Operating Statement Summary

Net Revenues 356182000

Operating
Expense 145589000
Depricn&Amor
tisation 78402000
Gen&Admin 20584000

MngmtExpense 20025000
Income from
Ops 91582000
InterestExpens
e 77479000

Net Income
before other
items 14103000

Others Income 323000

Net Income 14426000

FFO 92828000 90000000

SharePrice 14.5
MktValue 1204689000
Shares 83082000
Total Debt 2086700000

Total
Equity

RiskFreera
te 3.83%

RiskPremi
um 5%
Beta 0.15
CostofEqui
ty 4.5800%

CostofDeb
t 3.71% 5.50%
WeightofE
qty 0.5
WACC 4.15% 5.51%
growth 2.25% 2.32

Value 4894711340 1684718691

Value/eqt
y 58.91422137 24.1
20.27778208
 ('$000s)
Bonhomme Place CAP RATE BaseCFO 1999 2000 2001 2002
CFO 9% 1433 1771.178 1815.457 1854.581 1901.557
Revenues 2445 2518.35 2593.901 2671.718 2751.869
Expense 1012 1042.36 1073.631 1105.84 1139.015
capex 0 0 0 0
Tenant's Rev 25.9375 25.9375 19.45313 19.45313
Tenant'sImp&Leasing comm 269.25 269.25 269.25 269.25
DF 0.892857 0.797194 0.71178 0.635518
PV 32662.58

GreeanawayPoint 1999 2000 2001 2002

CFO 1222 1508.072 1553.315 1599.914 1647.911
Revenues 10% 1752 1804.56 1858.697 1914.458 1971.891
Expense 530 545.9 562.277 579.1453 596.5197
New Rents 242.148 249.4124 256.8948 264.6017 272.5397
36.3222
DF 0.892857 0.797194 0.71178 0.635518
PV 106605.7
1999 2000 2001 2002
Residential
LakesAtBrice 8% 1465 1508.95 1554.219 1600.845 1648.87
Renewal:(50%) -432.2763 -392.2891 80.04225 82.44352
Net Rent 13458.42 14524.12 21011.09 21641.42
DF 0.892857 0.797194 0.71178 0.635518
Present Value 129174.3
Garden City 1999 2000 2001 2002
RETAIL CFO 10% 6185 6370.55 6561.667 6758.516 6961.272
Village Anchor Retail 930 957.9 986.637 1016.236 1046.723
Inline Retail 2747.5 2829.925 2914.823 3002.267 3092.335
Office 66.864 68.86992 70.93602 73.0641 75.25602
Commons Anchor Retail 1456 1499.68 1544.67 1591.011 1638.741
Inline Retail 1312.5 1351.875 1392.431 1434.204 1477.23
New Comms office 10.0296 5.0148 5.0148 5.0148 5.0148
anchors 274.5 137.25 137.25 137.25 137.25

CFO_Anchors 2594.83 2668.557 2744.497 2822.714

 CFO_InRetail 4181.8 4307.254 4436.472 4569.566
CFO_Office 206.1199 208.186 210.3141 212.506
6982.75 7183.997 7391.282 7604.786
DF 0.892857 0.797194 0.71178 0.635518
PV 489594.3

NW Business Park CapRate 1999 2000 2001 2002

CFO 8.50% 430 315.5347 325.0008 334.7508 587.7608
Revenue 665.1216 531.8347 547.7898 564.2235 990.6725
Expense 210 216.3 222.789 229.4727 402.9118
DF 0.892857 0.797194 0.71178 0.635518
DCF 3314.44 3048.101 2803.165 4394.501
Present Value 38121.76

Downtown Dallas CapRate 1999 2000 2001 2002

CFO 11% 147 151.41 155.9523 51.35817 52.89891
Rev:1st parcel 47 48.41 49.8623 51.35817 52.89891
Rev:2nd parcel 100 103 106.09 0 0
DF 0.892857 0.797194 0.71178 0.635518
Present Value 4705.301

Lincoln heights CapRate 1999 2000 2001 2002

CFO 10% 2229 2293.81 2362.624 2433.503 2430.508
Revenues: Anchors Rev 678.1144 698.4578 719.4115 740.9939 763.2237
Others 1550.886 1597.412 1645.335 1694.695 1745.535
CAM 986 1015.58 1046.047 1077.429 1109.752
Expenses 988 1017.64 1048.169 1079.614 1112.003
ExpensesRen 0 0 0 76
DF 0.892857 0.797194 0.71178 0.635518
Present value 158714.7

Empire Hotel CapRate 1999 2000 2001 2002

CFO 11% 1112 1145.36 1179.721 1215.112 1251.566
DF 0.892857 0.797194 0.71178 0.635518
Present value 73354.26
 1032933

1.134 billions dollars

 2003 2004 2005 2006 2007 2008 2009 2010
1724.943 1999.78 2051.112 2103.985 2158.443 2214.535 2272.31 82560.61
2834.425 2919.458 3007.042 3097.253 3190.17 3285.876 3384.452 3485.985
1173.185 1208.381 1244.632 1281.971 1320.43 1360.043 1400.845 1442.87
-225 0 0 0 0 0 0 0
19.45313 19.45313 19.45313 19.45313 19.45313 19.45313 19.45313 19.45313
269.25 269.25 269.25 269.25 269.25 269.25 269.25 269.25
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675

2003 2004 2005 2006 2007 2008 2009 2010

1697.349 1748.269 1800.717 1854.739 1910.381 1967.692 2026.723 2087.525
2031.048 2091.98 2154.739 2219.381 2285.963 2354.541 2425.178 2497.933
614.4153 632.8477 651.8331 671.3881 691.5298 712.2757 733.644 755.6533
280.7159 289.1374 297.8115 306.7458 315.9482 325.4267 335.1895 345.2451

0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675

2003 2004 2005 2006 2007 2008 2009 2010

1698.337 1749.287 1801.765 1855.818 1911.493 1968.837 2027.903 2088.74
84.91683 87.46433 90.08826 92.79091 95.57464 98.44187 101.3951 104.437
22290.67 22959.39 23648.17 24357.61 25088.34 25840.99 26616.22 27414.71
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675

2003 2004 2005 2006 2007 2008 2009 2010

7170.11 7385.213 7606.77 7834.973 8070.022 8312.123 8561.486 8818.331
1078.125 1110.469 1143.783 1178.096 1213.439 1249.842 1287.337 1325.958
3185.106 3280.659 3379.078 3480.451 3584.864 3692.41 3803.183 3917.278
77.5137 79.83911 82.23429 84.70131 87.24235 89.85962 92.55541 95.33208
1687.903 1738.54 1790.696 1844.417 1899.75 1956.742 2015.445 2075.908
1521.547 1567.194 1614.209 1662.636 1712.515 1763.89 1816.807 1871.311
5.0148 5.0148 5.0148 5.0148 5.0148 5.0148 5.0148 5.0148
137.25 137.25 137.25 137.25 137.25 137.25 137.25 137.25

2903.278 2986.259 3071.729 3159.763 3250.439 3343.834 3440.032 3539.115

4706.653 4847.852 4993.288 5143.087 5297.379 5456.301 5619.99 5788.589
214.7637 217.0891 219.4843 221.9513 224.4924 227.1096 229.8054 232.5821
7824.694 8051.2 8284.501 8524.801 8772.31 9027.245 9289.827 9560.287
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675

2003 2004 2005 2006 2007 2008 2009 2010

605.3936 623.5554 642.2621 661.5299 681.3758 701.8171 722.8716 744.5578
1020.393 1051.004 1082.535 1115.011 1148.461 1182.915 1218.402 1254.954
414.9991 427.4491 440.2726 453.4807 467.0852 481.0977 495.5306 510.3966
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675
4041.372 3716.619 3417.962 3143.304 2890.717 2658.427 2444.804 2248.346

2003 2004 2005 2006 2007 2008 2009 2010

54.48588 56.12046 57.80407 59.53819 61.32434 63.16407 65.05899 67.01076
54.48588 56.12046 57.80407 59.53819 61.32434 63.16407 65.05899 67.01076
0 0 0 0 0 0 0 0
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675

2003 2004 2005 2006 2007 2008 2009 2010

2505.703 2583.154 2662.929 2745.097 2829.73 2916.902 3006.689 3099.169
786.1204 809.704 833.9951 859.015 884.7854 911.329 938.6689 966.8289
1797.902 1851.839 1907.394 1964.616 2023.554 2084.261 2146.788 2211.192
1143.044 1177.336 1212.656 1249.035 1286.506 1325.102 1364.855 1405.8
1145.363 1179.724 1215.115 1251.569 1289.116 1327.789 1367.623 1408.652
76 76 76 76 76 76 76 76
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675

2003 2004 2005 2006 2007 2008 2009 2010

1289.113 1327.786 1367.62 1408.648 1450.908 1494.435 1539.268 1585.446
0.567427 0.506631 0.452349 0.403883 0.36061 0.321973 0.287476 0.256675