1.55 $1.43 Max 1000 $1,275 $1,475 $1,375 $1.28 $1.48 $1.38 Average 910 $1,175 $1,375 $1,275 $0.99 $1.51 $1.40 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------ RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------ Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 630 $950 $1,075 $1,013 $1.51 $1.71 $1.61 1.2500 Max 730 $1,060 $1,160 $1,110 $1.45 $1.59 $1.52 0.9091 Average 680 $1,005 $1,118 $1,061 $1.48 $1.65 $1.56 1.0714 2 Bed - Min 820 $1,085 $1,285 $1,185 $1.32 $1.57 $1.45 0.8511 Max 1000 $1,285 $1,475 $1,380 $1.29 $1.48 $1.38 0.3636 Average 910 $1,185 $1,380 $1,283 $0.99 $1.52 $1.41 0.5882 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 630 $1,020 $1,135 $1,078 $1.62 $1.80 $1.71 6.42 Max 730 $1,100 $1,200 $1,150 $1.51 $1.64 $1.58 3.60 Average 680 $1,060 $1,168 $1,114 $1.56 $1.72 $1.64 4.95 2 Bed - Min 820 $1,150 $1,350 $1,250 $1.40 $1.65 $1.52 5.49 Max 1000 $1,325 $1,525 $1,425 $1.33 $1.53 $1.43 3.26 Average 910 $1,238 $1,438 $1,338 $0.99 $1.59 $1.47 4.29 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 630 $1,075 $1,190 $1,133 $1.71 $1.89 $1.80 5.1044 Max 730 $1,100 $1,200 $1,150 $1.51 $1.64 $1.58 0.0000 Average 680 $1,155 $1,255 $1,141 $1.61 $1.77 $1.69 2.4691 2 Bed - Min 820 $1,205 $1,405 $1,305 $1.47 $1.71 $1.59 4.4000 Max 1000 $1,380 $1,580 $1,480 $1.38 $1.58 $1.48 3.8596 Average 910 $1,293 $1,493 $1,393 $1.42 $1.65 $1.54 4.1121 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 630 $1,230 $1,345 $1,288 $1.95 $2.13 $2.04 13.69 Max 730 $1,310 $1,410 $1,360 $1.79 $1.93 $1.86 18.26 Average 680 $1,270 $1,378 $1,324 $1.87 $2.03 $1.95 15.99 2 Bed - Min 820 $1,360 $1,560 $1,460 $1.66 $1.90 $1.78 11.88 Max 1000 $1,535 $1,735 $1,635 $1.54 $1.74 $1.64 10.47 Average 910 $1,448 $1,648 $1,548 $0.99 $1.82 $1.71 11.13 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 81 ================================================================================ INDIAN CREEK ================================================================================ CITY Redwood Shores # OF UNITS 185 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 84 101 DATE OPENED Mar-90 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4 5 4 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.16% 2.70% 2.16% 0.00% 0.00% - -------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 679 $985 $1,135 $1,060 $1.45 $1.67 $1.56 Max 746 $1,030 $1,180 $1,105 $1.38 $1.58 $1.48 Average 712.5 $1,008 $1,158 $1,083 $1.42 $1.63 $1.52 2 Bed - Min 976 $1,280 $1,380 $1,330 $1.31 $1.41 $1.36 Max 1031 $1,365 $1,565 $1,465 $1.32 $1.52 $1.42 Average 1003.5 $1,323 $1,473 $1,398 $0.99 $1.47 $1.39 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 679 $1,025 $1,175 $1,100 $1.51 $1.73 $1.62 3.7736 Max 746 $1,090 $1,240 $1,165 $1.46 $1.66 $1.56 5.4299 Average 712.5 $1,058 $1,208 $1,133 $1.49 $1.70 $1.59 4.6189 2 Bed - Min 976 $1,355 $1,455 $1,405 $1.39 $1.49 $1.44 5.6391 Max 1031 $1,395 $1,595 $1,495 $1.35 $1.55 $1.45 2.0478 Average 1003.5 $1,375 $1,525 $1,450 $0.99 $1.52 $1.44 3.7567 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 679 $1,100 $1,250 $1,175 $1.62 $1.84 $1.73 6.82 Max 746 $1,135 $1,285 $1,210 $1.52 $1.72 $1.62 3.86 Average 712.5 $1,118 $1,268 $1,193 $1.57 $1.78 $1.68 5.30 2 Bed - Min 976 $1,410 $1,510 $1,460 $1.44 $1.55 $1.50 3.91 Max 1031 $1,450 $1,650 $1,550 $1.41 $1.60 $1.50 3.68 Average 1003.5 $1,430 $1,580 $1,505 $0.99 $1.57 $1.50 3.79 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 679 $1,100 $1,250 $1,175 $1.62 $1.84 $1.73 0 Max 746 $1,135 $1,285 $1,210 $1.52 $1.72 $1.62 0 Average 712.5 $1,118 $1,268 $1,193 $1.57 $1.78 $1.68 0 2 Bed - Min 976 $1,410 $1,510 $1,460 $1.44 $1.55 $1.50 0 Max 1031 $1,450 $1,650 $1,550 $1.41 $1.60 $1.50 0 Average 1003.5 $1,430 $1,580 $1,505 $1.43 $1.57 $1.50 0 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 679 $1,285 $1,435 $1,360 $1.89 $2.11 $2.00 15.74 Max 746 $1,320 $1,470 $1,395 $1.77 $1.97 $1.87 15.29 Average 712.5 $1,303 $1,453 $1,378 $1.83 $2.04 $1.94 15.51 2 Bed - Min 976 $1,595 $1,695 $1,645 $1.63 $1.74 $1.69 12.67 Max 1031 $1,635 $1,835 $1,735 $1.59 $1.78 $1.68 11.94 Average 1003.5 $1,615 $1,765 $1,690 $0.99 $1.76 $1.68 12.29 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 82 ================================================================================ LAKESHORE LANDING ================================================================================ CITY San Mateo # OF UNITS 308 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 132 176 DATE OPENED Feb-88 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4 4 9 4 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 1.30% 1.30% 2.92% 1.30% 0.00% - ---------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $885 $945 $915 $1.55 $1.66 $1.61 Max 609 $885 $1,065 $975 $1.45 $1.75 $1.60 Average 589.5 $885 $1,005 $945 $1.50 $1.70 $1.60 2 Bed - Min 664 $930 $930 $930 $1.40 $1.40 $1.40 Max 899 $1,120 $1,320 $1,220 $1.25 $1.47 $1.36 Average 781.5 $1,025 $1,125 $1,075 $1.32 $1.43 $1.38 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------ Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $905 $1,075 $990 $1.59 $1.89 $1.74 8.1967 Max 609 $905 $975 $940 $1.49 $1.60 $1.54 -3.59 Average 589.5 $905 $1,025 $965 $1.54 $1.74 $1.64 2.1164 664 $940 $1,110 2 Bed - Min 899 $1,170 $1,390 $1,025 $1.42 $1.67 $1.54 10.215 Max 781.5 $1,055 $1,250 $1,280 $1.30 $1.55 $1.42 4.918 Average $1,153 $1.36 $1.61 $1.48 7.2093 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a m/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $915 $1,095 $1,005 $1.61 $1.92 $1.76 1.5152 Max 609 $915 $1,195 $1,055 $1.50 $1.96 $1.73 12.234 Average 589.5 $915 $1,145 $1,030 $1.55 $1.94 $1.75 6.7358 2 Bed - Min 664 $970 $1,140 $1,055 $1.46 $1.72 $1.59 2.9268 Max 899 $1,230 $1,440 $1,335 $1.37 $1.60 $1.48 4.2969 Average 781.5 $1,100 $1,290 $1,195 $1.41 $1.66 $1.54 3.6876 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $1,043 $1,173 $1,108 $1.83 $2.06 $1.94 10.199 Max 609 $1,015 $1,245 $1,130 $1.67 $2.04 $1.86 7.109 Average 589.5 $1,029 $1,209 $1,119 $1.75 $2.05 $1.90 8.6165 2 Bed - Min 664 $1,075 $1,278 $1,176 $1.62 $1.92 $1.77 11.493 Max 899 $1,285 $1,440 $1,363 $1.43 $1.60 $1.52 2.0599 Average 781.5 $1,180 $1,359 $1,269 $1.52 $1.76 $1.64 6.2238 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 570 $1,170 $1,250 $1,210 $2.05 $2.19 $2.12 9.2551 Max 609 $1,115 $1,295 $1,205 $1.83 $2.13 $1.98 6.6372 Average 589.5 $1,143 $1,273 $1,208 $1.94 $2.16 $2.05 7.933 2 Bed - Min 664 $1,180 $1,415 $1,298 $1.78 $2.13 $1.95 10.308 Max 899 $1,340 $1,440 $1,390 $1.49 $1.60 $1.55 2.0183 Average 781.5 $1,260 $1,428 $1,344 $1.63 $1.87 $1.75 5.8592 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 83 ======================================================================================================================== LANDS END ======================================================================================================================== CITY Pacifica UNITS VACANT # OF UNITS 260 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX n/a 3 7 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 60 152 48 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-72 n/a 1.15% 2.69% 0.00% 0.00% - ------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ.FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ----------------- ------------------------------------------------------------------ RANGE DEC-94 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------- ------------------------------------------------------------------ Studio - Min. 401 $ 685 $ 685 $ 685 $1.71 $1.71 $1.71 Max 425 $ 695 $ 695 $ 695 $1.64 $1.64 $1.64 Average 413 $ 690 $ 690 $ 690 $1.67 $1.67 $1.67 1 Bed - Min 580 $ 815 $ 960 $ 888 $1.41 $1.66 $1.53 Max 632 $ 815 $ 960 $ 888 $1.29 $1.52 $1.40 Average 606 $ 815 $ 960 $ 888 $1.35 $1.59 $1.47 2 Bed - Min 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31 Max n/a n/a n/a n/a n/a n/a n/a Average 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ.FT. % UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------- Studio - Min 401 $ 685 $ 685 $ 685 $1.71 $1.71 $1.71 0.00 Max 425 $ 695 $ 695 $ 695 $1.64 $1.64 $1.64 0.00 Average 413 $ 690 $ 690 $ 690 $1.67 $1.67 $1.67 0.00 1 Bed - Min 580 $ 815 $ 960 $ 888 $1.41 $1.66 $1.53 0.00 Max 632 $ 815 $ 960 $ 888 $1.29 $1.52 $1.40 0.00 Average 606 $ 815 $ 960 $ 888 $1.35 $1.59 $1.47 0.00 2 Bed - Min 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31 0.00 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 866 $1,050 $1,225 $1,138 $1.21 $1.41 $1.31 0.00 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - ----------------- ------------------------------------------------------------------ RANGE JAN-96 RENT PER SQ. FT. % UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------- ------------------------------------------------------------------ Studio - Min 401 $ 695 $ 800 $ 748 $1.73 $2.00 $1.86 9.124 Max 425 $ 705 $ 815 $ 760 $1.66 $1.92 $1.79 9.353 Average 413 $ 700 $ 808 $ 754 $1.70 $1.96 $1.83 9.239 1 Bed - Min 580 $ 810 $ 930 $ 870 $1.40 $1.60 $1.50 -1.972 Max 632 $ 815 $ 970 $ 893 $1.29 $1.53 $1.41 0.563 Average 606 $ 813 $ 950 $ 881 $1.34 $1.57 $1.46 -0.704 2 Bed - Min 866 $1,050 $1,250 $1,150 $1.21 $1.44 $1.33 1.099 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 866 $1,050 $1,250 $1,150 $1.21 $1.44 $1.33 1.099 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------- RENT JUL-96 RENT PER SQ.FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------- Studio - Min 401 $ 730 $ 850 $ 790 $1.82 $2.12 $1.97 5.69 Max 425 $ 730 $ 850 $ 790 $1.72 $2.00 $1.86 3.95 Average 413 $ 730 $ 850 $ 790 $1.77 $2.06 $1.91 4.81 1 Bed - Min 580 $ 850 $1,000 $ 925 $1.47 $1.72 $1.59 6.32 Max 632 $1,050 $1,275 $1,163 $1.66 $2.02 $1.84 30.25 Average 606 $ 950 $1,138 $1,044 $1.56 $1.87 $1.72 18.44 2 Bed - Min 866 $1,050 $1,275 $1,163 $1.21 $1.47 $1.34 1.09 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 866 $1,050 $1,275 $1,163 $1.21 $1.47 $1.34 1.09 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 84 =============================================================================================================== LANTERN COVE =============================================================================================================== CITY Foster city UNITS VACANT # OF UNITS 232 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 9 5 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 48 184 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Mar-85 3.88% 3.88% 2.16% 0.00% 0.00% - ------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ.FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 730 $1,010 $1,060 $1,035 $1.38 $1.45 $1.42 Max 748 $1,010 $1,060 $1,035 $1.35 $1.42 $1.38 Average 739 $1,010 $1,060 $1,035 $1.37 $1.43 $1.40 2 Bed - Min 980 $1,205 $1,225 $1,215 $1.23 $1.25 $1.24 Max 1043 $1,270 $1,410 $1,340 $1.22 $1.35 $1.28 Average 1011.5 $1,238 $1,318 $1,278 $1.22 $1.30 $1.26 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 730 $1,010 $1,060 $1,035 $1.38 $1.45 $1.42 0.000 Max 748 $1,010 $1,060 $1,035 $1.35 $1.42 $1.38 0.000 Average 739 $1,010 $1,060 $1,035 $1.37 $1.43 $1.40 0.000 2 Bed - Min 980 $1,205 $1,225 $1,215 $1.23 $1.25 $1.24 0.000 Max 1043 $1,290 $1,320 $1,305 $1.24 $1.27 $1.25 -2.612 Average 1011.5 $1,248 $1,273 $1,260 $1.23 $1.26 $1.25 -1.370 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 730 $1,020 $1,040 $1,030 $1.40 $1.42 $1.41 -0.48 Max 748 $1,050 $1,070 $1,060 $1.40 $1.43 $1.42 2.42 Average 739 $1,035 $1,055 $1,045 $1.40 $1.43 $1.41 0.97 2 Bed - Min 980 $1,235 $1,265 $1,250 $1.26 $1.29 $1.28 2.88 Max 1043 $1,330 $1,350 $1,340 $1.28 $1.29 $1.28 2.68 Average 1011.5 $1,283 $1,308 $1,295 $1.27 $1.29 $1.28 2.78 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 730 $1,060 $1,120 $1,090 $1.45 $1.53 $1.49 5.8252 Max 748 $1,060 $1,120 $1,090 $1.42 $1.50 $1.46 2.8302 Average 739 $1,060 $1,120 $1,090 $1.43 $1.52 $1.48 4.3062 2 Bed - Min 980 $1,295 $1,395 $1,345 $1.32 $1.42 $1.37 7.6000 Max 1043 $1,390 $1,440 $1,415 $1.33 $1.38 $1.36 5.5970 Average 1011.5 $1,343 $1,418 $1,380 $1.33 $1.40 $1.36 6.5637 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ.FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 730 $1,390 $1,450 $1,420 $1.90 $1.99 $1.95 30.28 Max 748 $1,390 $1,450 $1,420 $1.86 $1.94 $1.90 30.28 Average 739 $1,390 $1,450 $1,420 $1.88 $1.96 $1.92 30.28 2 Bed - Min 980 $1,630 $1,660 $1,645 $1.66 $1.69 $1.68 22.30 Max 1043 $1,725 $1,775 $1,750 $1.65 $1.70 $1.68 23.67 Average 1011.5 $1,678 $1,718 $1,698 $1.66 $1.70 $1.68 23.01 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 85 ================================================================================ REDWOOD SHORES ================================================================================ CITY Redwood City # OF UNITS 304 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 160 144 DATE OPENED Jun-87 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 6 15 11 2 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 1.97% 4.93% 3.62% 0.66% 0.66% - ----------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN MAX - ----------------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 551 $875 $895 $885 $1.59 $1.62 $1.61 551 $885 $905 Max 726 $940 $995 $968 $1.29 $1.37 $1.33 726 $950 $1,005 Average 638.5 $908 $945 $926 $1.44 $1.50 $1.47 638.5 $918 $955 2 Bed - Min 775 $1,000 $1,015 $1,008 $1.29 $1.31 $1.30 775 $1,010 $1,025 Max 1006 $1,220 $1,280 $1,250 $1.21 $1.27 $1.24 1006 $1,240 $1,280 Average 890.5 $1,110 $1,148 $1,129 $1.25 $1.29 $1.27 890.5 $1,125 $1,153 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------- RENT PER SQ. FT. % UNIT AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a 1 Bed - Min $895 $1.61 $1.64 $1.62 1.1299 Max $978 $1.31 $1.38 $1.35 1.0336 Average $936 $1.46 $1.51 $1.49 1.0796 2 Bed - Min $1,018 $1.30 $1.32 $1.31 0.9926 Max $1,260 $1.23 $1.27 $1.25 0.8000 Average $1,139 $1.27 $1.30 $1.28 0.8859 3 Bed - Min n/a n/a n/a n/a Max n/a n/a n/a n/a Average n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - --------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 551 $910 $925 $918 $1.65 $1.68 $1.67 2.51 551 $925 Max 726 $995 $1,045 $1,020 $1.37 $1.44 $1.40 4.35 726 $1,110 Average 638.5 $953 $985 $969 $1.51 $1.56 $1.54 3.47 638.5 $1,018 2 Bed - Min 775 $1,055 $1,065 $1,060 $1.36 $1.37 $1.37 4.18 775 $1,075 Max 1006 $1,300 $1,360 $1,330 $1.29 $1.35 $1.32 5.56 1006 $1,330 Average 890.5 $1,178 $1,213 $1,195 $1.33 $1.36 $1.34 4.94 890.5 $1,203 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $940 $933 $1.68 $1.71 $1.69 1.6349 Max $1,160 $1,135 $1.53 $1.60 $1.56 11.2745 Average $1,050 $1,034 $1.60 $1.65 $1.63 6.7097 2 Bed - Min $1,085 $1,080 $1.39 $1.40 $1.39 1.8868 Max $1,370 $1,350 $1.32 $1.36 $1.34 1.5038 Average $1,228 $1,215 $1.35 $1.38 $1.37 1.6736 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 551 $995 $1,015 $1,005 $1.81 $1.84 $1.82 7.77 Max 726 $1,095 $1,145 $1,120 $1.51 $1.58 $1.54 -1.32 Average 638.5 $1,045 $1,080 $1,063 $1.66 $1.71 $1.68 2.78 2 Bed - Min 775 $1,150 $1,170 $1,160 $1.48 $1.51 $1.50 7.41 Max 1006 $1,410 $1,450 $1,430 $1.40 $1.44 $1.42 5.93 Average 890.5 $1,280 $1,310 $1,295 $1.44 $1.48 $1.46 6.58 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 86 ================================================================================ SAND COVE ================================================================================ CITY Foster City # OF UNITS 344 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 40 152 152 DATE OPENED Dec-71 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 24 7 8 14 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 6.98% 2.03% 2.33% 4.07% 0.00% - ----------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN - ----------------------------------------------------------------------------------------------------------------------------------- Studio - Min. 550 $795 $805 $800 $1.45 $1.46 $1.45 550 $795 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $795 $805 $800 $1.45 $1.46 $1.45 550 $795 1 Bed - Min 687 $860 $870 $865 $1.25 $1.27 $1.26 687 $860 Max 712 $875 $980 $928 $1.23 $1.38 $1.30 712 $875 Average 699.5 $868 $925 $896 $1.24 $1.32 $1.28 699.5 $868 2 Bed - Min 869 $1,020 $1,040 $1,030 $1.17 $1.20 $1.19 869 $1,020 Max 952 $1,085 $1,205 $1,145 $1.14 $1.27 $1.20 952 $1,085 Average 910.5 $1,053 $1,123 $1,088 $1.16 $1.23 $1.19 910.5 $1,053 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------- DEC-94 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------- Studio - Min. $805 $800 $1.45 $1.46 $1.45 0.0000 Max n/a n/a n/a n/a n/a n/a Average $805 $800 $1.45 $1.46 $1.45 0.0000 1 Bed - Min $870 $865 $1.25 $1.27 $1.26 0.0000 Max $960 $918 $1.23 $1.35 $1.29 -1.0782 Average $915 $891 $1.24 $1.31 $1.27 -0.5579 2 Bed - Min $1,040 $1,030 $1.17 $1.20 $1.19 0.0000 Max $1,185 $1,135 $1.14 $1.24 $1.19 -0.8734 Average $1,113 $1,083 $1.16 $1.22 $1.19 -0.4598 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - ------------------------------------------------------------------------------------------------------------------------------- Studio - Min 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88 550 $915 Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88 550 $915 1 Bed - Min 687 $885 $895 $890 $1.29 $1.30 $1.30 2.89 687 $995 Max 712 $900 $1,010 $955 $1.26 $1.42 $1.34 4.09 712 $1,030 Average 699.5 $893 $953 $923 $1.28 $1.36 $1.32 3.51 699.5 $1,013 2 Bed - Min 869 $1,045 $1,065 $1,055 $1.20 $1.23 $1.21 2.43 869 $1,225 Max 952 $1,110 $1,240 $1,175 $1.17 $1.30 $1.23 3.52 952 $1,295 Average 910.5 $1,078 $1,153 $1,115 $1.18 $1.26 $1.22 3.00 910.5 $1,260 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------- Studio - Min $925 $920 $1.66 $1.68 $1.67 12.8834 Max n/a n/a n/a n/a n/a n/a Average $925 $920 $1.66 $1.68 $1.67 12.8834 1 Bed - Min $1,005 $1,000 $1.45 $1.46 $1.46 12.3596 Max $1,100 $1,065 $1.45 $1.54 $1.50 11.5183 Average $1,053 $1,033 $1.45 $1.50 $1.48 11.9241 2 Bed - Min $1,235 $1,230 $1.41 $1.42 $1.42 16.5877 Max $1,440 $1,368 $1.36 $1.51 $1.44 16.3830 Average $1,338 $1,299 $1.38 $1.47 $1.43 16.4798 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------- Studio - Min 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 10.87 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 10.87 1 Bed - Min 687 $1,120 $1,130 $1,125 $1.63 $1.64 $1.64 12.50 Max 712 $1,145 $1,275 $1,210 $1.61 $1.79 $1.70 13.62 Average 699.5 $1,133 $1,203 $1,168 $1.62 $1.72 $1.67 13.08 2 Bed - Min 869 $1,345 $1,355 $1,350 $1.55 $1.56 $1.55 9.76 Max 952 $1,415 $1,575 $1,495 $1.49 $1.65 $1.57 9.32 Average 910.5 $1,380 $1,465 $1,423 $1.52 $1.61 $1.56 9.53 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 87 ================================================================================ SCHOONER BAY ================================================================================ CITY Foster City # OF UNITS 312 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 117 195 DATE OPENED Nov-85 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 9 3 5 0 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.88% 0.96% 1.60% 0.00% 0.64% - --------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN - --------------------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 712 $1,045 $1,160 $1,103 $1.47 $1.63 $1.55 712 $1,045 Max 743 $1,045 $1,160 $1,103 $1.41 $1.56 $1.48 743 $1,045 Average 727.5 $1,045 $1,160 $1,103 $1.44 $1.60 $1.52 727.5 $1,045 2 Bed - Min 963 $1,285 $1,365 $1,325 $1.33 $1.42 $1.38 963 $1,310 Max 1282 $1,455 $1,575 $1,515 $1.13 $1.23 $1.18 1282 $1,490 Average 1122.5 $1,370 $1,470 $1,420 $1.23 $1.32 $1.28 1122.5 $1,400 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------- DEC-94 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $1,160 $1,103 $1.47 $1.63 $1.55 0.0000 Max $1,160 $1,103 $1.41 $1.56 $1.48 0.0000 Average $1,160 $1,103 $1.44 $1.60 $1.52 0.0000 2 Bed - Min $1,390 $1,350 $1.36 $1.44 $1.40 1.8868 Max $1,610 $1,550 $1.16 $1.26 $1.21 2.3102 Average $1,500 $1,450 $1.26 $1.35 $1.31 2.1127 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - --------------------------------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 712 $1,045 $1,160 $1,103 $1.47 $1.63 $1.55 0.00 712 $1,130 Max 743 $1,045 $1,160 $1,103 $1.41 $1.56 $1.48 0.00 743 $1,130 Average 727.5 $1,045 $1,160 $1,103 $1.44 $1.60 $1.52 0.00 727.5 $1,130 2 Bed - Min 963 $1,310 $1,390 $1,350 $1.36 $1.44 $1.40 0.00 963 $1,385 Max 1282 $1,490 $1,620 $1,555 $1.16 $1.26 $1.21 0.32 1282 $1,610 Average 1122.5 $1,400 $1,505 $1,453 $1.26 $1.35 $1.31 0.17 1122.5 $1,498 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a 1 Bed - Min $1,230 $1,180 $1.59 $1.73 $1.66 7.0295 Max $1,230 $1,180 $1.52 $1.66 $1.59 7.0295 Average $1,230 $1,180 $1.55 $1.69 $1.62 7.0295 2 Bed - Min $1,460 $1,423 $1.44 $1.52 $1.48 5.3704 Max $1,730 $1,670 $1.26 $1.35 $1.30 7.3955 Average $1,595 $1,546 $1.35 $1.43 $1.39 6.4544 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 712 $1,440 $1,540 $1,490 $2.02 $2.16 $2.09 26.27 Max 743 $1,440 $1,540 $1,490 $1.94 $2.07 $2.01 26.27 Average 727.5 $1,440 $1,540 $1,490 $1.98 $2.12 $2.05 26.27 2 Bed - Min 963 $1,695 $1,770 $1,733 $1.76 $1.84 $1.80 21.79 Max 1282 $1,900 $2,040 $1,970 $1.48 $1.59 $1.54 17.96 Average 1122.5 $1,798 $1,905 $1,851 $1.62 $1.71 $1.67 19.73 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 88 ================================================================================ SERRAMONTE RIDGE ================================================================================ CITY Daily City # OF UNITS 396 UNIT MIX Studios 1 Bed 2 Bed 3 Bed 129 108 159 DATE OPENED Feb-87 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 16 35 26 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4.04% 8.84% 6.57% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE MIN - ----------------------------------------------------------------------------------------------------------------------------- Studio - Min. 511 $705 $705 $705 $1.38 $1.38 $1.38 511 $715 Max 628 $795 $795 $795 $1.27 $1.27 $1.27 628 $775 Average 569.5 $750 $750 $750 $1.32 $1.32 $1.32 569.5 $745 1 Bed - Min 610 $815 $815 $815 $1.34 $1.34 $1.34 610 $825 Max 676 $875 $875 $875 $1.29 $1.29 $1.29 676 $885 Average 643 $845 $845 $845 $1.32 $1.32 $1.32 643 $855 2 Bed - Min 858 $1,040 $1,040 $1,040 $1.21 $1.21 $1.21 858 $1,040 Max 915 $1,100 $1,100 $1,100 $1.20 $1.20 $1.20 915 $1,100 Average 886.5 $1,070 $1,070 $1,070 $1.21 $1.21 $1.21 886.5 $1,070 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a - --------------------------------------------------------------------------------------- DEC-94 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------- Studio - Min. $715 $715 $1.40 $1.40 $1.40 1.4184 Max $775 $775 $1.23 $1.23 $1.23 -2.5157 Average $745 $745 $1.32 $1.32 $1.32 -0.6667 1 Bed - Min $825 $825 $1.35 $1.35 $1.35 1.2270 Max $885 $885 $1.31 $1.31 $1.31 1.1429 Average $855 $855 $1.33 $1.33 $1.33 1.1834 2 Bed - Min $1,040 $1,040 $1.21 $1.21 $1.21 0.0000 Max $1,100 $1,100 $1.20 $1.20 $1.20 0.0000 Average $1,070 $1,070 $1.21 $1.21 $1.21 0.0000 3 Bed - Min n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a - ----------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN - ----------------------------------------------------------------------------------------------------------------------------- Studio - Min 511 $715 $715 $715 $1.40 $1.40 $1.40 0.00 511 $745 Max 628 $775 $775 $775 $1.23 $1.23 $1.23 0.00 628 $785 Average 569.5 $745 $745 $745 $1.32 $1.32 $1.32 0.00 569.5 $765 1 Bed - Min 610 $825 $825 $825 $1.35 $1.35 $1.35 0.00 610 $895 Max 676 $865 $865 $865 $1.28 $1.28 $1.28 -2.26 676 $925 Average 643 $845 $845 $845 $1.32 $1.32 $1.32 -1.17 643 $910 2 Bed - Min 858 $1,020 $1,020 $1,020 $1.19 $1.19 $1.19 -1.92 858 $1,120 Max 915 $1,080 $1,080 $1,080 $1.18 $1.18 $1.18 -1.82 915 $1,120 Average 886.5 $1,050 $1,050 $1,050 $1.18 $1.18 $1.18 -1.87 886.5 $1,120 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------- DEC-95 RENT PER SQ. FT. % UNIT MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------- Studio - Min $775 $760 $1.46 $1.52 $1.49 6.2937 Max $845 $815 $1.25 $1.35 $1.30 5.1613 Average $810 $788 $1.35 $1.43 $1.39 5.7047 1 Bed - Min $925 $910 $1.47 $1.52 $1.49 10.3030 Max $965 $945 $1.37 $1.43 $1.40 9.2486 Average $945 $928 $1.42 $1.47 $1.44 9.7633 2 Bed - Min $1,165 $1,143 $1.31 $1.36 $1.33 Max $1,165 $1,143 $1.22 $1.27 $1.25 12.0098 Average $1,165 $1,143 $1.26 $1.32 $1.29 8.8095 3 Bed - Min n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a - ---------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------- Studio - Min 511 $850 $925 $888 $1.66 $1.81 $1.74 16.78 Max 628 $925 $965 $945 $1.47 $1.54 $1.50 15.95 Average 569.5 $888 $945 $916 $1.57 $1.67 $1.62 16.35 1 Bed - Min 610 $1,015 $1,055 $1,035 $1.66 $1.73 $1.70 13.74 Max 676 $1,045 $1,095 $1,070 $1.55 $1.62 $1.58 13.23 Average 643 $1,030 $1,075 $1,053 $1.60 $1.67 $1.64 13.48 2 Bed - Min 858 $1,325 $1,395 $1,360 $1.54 $1.63 $1.59 19.04 Max 915 $1,345 $1,410 $1,378 $1.47 $1.54 $1.51 20.57 Average 886.5 $1,335 $1,403 $1,369 $1.51 $1.58 $1.55 19.80 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 89 SHADOW COVE CITY Foster City UNITS VACANT # OF UNITS 164 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 5 5 7 4 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 16 74 74 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jun-70 3.05% 3.05% 4.27% 2.44% 0.00% - ----------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------- Studio - Min. 550 $795 $805 $800 $1.45 $1.46 $1.45 Max n/a n/a n/a n/a n/a n/a n/a Average 550 $795 $805 $800 $1.45 $1.46 $1.45 1 Bed - Min 687 $860 $870 $865 $1.25 $1.27 $1.26 Max 712 $875 $980 $928 $1.23 $1.38 $1.30 Average 699.5 $868 $925 $896 $1.24 $1.32 $1.28 2 Bed - Min 869 $1,020 $1,040 $1,030 $1.17 $1.20 $1.19 Max 952 $1,085 $1,205 $1,145 $1.14 $1.27 $1.20 Average 910.5 $1,053 $1,123 $1,088 $1.16 $1.23 $1.19 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------ RANGE DEC-94 RENT PER SQ. FT. % UNIT MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------ Studio - Min. 550 $795 $805 $800 $1.45 $1.46 $1.45 0.0000 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $795 $805 $800 $1.45 $1.46 $1.45 0.0000 1 Bed - Min 687 $860 $870 $865 $1.25 $1.27 $1.26 0.0000 Max 712 $875 $960 $918 $1.23 $1.35 $1.29 -1.0782 Average 699.5 $868 $915 $891 $1.24 $1.31 $1.27 -0.5579 2 Bed - Min 869 $1,020 $1,040 $1,030 $1.17 $1.20 $1.19 0.0000 Max 952 $1,085 $1,205 $1,145 $1.14 $1.27 $1.20 0.0000 Average 910.5 $1,053 $1,123 $1,088 $1.16 $1.23 $1.19 0.0000 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------ Studio - Min 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $810 $820 $815 $1.47 $1.49 $1.48 1.88 1 Bed - Min 687 $885 $895 $890 $1.29 $1.30 $1.30 2.89 Max 712 $895 $1,005 $950 $1.26 $1.41 $1.33 3.54 Average 699.5 $890 $950 $920 $1.27 $1.36 $1.31 3.23 2 Bed - Min 869 $1,045 $1,065 $1,055 $1.20 $1.23 $1.21 2.43 Max 952 $1,110 $1,250 $1,180 $1.17 $1.31 $1.24 3.06 Average 910.5 $1,078 $1,158 $1,118 $1.18 $1.27 $1.23 2.76 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------- Studio - Min 550 $915 $915 $915 $1.66 $1.66 $1.66 12.2699 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $915 $915 $915 $1.66 $1.66 $1.66 12.2699 1 Bed - Min 687 $1,005 $1,020 $1,013 $1.46 $1.48 $1.47 13.7640 Max 712 $1,040 $1,140 $1,090 $1.46 $1.60 $1.53 14.7368 Average 699.5 $1,023 $1,080 $1,051 $1.46 $1.54 $1.50 14.2663 2 Bed - Min 869 $1,125 $1,225 $1,175 $1.29 $1.41 $1.35 11.3744 Max 952 $1,305 $1,435 $1,370 $1.37 $1.51 $1.44 16.1017 Average 910.5 $1,215 $1,330 $1,273 $1.33 $1.46 $1.40 13.8702 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a - -------------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------- Studio - Min 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 11.48 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 550 $1,015 $1,025 $1,020 $1.85 $1.86 $1.85 11.48 1 Bed - Min 687 $1,120 $1,130 $1,125 $1.63 $1.64 $1.64 11.11 Max 712 $1,145 $1,255 $1,200 $1.61 $1.76 $1.69 10.09 Average 699.5 $1,133 $1,193 $1,163 $1.62 $1.70 $1.66 10.58 2 Bed - Min 869 $1,345 $1,355 $1,350 $1.55 $1.56 $1.55 14.89 Max 952 $1,415 $1,555 $1,485 $1.49 $1.63 $1.56 8.39 Average 910.5 $1,380 $1,455 $1,418 $1.52 $1.60 $1.56 11.39 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 90 SKYCREST CITY San Bruno UNITS VACANT # OF UNITS 108 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX n/a 1 4 1 1 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 48 48 12 6/1/94 1/1/95 6/1/95 1/1/96 7/1/96 DATE OPENED Jan-70 n/a 0.93% 3.70% 0.93% 0.93% - ------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 2 Bed - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 3 Bed - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------ RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------ Studio - Min. n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min. 720 $735 $760 $748 $1.02 $1.06 $1.04 Max n/a n/a n/a n/a n/a n/a n/a Average 720 $735 $760 $748 $1.02 $1.06 $1.04 2 Bed - Min. 950 $880 $905 $893 $0.93 $0.95 $0.94 Max n/a n/a n/a n/a n/a n/a n/a Average 950 $880 $905 $893 $0.99 $0.95 $0.94 3 Bed - Min. 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88 Max n/a n/a n/a n/a n/a n/a n/a Average 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88 - ------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min. 720 $735 $760 $748 $1.02 $1.06 $1.04 0 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 720 $735 $760 $748 $1.02 $1.06 $1.04 0 2 Bed - Min. 950 $870 $905 $888 $0.92 $0.95 $0.93 -0.56 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 950 $870 $905 $888 $0.99 $0.95 $0.93 -0.56 3 Bed - Min. 1185 $1,045 $1,065 $1,055 $0.88 $0.90 $0.89 0.9569 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1185 $1,045 $1,065 $1,055 $0.88 $0.90 $0.89 0.9569 - ------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min. 720 $735 $760 $748 $1.02 $1.06 $1.04 0 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 720 $735 $760 $748 $1.02 $1.06 $1.04 0 2 Bed - Min. 950 $880 $905 $893 $0.93 $0.95 $0.94 0.5634 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 950 $880 $905 $893 $0.93 $0.95 $0.94 0.5634 3 Bed - Min. 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88 -0.948 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1185 $1,045 $1,045 $1,045 $0.88 $0.88 $0.88 -0.948 - ------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min. 720 $760 $785 $773 $1.06 $1.09 $1.07 3.3445 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 720 $760 $785 $773 $1.06 $1.09 $1.07 3.3445 2 Bed - Min. 950 $945 $970 $958 $0.99 $1.02 $1.01 7.2829 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 950 $945 $970 $958 $0.99 $1.02 $1.01 7.2829 3 Bed - Min. 1185 $1,150 $1,150 $1,150 $0.97 $0.97 $0.97 10.048 Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1185 $1,150 $1,150 $1,150 $0.97 $0.97 $0.97 10.048 91 TREETOPS CITY San Bruno UNITS VACANT # OF UNITS 308 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX n/a 19 11 2 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 182 126 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-87 n/a 6.17% 3.57% 0.65% 0.00% - -------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------- Studio - Min. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min n/a n/a n/a n/a n/a n/a n/a 532 $810 $835 $823 $1.52 $1.57 $1.55 Max n/a n/a n/a n/a n/a n/a n/a 659 $850 $875 $863 $1.29 $1.33 $1.31 Average n/a n/a n/a n/a n/a n/a n/a 595.5 $830 $855 $843 $1.41 $1.45 $1.43 2 Bed - Min n/a n/a n/a n/a n/a n/a n/a 806 $1,010 $1,035 $1,023 $1.25 $1.28 $1.27 Max n/a n/a n/a n/a n/a n/a n/a 909 $1,150 $1,175 $1,163 $1.27 $1.29 $1.28 Average n/a n/a n/a n/a n/a n/a n/a 857.5 $1,080 $1,105 $1,093 $1.26 $1.29 $1.27 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------------ Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 532 $820 $875 $848 $1.54 $1.64 $1.59 3.0395 532 $830 $875 $853 $1.56 $1.64 $1.60 0.58997 Max 659 $860 $915 $888 $1.31 $1.39 $1.35 2.8986 659 $875 $940 $908 $1.33 $1.43 $1.38 2.25362 Average 595.5 $840 $895 $868 $1.42 $1.52 $1.47 2.9674 595.5 $853 $908 $880 $1.44 $1.54 $1.49 1.44092 2 Bed - Min 806 $1,020 $1,075 $1,048 $1.27 $1.33 $1.30 2.445 806 $1,060 $1,145 $1,103 $1.32 $1.42 $1.37 5.2508 Max 909 $1,160 $1,215 $1,188 $1.28 $1.34 $1.31 2.1505 909 $1,195 $1,280 $1,238 $1.31 $1.41 $1.36 4.21053 Average 857.5 $1,090 $1,145 $1,118 $1.27 $1.34 $1.30 2.2883 857.5 $1,128 $1,213 $1,170 $1.31 $1.41 $1.36 4.69799 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - ------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------- Studio - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 1 Bed - Min 532 $840 $895 $868 $1.58 $1.68 $1.63 1.7595 Max 659 $885 $980 $933 $1.34 $1.49 $1.42 2.7548 Average 595.5 $863 $938 $900 $1.46 $1.58 $1.52 2.2727 2 Bed - Min 806 $1,085 $1,180 $1,133 $1.35 $1.46 $1.41 2.7211 Max 909 $1,220 $1,315 $1,268 $1.34 $1.45 $1.39 2.4242 Average 857.5 $1,153 $1,248 $1,200 $1.34 $1.46 $1.40 2.5641 3 Bed - Min n/a n/a n/a n/a n/a n/a n/a n/a Max n/a n/a n/a n/a n/a n/a n/a n/a Average n/a n/a n/a n/a n/a n/a n/a n/a 92 ALDERWOOD CITY Santa Clara UNITS VACANT # OF UNITS 234 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 14 15 6 0 1 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 124 110 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Nov-86 5.98% 6.41% 2.56% 0.00% 0.43% - ------------------------------------------------------------------------------------------------------------------------------ RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------------ Studio - Min. Max Average 1 Bed - Min 700 $865 $965 $915 $1.24 $1.38 $1.31 700 $895 $975 $935 $1.28 $1.39 $1.34 2.19% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $865 $965 $915 $1.24 $1.38 $1.31 700 $895 $975 $935 $1.28 $1.39 $1.34 2.19% 2 Bed - Min 1000 $1,095 $1,190 $1,143 $1.10 $1.19 $1.14 1000 $1,110 $1,190 $1,150 $1.11 $1.19 $1.15 0.66% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1000 $1,095 $1,190 $1,143 $1.10 $1.19 $1.14 1000 $1,110 $1,190 $1,150 $1.11 $1.19 $1.15 0.66% 3 Bed - Min N/A Max Average - ----------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 700 $940 $1,040 $990 $1.34 $1.49 $1.41 5.88% 700 $1,080 $1,180 $1,130 $1.54 $1.69 $1.61 14.14% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $940 $1,040 $990 $1.34 $1.49 $1.41 5.88% 700 $1,080 $1,180 $1,130 $1.54 $1.69 $1.61 14.14% 2 Bed - Min 1000 $1,180 $1,280 $1,230 $1.18 $1.28 $1.23 6.96% 1000 $1,313 $1,413 $1,363 $1.31 $1.41 $1.36 10.77% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1000 $1,180 $1,280 $1,230 $1.18 $1.28 $1.23 6.96% 1000 $1,313 $1,413 $1,363 $1.31 $1.41 $1.36 10.77% 3 Bed - Min Max Average - ------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 700 $1,220 $1,320 $1,270 $1.74 $1.89 $1.81 12.39% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,220 $1,320 $1,270 $1.74 $1.89 $1.81 12.39% 2 Bed - Min 1000 $1,445 $1,545 $1,495 $1.45 $1.55 $1.50 9.72% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1000 $1,445 $1,545 $1,495 $1.45 $1.55 $1.50 9.72% 3 Bed - Min Max Average 93 BELLA VISTA CITY Santa Clara UNITS VACANT # OF UNITS 634 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 12 29 14 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 330 304 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Aug-91 1.89% 4.57% 2.21% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min Max Average 1 Bed - Min 509 $ 765 $ 895 $ 830 $1.50 $1.76 $1.63 509 $ 815 $ 915 $ 865 $1.60 $1.80 $1.70 4.22% Max 743 $ 965 $1,065 $1,015 $1.30 $1.43 $1.37 743 $1,015 $1,155 $1,085 $1.37 $1.55 $1.46 N/A Average 626 $ 865 $ 980 $ 923 $1.40 $1.60 $1.50 626 $ 915 $1,035 $ 975 $1.46 $1.65 $1.56 0 2 Bed - Min 889 $1,095 $1,495 $1,295 $1.23 $1.68 $1.46 889 $1,165 $1,195 $1,180 $1.31 $1.34 $1.33 -8.88% Max 1164 $1,115 $1,525 $1,320 $0.96 $1.31 $1.13 1164 $1,395 $1,555 $1,475 $1.20 $1.34 $1.27 11.74% Average 1027 $1,105 $1,510 $1,308 $1.09 $1.50 $1.30 1027 $1,280 $1,375 $1,328 $1.25 $1.34 $1.30 1.43% 3 Bed - Min Max Average - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 509 $ 845 $ 995 $ 920 $1.66 $1.95 $1.81 6.36% 509 $ 905 $1,053 $ 979 $1.78 $2.07 $1.92 6.41% Max 743 $1,115 $1,265 $1,190 $1.50 $1.70 $1.60 9.68% 743 $1,205 $1,355 $1,280 $1.62 $1.82 $1.72 7.56% Average 626 $ 980 $1,130 $1,055 $1.58 $1.83 $1.70 8.02% 626 $1,055 $1,204 $1,130 $1.70 $1.95 $1.82 6.99% 2 Bed - Min 889 $1,265 $1,685 $1,475 $1.42 $1.90 $1.66 25.00% 889 $1,415 $1,835 $1,625 $1.59 $2.06 $1.83 10.17% Max 1164 $1,395 $1,555 $1,475 $1.20 $1.34 $1.27 0.00% 1164 $1,415 $1,835 $1,625 $1.22 $1.58 $1.40 10.17% Average 1027 $1,330 $1,620 $1,475 $1.31 $1.62 $1.46 12.50% 1027 1415 1835 1625 $1.40 $1.82 $1.61 10.17% 3 Bed - Min Max Average - ------------------------------------------------------------------ RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min None Max Average 1 Bed - Min 509 $1,035 $1,185 $1,110 $2.03 $2.33 $2.18 13.38% Max 743 $1,345 $1,495 $1,420 $1.81 $2.01 $1.91 10.94% Average 626 $1,190 $1,340 $1,265 $1.92 $2.17 $2.05 12.16% 2 Bed - Min 889 $1,585 $1,585 $1,585 $1.78 $1.78 $1.78 -2.46% Max 1164 $2,005 $2,005 $2,005 $1.72 $1.72 $1.72 23.38% Average 1027 $1,795 $1,795 $1,795 $1.75 $1.75 $1.75 10.46% 3 Bed - Min Max Average 94 BOARDWALK LAKESIDE CITY Santa Clara UNITS VACANT # OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 8 7 5 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 176 72 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-77 3.23% 2.82% 2.02% 0.40% 0.00% - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min. Max Average 1 Bed - Min 700 $ 850 $ 975 $ 913 $1.21 $1.39 $1.30 700 $ 825 $ 840 $ 833 $1.18 $1.20 $1.19 -8.77% Max 750 $ 850 $ 975 $ 913 $1.13 $1.30 $1.22 750 $ 840 $ 870 $ 855 $1.12 $1.16 $1.14 -6.30% Average 725 $ 850 $ 975 $ 913 $1.17 $1.35 $1.26 725 $ 833 $ 855 $ 844 $1.15 $1.18 $1.16 -1.23% 2 Bed - Min 950 $1,040 $1,085 $1,063 $1.09 $1.14 $1.12 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 1.41% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,040 $1,085 $1,063 $1.09 $1.14 $1.12 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 1.41% 3 Bed - Min Max Average - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 700 $ 850 $ 875 $ 863 $1.21 $1.25 $1.23 3.60% 700 $1,000 $1,040 $1,020 $1.43 $1.49 $1.46 18.26% Max 750 $ 865 $ 915 $ 890 $1.15 $1.22 $1.19 4.09% 750 $1,000 $1,040 $1,020 $1.33 $1.39 $1.36 14.61% Average 725 $ 858 $ 895 $ 876 $1.18 $1.24 $1.21 3.85% 725 $1,000 $1,040 $1,020 $1.38 $1.44 $1.41 16.43% 2 Bed - Min 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 0.00% 950 $1,200 $1,260 $1,230 $1.26 $1.33 $1.29 14.15% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,040 $1,115 $1,078 $1.09 $1.17 $1.13 0.00% 950 $1,200 $1,260 $1,230 $1.26 $1.33 $1.29 14.15% 3 Bed - Min Max Average - ------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ------------------------------------------------------------------ Studio - Min None Max Average 1 Bed - Min 700 $1,220 $1,220 $1,220 $1.74 $1.74 $1.74 19.61% Max 750 $1,270 $1,270 $1,270 $1.69 $1.69 $1.69 24.51% Average 725 $1,245 $1,245 $1,245 $1.72 $1.72 $1.72 22.06% 2 Bed - Min 950 $1,450 $1,475 $1,463 $1.53 $1.55 $1.54 18.90% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,450 $1,475 $1,463 $1.53 $1.55 $1.54 18.90% 3 Bed - Min Max Average 95 ================================================================================ BRAMBLEWOOD ================================================================================ CITY San Jose UNITS VACANT # OF UNITS 108 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 8 9 5 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 48 60 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED May-86 7.41% 8.33% 4.63% 0.93% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 AVE- RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX RAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------------------ Studio - Min. Max Average 1 Bed - Min 701 $ 755 $ 760 $ 758 $1.08 $1.08 $1.08 701 $ 760 $ 760 $ 760 $1.08 $1.08 $1.08 0.33% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 701 $ 755 $ 760 $ 758 $1.08 $1.08 $1.08 701 $ 760 $ 760 $ 760 $1.08 $1.08 $1.08 0.33% 2 Bed - Min 836 $ 845 $ 850 $ 848 $1.01 $1.02 $1.01 836 $ 870 $ 870 $ 870 $1.04 $1.04 $1.04 2.65% Max 900 $ 900 $ 900 $ 900 $1.00 $1.00 $1.00 900 $ 900 $ 900 $ 900 $1.00 $1.00 $1.00 0.00% Average 868 $ 873 $ 875 $ 874 $1.01 $1.01 $1.01 868 $ 885 $ 885 $ 885 $1.02 $1.02 $1.02 1.33% 3 Bed - Min Max Average - ------------------------------------------------------------------------------------------------------------------------------------ c RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - ------------------------------------------------------------------------------------------------------------------------------------ Studio - Min None Max Average 1 Bed - Min 701 $ 780 $ 780 $ 780 $ 1.11 $ 1.11 $ 1.11 2.63% 701 $ 867 $ 867 $ 867 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 701 $ 780 $ 780 $ 780 $ 1.11 $ 1.11 $ 1.11 2.63% 701 $ 867 $ 867 $ 867 2 Bed - Min 836 $ 890 $ 890 $ 890 $ 1.06 $ 1.06 $ 1.06 2.30% 836 $ 962 $ 962 $ 962 Max 900 $ 910 $ 910 $ 910 $ 1.01 $ 1.01 $ 1.01 1.11% 900 $1,022 $1,022 $1,022 Average 868 $ 900 $ 900 $ 900 $ 1.04 $ 1.04 $ 1.04 1.70% 868 $ 992 $ 992 $ 992 3 Bed - Min Max Average - ------------------------------------------------------- c RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - ------------------------------------------------------- Studio - Min Max Average 1 Bed - Min $ 1.24 $ 1.24 $ 1.24 11.09% Max N/A N/A N/A N/A Average $ 1.24 $ 1.24 $ 1.24 11.09% 2 Bed - Min $ 1.15 $ 1.15 $ 1.15 8.03% Max $ 1.14 $ 1.14 $ 1.14 12.25% Average $ 1.14 $ 1.14 $ 1.14 10.14% 3 Bed - Min Max Average - ------------------------------------------------------------------------------------------------ c RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------ Studio - Min None Max Average 1 Bed - Min 701 $ 953 $ 953 $ 953 $ 1.36 $ 1.36 $ 1.36 9.98% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 701 $ 953 $ 953 $ 953 $ 1.36 $ 1.36 $ 1.36 9.98% 2 Bed - Min 836 $1,033 $1,033 $1,033 $ 1.24 $ 1.24 $ 1.24 7.44% Max 900 $1,133 $1,133 $1,133 $ 1.26 $ 1.26 $ 1.26 10.92% Average 868 $1,083 $1,083 $1,083 $ 1.25 $ 1.25 $ 1.25 9.18% 3 Bed - Min Max Average 96 BRIARWOOD CITY Sunnyvale UNITS VACANT # OF UNITS 192 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 6 8 7 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 96 96 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Oct-85 3.13% 4.17% 3.65% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 556 $700 $805 $753 $1.26 $1.45 $1.35 556 $730 $805 $768 $1.31 $1.45 $1.38 1.99% Max 693 $730 $860 $795 $1.05 $1.24 $1.15 693 $813 $860 $837 $1.17 $1.24 $1.21 5.22% Average 625 $715 $833 $774 $1.16 $1.34 $1.25 625 $772 $833 $802 $1.24 $1.33 $1.28 3.61% 2 Bed - Min 804 $875 $979 $927 $1.09 $1.22 $1.15 804 $900 $979 $940 $1.12 $1.22 $1.17 1.35% Max 1125 $1,130 $1,130 $1,130 $1.00 $1.00 $1.00 1125 $1,130 $1,130 $1,130 $1.00 $1.00 $1.00 0.00% Average 965 $1,003 $1,055 $1,029 $1.05 $1.11 $1.08 965 $1,015 $1,055 $1,035 $1.06 $1.11 $1.09 0.67% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 556 $700 $805 $753 $1.26 $1.45 $1.35 -1.95% 556 $805 $805 $805 $1.45 $1.45 $1.45 6.98% Max 693 $935 $813 $905 $1.35 $1.17 $1.31 8.19% 693 $955 $955 $955 $1.38 $1.38 $1.38 5.52% Average 625 $818 $809 $829 $1.30 $1.31 $1.33 3.12% 625 $880 $880 $880 $1.41 $1.41 $1.41 6.25% 2 Bed - Min 804 $900 $1,025 $963 $1.12 $1.27 $1.20 2.45% 804 $1,065 $1,075 $1,070 $1.32 $1.34 $1.33 11.17% Max 1125 $1,180 $1,180 $1,180 $1.05 $1.05 $1.05 4.42% 1125 $1,220 $1,260 $1,240 $1.08 $1.12 $1.10 5.08% Average 965 $1,040 $1,103 $1,071 $1.08 $1.16 $1.12 3.44% $965 $1,143 $1,168 $1,155 $1.20 $1.23 $1.22 8.13% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 556 $1,127 $1,127 $1,127 $2.03 $2.03 $2.03 40.00% Max 693 $1,137 $1,137 $905 $1.64 $1.64 $1.31 -5.24% Average 625 $1,132 $1,132 $1,016 $1.83 $1.83 $1.67 17.94% 2 Bed - Min 804 $1,337 $1,337 $1,337 $1.66 $1.66 $1.66 24.95% Max 1125 $1,347 $1,347 $1,347 $1.20 $1.20 $1.20 8.63% Average 965 $1,342 $1,342 $1,342 $1.43 $1.43 $1.43 16.79% 3 Bed - Min Max Average 97 BRISTOL COMMONS CITY Sunnyvale UNITS VACANT # OF UNITS 188 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 2 5 0 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 92 96 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Nov-88 1.06% 2.66% 0.00% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 597 $825 $855 $840 $1.38 $1.43 $1.41 597 $835 $876 $856 $1.40 $1.47 $1.43 1.85% Max 868 $945 $1,010 $978 $1.09 $1.16 $1.13 868 $955 $1,025 $990 $1.10 $1.18 $1.14 1.28% Average 733 $885 $933 $909 $1.24 $1.30 $1.27 733 $895 $951 $923 $1.22 $1.30 $1.26 1.56% 2 Bed - Min 851 $1,020 $1,070 $1,045 $1.20 $1.26 $1.23 851 $1,030 $1,098 $1,064 $1.21 $1.29 $1.25 1.82% Max 1044 $1,185 $1,245 $1,215 $1.14 $1.19 $1.16 1044 $1,195 $1,265 $1,230 $1.14 $1.21 $1.18 1.23% Average 948 $1,103 $1,158 $1,130 $1.17 $1.22 $1.20 948 $1,113 $1,182 $1,147 $1.18 $1.25 $1.21 1.53% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 597 $885 $885 $885 $1.48 $1.48 $1.48 3.45% 597 $910 $910 $910 $1.52 $1.52 $1.52 2.82% Max 868 $1,000 $1,000 $1,000 $1.15 $1.15 $1.15 1.01% 868 $1,060 $1,140 $1,100 $1.22 $1.31 $1.27 10.00% Average 733 $943 $943 $943 $1.32 $1.32 $1.32 2.23% 733 $985 $1,025 $1,005 $1.37 $1.42 $1.40 6.41% 2 Bed - Min 851 $1,090 $1,090 $1,090 $1.28 $1.28 $1.28 2.44% 851 $1,060 $1,160 $1,110 $1.25 $1.36 $1.30 1.83% Max 1044 $1,260 $1,260 $1,260 $1.21 $1.21 $1.21 2.44% 1044 $1,365 $1,420 $1,393 $1.31 $1.36 $1.33 10.52% Average 948 $1,175 $1,175 $1,175 $1.24 $1.24 $1.24 2.44% $948 $1,213 $1,290 $1,251 $1.28 $1.36 $1.32 6.18% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 597 $1,075 $1,125 $1,100 $1.80 $1.88 $1.84 20.88% Max 868 $1,280 $1,295 $1,288 $1.47 $1.49 $1.48 17.05% Average 733 $1,178 $1,210 $1,194 $1.64 $1.69 $1.66 18.96% 2 Bed - Min 851 $1,300 $1,425 $1,363 $1.53 $1.67 $1.60 22.75% Max 1044 $1,530 $1,550 $1,540 $1.47 $1.48 $1.48 10.59% Average 948 $1,415 $1,488 $1,451 $1.50 $1.58 $1.54 16.67% 3 Bed - Min Max Average 98 ================================================================================ BROOKSIDE PARK ================================================================================ CITY Mountain View UNITS VACANT # OF UNITS 132 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX N/A 1 0 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 42 76 13 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-70 N/A 0.76% 0.00% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------ RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - ------------------------------------------------------------------------------------------------------------------ Studio - Min Max Average 1 Bed - Min 664 N/A N/A N/A N/A N/A N/A 664 $ 775 $ 775 $ 775 Max 802 N/A N/A N/A N/A N/A N/A 802 $ 850 $ 850 $ 850 Average 733 N/A N/A N/A N/A N/A N/A 733 $ 813 $ 813 $ 813 2 Bed - Min 982 N/A N/A N/A N/A N/A N/A 982 $ 950 $ 950 $ 950 Max 1084 N/A N/A N/A N/A N/A N/A 1084 $1,050 $1,050 $1,050 Average 1033 N/A N/A N/A N/A N/A N/A 1033 $1,000 $1,000 $1,000 3 Bed - Min 1314 N/A N/A N/A N/A N/A N/A 1314 $1,250 $1,250 $1,250 Max Average - ---------------------------------------------------- RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - ---------------------------------------------------- Studio - Min Max Average 1 Bed - Min $ 1.17 $ 1.17 $ 1.17 N/A Max $ 1.06 $ 1.06 $ 1.06 N/A Average $ 1.11 $ 1.11 $ 1.11 N/A 2 Bed - Min $ 0.97 $ 0.97 $ 0.97 N/A Max $ 0.97 $ 0.97 $ 0.97 N/A Average $ 0.97 $ 0.97 $ 0.97 N/A 3 Bed - Min $ 0.95 $ 0.95 $ 0.95 N/A Max Average - --------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 664 $ 775 $ 775 $ 775 $ 1.17 $ 1.17 $ 1.17 0.00% Max 802 $ 850 $ 850 $ 850 $ 1.06 $ 1.06 $ 1.06 0.00% Average 733 $ 813 $ 813 $ 813 $ 1.11 $ 1.11 $ 1.11 0.00% 2 Bed - Min 982 $ 950 $ 950 $ 950 $ 0.97 $ 0.97 $ 0.97 0.00% Max 1084 $ 1,050 $ 1,050 $ 1,050 $ 0.97 $ 0.97 $ 0.97 0.00% Average 1033 $ 1,000 $ 1,000 $ 1,000 $ 0.97 $ 0.97 $ 0.97 0.00% 3 Bed - Min 1314 $ 1,275 $ 1,275 $ 1,275 $ 0.97 $ 0.97 $ 0.97 2.00% Max Average - -------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------- Studio - Min Max Average 1 Bed - Min 664 $ 800 $ 800 $ 800 $ 1.20 $ 1.20 $ 1.20 3.23% Max 802 $ 900 $ 900 $ 900 $ 1.12 $ 1.12 $ 1.12 5.88% Average 733 $ 850 $ 850 $ 850 $ 1.16 $ 1.16 $ 1.16 4.55% 2 Bed - Min 982 $ 1,000 $ 1,000 $ 1,000 $ 1.02 $ 1.02 $ 1.02 5.26% Max 1084 $ 1,100 $ 1,100 $ 1,100 $ 1.01 $ 1.01 $ 1.01 4.76% Average 1033 $ 1,050 $ 1,050 $ 1,050 $ 1.02 $ 1.02 $ 1.02 5.01% 3 Bed - Min 1314 1295 1295 $ 1,295 $ 0.99 $ 0.99 $ 0.99 1.57% Max Average - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 664 $ 850 $ 850 $ 850 $ 1.28 $ 1.28 $ 1.28 6.25% Max 802 $ 975 $ 975 $ 975 $ 1.22 $ 1.22 $ 1.22 8.33% Average 733 $ 913 $ 913 $ 913 $ 1.25 $ 1.25 $ 1.25 7.29% 2 Bed - Min 982 $ 1,075 $ 1,075 $ 1,075 $ 1.09 $ 1.09 $ 1.09 7.50% Max 1084 $ 1,200 $ 1,200 $ 1,200 $ 1.11 $ 1.11 $ 1.11 9.09% Average 1033 $ 1,138 $ 1,138 $ 1,138 $ 1.10 $ 1.10 $ 1.10 8.30% 3 Bed - Min 1314 $ 1,295 $ 1,295 $ 1,295 $ 0.99 $ 0.99 $ 0.99 0.00% Max Average 99 ================================================================================ CANYON CREEK ================================================================================ CITY Campbell UNITS VACANT # OF UNITS 348 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX N/A N/A 200 3 7 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 156 180 12 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Apr-95 N/A N/A 57.47% 0.86% 2.01% - ---------------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------------- Studio - Min. Max Average 1 Bed - Min 768 N/A N/A N/A N/A N/A N/A 768 N/A N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 768 N/A N/A N/A N/A N/A N/A 768 N/A N/A N/A N/A N/A N/A N/A 2 Bed - Min 1064 N/A N/A N/A N/A N/A N/A 1064 N/A N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1064 N/A N/A N/A N/A N/A N/A 1064 N/A N/A N/A N/A N/A N/A N/A 3 Bed - Min 1189 N/A N/A N/A N/A N/A N/A 1189 N/A N/A N/A N/A N/A N/A N/A Max Average - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 768 $ 975 $1,080 $1,028 $ 1.27 $ 1.41 $ 1.34 N/A 768 $1,050 $1,200 $1,125 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 768 $ 975 $1,080 $1,028 $ 1.27 $ 1.41 $ 1.34 N/A 768 $1,050 $1,200 $1,125 2 Bed - Min 1064 $1,250 $1,370 $1,310 $ 1.17 $ 1.29 $ 1.23 N/A 1064 $1,490 $1,700 $1,595 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1064 $1,250 $1,370 $1,310 $ 1.17 $ 1.29 $ 1.23 N/A 1064 $1,490 $1,700 $1,595 3 Bed - Min 1189 $1,650 $1,720 $1,685 $ 1.39 $ 1.45 $ 1.42 N/A 1189 1675 1800 $1,738 Max Average - ------------------------------------------------------- RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - ------------------------------------------------------- Studio - Min Max Average 1 Bed - Min $ 1.37 $ 1.56 $ 1.46 9.49% Max N/A N/A N/A 0 Average $ 1.37 $ 1.56 $ 1.46 4.74% 2 Bed - Min $ 1.40 $ 1.60 $ 1.50 21.76% Max N/A N/A N/A 0 Average $ 1.40 $ 1.60 $ 1.50 10.88% 3 Bed - Min $ 1.41 $ 1.51 $ 1.46 3.12% Max Average - ---------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 768 $ 1,325 $ 1,400 $ 1,363 $ 1.73 $ 1.82 $1.77 21.11% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 768 $ 1,325 $ 1,400 $ 1,363 $ 1.73 $ 1.82 $1.77 21.11% 2 Bed - Min 1064 $ 1,500 $ 1,700 $ 1,600 $ 1.41 $ 1.60 $1.50 0.31% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1064 $ 1,500 $ 1,700 $ 1,600 $ 1.41 $ 1.60 $1.50 0.31% 3 Bed - Min 1189 $ 1,900 $ 2,050 $ 1,975 $ 1.60 $ 1.72 $1.66 13.67% Max Average 100 THE CASCADES CITY Sunnyvale UNITS VACANT # OF UNITS 184 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 8 4 2 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 44 86 54 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-87 4.35% 2.17% 1.09% 0.54% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------- Studio -Min. 458 $ 579 $ 700 $ 640 $1.26 $1.53 $1.40 Max N/A N/A N/A N/A N/A N/A N/A Average 458 $ 579 $ 700 $ 640 $1.26 $1.53 $1.40 1 Bed - Min 712 $ 661 $ 890 $ 776 $0.93 $1.25 $1.09 Max 733 $ 880 $ 905 $ 893 $1.20 $1.23 $1.22 Average 723 $ 771 $ 898 $ 834 $1.06 $1.24 $1.15 2 Bed - Min 867 $ 745 $1,030 $ 888 $0.86 $1.19 $1.02 Max 930 $1,045 $1,065 $1,055 $1.12 $1.15 $1.13 Average 899 $ 895 $1,048 $ 971 $0.99 $1.17 $1.08 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio -Min. 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.23% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.23% 1 Bed - Min 712 $ 665 $ 890 $ 778 $0.93 $1.25 $1.09 0.26% Max 733 $ 885 $ 905 $ 895 $1.21 $1.23 $1.22 0.28% Average 723 $ 775 $ 898 $ 836 $1.07 $1.24 $1.16 0.27% 2 Bed - Min 867 $ 748 $1,040 $ 894 $0.86 $1.20 $1.03 0.73% Max 930 $1,055 $1,075 $1,065 $1.13 $1.16 $1.15 0.95% Average 899 $ 902 $1,058 $ 980 $1.00 $1.18 $1.09 0.84% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 458 $ 582 $ 700 $ 641 $1.27 $1.53 $1.40 0.00% 1 Bed - Min 712 $ 665 $ 905 $ 785 $0.93 $1.27 $1.10 0.96% Max 733 $ 905 $ 925 $ 915 $1.23 $1.26 $1.25 2.23% Average 723 $ 785 $ 915 $ 850 $1.08 $1.27 $1.18 1.60% 2 Bed - Min 867 $ 748 $1,060 $ 904 $0.86 $1.22 $1.04 1.12% Max 930 $1,075 $1,095 $1,085 $1.16 $1.18 $1.17 1.88% Average 899 $ 912 $1,078 $ 995 $1.01 $1.20 $1.10 1.50% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min 458 $ 755 $ 775 $ 765 $1.65 $1.69 $1.67 19.34% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 458 $ 755 $ 775 $ 765 $1.65 $1.69 $1.67 19.34% 1 Bed - Min 712 $ 955 $ 975 $ 965 $1.34 $1.37 $1.36 22.93% Max 733 $ 980 $1,000 $ 990 $1.34 $1.36 $1.35 8.20% Average 723 $ 968 $ 988 $ 978 $1.34 $1.37 $1.35 15.56% 2 Bed - Min 867 $1,125 $1,150 $1,138 $1.30 $1.33 $1.31 25.83% Max 930 $1,225 $1,250 $1,238 $1.32 $1.34 $1.33 14.06% Average 899 $1,175 $1,200 $1,188 $1.31 $1.34 $1.32 19.94% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min 458 $ 850 $ 875 $ 863 $1.86 $1.91 $1.88 12.75% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 458 $ 850 $ 875 $ 863 $1.86 $1.91 $1.88 12.75% 1 Bed - Min 712 $1,075 $1,110 $1,093 $1.51 $1.56 $1.53 13.21% Max 733 $1,115 $1,140 $1,128 $1.52 $1.56 $1.54 13.89% Average 723 $1,095 $1,125 $1,110 $1.52 $1.56 $1.54 13.55% 2 Bed - Min 867 $1,280 $1,305 $1,293 $1.48 $1.51 $1.49 13.63% Max 930 $1,370 $1,395 $1,383 $1.47 $1.50 $1.49 11.72% Average 899 $1,325 $1,350 $1,338 $1.47 $1.50 $1.49 12.67% 3 Bed - Min Max Average 101 =================================================================================================================================== CEDAR GLEN =================================================================================================================================== CITY Campbell UNITS VACANT # OF UNITS 260 6/30/94 12/31/94 6/30/95 12/31/95 06/3096 UNIT MIX 6 13 7 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 110 108 42 6/30/94 12/31/94 6/30/95 12/31/95 06/3096 DATE OPENED Oct-85 2.31% 5.00% 2.69% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------- Studio - Min. Max Average 1 Bed - Min 654 $ 745 $ 755 $ 750 $1.14 $1.15 $1.15 Max N/A N/A N/A N/A N/A N/A N/A Average 654 $ 745 $ 755 $ 750 $1.14 $1.15 $1.15 2 Bed - Min 846 $ 860 $ 870 $ 865 $1.02 $1.03 $1.02 Max 893 $ 885 $ 895 $ 890 $0.99 $1.00 $1.00 Average 870 $ 873 $ 883 $ 878 $1.00 $1.02 $1.01 3 Bed - Min 1158 $1,105 $1,115 $1,110 $0.95 $0.96 $0.96 Max Average - ------------------------------------------------------------------------------------------------------------------------ RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------ Studio - Min. Max Average 1 Bed - Min 654 $ 755 $ 765 $ 760 $1.15 $1.17 $1.16 1.33% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 654 $ 755 $ 765 $ 760 $1.15 $1.17 $1.16 1.33% 2 Bed - Min 846 $ 870 $ 879 $ 875 $1.03 $1.04 $1.03 1.10% Max 893 $ 905 $ 915 $ 910 $1.01 $1.02 $1.02 2.25% Average 870 $ 888 $ 897 $ 892 $1.02 $1.03 $1.03 1.67% 3 Bed - Min 1158 $1,120 $1,130 $1,125 $0.97 $0.98 $0.97 1.35% Max Average - ---------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 654 $ 785 $ 795 $ 790 $1.20 $1.22 $1.21 3.95% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 654 $ 785 $ 795 $ 790 $1.20 $1.22 $1.21 3.95% 2 Bed - Min 846 $ 890 $ 899 $ 895 $1.05 $1.06 $1.06 2.29% Max 893 $ 935 $ 945 $ 940 $1.05 $1.06 $1.05 3.30% Average 870 $ 913 $ 922 $ 917 $1.05 $1.06 $1.05 2.79% 3 Bed - Min 1158 $1,140 $1,150 $1,145 $0.98 $0.99 $0.99 1.78% Max Average - ----------------------------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ----------------------------------------------------------------------------------------------------------------------- Studio - Min Max Average 1 Bed - Min 654 $ 815 $ 825 $ 820 $1.25 $1.26 $1.25 3.80% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 654 $ 815 $ 825 $ 820 $1.25 $1.26 $1.25 3.80% 2 Bed - Min 846 $ 900 $ 910 $ 905 $1.06 $1.08 $1.07 1.17% Max 893 $ 965 $ 975 $ 970 $1.08 $1.09 $1.09 3.19% Average 870 $ 933 $ 943 $ 938 $1.07 $1.08 $1.08 2.18% 3 Bed - Min 1158 $1,160 $1,170 $1,165 $1.00 $1.01 $1.01 1.75% Max Average - ------------------------------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 654 $ 940 $ 960 $ 950 $1.44 $1.47 $1.45 15.85% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 654 $ 940 $ 960 $ 950 $1.44 $1.47 $1.45 15.85% 2 Bed - Min 846 $1,080 $1,100 $1,090 $1.28 $1.30 $1.29 20.44% Max 893 $1,130 $1,150 $1,140 $1.27 $1.29 $1.28 17.53% Average 870 $1,105 $1,125 $1,115 $1.27 $1.29 $1.28 18.98% 3 Bed - Min 1158 $1,380 $1,380 $1,380 $1.19 $1.19 $1.19 18.45% Max Average 102 ================================================================================================================================== COLONNADE ================================================================================================================================== CITY San Jose UNITS VACANT # OF UNITS 215 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 13 8 2 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 30 107 78 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-87 4.19% 6.05% 3.72% 0.93% 0.00% - --------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------- Studio - Min. 360 $ 675 $ 755 $ 715 $1.88 $2.10 $1.99 Max N/A N/A N/A N/A N/A N/A N/A Average 360 $ 675 $ 755 $ 715 $1.88 $2.10 $1.99 1 Bed - Min 702 $ 875 $1,000 $ 938 $1.25 $1.42 $1.34 Max N/A N/A N/A N/A N/A N/A N/A Average 702 $ 875 $1,000 $ 938 $1.25 $1.42 $1.34 2 Bed - Min 926 $1,150 $1,200 $1,175 $1.24 $1.30 $1.27 Max 1067 $1,225 $1,440 $1,333 $1.15 $1.35 $1.25 Average 997 $1,188 $1,320 $1,254 $1.19 $1.32 $1.26 3 Bed - Min Max Average - -------------------------------------------------------------------------------------------------------- RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------- Studio - Min. 360 $ 675 $ 675 $ 675 $1.88 $1.88 $1.88 -5.59% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 360 $ 675 $ 675 $ 675 $1.88 $1.88 1.88 -5.59% 1 Bed - Min 702 $ 915 $1,000 $ 958 $1.30 $1.42 $1.36 2.13% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 702 $ 915 $1,000 $ 958 $1.30 $1.42 $1.36 2.13% 2 Bed - Min 926 $1,125 $1,125 $1,125 $1.21 $1.21 $1.21 -4.26% Max 1067 $1,200 $1,200 $1,200 $1.12 $1.12 $1.12 -9.94% Average 997 $1,163 $1,163 $1,163 $1.17 $1.17 $1.17 -7.10% 3 Bed - Min Max Average - --------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------- Studio - Min 360 $ 675 $ 675 $ 675 $1.88 $1.88 $1.88 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 360 $ 675 $ 675 $ 675 $1.88 $1.88 $1.88 0.00% 1 Bed - Min 702 $ 935 $1,000 $ 968 $1.33 $1.42 $1.38 1.04% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 702 $ 935 $1,000 $ 968 $1.33 $1.42 $1.38 1.04% 2 Bed - Min 926 $1,150 $1,230 $1,190 $1.24 $1.33 $1.29 5.78% Max 1067 $1,250 $1,440 $1,345 $1.17 $1.35 $1.26 12.08% Average 997 $1,200 $1,335 $1,268 $1.21 $1.34 $1.27 8.93% 3 Bed - Min Max Average - --------------------------------------------------------------------------------------------------------------- RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - --------------------------------------------------------------------------------------------------------------- Studio - Min 360 $ 695 $ 765 $ 730 $1.93 $2.13 $2.03 8.15% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 360 $ 695 $ 765 $ 730 $1.93 $2.13 $2.03 8.15% 1 Bed - Min 702 $ 955 $1,065 $1,010 $1.36 $1.52 $1.44 4.39% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 702 $ 955 $1,065 $1,010 $1.36 $1.52 1.44 4.39% 2 Bed - Min 926 $1,180 $1,275 $1,228 $1.27 $1.38 $1.33 3.15% Max 1067 $1,285 $1,475 $1,380 $1.20 $1.38 $1.29 2.60% Average 997 $1,233 $1,375 $1,304 $1.24 $1.38 $1.31 2.88% 3 Bed - Min Max Average - ------------------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ------------------------------------------------------------------------------------------------------- Studio - Min 360 $ 675 $ 725 $ 700 $1.88 $2.01 $1.94 -4.11% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 360 $ 675 $ 725 $ 700 $1.88 $2.01 $1.94 -4.11% 1 Bed - Min 702 $ 900 $1,000 $ 950 $1.28 $1.42 $1.35 -5.94% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 702 $ 900 $1,000 $ 950 $1.28 $1.42 $1.35 -5.94% 2 Bed - Min 926 $1,250 $1,250 $1,250 $1.35 $1.35 $1.35 1.83% Max 1067 $1,400 $1,400 $1,400 $1.31 $1.31 $1.31 1.45% Average 997 $1,325 $1,325 $1,325 $1.33 $1.33 $1.33 1.64% 3 Bed - Min Max Average 103 COUNTRYBROOK CITY San Jose UNITS VACANT # OF UNITS 360 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 12 13 8 3 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 109 251 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-84 3.33% 3.61% 2.22% 0.83% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 666 $750 $750 $750 $1.13 $1.13 $1.13 666 $765 $765 $765 $1.15 $1.15 $1.15 2.00% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 666 $750 $750 $750 $1.13 $1.13 $1.13 666 $765 $765 $765 $1.15 $1.15 $1.15 2.00% 2 Bed - Min 983 $875 $875 $875 $0.89 $0.89 $0.89 983 $895 $895 $895 $0.91 $0.91 $0.91 2.29% Max 1013 $925 $925 $900 $0.91 $0.91 $0.89 1013 $925 $925 $925 $0.91 $0.91 $0.91 2.78% Average 998 $900 $900 $888 $0.90 $0.90 $0.89 998 $910 $910 $910 $0.91 $0.91 $0.91 2.53% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. None Max Average 1 Bed - Min 666 $ 835 $ 870 $ 853 $1.25 $1.31 $1.28 11.44% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 666 $ 835 $ 870 $ 853 $1.25 $1.31 $1.28 11.44% 2 Bed - Min 983 $1,025 $1,045 $1,035 $1.04 $1.06 $1.05 15.64% Max 1013 $1,045 $1,065 $1,055 $1.03 $1.05 $1.04 14.05% Average 998 $1,035 $1,055 $1,045 $1.04 $1.06 $1.05 14.85% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 666 $ 905 $ 940 $ 923 $1.36 $1.41 $1.39 8.21% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 666 $ 905 $ 940 $ 923 $1.36 $1.41 $1.39 8.21% 2 Bed - Min 983 $1,040 $1,060 $1,050 $1.06 $1.08 $1.07 1.45% Max 1013 $1,080 $1,100 $1,090 $1.07 $1.09 $1.08 3.32% Average 998 $1,060 $1,080 $1,070 $1.06 $1.08 $1.07 2.38% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. None Max Average 1 Bed - Min 666 $ 950 $ 985 $ 968 $1.43 $1.48 $1.45 4.88% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 666 $ 950 $ 985 $ 968 $1.43 $1.48 $1.45 4.88% 2 Bed - Min 983 $1,115 $1,135 $1,125 $1.13 $1.15 $1.14 7.14% Max 1013 $1,155 $1,175 $1,165 $1.14 $1.16 $1.15 6.88% Average 998 $1,135 $1,155 $1,145 $1.14 $1.16 $1.15 7.01% 3 Bed - Min Max Average 104 E'LAN AT RIVER OAKS CITY San Jose UNITS VACANT # OF UNITS 941 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 12 13 8 3 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE 64 437 440 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Apr-91 10.20% 10.73% 2.55% 1.38% 2.02% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. 532 $770 $970 $870 $1.45 $1.82 $1.64 Max N/A N/A N/A N/A N/A N/A N/A Average 532 $770 $970 $870 $1.45 $1.82 $1.64 1 Bed - Min 540 $780 $1,070 $925 $1.44 $1.98 $1.71 Max 780 $945 $1,190 $1,068 $1.21 $1.53 $1.37 Average 660 $863 $1,130 $996 $1.33 $1.75 $1.54 2 Bed - Min 1062 $1,050 $1,520 $1,285 $0.99 $1.43 $1.21 Max 1223 $1,240 $1,620 $1,430 $1.01 $1.32 $1.17 Average 1143 $1,145 $1,570 $1,358 $1.00 $1.38 $1.19 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. 532 $ 780 $ 990 $ 885 $1.47 $1.86 $1.66 1.72% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 532 $ 780 $ 990 $ 885 $1.47 $1.86 $1.66 1.72% 1 Bed - Min 540 $ 820 $1,070 $ 945 $1.52 $1.98 $1.75 2.16% Max 780 $ 950 $1,160 $1,055 $1.22 $1.49 $1.35 -1.17% Average 660 $ 885 $1,115 $1,000 $1.34 $1.69 $1.52 0.50% 2 Bed - Min 1062 $1,050 $1,520 $1,285 $0.99 $1.43 $1.21 0.00% Max 1223 $1,240 $1,620 $1,430 $1.01 $1.32 $1.17 0.00% Average 1143 $1,145 $1,570 $1,358 $1.00 $1.38 $1.19 0.00% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. 532 $ 885 $1,055 $ 970 $1.66 $1.98 $1.82 9.60% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 532 $ 885 $1,055 $ 970 $1.66 $1.98 $1.82 9.60% 1 Bed - Min 540 $ 905 $1,075 $ 990 $1.68 $1.99 $1.83 4.76% Max 780 $1,085 $1,285 $1,185 $1.39 $1.65 $1.52 12.32% Average 660 $995 $1,180 $1,088 $1.53 $1.82 $1.68 8.54% 2 Bed - Min 1062 $1,275 $1,645 $1,460 $1.20 $1.55 $1.37 13.62% Max 1223 $1,420 $1,670 $1,545 $1.16 $1.37 $1.26 8.04% Average 1143 $1,348 $1,658 $1,503 $1.18 $1.46 $1.32 10.83% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. 532 $920 $1,050 $ 985 $1.73 $1.97 $1.85 1.55% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 532 $920 $1,050 $ 985 $1.73 $1.97 $1.85 1.55% 1 Bed - Min 540 $940 $1,080 $1,010 $1.74 $2.00 $1.87 2.02% Max 780 $1,100 $1,290 $1,195 $1.41 $1.65 $1.53 0.84% Average 660 $1,020 $1,185 $1,103 $1.58 $1.83 $1.70 1.43% 2 Bed - Min 1062 $1,400 $1,790 $1,595 $1.32 $1.69 $1.50 9.25% Max 1223 $1,545 $1,835 $1,690 $1.26 $1.50 $1.38 9.39% Average 1143 $1,473 $1,813 $1,643 $1.29 $1.59 $1.44 9.32% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. 532 $ 975 $1,125 $1,050 $1.83 $2.11 $1.97 6.60% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 532 $ 975 $1,125 $1,050 $1.83 $2.11 $1.97 6.60% 1 Bed - Min 540 $1,005 $1,160 $1,083 $1.86 $2.15 $2.00 7.18% Max 780 $1,305 $1,465 $1,385 $1.67 $1.88 $1.78 15.90% Average 660 $1,155 $1,313 $1,234 $1.77 $2.01 $1.89 11.54% 2 Bed - Min 1062 $1,615 $1,975 $1,795 $1.52 $1.86 $1.69 12.54% Max 1223 $1,695 $1,995 $1,845 $1.39 $1.63 $1.51 9.17% Average 1143 $1,655 $1,985 $1,820 $1.45 $1.75 $1.60 10.86% 3 Bed - Min Max Average 105 ELLMAR OAKS CITY San Jose UNITS VACANT # OF UNITS 266 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX N/A 3 8 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 100 142 24 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-88 N/A 1.13% 3.01% 0.38% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 712 N/A N/A N/A N/A N/A N/A 712 $ 800 $850 $ 825 $1.12 $1.19 $1.16 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 712 N/A N/A N/A N/A N/A N/A 712 $ 800 $850 $ 825 $1.12 $1.19 $1.16 2 Bed - Min 942 N/A N/A N/A N/A N/A N/A 942 $ 925 $985 $ 955 $0.98 $1.05 $1.01 Max 1040 N/A N/A N/A N/A N/A N/A 1040 $ 950 $1,110 $1,030 $0.91 $1.07 $0.99 Average 991 N/A N/A N/A N/A N/A N/A 991 $ 938 $1,048 $ 993 $0.95 $1.06 $1.00 3 Bed - Min 1155 N/A N/A N/A N/A N/A N/A 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1155 N/A N/A N/A N/A N/A N/A 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. None Max Average 1 Bed - Min 712 $ 825 $ 875 $ 850 $1.16 $1.23 $1.19 3.03% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 712 $ 825 $ 875 $ 850 $1.16 $1.23 $1.19 3.03% 2 Bed - Min 942 $ 950 $1,010 $ 980 $1.01 $1.07 $1.04 2.62% Max 1040 975 1035 $1,005 $0.94 $1.00 $0.97 -2.43% Average 991 $ 963 $1,023 $993 $0.97 $1.03 $1.00 0.10% 3 Bed - Min 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00% RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 712 $ 850 $ 900 $ 875 $1.19 $1.26 $1.23 2.94% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 712 $ 850 $ 900 $ 875 $1.19 $1.26 $1.23 2.94% 2 Bed - Min 942 $ 995 $1,050 $1,023 $1.06 $1.11 $1.09 4.34% Max 1040 $1,025 $1,075 $1,050 $0.99 $1.03 $1.01 4.48% Average 991 $1,010 $1,063 $1,036 $1.02 $1.07 $1.05 4.41% 3 Bed - Min 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1155 $1,125 $1,125 $1,125 $0.97 $0.97 $0.97 0.00% RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. None Max Average 1 Bed - Min 712 $ 875 $ 925 $ 900 $1.23 $1.30 $1.26 2.86% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 712 $ 875 $ 925 $ 900 $1.23 $1.30 $1.26 2.86% 2 Bed - Min 942 $ 995 $1,050 $1,023 $1.06 $1.11 $1.09 0.00% Max 1040 $1,025 $1,075 $1,050 $0.99 $1.03 $1.01 0.00% Average 991 $1,010 $1,063 $1,036 $1.02 $1.07 $1.05 0.00% 3 Bed - Min 1155 $1,125 $1,225 $1,175 $0.97 $1.06 $1.02 4.44% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1155 $1,125 $1,225 $1,175 $0.97 $1.06 $1.02 4.44% 106 FAIRWAY GLEN CITY San Jose UNITS VACANT # OF UNITS 144 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 3 4 5 2 2 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 64 80 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Nov-86 2.08% 2.78% 3.47% 1.39% 1.39% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 640 $785 $800 $793 $1.23 $1.25 $1.24 640 $850 $895 $873 $1.33 $1.40 $1.36 10.09% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 640 $785 $800 $793 $1.23 $1.25 $1.24 640 $850 $895 $873 $1.33 $1.40 $1.36 10.09% 2 Bed - Min 926 $915 $945 $930 $0.99 $1.02 $1.00 926 $930 $970 $950 $1.00 $1.05 $1.03 2.15% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 926 $915 $945 $930 $0.99 $1.02 $1.00 926 $930 $970 $950 $1.00 $1.05 $1.03 2.15% 3 Bed - Min N/A Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 640 $850 $895 $873 $1.33 $1.40 $1.36 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 640 $850 $895 $873 $1.33 $1.40 $1.36 0.00% 2 Bed - Min 926 $950 $995 $973 $1.03 $1.07 $1.05 2.37% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 926 $950 $995 $973 $1.03 $1.07 $1.05 2.37% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 640 $ 875 $ 895 $ 885 $1.37 $1.40 $1.38 1.43% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 640 $ 875 $ 895 $ 885 $1.37 $1.40 $1.38 1.43% 2 Bed - Min 926 $1,075 $1,125 $1,100 $1.16 $1.21 $1.19 13.11% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 926 $1,075 $1,125 $1,100 $1.16 $1.21 $1.19 13.11% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 640 $ 975 $1,015 $ 995 $1.52 $1.59 $1.55 12.43% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 640 $ 975 $1,015 $ 995 $1.52 $1.59 $1.55 12.43% 2 Bed - Min 926 $1,225 $1,275 $1,250 $1.32 $1.38 $1.35 13.64% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 926 $1,225 $1,275 $1,250 $1.32 $1.38 $1.35 13.64% 3 Bed - Min Max Average 107 FOUNTAINS AT RIVER OAKS CITY San Jose UNITS VACANT # OF UNITS 226 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 12 4 5 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 100 126 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Aug-91 5.31% 1.77% 2.21% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 725 $ 855 $ 880 $ 868 $1.18 $1.21 $1.20 Max 875 $ 945 $ 945 $ 945 $1.08 $1.08 $1.08 Average 800 $ 900 $ 913 $ 906 $1.13 $1.15 $1.14 2 Bed - Min 1025 $1,025 $1,025 $1,025 $1.00 $1.00 $1.00 Max 1075 $1,175 $1,175 $1,175 $1.09 $1.09 $1.09 Average 1050 $1,100 $1,100 $1,100 $1.05 $1.05 $1.05 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 725 $ 885 $ 935 $ 910 $1.22 $1.29 $1.26 4.90% Max 875 $ 965 $ 975 $ 970 $1.10 $1.11 $1.11 2.65% Average 800 $ 925 $ 955 $ 940 $1.16 $1.19 $1.18 3.77% 2 Bed - Min 1025 $1,140 $1,150 $1,145 $1.11 $1.12 $1.12 11.71% Max 1075 $1,195 $1,205 $1,200 $1.11 $1.12 $1.12 2.13% Average 1050 $1,168 $1,178 $1,173 $1.11 $1.12 $1.12 6.92% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 725 $920 $950 $935 $1.27 $1.31 $1.29 2.75% Max 875 $1,015 $1,045 $1,030 $1.16 $1.19 $1.18 6.19% Average 800 $968 $998 $983 $1.21 $1.25 $1.23 4.47% 2 Bed - Min 1025 $1,220 $1,250 $1,235 $1.19 $1.22 $1.20 7.86% Max 1075 $1,270 $1,300 $1,285 $1.18 $1.21 $1.20 7.08% Average 1050 $1,245 $1,275 $1,260 $1.19 $1.21 $1.20 7.47% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 725 $1,110 $1,135 $1,123 $1.53 $1.57 $1.55 20.05% Max 875 $1,200 $1,200 $1,200 $1.37 $1.37 $1.37 16.50% Average 800 $1,155 $1,168 $1,161 $1.45 $1.47 $1.46 18.28% 2 Bed - Min 1025 $1,415 $1,415 $1,415 $1.38 $1.38 $1.38 14.57% Max 1075 $1,510 $1,510 $1,510 $1.40 $1.40 $1.40 17.51% Average 1050 $1,463 $1,463 $1,463 $1.39 $1.39 $1.39 16.04% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 725 $1,120 $1,120 $1,120 $1.54 $1.54 $1.54 -0.22% Max 875 $1,330 $1,330 $1,330 $1.52 $1.52 $1.52 10.83% Average 800 $1,225 $1,225 $1,225 $1.53 $1.53 $1.53 5.31% 2 Bed - Min 1025 $1,530 $1,530 $1,530 $1.49 $1.49 $1.49 8.13% Max 1075 $1,710 $1,710 $1,710 $1.59 $1.59 $1.59 13.25% Average 1050 $1,620 $1,620 $1,620 $1.54 $1.54 $1.54 10.69% 3 Bed - Min Max Average 108 FOXCHASE CITY San Jose UNITS VACANT # OF UNITS 396 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96 UNIT MIX 9 4 8 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 156 240 N/A 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96 DATE OPENED Jan-84 2.27% 1.01% 2.02% 0.25% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 710 $785 $805 $795 $1.11 $1.13 $1.12 710 $850 $860 $855 $1.20 $1.21 $1.20 7.55% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $785 $805 $795 $1.11 $1.13 $1.12 710 $850 $860 $855 $1.20 $1.21 $1.20 7.55% 2 Bed - Min 932 $905 $935 $920 $0.97 $1.00 $0.99 932 $950 $970 $960 $1.02 $1.04 $1.03 4.35% Max 947 $905 $955 $900 $0.96 $1.01 $0.95 947 $950 $970 $960 $1.00 $1.02 $1.01 6.67% Average 940 $905 $945 $910 $0.96 $1.01 $0.97 940 $950 $970 $960 $1.01 $1.03 $1.02 5.51% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 710 $870 $895 $883 $1.23 $1.26 $1.24 3.22% 710 $945 $995 $970 $1.33 $1.40 $1.37 9.92% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $870 $895 $883 $1.23 $1.26 $1.24 3.22% 710 $945 $995 $970 $1.33 $1.40 $1.37 9.92% 2 Bed - Min 932 $995 $1,015 $1,005 $1.07 $1.09 $1.08 4.69% 932 $1,145 $1,195 $1,170 $1.23 $1.28 $1.26 16.42% Max 947 $995 $1,015 $1,005 $1.05 $1.07 $1.06 4.69% 947 $1,145 $1,195 $1,170 $1.21 $1.26 $1.24 16.42% Average 940 $995 $1,015 $1,005 $1.06 $1.08 $1.07 4.69% 940 $1,145 $1,195 $1,170 $1.22 $1.27 $1.25 16.42% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 710 $1,050 $1,050 $1,050 $1.48 $1.48 $1.48 8.25% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $1,050 $1,050 $1,050 $1.48 $1.48 $1.48 8.25% 2 Bed - Min 932 $1,255 $1,255 $1,255 $1.35 $1.35 $1.35 7.26% Max 947 $1,255 $1,255 $1,255 $1.33 $1.33 $1.33 7.26% Average 940 $1,255 $1,255 $1,255 $1.34 $1.34 $1.34 7.26% 3 Bed - Min Max Average 109 GREENDALE CITY Mountain View UNITS VACANT # OF UNITS 154 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 11 9 4 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 38 81 34 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-69 7.14% 5.84% 2.60% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 540 $795 $820 $808 $1.47 $1.52 $1.50 540 $795 $820 $808 $1.47 $1.52 $1.50 0.00% Max 705 $890 $930 $910 $1.26 $1.32 $1.29 705 $890 $930 $910 $1.26 $1.32 $1.29 0.00% Average 623 $843 $875 $859 $1.37 $1.42 $1.39 623 $843 $875 $859 $1.35 $1.41 $1.38 0.00% 2 Bed - Min 940 $1,055 $1,110 $1,083 $1.12 $1.18 $1.15 940 $1,055 $1,110 $1,083 $1.12 $1.18 $1.15 0.00% Max 1160 $1,205 $1,265 $1,235 $1.04 $1.09 $1.06 1160 $1,205 $1,265 $1,235 $1.04 $1.09 $1.06 0.00% Average 1050 $1,130 $1,188 $1,159 $1.08 $1.14 $1.11 1050 $1,130 $1,188 $1,159 $1.08 $1.14 $1.11 0.00% 3 Bed - Min 1305 $1,305 $1,370 $1,338 $1.00 $1.05 $1.02 1305 $1,305 $1,370 $1,338 $1.00 $1.05 $1.02 0.00% Max Average RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 540 $820 $845 $833 $1.52 $1.56 $1.54 3.10% 540 $910 $935 $923 $1.69 $1.73 $1.71 10.81% Max 705 $920 $960 $940 $1.30 $1.36 $1.33 3.30% 705 $1,045 $1,070 $1,058 $1.48 $1.52 $1.50 12.50% Average 623 $870 $903 $886 $1.41 $1.46 $1.44 3.20% 623 $978 $1,003 $990 $1.58 $1.62 $1.60 11.66% 2 Bed - Min 940 $1,095 $1,150 $1,123 $1.16 $1.22 $1.19 3.70% 940 $1,225 $1,280 $1,253 $1.30 $1.36 $1.33 11.58% Max 1160 $1,245 $1,305 $1,275 $1.07 $1.13 $1.10 3.24% 1160 $1,405 $1,445 $1,425 $1.21 $1.25 $1.23 11.76% Average 1050 $1,170 $1,228 $1,199 $1.11 $1.17 $1.14 3.47% 1050 $1,315 $1,363 $1,339 $1.26 $1.30 $1.28 11.67% 3 Bed - Min 1305 $1,355 $1,420 $1,388 $1.04 $1.09 $1.06 3.74% 1305 $1,505 $1,570 $1,538 $1.15 $1.20 $1.18 10.81% Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 540 $910 $935 $923 $1.69 $1.73 $1.71 0.00% Max 705 $1,075 $1,100 $1,088 $1.52 $1.56 $1.54 2.84% Average 623 $993 $1,018 $1,005 $1.61 $1.65 $1.63 1.42% 2 Bed - Min 940 $1,265 $1,370 $1,318 $1.35 $1.46 $1.40 5.19% Max 1160 $1,445 $1,465 $1,455 $1.25 $1.26 $1.25 2.11% Average 1050 $1,355 $1,418 $1,386 $1.29 $1.35 $1.32 3.65% 3 Bed - Min 1305 $1,565 $1,630 $1,598 $1.20 $1.25 $1.22 3.90% Max Average 110 GREENTREE CITY San Jose UNITS VACANT # OF UNITS 220 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 14 5 4 2 4 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 68 152 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 6.36% 2.27% 1.82% 0.91% 1.82% DATE OPENED Jan-85 RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 650 $735 $760 $748 $1.13 $1.17 $1.15 Max N/A N/A N/A N/A N/A N/A N/A Average 650 $735 $760 $748 $1.13 $1.17 $1.15 2 Bed - Min 862 $850 $900 $875 $0.99 $1.04 $1.02 Max N/A N/A N/A N/A N/A N/A N/A Average 862 $850 $900 $875 $0.99 $1.04 $1.02 3 Bed - Min N/A Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 650 $770 $790 $780 $1.18 $1.22 $1.20 4.35% 1 Bed - Min N/A N/A N/A N/A N/A N/A N/A N/A Max 650 $770 $790 $780 $1.18 $1.22 $1.20 4.35% Average 862 $860 $895 $878 $1.00 $1.04 $1.02 0.29% 2 Bed - Min N/A N/A N/A N/A N/A N/A N/A N/A Max 862 $860 $895 $878 $1.00 $1.04 $1.02 0.29% Average 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 650 $770 $815 $793 $1.18 $1.25 $1.22 1.60% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 650 $770 $815 $793 $1.18 $1.25 $1.22 1.60% 2 Bed - Min 862 $890 $935 $913 $1.03 $1.08 $1.06 3.99% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 862 $890 $935 $913 $1.03 $1.08 $1.06 3.99% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 650 $820 $840 $830 $1.26 $1.29 $1.28 4.73% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 650 $820 $840 $830 $1.26 $1.29 $1.28 4.73% 2 Bed - Min 862 $950 $970 $960 $1.10 $1.13 $1.11 5.21% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 862 $950 $970 $960 $1.10 $1.13 $1.11 5.21% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 650 $ 835 $ 855 $ 855 $1.28 $1.32 $1.32 3.01% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 650 $ 835 $ 855 $ 855 $1.28 $1.32 $1.32 3.01% 2 Bed - Min 862 $1,010 $1,050 $1,030 $1.17 $1.22 $1.19 7.29% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 862 $1,010 $1,050 $1,030 $1.17 $1.22 $1.19 7.29% 3 Bed - Min Max Average 111 THE GROVE CITY Sunnyvale UNITS VACANT # OF UNITS 220 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96 UNIT MIX 6 8 3 3 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 80 140 N/A 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96 DATE OPENED Jan-86 2.73% 3.64% 1.36% 1.36% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 659 $ 850 $ 870 $ 860 $1.29 $1.32 $1.31 Max N/A N/A N/A N/A N/A N/A N/A Average 659 $ 850 $ 870 $ 860 $1.29 $1.32 $1.31 2 Bed - Min 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15 Max N/A N/A N/A N/A N/A N/A N/A Average 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15 3 Bed - Min N/A Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 659 $ 900 $ 920 $ 910 $1.37 $1.40 $1.38 5.81% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 659 $ 900 $ 920 $ 910 $1.37 $1.40 $1.38 5.81% 2 Bed - Min 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 912 $1,040 $1,060 $1,050 $1.14 $1.16 $1.15 0.00% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 659 $ 955 $ 975 $ 965 $1.45 $1.48 $1.46 6.04% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 659 $ 955 $ 975 $ 965 $1.45 $1.48 $1.46 6.04% 2 Bed - Min 912 $1,125 $1,145 $1,135 $1.23 $1.26 $1.24 8.10% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 912 $1,125 $1,145 $1,135 $1.23 $1.26 $1.24 8.10% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 659 $1,085 $1,105 $1,095 $1.65 $1.68 $1.66 13.47% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 659 $1,085 $1,105 $1,095 $1.65 $1.68 $1.66 13.47% 2 Bed - Min 912 $1,305 $1,325 $1,315 $1.43 $1.45 $1.44 15.86% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 912 $1,305 $1,325 $1,315 $1.43 $1.45 $1.44 15.86% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 659 $1,260 $1,280 $1,270 $1.91 $1.94 $1.93 15.98% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 659 $1,260 $1,280 $1,270 $1.91 $1.94 $1.93 15.98% 2 Bed - Min 912 $1,455 $1,475 $1,465 $1.60 $1.62 $1.61 11.41% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 912 $1,455 $1,475 $1,465 $1.60 $1.62 $1.61 11.41% 3 Bed - Min Max Average 112 HEATHERSTONE CITY Mountain View UNITS VACANT # OF UNITS 108 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 3 4 2 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 84 24 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-68 2.78% 3.70% 1.85% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 700 $875 $ 875 $ 875 $1.25 $1.25 $1.25 Max 750 $890 $ 890 $ 890 $1.19 $1.19 $1.19 Average 725 $883 $ 883 $ 883 $1.22 $1.22 $1.22 2 Bed - Min 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08 Max N/A N/A N/A N/A N/A N/A N/A Average 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 700 $875 $ 875 $ 875 $1.25 $1.25 $1.25 0.00% Max 750 $890 $ 890 $ 890 $1.19 $1.19 $1.19 0.00% Average 725 $883 $ 883 $ 883 $1.22 $1.22 $1.22 0.00% 2 Bed - Min 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $990 $1,055 $1,023 $1.04 $1.11 $1.08 0.00% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 700 $ 905 $ 920 $ 913 $1.29 $1.31 $1.30 4.29% Max 750 $ 910 $ 965 $ 938 $1.21 $1.29 $1.25 5.34% Average 725 $ 908 $ 943 $ 925 $1.25 $1.30 $1.28 4.81% 2 Bed - Min 950 $1,110 $1,150 $1,130 $1.17 $1.21 $1.19 10.51% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,110 $1,150 $1,130 $1.17 $1.21 $1.19 10.51% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 700 $ 985 $1,000 $ 993 $1.41 $1.43 $1.42 8.77% Max 750 $1,010 $1,055 $1,033 $1.35 $1.41 $1.38 10.13% Average 725 $ 998 $1,028 $1,013 $1.38 $1.42 $1.40 9.45% 2 Bed - Min 950 $1,205 $1,235 $1,220 $1.27 $1.30 $1.28 7.96% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,205 $1,235 $1,220 $1.27 $1.30 $1.28 7.96% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 700 $1,230 $1,230 $1,230 $1.76 $1.76 $1.76 23.93% Max 750 $1,320 $1,320 $1,320 $1.76 $1.76 $1.76 27.85% Average 725 $1,275 $1,275 $1,275 $1.76 $1.76 $1.76 25.89% 2 Bed - Min 950 $1,390 $1,440 $1,415 $1.46 $1.52 $1.49 15.98% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,390 $1,440 $1,415 $1.46 $1.52 $1.49 15.98% 3 Bed - Min Max Average 113 KENSINGTON PLACE CITY Sunnyvale UNITS VACANT # OF UNITS 186 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 7 2 3 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 96 74 16 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jul-93 3.76% 1.08% 1.61% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 700 $ 895 $ 990 $ 943 $1.28 $1.41 $1.35 Max N/A N/A N/A N/A N/A N/A N/A Average 700 $ 895 $ 990 $ 943 $1.28 $1.41 $1.35 2 Bed - Min 1055 $1,190 $1,190 $1,190 $1.13 $1.13 $1.13 Max 1087 $1,300 $1,300 $1,300 $1.20 $1.20 $1.20 Average 1071 $1,245 $1,245 $1,245 $1.16 $1.16 $1.16 3 Bed - Min 1386 $1,547 $1,647 $1,597 $1.12 $1.19 $1.15 Max N/A N/A N/A N/A N/A N/A N/A Average 1386 $1,547 $1,647 $1,597 $1.12 $1.19 $1.15 RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 700 $ 910 $1,005 $ 958 $1.30 $1.44 $1.37 1.59% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $ 910 $1,005 $ 958 $1.30 $1.44 $1.37 1.59% 2 Bed - Min 1055 $1,205 $1,205 $1,205 $1.14 $1.14 $1.14 1.26% Max 1087 $1,315 $1,315 $1,315 $1.21 $1.21 $1.21 1.15% Average 1071 $1,260 $1,260 $1,260 $1.18 $1.18 $1.18 0.01% 3 Bed - Min 1386 $1,565 $1,655 $1,610 $1.13 $1.19 $1.16 0.81% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1386 $1,565 $1,655 $1,610 $1.13 $1.19 $1.16 0.01% RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 700 $1,035 $1,135 $1,085 $1.48 $1.62 $1.55 13.32% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,035 $1,135 $1,085 $1.48 $1.62 $1.55 13.32% 2 Bed - Min 1055 $1,335 $1,365 $1,350 $1.27 $1.29 $1.28 12.03% Max 1087 $1,335 $1,455 $1,395 $1.23 $1.34 $1.28 6.08% Average 1071 $1,335 $1,410 $1,373 $1.25 $1.32 $1.28 9.06% 3 Bed - Min 1386 $1,670 $1,775 $1,723 $1.20 $1.28 $1.24 6.99% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1386 $1,670 $1,775 $1,723 $1.20 $1.28 $1.24 6.99% RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 700 $1,130 $1,240 $1,185 $1.61 $1.77 $1.69 9.22% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,130 $1,240 $1,185 $1.61 $1.77 $1.69 9.22% 2 Bed - Min 1055 $1,445 $1,525 $1,485 $1.37 $1.45 $1.41 10.00% Max 1087 $1,495 $1,590 $1,543 $1.38 $1.46 $1.42 10.57% Average 1071 $1,470 $1,558 $1,514 $1.37 $1.45 $1.41 10.29% 3 Bed - Min 1386 $1,725 $1,815 $1,770 $1.24 $1.31 $1.28 2.76% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1386 $1,725 $1,815 $1,770 $1.24 $1.31 $1.28 2.76% RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 700 $1,310 $1,405 $1,358 $1.87 $2.01 $1.94 14.56% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,310 $1,405 $1,358 $1.87 $2.01 $1.94 14.56% 2 Bed - Min 1055 $1,645 $1,790 $1,718 $1.56 $1.70 $1.63 15.66% Max 1087 $1,645 $1,790 $1,718 $1.51 $1.65 $1.58 11.35% Average 1071 $1,645 $1,790 $1,718 $1.54 $1.67 $1.60 13.50% 3 Bed - Min 1386 $1,895 $1,985 $1,940 $1.37 $1.43 $1.40 9.60% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1386 $1,895 $1,985 $1,940 $1.37 $1.43 $1.40 9.60% 114 KIMBERLY WOODS CITY San Jose UNITS VACANT # OF UNITS 208 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 15 9 4 0 3 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 60 148 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Oct-85 7.21% 4.33% 1.92% 0.00% 1.44% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 792 $ 895 $ 895 $ 895 $1.13 $1.13 $1.13 Max 860 $ 925 $ 935 $ 930 $1.08 $1.09 $1.08 Average 826 $ 910 $ 915 $ 913 $1.10 $1.11 $1.11 2 Bed - Min 1090 $1,040 $1,075 $1,058 $0.95 $0.99 $0.97 Max 1230 $1,150 $1,175 $1,163 $0.93 $0.96 $0.95 Average 1160 $1,095 $1,125 $1,110 $0.94 $0.97 $0.96 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 792 $ 895 $ 895 $ 895 $1.13 $1.13 $1.13 0.00% Max 860 $ 925 $ 935 $ 930 $1.08 $1.09 $1.08 0.00% Average 826 $ 910 $ 915 $ 913 $1.10 $1.11 $1.10 0.00% 2 Bed - Min 1090 $1,040 $1,075 $1,058 $0.95 $0.99 $0.97 0.00% Max 1230 $1,150 $1,175 $1,163 $0.93 $0.96 $0.95 0.00% Average 1160 $1,095 $1,125 $1,110 $0.94 $0.97 $0.96 0.00% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 792 $ 905 $ 905 $ 905 $1.14 $1.14 $1.14 1.12% Max 860 $ 935 $ 945 $ 940 $1.09 $1.10 $1.09 1.08% Average 826 $ 920 $ 925 $ 923 $1.11 $1.12 $1.12 1.10% 2 Bed - Min 1090 $1,050 $1,085 $1,068 $0.96 $1.00 $0.98 0.95% Max 1230 $1,160 $1,185 $1,173 $0.94 $0.96 $0.95 0.86% Average 1160 $1,105 $1,135 $1,120 $0.95 $0.98 $0.97 0.90% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 792 $ 950 $ 950 $ 950 $1.20 $1.20 $1.20 4.97% Max 860 $1,000 $1,000 $1,000 $1.16 $1.16 $1.16 6.38% Average 826 $ 975 $ 975 $ 975 $1.18 $1.18 $1.18 5.68% 2 Bed - Min 1090 $1,200 $1,290 $1,245 $1.10 $1.18 $1.14 16.63% Max 1230 $1,300 $1,350 $1,325 $1.06 $1.10 $1.08 13.01% Average 1160 $1,250 $1,320 $1,285 $1.08 $1.14 $1.11 14.82% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 792 $1,110 $1,110 $1,110 $1.40 $1.40 $1.40 16.84% Max 860 $1,140 $1,155 $1,148 $1.33 $1.34 $1.33 14.75% Average 826 $1,125 $1,133 $1,129 $1.36 $1.37 $1.37 15.80% 2 Bed - Min 1090 $1,305 $1,370 $1,338 $1.20 $1.26 $1.23 7.43% Max 1230 $1,420 $1,495 $1,458 $1.15 $1.22 $1.18 10.00% Average 1160 $1,363 $1,433 $1,398 $1.17 $1.23 $1.20 8.71% 3 Bed - Min Max Average 115 LINCOLN GREEN CITY Sunnyvale UNITS VACANT # OF UNITS 173 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 9 6 0 3 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 60 113 0 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-79 5.20% 5.20% 3.47% 0.00% 1.73% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 600 $760 $770 $765 $1.27 $1.28 $1.28 Max N/A N/A N/A N/A N/A N/A N/A Average 600 $760 $770 $765 $1.27 $1.28 $1.28 2 Bed - Min 800 $900 $915 $908 $1.13 $1.14 $1.13 Max 850 $945 $960 $953 $1.11 $1.13 $1.12 Average 825 $923 $938 $930 $1.12 $1.14 $1.13 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 600 $760 $770 $765 $1.27 $1.28 $1.28 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 600 $760 $770 $765 $1.27 $1.28 $1.28 0.00% 2 Bed - Min 800 $910 $910 $910 $1.14 $1.14 $1.14 0.28% Max 850 $950 $950 $950 $1.12 $1.12 $1.12 -0.26% Average 825 $930 $930 $930 $1.13 $1.13 $1.13 $0.00 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 600 800 $810 $805 $1.33 $1.35 $1.34 5.23% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 600 800 $810 $805 $1.33 $1.35 $1.34 5.23% 2 Bed - Min 800 910 $965 $938 $1.14 $1.21 $1.17 3.02% Max 850 995 $1,010 $1,003 $1.17 $1.19 $1.18 5.53% Average 825 953 $988 $970 $1.15 $1.20 $1.18 4.27% 3 Bed - Min Max Average UNIT RANGE DEC-95 RENT PER SQ. FT. % SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 600 $840 $850 $845 $1.40 $1.42 $1.41 4.97% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 600 $840 $850 $845 $1.40 $1.42 $1.41 4.97% 2 Bed - Min 800 $990 $1,005 $998 $1.24 $1.26 $1.25 6.40% Max 850 $1,035 $1,050 $1,043 $1.22 $1.24 $1.23 3.99% Average 825 $1,013 $1,028 $1,020 $1.23 $1.25 $1.24 5.20% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 600 $940 $950 $945 $1.57 $1.58 $1.58 11.83% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 600 $940 $950 $945 $1.57 $1.58 $1.58 11.83% 2 Bed - Min 800 $1,110 $1,150 $1,130 $1.39 $1.44 $1.41 13.28% Max 850 $1,180 $1,200 $1,190 $1.39 $1.41 $1.40 14.15% Average 825 $1,145 $1,175 $1,160 $1.39 $1.42 $1.41 13.72% 3 Bed - Min Max Average 116 LOS PADRES VILLAGE CITY Santa Clara UNITS VACANT # OF UNITS 245 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 7 11 6 1 3 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 145 100 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Dec-86 2.86% 4.49% 2.45% 0.41% 1.22% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 716 $850 $860 $855 $1.19 $1.20 $1.19 Max N/A N/A N/A N/A N/A N/A N/A Average 716 $850 $860 $855 $1.19 $1.20 $1.19 2 Bed - Min 858 $965 $975 $970 $1.12 $1.14 $1.13 Max 946 $1,030 $1,050 $1,040 $1.09 $1.11 $1.10 Average 902 $998 $1,013 $1,005 $1.11 $1.12 $1.11 3 Bed - Min N/A Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 716 $850 $860 $855 $1.19 $1.20 $1.19 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 716 $850 $860 $855 $1.19 $1.20 $1.19 0.00% 2 Bed - Min 858 $965 $975 $970 $1.12 $1.14 $1.13 0.00% Max 946 $1,030 $1,050 $1,040 $1.09 $1.11 $1.10 0.00% Average 902 $998 $1,013 $1,005 $1.11 $1.12 $1.11 0.00% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 716 $915 $955 $935 $1.28 $1.33 $1.31 10.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 716 $915 $955 $935 $1.28 $1.33 $1.31 10.00% 2 Bed - Min 858 $1,025 $1,045 $1,035 $1.19 $1.22 $1.21 7.25% Max 946 $1,145 $1,155 $1,150 $1.21 $1.22 $1.22 11.65% Average 902 $1,085 $1,100 $1,093 $1.20 $1.22 $1.21 9.45% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 716 $965 $995 $980 $1.35 $1.39 $1.37 4.81% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 716 $965 $995 $980 $1.35 $1.39 $1.37 4.81% 2 Bed - Min 858 $1,075 $1,095 $1,085 $1.25 $1.28 $1.26 4.83% Max 946 $1,155 $1,195 $1,175 $1.22 $1.26 $1.24 2.17% Average 902 $1,115 $1,145 $1,130 $1.24 $1.27 $1.25 3.50% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 716 $1,137 $1,183 $1,160 $1.59 $1.65 $1.62 20.21% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 716 $1,137 $1,183 $1,160 $1.59 $1.65 $1.62 20.21% 2 Bed - Min 858 $1,343 $1,363 $1,353 $1.57 $1.59 $1.58 25.86% Max 946 $1,447 $1,457 $1,452 $1.53 $1.54 $1.53 25.71% Average 902 $1,395 $1,410 $1,403 $1.55 $1.56 $1.56 25.79% 3 Bed - Min Max Average 117 MACARA GARDENS CITY Sunnyvale UNITS VACANT # OF UNITS 234 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 7 4 8 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 142 92 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Sep-85 2.99% 1.71% 3.42% 0.00% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min. Max Average 1 Bed - Min 658 $790 $825 $808 $1.20 $1.25 $1.23 Max N/A N/A N/A N/A N/A N/A N/A Average 658 $790 $825 $808 $1.20 $1.25 $1.23 2 Bed - Min 903 $980 $1,020 $1,000 $1.09 $1.13 $1.11 Max N/A N/A N/A N/A N/A N/A N/A Average 903 $980 $1,020 $1,000 $1.09 $1.13 $1.11 3 Bed - Min N/A Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 658 $825 $825 $825 $1.25 $1.25 $1.25 2.17% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 658 $825 $825 $825 $1.25 $1.25 $1.25 2.17% 2 Bed - Min 903 $995 $1,035 $1,015 $1.10 $1.15 $1.12 1.50% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 903 $995 $1,035 $1,015 $1.10 $1.15 $1.12 1.50% 3 Bed - Min Max Average - --------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 658 $850 $860 $855 $1.29 $1.31 $1.30 3.64% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 658 $850 $860 $855 $1.29 $1.31 $1.30 3.64% 2 Bed - Min 903 $1,025 $1,050 $1,038 $1.14 $1.16 $1.15 2.22% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 903 $1,025 $1,050 $1,038 $1.14 $1.16 $1.15 2.22% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 658 $960 $970 $965 $1.46 $1.47 $1.47 12.87% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 658 $960 $970 $965 $1.46 $1.47 $1.47 12.87% 2 Bed - Min 903 $1,180 $1,205 $1,193 $1.31 $1.33 $1.32 14.94% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 903 $1,180 $1,205 $1,193 $1.31 $1.33 $1.32 14.94% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 658 $1,020 $1,030 $1,025 $1.55 $1.57 $1.56 6.22% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 658 $1,020 $1,030 $1,025 $1.55 $1.57 $1.56 6.22% 2 Bed - Min 903 $1,230 $1,250 $1,240 $1.36 $1.38 $1.37 3.98% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 903 $1,230 $1,250 $1,240 $1.36 $1.38 $1.37 3.98% 3 Bed - Min Max Average 118 MANSION GROVE CITY Santa Clara UNITS VACANT # OF UNITS 876 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 48 33 34 4 1 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 438 438 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-88 5.48% 3.77% 3.88% 0.46% 0.11% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 700 $795 $865 $830 $1.14 $1.24 $1.19 Max N/A N/A N/A N/A N/A N/A N/A Average 700 $795 $865 $830 $1.14 $1.24 $1.19 2 Bed - Min 950 $995 $1,095 $1,045 $1.05 $1.15 $1.10 Max N/A N/A N/A N/A N/A N/A N/A Average 950 $995 $1,095 $1,045 $1.05 $1.15 $1.10 3 Bed - Min N/A Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 700 $865 $930 $898 $1.24 $1.33 $1.28 8.13% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $865 $930 $898 $1.24 $1.33 $1.28 8.13% 2 Bed - Min 950 $1,065 $1,130 $1,098 $1.12 $1.19 $1.16 5.02% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,065 $1,130 $1,098 $1.12 $1.19 $1.16 5.02% 3 Bed - Min Max Average - -------------------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 700 $975 $1,040 $1,008 $1.39 $1.49 $1.44 12.26% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $975 $1,040 $1,008 $1.39 $1.49 $1.44 12.26% 2 Bed - Min 950 $1,175 $1,340 $1,258 $1.24 $1.41 $1.32 14.58% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,175 $1,340 $1,258 $1.24 $1.41 $1.32 14.58% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 700 $1,070 $1,110 $1,090 $1.53 $1.59 $1.56 8.19% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,070 $1,110 $1,090 $1.53 $1.59 $1.56 8.19% 2 Bed - Min 950 $1,300 $1,380 $1,340 $1.37 $1.45 $1.41 6.56% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,300 $1,380 $1,340 $1.37 $1.45 $1.41 6.56% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 700 $1,295 $1,360 $1,328 $1.85 $1.94 $1.90 21.79% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,295 $1,360 $1,328 $1.85 $1.94 $1.90 21.79% 2 Bed - Min 950 $1,525 $1,665 $1,595 $1.61 $1.75 $1.68 19.03% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,525 $1,665 $1,595 $1.61 $1.75 $1.68 19.03% 3 Bed - Min Max Average 119 MARINA COVE CITY Santa Clara UNITS VACANT # OF UNITS 292 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96 UNIT MIX 8 7 8 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 145 147 6/30/94 12/31/94 6/30/65 12/31/95 6/30/96 DATE OPENED Oct-85 2.74% 2.40% 2.74% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 720 $800 $835 $818 $1.11 $1.16 $1.14 Max 800 $815 $850 $833 $1.02 $1.06 $1.04 Average 760 $808 $843 $825 $1.06 $1.11 $1.09 2 Bed - Min 900 $910 $940 $925 $1.01 $1.04 $1.03 Max 1144 $1,020 $1,060 $1,040 $0.89 $0.93 $0.91 Average 1022 $965 $1,000 $983 $0.95 $0.99 $0.97 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 720 $800 $835 $818 $1.11 $1.16 $1.14 0.00% Max 800 $815 $850 $833 $1.02 $1.06 $1.04 0.00% Average 760 $808 $843 $825 $1.06 $1.11 $1.09 0.00% 2 Bed - Min 900 $910 $955 $933 $1.01 $1.06 $1.04 0.81% Max 1144 $1,020 $1,060 $1,040 $0.89 $0.93 $0.91 0.00% Average 1022 $965 $1,008 $986 $0.95 $0.99 $0.97 0.41% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 720 $830 $865 $848 $1.15 $1.20 $1.18 3.67% Max 800 $960 $885 $923 $1.20 $1.11 $1.15 10.81% Average 760 $895 $875 $885 $1.18 $1.15 $1.17 7.24% 2 Bed - Min 900 $955 $990 $973 $1.06 $1.10 $1.08 4.29% Max 1144 $1,050 $1,085 $1,068 $0.92 $0.95 $0.93 2.64% Average 1022 $1,003 $1,038 $1,020 $0.99 $1.02 $1.01 3.47% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 720 $880 $925 $903 $1.22 $1.28 $1.25 6.49% Max 800 $930 $975 $953 $1.16 $1.22 $1.19 3.25% Average 760 $905 $950 $928 $1.19 $1.25 $1.22 4.87% 2 Bed - Min 900 $1,025 $1,070 $1,048 $1.14 $1.19 $1.16 7.71% Max 1144 $1,160 $1,210 $1,185 $1.01 $1.06 $1.04 11.01% Average 1022 $1,093 $1,140 $1,116 $1.07 $1.12 $1.10 9.36% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 720 $970 $1,030 $1,000 $1.35 $1.43 $1.39 10.80% Max 800 $985 $1,045 $1,015 $1.23 $1.31 $1.27 6.56% Average 760 $978 $1,038 $1,008 $1.29 $1.37 $1.33 8.68% 2 Bed - Min 900 $1,100 $1,145 $1,123 $1.22 $1.27 $1.25 7.16% Max 1144 $1,230 $1,275 $1,253 $1.08 $1.11 $1.09 5.70% Average 1022 $1,165 $1,210 $1,188 $1.14 $1.18 $1.16 6.43% 3 Bed - Min Max Average 120 MARINA PLAYA CITY Santa Clara UNITS VACANT # OF UNITS 272 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 13 11 4 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 172 86 14 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-72 4.78% 4.04% 1.47% 0.37% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 664 $ 735 $ 760 $ 748 $1.11 $1.14 $1.13 Max 805 $ 925 $ 925 $ 925 $1.15 $1.15 $1.15 Average 735 $ 830 $ 843 $ 836 $1.13 $1.15 $1.14 2 Bed - Min 950 $ 915 $ 935 $ 925 $0.96 $0.98 $0.97 Max 1338 $1,380 $1,400 $1,390 $1.03 $1.05 $1.04 Average 1144 $1,148 $1,168 $1,158 $1.00 $1.02 $1.01 3 Bed - Min 1270 $1,275 $1,300 $1,288 $1.00 $1.02 $1.01 Max n/a n/a n/a n/a n/a n/a n/a Average 1270 $1,275 $1,300 $1,288 $1.00 $1.02 $1.01 RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Average 1 Bed - Min 664 $ 760 $ 775 $ 768 $1.14 $1.17 $1.16 2.68% Max 805 $ 925 $ 925 $ 925 $1.15 $1.15 $1.15 0.00% Average 735 $ 843 $ 850 $ 846 $1.15 $1.16 $1.15 1.34% 2 Bed - Min 950 $ 950 $ 975 $ 963 $1.00 $1.03 $1.01 4.05% Max 1338 $1,405 $1,425 $1,415 $1.05 $1.07 $1.06 1.80% Average 1144 $1,178 $1,200 $1,189 $1.03 $1.05 $1.04 $0.03 3 Bed - Min 1270 $1,295 $1,325 $1,310 $1.02 $1.04 $1.03 1.75% Max n/a n/a n/a n/a n/a n/a n/a 0 Average 1270 $1,295 $1,325 $1,310 $1.02 $1.04 $1.03 $0.01 RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 664 $ 780 $ 795 $ 788 $1.17 $1.20 $1.19 2.61% Max 805 $ 950 $ 950 $ 950 $1.18 $1.18 $1.18 2.70% Average 735 $ 865 $ 873 $ 869 $1.18 $1.19 $1.18 2.65% 2 Bed - Min 950 $ 975 $1,000 $ 988 $1.03 $1.05 $1.04 2.60% Max 1338 $1,440 $1,460 $1,450 $1.08 $1.09 $1.08 2.47% Average 1144 $1,208 $1,230 $1,219 $1.05 $1.07 $1.06 2.54% 3 Bed - Min 1270 $1,325 $1,355 $1,340 $1.04 $1.07 $1.06 2.29% Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1270 $1,325 $1,355 $1,340 $1.04 $1.07 $1.06 2.29% RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 664 $ 855 $ 865 $ 860 $1.29 $1.30 $1.30 9.21% Max 805 $1,010 $1,010 $1,010 $1.25 $1.25 $1.25 6.32% Average 735 $ 933 $ 938 $ 935 $1.27 $1.28 $1.27 7.76% 2 Bed - Min 950 $1,035 $1,045 $1,040 $1.09 $1.10 $1.09 5.32% Max 1338 $1,495 $1,495 $1,495 $1.12 $1.12 $1.12 3.10% Average 1144 $1,265 $1,270 $1,268 $1.10 $1.11 $1.11 4.21% 3 Bed - Min 1270 $1,310 $1,340 $1,325 $1.03 $1.06 $1.04 -1.12% Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1270 $1,310 $1,340 $1,325 $1.03 $1.06 $1.04 -1.12% RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 664 $ 975 $ 975 $ 975 $1.47 $1.47 $1.47 13.37% Max 805 $1,100 $1,125 $1,113 $1.37 $1.40 $1.38 10.15% Average 735 $1,038 $1,050 $1,044 $1.42 $1.43 $1.43 11.76% 2 Bed - Min 950 $1,150 $1,175 $1,163 $1.21 $1.24 $1.22 11.78% Max 1338 $1,600 $1,650 $1,625 $1.20 $1.23 $1.21 8.70% Average 1144 $1,375 $1,413 $1,394 $1.20 $1.24 $1.22 10.24% 3 Bed - Min 1270 $1,475 $1,550 $1,513 $1.16 $1.22 $1.19 14.15% Max n/a n/a n/a n/a n/a n/a n/a n/a Average 1270 $1,475 $1,550 $1,513 $1.16 $1.22 $1.19 14.15% 121 THE MEADOWS CITY Sunnyvale UNITS VACANT # OF UNITS 336 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX N/A 8 11 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 200 136 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-85 N/A 2.38% 3.27% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 715 N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A Average 715 N/A N/A N/A N/A N/A N/A 2 Bed - Min 915 N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A Average 915 N/A N/A N/A N/A N/A N/A 3 Bed - Min N/A Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 715 $ 880 $ 920 $ 900 $1.23 $1.29 $1.26 N/A Max N/A N/A N/A N/A N/A N/A N/A N/A Average 715 $ 880 $ 920 $ 900 $1.23 $1.29 $1.26 N/A 2 Bed - Min 915 $1,080 $1,120 $1,100 $1.18 $1.22 $1.20 N/A Max N/A N/A N/A N/A N/A N/A N/A N/A Average 915 $1,080 $1,120 $1,100 $1.18 $1.22 $1.20 N/A 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 715 $ 960 $1,000 $ 980 $1.34 $1.40 $1.37 8.89% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 715 $ 960 $1,000 $ 980 $1.34 $1.40 $1.37 8.89% 2 Bed - Min 915 $1,175 $1,200 $1,188 $1.28 $1.31 $1.30 7.95% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 915 $1,175 $1,200 $1,188 $1.28 $1.31 $1.30 7.95% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 715 $1,080 $1,120 $1,100 $1.51 $1.57 $1.54 12.24% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 715 $1,080 $1,120 $1,100 $1.51 $1.57 $1.54 12.24% 2 Bed - Min 915 $1,300 $1,340 $1,320 $1.42 $1.46 $1.44 11.16% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 915 $1,300 $1,340 $1,320 $1.42 $1.46 $1.44 11.16% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 715 $1,300 $1,330 $1,330 $1.82 $1.86 $1.86 20.91% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 715 $1,300 $1,330 $1,330 $1.82 $1.86 $1.86 20.91% 2 Bed - Min 915 $1,500 $1,540 $1,520 $1.64 $1.68 $1.66 15.15% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 915 $1,500 $1,540 $1,520 $1.64 $1.68 $1.66 15.15% 3 Bed - Min Max Average 122 MISSION POINTE CITY Sunnyvale # OF UNITS 617 UNIT MIX Studios 1 Bed 2 Bed 3 Bed N/A 302 315 N/A DATE OPENED Sep-90 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 N/A 27 15 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 N/A 4.38% 2.43% 0.00% 0.00% Rent Jun-94 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Avg Min Max Avg Change Studio - Min. Max Average 1 Bed - Min 580 N/A N/A N/A N/A N/A N/A Max 704 N/A N/A N/A N/A N/A N/A Average 642 N/A N/A N/A N/A N/A N/A 2 Bed - Min 906 N/A N/A N/A N/A N/A N/A Max 1108 N/A N/A N/A N/A N/A N/A Average 1007 N/A N/A N/A N/A N/A N/A 3 Bed - Min Max Average Range Dec-94 Rent Per Sq. Ft. % Sq. Ft. Min Max Average Min Max Avg Change 580 $795 $795 $795 $1.37 $1.37 $1.37 704 $895 $895 $895 $1.27 $1.27 $1.27 642 $845 $845 $845 $1.32 $1.32 $1.32 906 $1,045 $1,045 $1,045 $1.15 $1.15 $1.15 1108 $1,135 $1,135 $1,135 $1.02 $1.02 $1.02 1007 $1,090 $1,090 $1,090 $1.09 $1.09 $1.09 Rent Jun-95 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change Studio - Min None Max Average 1 Bed - Min 580 $835 $875 $855 $1.44 $1.51 $1.47 7.55% Max 704 $945 $985 $965 $1.34 $1.40 $1.37 7.82% Average 642 $890 $930 $910 $1.39 $1.45 $1.42 7.68% 2 Bed - Min 906 $1,100 $1,150 $1,125 $1.21 $1.27 $1.24 7.66% Max 1108 $1,220 $1,270 $1,245 $1.10 $1.15 $1.12 9.69% Average 1007 $1,160 $1,210 $1,185 $1.16 $1.21 $1.18 8.67% 3 Bed - Min Max Average Range Dec-95 Rent Per Sq. Ft. % Sq. Ft. Min Max Average Min Max Avg Change 580 $900 $930 $915 $1.55 $1.60 $1.58 7.02% 704 $1,020 $1,070 $1,045 $1.45 $1.52 $1.48 8.29% 642 $960 $1,000 $980 $ 1.50 $1.56 $1.53 7.65% 906 $1,160 $1,210 $1,185 $1.28 $1.34 $1.31 5.33% 1108 $1,300 $1,350 $1,325 $1.17 $1.22 $1.20 6.43% 1007 $1,230 $1,280 $1,255 $ 1.23 $1.28 $1.25 5.88% Rent Jun-96 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change Studio - Min None Max Average 1 Bed - Min 580 $1,035 $1,075 $1,055 $ 1.78 $ 1.85 $ 1.82 15.30% Max 704 $1,195 $1,235 $1,215 $ 1.70 $ 1.75 $ 1.73 16.27% Average 642 $1,115 $1,155 $1,135 $ 1.74 $ 1.80 $ 1.77 15.78% 2 Bed - Min 906 $1,295 $1,335 $1,315 $ 1.43 $ 1.47 $ 1.45 10.97% Max 1108 $1,525 $1,575 $1,550 $ 1.38 $ 1.42 $ 1.40 16.98% Average 1007 $1,410 $1,455 $1,433 $ 1.40 $ 1.45 $ 1.43 13.98% 3 Bed - Min Max Average 123 PARK CENTRAL CITY Santa Clara # OF UNITS 172 UNIT MIX Studios 1 Bed 2 Bed 3 Bed N/A 90 82 N/A DATE OPENED May-86 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 N/A 5 3 2 2 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 N/A 2.91% 1.74% 1.16% 1.16% Rent Jun-94 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Avg Min Max Avg Change Studio - Min Max Average 1 Bed - Min 700 N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A Average 700 N/A N/A N/A N/A N/A N/A 2 Bed - Min 950 N/A N/A N/A N/A N/A N/A Max 963 N/A N/A N/A N/A N/A N/A Average 957 N/A N/A N/A N/A N/A N/A 3 Bed - Min Max Average Range Dec-94 Rent Per Sq. Ft. % Sq. Ft. Min Max Average Min Max Avg Change 700 $ 840 $ 950 $ 895 $ 1.20 $ 1.36 $ 1.28 N/A N/A N/A N/A N/A N/A N/A N/A N/A 700 $ 840 $ 950 $ 895 $ 1.20 $ 1.36 $ 1.28 N/A 950 $1,160 $1,200 $1,180 $ 1.22 $ 1.26 $ 1.24 N/A 963 $1,200 $1,250 $1,225 $ 1.25 $ 1.30 $ 1.27 N/A 957 $1,180 $1,225 $1,203 $ 1.23 $ 1.28 $ 1.26 N/A Rent Jun-95 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change Studio - Min None Max Average 1 Bed - Min 700 $ 875 $1,000 $ 938 $ 1.25 $ 1.43 $ 1.34 4.75% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $ 875 $1,000 $ 938 $ 1.25 $ 1.43 $ 1.34 4.75% 2 Bed - Min 950 $1,160 $1,225 $1,193 $ 1.22 $ 1.29 $ 1.26 1.06% Max 963 $1,250 $1,265 $1,258 $ 1.30 $ 1.31 $ 1.31 2.65% Average 957 $1,205 $1,245 $1,225 $ 1.26 $ 1.30 $ 1.28 1.86% 3 Bed - Min Max Average Range Dec-95 Rent Per Sq. Ft. % Sq. Ft. Min Max Average Min Max Avg Change 700 $1,035 $1,145 $1,090 $1.48 $1.64 $1.56 16.27% N/A N/A N/A N/A N/A N/A N/A N/A 700 $1,035 $1,145 $1,090 $1.48 $1.64 $1.56 16.27% 950 $1,270 $1,340 $1,305 $1.34 $1.41 $1.37 9.43% 963 $1,380 $1,423 $1,401 $1.43 $1.48 $1.46 11.43% 957 $1,325 $1,381 $1,353 $1.38 $1.44 $1.41 10.43% Rent Jun-96 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change Studio - Min None Max Average 1 Bed - Min 700 $1,195 $1,290 $1,243 $ 1.71 $ 1.84 $ 1.78 13.99% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,195 $1,290 $1,243 $ 1.71 $ 1.84 $ 1.78 13.99% 2 Bed - Min 950 $1,380 $1,455 $1,418 $ 1.45 $ 1.53 $ 1.49 8.62% Max 963 $1,510 $1,580 $1,545 $ 1.57 $ 1.64 $ 1.60 10.26% Average 957 $1,445 $1,518 $1,481 $ 1.51 $ 1.59 $ 1.55 9.44% 3 Bed - Min Max Average 124 PARK PLACE CITY Mountain View # OF UNITS 370 UNIT MIX Studios 1 Bed 2 Bed 3 Bed N/A 177 187 6 DATE OPENED Dec-88 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 N/A 8 12 0 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 N/A 2.16% 3.24% 0.00% 0.00% Rent Jun-94 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Avg Min Max Avg Change Studio - Min. Max Average 1 Bed - Min 700 N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A Average 700 N/A N/A N/A N/A N/A N/A 2 Bed - Min 910 N/A N/A N/A N/A N/A N/A Max 965 N/A N/A N/A N/A N/A N/A Average 938 N/A N/A N/A N/A N/A N/A 3 Bed - Min 1100 N/A N/A N/A N/A N/A N/A Max Average Range Dec-94 Rent Per Sq. Ft. % Sq. Ft. Min Max Average Min Max Avg Change 700 $1,020 $1,130 $1,075 $1.46 $1.61 $1.54 N/A N/A N/A N/A N/A N/A N/A N/A N/A 700 $1,020 $1,130 $1,075 $1.46 $1.61 $1.54 N/A 910 $1,290 $1,445 $1,368 $1.42 $1.59 $1.50 N/A 965 $1,290 $1,445 $1,368 $1.34 $1.50 $1.42 N/A 938 $1,290 $1,445 $1,368 $1.38 $1.54 $1.46 N/A 1100 $1,675 $1,675 $1,675 $1.52 $1.52 $1.52 N/A Rent Jun-95 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change Studio - Min None Max Average 1 Bed - Min 700 $1,230 $1,340 $1,285 $1.76 $1.91 $1.84 19.53% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,230 $1,340 $1,285 $1.76 $1.91 $1.84 19.53% 2 Bed - Min 910 $1,470 $1,535 $1,503 $1.62 $1.69 $1.65 9.87% Max 965 $1,530 $1,625 $1,578 $1.59 $1.68 $1.63 15.36% Average 938 $1,500 $1,580 $1,540 $1.60 $1.69 $1.64 12.61% 3 Bed - Min 1100 $1,890 $1,890 $1,890 $1.72 $1.72 $1.72 12.84% Max Average Range Dec-95 Rent Per Sq. Ft. % Sq. Ft. Min Max Average Min Max Avg Change 700 $1,260 $1,370 $1,315 $1.80 $1.96 $1.88 2.33% N/A N/A N/A N/A N/A N/A N/A N/A 700 $1,260 $1,370 $1,315 $1.80 $1.96 $1.88 2.33% 910 $1,530 $1,595 $1,563 $1.68 $1.75 $1.72 3.99% 965 $1,565 $1,660 $1,613 $1.62 $1.72 $1.67 2.22% 938 $1,548 $1,628 $1,588 $1.65 $1.74 $1.69 3.11% 1100 $1,860 $1,860 $1,860 $1.69 $1.69 $1.69 -1.59% Rent Jun-96 Rent Per Sq. Ft. % Unit Sq. Ft. Min Max Average Min Max Avg Change Studio - Min None Max Average 1 Bed - Min 700 $1,455 $1,565 $1,510 $2.08 $2.24 $2.16 14.83% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,455 $1,565 $1,510 $2.08 $2.24 $2.16 14.83% 2 Bed - Min 910 $1,725 $1,790 $1,758 $1.90 $1.97 $1.93 12.48% Max 965 $1,760 $1,855 $1,808 $1.82 $1.92 $1.87 12.09% Average 938 $1,743 $1,823 $1,783 $1.86 $1.94 $1.90 12.29% 3 Bed - Min 1100 $1,930 $1,930 $1,930 $1.75 $1.75 $1.75 3.76% Max Average 125 PARKSIDE COMMONS CITY Sunnyvale UNITS VACANT # OF UNITS 192 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX N/A 2 6 1 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 60 96 36 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Dec-90 N/A 1.04% 3.13% 0.52% 0.00% SQ. RENT JUN-94 RENT PER SQ. FT. % SQ. RANGE DEC-94 RENT PER SQ. FT. % UNIT FT. MIN MAX AVG MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 800 N/A N/A N/A N/A N/A N/A 800 $985 $1,150 $1,068 $1.23 $1.44 $1.33 N/A Max 860 N/A N/A N/A N/A N/A N/A 860 $985 $1,150 $1,068 $1.15 $1.34 $1.24 N/A Average 830 N/A N/A N/A N/A N/A N/A 830 $985 $1,150 $1,068 $1.19 $1.39 $1.29 N/A 2 Bed - Min 1100 N/A N/A N/A N/A N/A N/A 1100 $1,205 $1,360 $1,283 $1.10 $1.24 $1.17 N/A Max 1160 N/A N/A N/A N/A N/A N/A 1160 $1,205 $1,360 $1,283 $1.04 $1.17 $1.11 N/A Average 1130 N/A N/A N/A N/A N/A N/A 1130 $1,205 $1,360 $1,283 $1.07 $1.20 $1.14 N/A 3 Bed - Min 1354 N/A N/A N/A N/A N/A N/A 1354 $1,505 $1,675 $1,590 $1.11 $1.24 $1.17 N/A Max Average RENT JUN-95 RENT PER SQ. FT. % SQ. RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 800 $1,035 $1,200 $1,118 $1.29 $1.50 $1.40 4.68% 800 $1,120 $1,245 $1,183 $1.40 $1.56 $1.48 5.82% Max 860 $1,035 $1,200 $1,118 $1.20 $1.40 $1.30 4.68% 860 $1,130 $1,255 $1,193 $1.31 $1.46 $1.39 6.71% Average 830 $1,035 $1,200 $1,118 $1.25 $1.45 $1.35 4.68% 830 $1,125 $1,250 $1,188 $1.36 $1.51 $1.43 6.26% 2 Bed - Min 1100 $1,275 $1,430 $1,353 $1.16 $1.30 $1.23 5.46% 1100 $1,375 $1,575 $1,475 $1.25 $1.43 $1.34 9.06% Max 1160 $1,295 $1,430 $1,363 $1.12 $1.23 $1.17 6.24% 1160 $1,375 $1,575 $1,475 $1.19 $1.36 $1.27 8.26% Average 1130 $1,285 $1,430 $1,370 $1.14 $1.27 $1.20 5.85% 1130 $1,375 $1,575 $1,475 $1.22 $1.39 $1.31 8.66% 3 Bed - Min 1354 $1,700 $1,870 $1,785 $1.26 $1.38 $1.32 12.26% 1354 $1,720 $1,885 $1,803 $1.27 $1.39 $1.33 0.98% Max Average SQ. RENT JUN-96 RENT PER SQ. FT. % UNIT FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 800 $1,210 $1,420 $1,315 $1.51 $1.78 $1.64 11.21% Max 860 $1,210 $1,420 $1,315 $1.41 $1.65 $1.53 10.27% Average 830 $1,210 $1,420 $1,315 $1.46 $1.71 $1.59 10.74% 2 Bed - Min 1100 $1,525 $1,735 $1,630 $1.39 $1.58 $1.48 10.51% Max 1160 $1,525 $1,735 $1,630 $1.31 $1.50 $1.41 10.51% Average 1130 $1,525 $1,735 $1,370 $1.35 $1.54 $1.44 10.51% 3 Bed - Min 1354 $1,895 $2,100 $1,998 $1.40 $1.55 $1.48 10.82% Max Average 126 THE REDWOODS CITY San Jose UNITS VACANT # OF UNITS 332 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 9 18 10 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 120 212 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-85 2.71% 5.42% 3.01% 0.00% 0.00% SQ. RENT JUN-94 RENT PER SQ. FT. % SQ. RANGE DEC-94 RENT PER SQ. FT. % UNIT FT. MIN MAX AVG MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 675 $800 $820 $810 $1.19 $1.21 $1.20 675 $850 $880 $865 $1.26 $1.30 $1.28 6.79% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 675 $800 $820 $810 $1.19 $1.21 $1.20 675 $850 $880 $865 $1.26 $1.30 $1.28 6.79% 2 Bed - Min 950 $905 $925 $915 $0.95 $0.97 $0.96 950 $980 $1,000 $990 $1.03 $1.05 $1.04 8.20% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $905 $925 $915 $0.95 $0.97 $0.96 950 $980 $1,000 $990 $1.03 $1.05 $1.04 8.20% 3 Bed - Min N/A Max Average SQ. RENT JUN-95 RENT PER SQ. FT. % SQ. RANGE DEC-95 RENT PER SQ. FT. % UNIT FT. MIN MAX AVERAGE MIN MAX AVG CHANGE FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 675 $860 $880 $870 $1.27 $1.30 $1.29 0.58% 675 $945 $965 $955 $1.40 $1.43 $1.41 9.77% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 675 $860 $880 $870 $1.27 $1.30 $1.29 0.58% 675 $945 $965 $955 $1.40 $1.43 $1.41 9.77% 2 Bed - Min 950 $1,015 $1,040 $1,028 $1.07 $1.09 $1.08 3.79% 950 $1,085 $1,110 $1,098 $1.14 $1.17 $1.16 6.81% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,015 $1,040 $1,028 $1.07 $1.09 $1.08 3.79% 950 $1,085 $1,110 $1,098 $1.14 $1.17 $1.16 6.81% 3 Bed - Min Max Average SQ. RENT JUN-96 RENT PER SQ. FT. % UNIT FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 675 $1,090 $1,150 $1,120 $1.61 $1.70 $1.66 17.28% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 675 $1,090 $1,150 $1,120 $1.61 $1.70 $1.66 17.28% 2 Bed - Min 950 $1,290 $1,310 $1,300 $1.36 $1.38 $1.37 18.45% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 950 $1,290 $1,310 $1,300 $1.36 $1.38 $1.37 18.45% 3 Bed - Min Max Average 127 SAN MARINO CITY San Jose UNITS VACANT # OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 7 1 8 3 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 102 146 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-86 2.82% 0.40% 3.23% 1.21% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 701 $765 $785 $775 $1.09 $1.12 $1.11 Max 720 $800 $830 $815 $1.11 $1.15 $1.13 Average 711 $783 $808 $795 $1.10 $1.14 $1.12 2 Bed - Min 901 $900 $920 $910 $1.00 $1.02 $1.01 Max 978 $975 $995 $985 $1.00 $1.02 $1.01 Average 940 $938 $958 $948 $1.00 $1.02 $1.01 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 701 $745 $760 $753 $1.06 $1.08 $1.07 -2.90% Max 720 $825 $860 $843 $1.15 $1.19 $1.17 3.37% Average 711 $785 $810 $798 $1.10 $1.14 $1.12 0.24% 2 Bed - Min 901 $925 $960 $943 $1.03 $1.07 $1.05 3.57% Max 978 $975 $1,000 $988 $1.00 $1.02 $1.01 0.25% Average 940 $950 $980 $965 FALSE $1.04 $1.03 1.91% 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 701 $745 $760 $753 $1.06 $1.08 $1.07 0.00% Max 720 $825 $860 $905 $1.15 $1.19 $1.26 7.42% Average 711 $785 $810 $829 $1.10 $1.14 $1.17 3.71% 2 Bed - Min 901 $925 $960 $943 $1.03 $1.07 $1.05 0.00% Max 978 $975 $1,000 $988 $1.00 $1.02 $1.01 0.00% Average 940 $950 $980 $965 $1.01 $1.04 $1.03 0.00% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 701 $823 $843 $833 $1.17 $1.20 $1.19 10.63% Max 720 $923 $953 $938 $1.28 $1.32 $1.30 3.59% Average 711 $873 $898 $885 $1.23 $1.26 $1.24 7.11% 2 Bed - Min 901 $1,015 $1,045 $1,030 $1.13 $1.16 $1.14 9.28% Max 978 $1,098 $1,123 $1,110 $1.12 $1.15 $1.13 12.41% Average $940 $1,056 $1,084 $1,070 $1.12 $1.15 $1.14 10.84% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 701 $900 $925 $913 $1.28 $1.32 $1.30 9.61% Max 720 $1,020 $1,045 $1,033 $1.42 $1.45 $1.43 10.13% Average 711 $960 $985 $973 $1.35 $1.39 $1.37 9.88% 2 Bed - Min 901 $1,105 $1,130 $1,118 $1.23 $1.25 $1.24 8.50% Max 978 $1,220 $1,245 $1,233 $1.25 $1.27 $1.26 11.04% Average 940 $1,163 $1,188 $1,175 $1.24 $1.26 $1.25 9.76% 3 Bed - Min Max Average 128 SOUTH PARK CITY Mountain View UNITS VACANT # OF UNITS 180 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX N/A 2 3 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 132 48 N/A 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Jan-65 N/A 1.11% 1.67% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 750 N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A Average 750 N/A N/A N/A N/A N/A N/A 2 Bed - Min 900 N/A N/A N/A N/A N/A N/A Max N/A N/A N/A N/A N/A N/A N/A Average 900 N/A N/A N/A N/A N/A N/A 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 750 $850 $895 $873 $1.13 $1.19 $1.16 N/A Max N/A N/A N/A N/A N/A N/A N/A N/A Average 750 $850 $895 $873 $1.13 $1.19 $1.16 N/A 2 Bed - Min 900 $950 $995 $973 $1.06 $1.11 $1.08 N/A Max N/A N/A N/A N/A N/A N/A N/A N/A Average 900 $950 $995 $973 $1.06 $1.11 $1.08 N/A 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 750 $850 $895 $873 $1.13 $1.19 $1.16 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 750 $850 $895 $873 $1.13 $1.19 $1.16 0.00% 2 Bed - Min 900 $1,010 $1,010 $1,010 $1.12 $1.12 $1.12 3.86% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 900 $1,010 $1,010 $1,010 $1.12 $1.12 $1.12 3.86% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 750 $895 $950 $923 $1.19 $1.27 $1.23 5.73% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 750 $895 $950 $923 $1.19 $1.27 $1.23 5.73% 2 Bed - Min 900 $1,010 $1,050 $1,030 $1.12 $1.17 $1.14 1.98% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 900 $1,010 $1,050 $1,030 $1.12 $1.17 $1.14 1.98% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 750 $920 $975 $948 $1.23 $1.30 $1.26 2.71% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 750 $920 $975 $948 $1.23 $1.30 $1.26 2.71% 2 Bed - Min 900 $1,200 $1,400 $1,300 $1.33 $1.56 $1.44 26.21% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 900 $1,200 $1,400 $1,300 $1.33 $1.56 $1.44 26.21% 3 Bed - Min Max Average 129 SUMMERHILL PARK CITY Sunnyvale UNITS VACANT # OF UNITS 100 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 1 2 1 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 40 60 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Nov-87 1.00% 2.00% 1.00% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 710 $940 $975 $958 $1.32 $1.37 $1.35 Max N/A N/A N/A N/A N/A N/A N/A Average 710 $940 $975 $958 $1.32 $1.37 $1.35 2 Bed - Min 900 $1,100 $1,140 $1,120 $1.22 $1.27 $1.24 Max 950 $1,150 $1,190 $1,170 $1.21 $1.25 $1.23 Average 925 $1,125 $1,165 $1,145 $1.22 $1.26 $1.24 3 Bed - Min Max Average RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 710 $940 $975 $958 $1.32 $1.37 $1.35 0.00% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $940 $975 $958 $1.32 $1.37 $1.35 0.00% 2 Bed - Min 900 $1,100 $1,140 $1,120 $1.22 $1.27 $1.24 0.00% Max 950 $1,140 $1,190 $1,165 $1.20 $1.25 $1.23 N/A Average 925 $1,120 $1,165 $1,143 $1.21 $1.26 $1.24 $0.00 3 Bed - Min Max Average RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 710 $945 $990 $968 $1.33 $1.39 $1.36 1.04% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $945 $990 $968 $1.33 $1.39 $1.36 1.04% 2 Bed - Min 900 $1,110 $1,160 $1,135 $1.23 $1.29 $1.26 1.34% Max 950 $1,150 $1,195 $1,173 $1.21 $1.26 $1.23 0.64% Average 925 $1,130 $1,178 $1,154 $1.22 $1.27 $1.25 0.99% 3 Bed - Min Max Average RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 710 $1,025 $1,100 $1,100 $1.44 $1.55 $1.55 13.70% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $1,025 $1,100 $1,100 $1.44 $1.55 $1.55 13.70% 2 Bed - Min 900 $1,200 $1,275 $1,238 $1.33 $1.42 $1.38 9.03% Max 950 $1,275 $1,350 $1,313 $1.34 $1.42 $1.38 11.94% Average 925 $1,238 $1,313 $1,275 $1.34 $1.42 $1.38 10.49% 3 Bed - Min Max Average RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 710 $1,150 $1,175 $1,163 $1.62 $1.65 $1.64 5.68% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 710 $1,150 $1,175 $1,163 $1.62 $1.65 $1.64 5.68% 2 Bed - Min 900 $1,300 $1,350 $1,325 $1.44 $1.50 $1.47 7.07% Max 950 $1,450 $1,475 $1,463 $1.53 $1.55 $1.54 11.43% Average 925 $1,375 $1,413 $1,394 $1.49 $1.53 $1.51 9.25% 3 Bed - Min Max Average 130 ================================================================================ TIMBERLEAF ================================================================================ CITY Santa Clara # OF UNITS 124 UNIT MIX Studios 1 Bed 2 Bed 3 Bed N/A 64 60 N/A DATE OPENED Nov-86 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 5 3 4 2 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 4.03% 2.42% 3.23% 1.61% 0.00% - -------------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - -------------------------------------------------------------------------------------------------------------------------- Studio - Min Max Average 1 Bed - Min 700 $ 850 $ 935 $ 893 $ 1.21 $ 1.34 $ 1.28 700 $ 865 $ 970 $ 918 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $ 850 $ 935 $ 893 $ 1.21 $ 1.34 $ 1.28 700 $ 865 $ 970 $ 918 2 Bed - Min 1000 $1,075 $1,150 $1,113 $ 1.08 $ 1.15 $ 1.11 1000 $1,050 $1,110 $1,080 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1000 $1,075 $1,150 $1,113 $ 1.08 $ 1.15 $ 1.11 1000 $1,050 $1,110 $1,080 3 Bed - Min Max Average - ------------------------------------------------------ RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - ------------------------------------------------------ Studio - Min Max Average 1 Bed - Min $ 1.24 $ 1.39 $ 1.31 2.80% Max N/A N/A N/A N/A Average $ 1.24 $ 1.39 $ 1.31 2.80% 2 Bed - Min $ 1.05 $ 1.11 $ 1.08 -2.92% Max N/A N/A N/A N/A Average $ 1.05 $ 1.11 $ 1.08 -2.92% 3 Bed - Min Max Average - ------------------------------------------------------------------------------------------------------------------------------------ RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - ------------------------------------------------------------------------------------------------------------------------------------ Studio - Min None Max Average 1 Bed - Min 700 $ 920 $ 980 $ 950 $ 1.31 $ 1.40 $ 1.36 3.54% 700 $1,058 $1,138 $1,098 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $ 920 $ 980 $ 950 $ 1.31 $ 1.40 $ 1.36 3.54% 700 $1,058 $1,138 $1,098 2 Bed - Min 1000 $1,130 $1,220 $1,175 $ 1.13 $ 1.22 $ 1.18 8.80% 1000 $1,258 $1,353 $1,305 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1000 $1,130 $1,220 $1,175 $ 1.13 $ 1.22 $ 1.18 8.80% 1000 $1,258 $1,353 $1,305 3 Bed - Min Max Average - ---------------------------------------------------------- RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - ---------------------------------------------------------- Studio - Min Max Average 1 Bed - Min $ 1.51 $ 1.63 $ 1.57 15.53% Max N/A N/A N/A N/A Average $ 1.51 $ 1.63 $ 1.57 15.53% 2 Bed - Min $ 1.26 $ 1.35 $ 1.31 11.06% Max N/A N/A N/A N/A Average $ 1.26 $ 1.35 $ 1.31 11.06% 3 Bed - Min Max Average - ---------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - ---------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 700 $1,195 $1,295 $1,245 $1.71 $1.85 $1.78 13.44% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 700 $1,195 $1,295 $1,245 $1.71 $1.85 $1.78 13.44% 2 Bed - Min 1000 $1,385 $1,485 $1,435 $1.39 $1.49 $1.44 9.96% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1000 $1,385 $1,485 $1,435 $1.39 $1.49 $1.44 9.96% 3 Bed - Min Max Average 131 ================================================================================ TRELLIS SQUARE ================================================================================ CITY Sunnyvale # OF UNITS 204 UNIT MIX Studios 1 Bed 2 Bed 3 Bed N/A 96 108 N/A DATE OPENED Dec-89 UNITS VACANT 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 6 3 7 1 0 VACANCY RATE 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 2.94% 1.47% 3.43% 0.49% 0.00% - -------------------------------------------------------------------------------------------------------------------- RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - -------------------------------------------------------------------------------------------------------------------- Studio - Min Max Average 1 Bed - Min 673 $ 890 $1,010 $ 950 $1.32 $1.50 $1.41 673 $ 900 $1,020 $ 960 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 673 $ 890 $1,010 $ 950 $1.32 $1.50 $1.41 673 $ 900 $1,020 $ 960 2 Bed - Min 958 $1,130 $1,270 $1,200 $1.18 $1.33 $1.25 958 $1,140 $1,280 $1,210 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 958 $1,130 $1,270 $1,200 $1.18 $1.33 $1.25 958 $1,140 $1,280 $1,210 3 Bed - Min Max Average - -------------------------------------------------- RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - -------------------------------------------------- Studio - Min Max Average 1 Bed - Min $1.34 $1.52 $1.43 1.05% Max N/A N/A N/A N/A Average $1.34 $1.52 $1.43 1.05% 2 Bed - Min $1.19 $1.34 $1.26 0.83% Max N/A N/A N/A N/A Average $1.19 $1.34 $1.26 0.83% 3 Bed - Min Max Average - ----------------------------------------------------------------------------------------------------------------------- RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE - ----------------------------------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 673 $1,000 $1,150 $1,075 $1.49 $1.71 $1.60 11.98% 673 $1,120 $1,270 $1,195 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 673 $1,000 $1,150 $1,075 $1.49 $1.71 $1.60 11.98% 673 $1,120 $1,270 $1,195 2 Bed - Min 958 $1,250 $1,325 $1,288 $1.30 $1.38 $1.34 6.40% 958 $1,395 $1,515 $1,455 Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 958 $1,250 $1,325 $1,288 $1.30 $1.38 $1.34 6.40% 958 $1,395 $1,515 $1,455 3 Bed - Min Max Average - ------------------------------------------------- RENT PER SQ. FT. % UNIT MIN MAX AVG CHANGE - ------------------------------------------------- Studio - Min Max Average 1 Bed - Min $1.66 $1.89 $1.78 11.16% Max N/A N/A N/A N/A Average $1.66 $1.89 $1.78 11.16% 2 Bed - Min $1.46 $1.58 $1.52 13.01% Max N/A N/A N/A N/A Average $1.46 $1.58 $1.52 13.01% 3 Bed - Min Max Average - -------------------------------------------------------------------------------------------- RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE - -------------------------------------------------------------------------------------------- Studio - Min None Max Average 1 Bed - Min 673 $1,310 $1,480 $1,395 $1.95 $2.20 $2.07 16.74% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 673 $1,310 $1,480 $1,395 $1.95 $2.20 $2.07 16.74% 2 Bed - Min 958 $1,665 $1,805 $1,735 $1.74 $1.88 $1.81 19.24% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 958 $1,665 $1,805 $1,735 $1.74 $1.88 $1.81 19.24% 3 Bed - Min Max Average 132 VILLA MARIPOSA CITY Mountain View UNITS VACANT # OF UNITS 248 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 5 16 8 0 0 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 108 88 52 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Apr-86 2.02% 6.45% 3.23% 0.00% 0.00% RENT JUN-94 RENT PER SQ. FT. % RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 712 $920 $960 $940 $1.29 $1.35 $1.32 712 $995 $1,025 $1,010 $1.40 $1.44 $1.42 7.45% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 712 $920 $960 $940 $1.29 $1.35 $1.32 712 $995 $1,025 $1,010 $1.40 $1.44 $1.42 7.45% 1.29 1.35 1.32 2 Bed - Min 920 $1,100 $1,185 $1,143 $1.20 $1.29 $1.24 920 $1,095 $1,120 $1,108 $1.19 $1.22 $1.20 -3.06% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 920 $1,100 $1,185 $1,143 $1.20 $1.29 $1.24 920 $1,095 $1,120 $1,108 $1.19 $1.22 $1.20 -3.06% 3 Bed - Min 1060 $1,400 $1,460 $1,430 $1.32 $1.38 $1.35 1060 $1,270 $1,305 $1,288 $1.20 $1.23 $1.21 -9.97% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1060 $1,400 $1,460 $1,430 $1.32 $1.38 $1.35 1060 $1,270 $1,305 $1,288 $1.20 $1.23 $1.21 -9.97% RENT JUN-95 RENT PER SQ. FT. % RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 712 $1,010 $1,050 $1,030 $1.42 $1.47 $1.45 1.98% 712 $1,090 $1,150 $1,120 $1.53 $1.62 $1.57 8.74% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 712 $1,010 $1,050 $1,030 $1.42 $1.47 $1.45 1.98% 712 $1,090 $1,150 $1,120 $ $ $ 8.74% 1.53 1.62 1.57 2 Bed - Min 920 $1,310 $1,400 $1,355 $1.42 $1.52 $1.47 22.35% 920 $1,480 $1,550 $1,515 $1.61 $1.68 $1.65 11.81% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 920 $1,310 $1,400 $1,355 $1.42 $1.52 $1.47 22.35% 920 $1,480 $1,550 $1,515 $ $ $ 11.81% 1.61 1.68 1.65 3 Bed - Min 1060 $1,475 $1,550 $1,513 $1.39 $1.46 $1.43 17.48% 1060 $1,625 $1,700 $1,663 $1.53 $1.60 $1.57 9.92% Max N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Average 1060 $1,475 $1,550 $1,513 $1.39 $1.46 $1.43 17.48% 1060 $1,625 $1,700 $1,663 $1.53 $1.60 $1.57 9.92% RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 712 $1,205 $1,305 $1,255 $1.69 $1.83 $1.76 12.05% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 712 $1,205 $1,305 $1,255 $1.69 $1.83 $1.76 12.05% 2 Bed - Min 920 $1,575 $1,630 $1,603 $1.71 $1.77 $1.74 5.78% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 920 $1,575 $1,630 $1,603 $1.71 $1.77 $1.74 5.78% 3 Bed - Min 1060 $1,815 $1,870 $1,843 $1.71 $1.76 $1.74 10.83% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1060 $1,815 $1,870 $1,843 $1.71 $1.76 $1.74 10.83% 133 WILLOW LAKE CITY San Jose UNITS VACANT # OF UNITS 408 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 UNIT MIX 16 17 15 0 7 Studios 1 Bed 2 Bed 3 Bed VACANCY RATE N/A 180 200 28 6/30/94 12/31/94 6/30/95 12/31/95 6/30/96 DATE OPENED Aug-89 3.92% 4.17% 3.68% 0.00% 1.72% RENT JUN-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVG MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 732 $ 885 $ 985 $ 935 $1.21 $1.35 $1.28 Max N/A N/A N/A N/A N/A N/A N/A Average 732 $ 885 $ 985 $ 935 $1.21 $1.35 $1.28 2 Bed - Min 1015 $1,105 $1,325 $1,215 $1.09 $1.31 $1.20 Max N/A N/A N/A N/A N/A N/A N/A Average 1015 $1,105 $1,325 $1,215 $1.09 $1.31 $1.20 3 Bed - Min 1303 $1,495 $1,595 $1,545 $1.15 $1.22 $1.19 Max N/A N/A N/A N/A N/A N/A N/A Average 1303 $1,495 $1,595 $1,545 $1.15 $1.22 $1.19 RANGE DEC-94 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min. Max Average 1 Bed - Min 732 $ 935 $1,035 $ 985 $1.28 $1.41 $1.35 5.35% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 732 $ 935 $1,035 $ 985 $1.28 $1.41 $1.35 5.35% 2 Bed - Min 1015 $1,175 $1,375 $1,275 $1.16 $1.35 $1.26 4.94% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1015 $1,175 $1,375 $1,275 $1.16 $1.35 $1.26 4.94% 3 Bed - Min 1303 $1,495 $1,675 $1,585 $1.15 $1.29 $1.22 2.59% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1303 $1,495 $1,675 $1,585 $1.15 $1.29 $1.22 2.59% RENT JUN-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 732 $1,005 $1,165 $1,085 $1.37 $1.59 $1.48 10.15% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 732 $1,005 $1,165 $1,085 $1.37 $1.59 $1.48 10.15% 2 Bed - Min 1015 $1,200 $1,450 $1,325 $1.18 $1.43 $1.31 3.92% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1015 $1,200 $1,450 $1,325 $1.18 $1.43 $1.31 3.92% 3 Bed - Min 1303 $1,595 $1,715 $1,655 $1.22 $1.32 $1.27 4.42% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1303 $1,595 $1,715 $1,655 $1.22 $1.32 $1.27 4.42% RANGE DEC-95 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min Max Average 1 Bed - Min 732 $1,100 $1,260 $1,180 $1.50 $1.72 $1.61 8.76% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 732 $1,100 $1,260 $1,180 $1.50 $1.72 $1.61 8.76% 2 Bed - Min 1015 $1,300 $1,600 $1,450 $1.28 $1.58 $1.43 9.43% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1015 $1,300 $1,600 $1,450 $1.28 $1.58 $1.43 9.43% 3 Bed - Min 1303 $1,700 $1,800 $1,750 $1.30 $1.38 $1.34 5.74% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1303 $1,700 $1,800 $1,750 $1.30 $1.38 $1.34 5.74% RENT JUN-96 RENT PER SQ. FT. % UNIT SQ. FT. MIN MAX AVERAGE MIN MAX AVG CHANGE Studio - Min None Max Average 1 Bed - Min 732 $1,150 $1,335 $1,243 $1.57 $1.82 $1.70 5.30% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 732 $1,150 $1,335 $1,243 $1.57 $1.82 $1.70 5.30% 2 Bed - Min 1015 $1,350 $1,750 $1,550 $1.33 $1.72 $1.53 6.90% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1015 $1,350 $1,750 $1,550 $1.33 $1.72 $1.53 6.90% 3 Bed - Min 1303 $1,750 $1,950 $1,850 $1.34 $1.50 $1.42 5.71% Max N/A N/A N/A N/A N/A N/A N/A N/A Average 1303 $1,750 $1,950 $1,850 $1.34 $1.50 $1.42 5.71%