Currently, our portfolio is valued at more than $250 million. This, along with our acquisition partners’ collective transaction experience, has increased the Falcon Southwest dollar value involvements over the $1 billion mark. As part of the individual investment strategy for each project, Falcon Southwest is continually in various stages of acquisition, repositioning and disposition of numerous office, industrial and apartment properties. Most of our properties are located in the Southwest, including Dallas/Ft.Worth, Houston, Austin, San Antonio, and Phoenix. Recent opportunities have also extended our involvements into the Southeast and the Midwest regions of the country.

Preserve at Kingwood 27600 Kings Manor Drive North Kingwood, Texas 77339 Acquired September 14, 2006 - This project consists of 320 units and features 16 two and three story brick & hardi-plank buildings and is located within the master planned Kingwood community. Amenities include resort-style pool, fitness center, clubhouse, media/theater room and picnic areas with barbeque grills. The complex is located 7 miles from George Bush Intercontinental Airport and within close proximity to neighborhood shopping centers and four championship golf courses.

Indigo Creek Apartments 14221 North 51st Avenue Phoenix, Arizona 85306 Acquired September 15, 2006 - This project consists of 408 units and features two and three story stucco buildings surrounded by lush landscaping, three pools, water features & fountains and picnic areas. The complex is conveniently located in the Municipality of Glendale and within walking distance to Arizona State University West Campus, Thunderbird Samaritan Medical Center and Thunderbird Regional Park which includes jogging trails and outdoor recreational amenities.

MacArthur Plaza 5525 N. MacArthur Boulevard Irving, Texas 75038 www.5525MacArthur.com NRA: 185,545 sq.ft Floors: 9 Leasing Agents   Matt Hurlbut 972.774.2532 Matt.Hurlbut@transwestern.net Acquired January, 2007 - Located in the heart of the Dallas/Ft. Worth metroplex, this building, Renovated in 2004, impresses upon entry and includes on-site management and maintenance as well as outstanding views. The lobby of this 9-story building is prestigiously finished and offers an on-site delicatessen.

Ashford 7 900 Threadneedle Houston, Texas 77079 www.AshfordVII.com NRA: 188,496 sq.ft Floors: 8 Leasing Agents   Bob Cromwell 713.773-5500 bcromwell@moodyrambinint.com Kevin Nolan 713.773.5572 knolan@moodyrambinint.com Acquired October, 2005 - This 8-story office building is located in the heart of the Energy Corridor. The project offers structured parking and a lush park-like setting to create one of the best office environments in West Houston.

One Northwind Plaza 7600 Tidwell Houston, Texas 77040 www.7600Tidwell.com NRA: 141,323 sq.ft Floors: 8 Leasing Agents   Brad Sinclair 713.270.7700 brad.sinclair@transwestern.net Monte Calvert 713.270.7700 monte.calvert@transwestern.net Acquired October, 2004 - 8-story glass clad office building with attached concrete structured parking garage. From this location, tenants have easy access to Downtown and the CBD as well as the entire west side via the Sam Houston Tollway.

Mitchelldale Business Park 5151 - 5401 Mitchelldale Houston, Texas 77092 www.MitchelldaleBP.com NRA: 377,752 sq.ft Floors: 12 Leasing Agents   Janae Evans 713-621-3999 janae@evtex.com Robyn Berry 713.957.8876 robyn@evtex.com Acquired August, 2004 - 12 one-story office/warehouse buildings in a park-like setting located near the intersection of US Highway 290 and Loop 610. This project has recently been updated with a modern architectural façade and a major roof replacement program.

Midway Commons 3410-3424 Midcourt Road Carrollton, Texas www.MidwayCommons.com NRA: 241,553 sq.ft Floors: 6 Leasing Agents   Susan Singer 972.776.7043 ssinger@bradford.com Acquired October, 2005 - 6 single story office/flex buildings located in North Dallas near the Addison Airport. This location offers convenient access to all of North Dallas via the North Dallas Tollway and the George Bush Expressway.

Ashford 6 1155 Dairy Ashford Houston, Texas 77079 www.Ashford6.com NRA: 183,268 sq.ft Floors: 8 Leasing Agents   Bob Cromwell 713.773-5500 bcromwell@moodyrambinint.com Kevin Nolan 713.773.5572 knolan@moodyrambinint.com Acquired July, 2005 - This 8-story office building is located in the heart of the Energy Corridor. The project offers structured parking and a lush park-like setting to create one of the best office environments in West Houston.

7557 Rambler Road 7557 Rambler Road Dallas, Texas 75231 www.7557Rambler.com NRA: 307,130 sq.ft Floors: 14 Leasing Agents   Kathy Denny 214.987.4981 kdenny@cottonwoodpartners.com Acquired May, 2006 - 14 story office building located directly north of Presbyterian Hospital near the intersection of the North Central Expressway and Walnut Hill Road. The project offers ample structured parking and Class A finishes.

Camelback Arboleda 1661 E. Camelback Road Phoenix, Arizona 85016 www.CamelbackArboleda.com NRA: 174,061 sq.ft Floors: 4 Leasing Agents   Chris Latvaaho 602-253-7900 Chris.Latvaaho@cushwake.com Paul Andrews 602-229-5991 Paul.Andrews@cushwake.com Acquired November, 2004 - 4-story office project located near the intersection of Camelback road and 16th Street. This project offers ample parking, large and efficient floorplates, and a highly-desirable Camelback address.

Ashford 5 14701 St. Mary's Lane Houston, Texas 77079 www.AshfordOfficePark.com NRA: 194,647 sq.ft Floors: 8 Leasing Agents   Bob Cromwell 713.773-5500 bcromwell@moodyrambinint.com Kevin Nolan 713.773.5572 knolan@moodyrambinint.com Acquired July, 2007 – This 8-story office building with an adjoining 3 level atrium structure is located in the heart of the Energy Corridor. The project offers structured parking and a lush park-like setting to create one of the best office environments in West Houston.

Briar Meadows 1414 South Dairy Ashford Houston, Texas 77077 Acquired May, 2007 – This project features 13 two and three-story brick and hardi-plank buildings. The complex offers one resort style pool, fitness center, dry sauna, clubhouse with kitchen and bar, gated access, and picnic areas with barbeque grills. This project is well located in close proximity to Westchase and the Energy Corridor, which are two of the most significant business districts in West Houston.

Keystone Apartments 5230 Thunder Creek Road Austin, Texas 78759 Acquired July, 2007 – This project features 12 two and three-story brick and wood siding buildings. The complex amenities include a leasing center, pool and heated spa, playscape, laundry facilities, mature landscaping and large native trees. The property is well located in northwest Austin, one of the fastest growing areas of Austin and has excellent access and visibility from Highway 183 North.

Lofts at Hermann Park One Hermann Park Court Houston, Texas 77021 Acquired February 14, 2008 – This Class A apartment project consists of 380 units in two 4 story buildings and one 10 story tower. The property was completed in 2005 and is located in the Texas Medical Center, a core urban in-fill area, directly across from Hermann Park and Golf Course and close to the Museum District. The Texas Medical Center has the largest concentration of medical facilities in the world. Project amenities include a resort style swimming pool, clubhouse, business center, fitness room, wi-fi, 10-12 foot ceiling heights, granite counter tops, polished concrete floors, cherry wood cabinets, large walk-in closets, full size washer/dryer, garage parking, exposed metal ductwork to create the “loft” style design, and outstanding city views.

Westheimer Park and Westheimer Terrace 9235 & 9407 Westheimer Road Houston, Texas 77077 Acquired March, 2006 - 2 adjoining apartment complexes located on prime Westheimer Road frontage near the intersection of Westheimer Road and Fondren Road. These properties offer convenient access to numerous retail and employment opportunities in the Galleria area.

Woodmoor Apartments 3505 South Lamar Boulevard Austin, Texas 78704 Acquired July, 2007 – This project features 16 two-story buildings with brick and wood siding. The property amenities include a clubhouse, pool with sundeck, wooded park with picnic area and laundry center. The subject’s location is very convenient for people working downtown and the immediate area, referred to as SOLA (South Lamar), is experiencing significant redevelopment activity.