Investor Relations:
Florida Multi-family Opportunity

Favorable Demographic Trends

• Fourth most populous state with over 17 million persons, and is expected to grow to nearly 20 million by 2010 (an 18% increase)
  
  • Population growth during the 1990s was 23.5%
    
• Multifaceted economic base includes real estate, tourism, and agriculture; as well as significant growth in the professional and business services, health care, transportation, and logistics sectors
  
  • Florida ranks as the #4 business climate in the U.S. (Site Selection Magazine – November 2003)
    
  • Florida ranked 15th in the nation in R&D expenditures in 2000
    
  • Combined international trade and Foreign Direct Investment (FDI) exceed $100 billion annually
    
  • Florida ranks 1st in international tourism, 3rd in high-tech exports, and 7th in Foreign Direct Investment (FDI)
    
• In 2003, there were 94,100 new jobs created in Florida, while the U.S. as a whole lost over a quarter million jobs.
  
  • Through September of 2003, Florida ranked #1 in the U.S. in total employment growth
    
  • Five of the top ten job growth markets were in Florida
  Florida posted a healthy state product growth rate of 1.8% during the recessionary year of 2001
  
  • Florida services exports were estimated at $16.1 billion in 2002
    
  • Proposed Free Trade Area of the Americas (FTAA) with the permanent Secretariat hosted in Florida is expected to result in an annual fiscal impact of $157 million
    

• Overall stabilized physical occupancy in the major apartment markets in Florida was reported to range between 93.3% to 95.3% at the end of 2003
  
• Recent announcement of Scripps Florida will favorably impact Florida’s innovation economy, especially South Florida

Sources: The Bureau of Economic & Business Research – (University of Florida); US Department of Labor; Bureau of Labor & Statistics; Florida Agency for Workforce Innovation; Enterprise Florida; MPF Research.

Ability to Source High-Quality Product

• Relationships with Potential Sellers
  
  • We cultivate our relationships with individuals
    
    • Increases our ability to go directly to the source
      
    • Allows us to purchase properties that may not be officially “for sale”
      
• Relationships with Brokers
  
  • Extensive contact in the brokerage community
    
  • Work with nationally recognized brokers and local “boutique” brokerages
    
• Relationships with other Developers
  
  • Allows us to purchase land from larger developers for multifamily development

Current Land Development Pipeline