ALN METRO SUMMARY OCCUPANCY AVERAGE QUOTED RENT / UNIT NOV 2006 NOV 2007 CHANGE NOV 2006 NOV 2007 CHANGE Austin 93.6% 93.6%   0.0   ( 0.0%) $ 775 $ 830   $ 55   ( 6.5%) Dallas 90.1% 90.9%   0.8   ( 0.9%) $ 753 $ 786   $ 33   ( 4.2%) Fort Worth 88.9% 88.8%   0.1   ( -0.1%) $ 667 $ 702   $ 35   ( 5.0%) Houston 90.4% 89.3%   1.1   ( -1.2%) $ 712 $ 734   $ 22   ( 3.0%) San Antonio 90.6% 90.7%   0.1   ( 0.1%) $ 679 $ 705   $ 26   ( 3.8%) TEXAS AVERAGE 90.5% 90.4%   0.1   ( -0.1%) $ 722 $ 753   $ 31   ( 4.0%) Tampa/St. Petersburg 94.5% 91.5%   3.0   ( -3.3%) $ 807 $ 818   $ 11   ( 1.3%) Orlando/Daytona Beach 94.5% 91.4%   3.1   ( -3.4%) $ 852 $ 854   $ 2   ( 0.2%) Jacksonville/Gainesville 93.7% 90.7%   3.0   ( -3.4%) $ 795 $ 810   $ 15   ( 1.8%) Fort Myers/Naples 91.1% 81.3%   9.8   ( -12.0%) $ 888 $ 872   $ 16   ( -1.9%) West Palm Beach 92.6% 90.7%   1.9   ( -2.2%) $1087 $1059   $ 28   ( -2.6%) Tallahassee 94.9% 94.3%   0.6   ( -0.7%) $ 813 $ 852   $ 39   ( 4.6%) Pensacola 94.6% 89.6%   5.0   ( -5.6%) $ 737 $ 749   $ 12   ( 1.6%) Melbourne 93.2% 86.4%   6.8   ( -7.8%) $ 746 $ 731   $ 15   ( -2.0%) FLORIDA AVERAGE 94.0% 90.7%   3.3   ( -3.7%) $ 840 $ 845   $ 5   ( 0.6%) Phoenix 93.9% 90.1%   3.8   ( -4.1%) $ 759 $ 779   $ 20   ( 2.6%) Tucson 94.1% 92.1%   2.0   ( -2.2%) $ 620 $ 643   $ 23   ( 3.6%) ARIZONA AVERAGE 93.9% 90.5%   3.4   ( -3.7%) $ 731 $ 752   $ 21   ( 2.8%) Atlanta 91.2% 90.4%   0.8   ( -1.0%) $ 781 $ 827   $ 46   ( 5.5%) Las Vegas 94.2% 92.9%   1.3   ( -1.3%) $ 830 $ 848   $ 18   ( 2.1%)

On a monthly basis, ALN Apartment Data successfully surveys over 92% of all properties in each of the 18 major markets we cover. The above statistics reflect only Conventional, Midrise and High-Rise apartment communities. Income Restricted, Student and Senior Housing apartment communities are not included in these statistics. In-depth, property level research and data is available for all property types (including Senior and Income Restricted) through ALN OnLine. ALN OnLine data includes Market and Effective Rents, Occupancy, Floor Plan and Unit Mix information, Market and Submarket statistics, Market Surveys, Historical Trends and Customizable Reports. Please visit www.alnsystems.com or contact your ALN representative at 1-800-643-6416 extension #1 to learn more.