FUNDS

Capitalization and Investments

SRI Six Operating Company (“Fund Six”) was formed in 2001 with $609.2 million of committed capital, including $75 million committed by Shorenstein.  Fund Six was invested over a 44-month period.

Fund Six made equity investments in the following properties:

• 500 West Monroe Street, a 963,592 square foot office building located in the West Loop submarket of Chicago, Illinois.

• 450 Lexington Avenue, a 910,473 square foot office building located in the Grand Central submarket of New York City.

• U.S. Bank Plaza, a 458,885 square foot office building located in the Downtown submarket of Sacramento, California, with a 5-story building located diagonally across the street containing 403 parking spaces and 19,409 square feet of office and retail space.

• 123 Mission Street, a 329,662 square foot office building located in the South Financial District of San Francisco, California.  Fund Six acquired a 49.5% interest in this property by direct negotiation with an investor exiting an existing partnership of which Shorenstein and a prior Shorenstein-sponsored fund, Shorenstein Realty Investors Four, L.P., were existing partners.

• Hamilton Square, a 248,500 square foot office building located in the East End submarket of Washington, D.C.

• 1111 Pennsylvania Avenue, NW, a 331,070 square foot office building located in the East End submarket of Washington, D.C.  Fund Six acquired a 74.1% nominal interest in the property structured to provide Fund Six with a priority and a disproportionate share of cash flow and capital proceeds until satisfaction of an IRR hurdle to Fund Six.

• 125 Park Avenue, a 604,245 square foot office building located in the Grand Central submarket of New York City.

• Las Olas City Centre, a 408,079 square foot office building located in the Downtown Central Business District of Fort Lauderdale, Florida.  Fund Six acquired a 90% controlling interest in this property.

Fund Six made debt investments relating to the following properties:

• A hybrid equity/debt investment in Two Liberty Place, a 1,257,000 square foot office building located in the Market Street West submarket of Philadelphia, Pennsylvania.

• A junior mezzanine loan (the “CDC Junior Mezz Loan”) collateralized by equity interests in a joint venture which owned 350 Madison Avenue and 1440 Broadway in New York City.

Realizations

• 123 Mission Street was sold in January 2005.

• The CDC Junior Mezz Loan was repaid in February 2005.

• 450 Lexington Avenue was sold in June 2005.

• U.S. Bank Plaza was sold in July 2005.

• Two Liberty Place was sold and the Fund Six debt investment was repaid in September 2005.

• 500 West Monroe Street was sold in July 2007.

• 125 Park Avenue was sold in August 2010.

• 1111 Pennsylvania Avenue, NW was sold in October 2010.

• Las Olas City Centre was sold in September 2011.