FUNDS

Capitalization and Investments

Shorenstein Realty Investors Nine, L.P. (“Fund Nine”) was formed in 2007 with $2.062 billion of committed capital, including $154 million committed by Shorenstein.  Fund Nine was invested over a 52-month period.

Fund Nine made equity investments in the following properties:

• 2000 West Loop South, a 356,959 square foot office building with a 1,300-stall attached parking garage located in the Galleria submarket of Houston, Texas.

• Five Post Oak Park, a 567,191 square foot office building with a 1,673-stall adjacent parking garage located in the Galleria submarket of Houston, Texas.

• 850 Third Avenue, a 613,664 square foot office building located in the Midtown submarket of New York City.

• Park Avenue Tower, a 615,857 square foot office building located in the Midtown submarket of New York City.

• Oyster Point Business Park and Marina Village, a 39-acre site located on the waterfront in South San Francisco, California.  The site currently improved with 470,164 square feet of flex/industrial space, a 235-berth marina and 340-stall dry boat storage facility.   In March 2011, the site was re-entitled to accommodate up to 2.25 million square feet of life science and office uses.

• Main Plaza, a 611,778 square foot two-building office complex with a six-level parking garage that is part of a 48-acre commercial master plan known as Irvine Concourse located in Irvine, California.

• Market Square, a 1,068,485 square foot two-building office and retail complex located in San Francisco, California.

• 13031 Jefferson Boulevard, a 20-acre site located in the Playa Vista submarket of Los Angeles, California.  The property is currently improved with a former USPS distribution facility, and is entitled for 380,000 square feet of office space.

Fund Nine made debt investments relating to the following properties:

• A junior mezzanine loan collateralized by equity interests in the owner of, and a B-Note and a C-Note collateralized by,  660 Madison Avenue, a 254,896 square foot office condominium located in the Midtown submarket of New York City.

• A subordinated interest in a junior tranche of a construction loan collateralized by the first phase of Moffett Towers, a 900,600 square foot, three building office development located in Sunnyvale, California.

• A senior and junior mezzanine loan package collateralized by equity interests in the owner of 1200 New Hampshire Avenue, a 278,257 square foot office building, and 2300 M Street, a 113,908 square foot office building, both located in the West End submarket of Washington, D.C.

• A senior and junior mezzanine loan package collateralized by equity interests in the owner of 1180 Avenue of the Americas, a 382,837 square foot office building located in the Midtown submarket of New York City.

• A senior and junior mezzanine loan package collateralized by equity interests in the owner of 14 Wall Street, a 1,018,035 square foot office building located in the Downtown submarket of New York City.

• A junior tranche of a first mortgage loan collateralized by 2600-2800 Colorado Avenue, a 302,370 square foot office building located in Santa Monica, California.

• A mezzanine loan collateralized by equity interests in the owner of 650 Madison Avenue, a 601,604 square foot office building located in the Plaza District of New York City.

• A mezzanine loan collateralized by equity interests in the owner of Santa Clara Towers, a 426,328 square foot, two building office complex located in Santa Clara, California.

• A senior mezzanine loan collateralized by equity interests in the owner of 450 Lexington Avenue, a 910,473 square foot office building located in the Grand Central submarket of New York City.

In March 2010, Fund Nine assumed ownership of Santa Clara Towers through a consensual foreclosure.

In April 2010, the Moffett Towers loan was extended and restructured.

Realizations

• As part of the extension and restructuring of the Moffett Tower loan, Fund Nine received a partial principal repayment in April 2010.

• The 650 Madison Avenue mezzanine loan was repaid in June 2010.

• The 1200 New Hampshire Avenue and 2300 M Street senior and junior mezzanine loan package was repaid in October 2010.

• The 660 Madison Avenue junior mezzanine loan, B-Note, and C-Note were repaid in December 2010.

• The 1180 Avenue of the Americas senior and junior mezzanine loan package was repaid in May 2011.

• The Moffett Towers subordinated junior loan interest was repaid in October 2011.