2.4.0.80020 - Disclosure - Segment Reportingtruefalsefalse1false
falsefalseFrom2013-01-01to2013-06-30http://www.sec.gov/CIK0001397807duration2013-01-01T00:00:002013-06-30T00:00:001true
1us-gaap_SegmentReportingAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalse | xbrli:stringItemTypestringfalse0
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2us-gaap_SegmentReportingDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00<p><font style="font-size: x-small"><b>14. SEGMENT REPORTING </b></font></p>
<p><font style="font-size: x-small">          We
assess our business based upon the nature of operations. Our reportable
segments presented are our portfolio segment and our advisory services segment,
which includes our real estate operating and development business and our
Advised Funds, which are segments where separate financial information is both
available, and revenue and operating performance is evaluated regularly by
senior management in deciding how to allocate resources and in assessing
performance. However, this operating performance data might not be indicative
of what a third party would assess or evaluate for purposes of determining fair
value of our segments. </font></p>
<p><font style="font-size: x-small"><b>Portfolio Segment </b></font></p>
<p><font style="font-size: x-small">          Our
portfolio segment consists of our portfolio of single and multi-tenant shopping
center projects. Expenses for this segment include depreciation, interest,
legal cost directly related to the portfolio of properties and property level
expenses. Substantially all of our consolidated assets are in this segment. </font></p>
<p><font style="font-size: x-small"><b>Advisory Services Segments </b></font></p>
<p><font style="font-size: x-small">          Our
advisory services segments consist of our real estate operating and development
business as well as our Advised Funds. The real estate operating and development
business is a fully integrated and wholly-owned business consisting of brokers
and real estate professionals that provide development, acquisition, brokerage,
leasing, and asset and property management services to our portfolio and
Advised Funds. Our Advised Funds include four high net worth investment funds
that have sold limited partnership interests to retail investors to develop,
own, manage and add value to properties with an average holding period of two
to four years and four joint ventures with institutional investors. </font></p>
<p><font style="font-size: x-small">          Segment
results for the three and six months ended June 30, 2013 and 2012, are as
follows (in thousands): </font></p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="font-size: 1px">
<td style="width: 48%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 8%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 7%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="5" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advisory Services</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"><b>For the
three months ended June 30, 2013<br /><br /><br /></b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Portfolio</b></font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: center"><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Real Estate <br />
Operating and <br />
Development</b></font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: center"><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advised <br />
Funds</b></font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: center"><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Total</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Rental income from
operating leases</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">9,863</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">49</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">9,912</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Advisory services income -
related party</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">716</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">156</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">872</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total revenue</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">9,863</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">765</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">156</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">10,784</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">General and administrative</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">783</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1,255</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">32</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,070</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Property expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">2,660</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">11</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">2,671</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Legal and professional</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">245</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">15</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">261</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Real estate commissions</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">52</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">52</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Acquisition costs</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">126</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">126</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">Depreciation and
amortization</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2,732</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">6</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2,738</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total expenses</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">6,546</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1,339</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">33</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">7,918</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Interest expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(2,267</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(2,267</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Other income/(expense)</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">300</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">80</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">382</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Income (loss) from continuing operations</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">1,350</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">(572</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">203</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">981</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
</table>
<br />
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="font-size: 1px">
<td style="width: 49%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="6" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advisory Services</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p><font style="font-size: xx-small"><b>For the
three months ended June 30, 2012</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Portfolio</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Real Estate<br />
Operating and<br />
Development</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advised<br />
Funds</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Total</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Rental
income from operating leases</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">8,921</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">55</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">8,976</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Advisory
services income - related party</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">730</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">155</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">885</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total revenue</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">8,921</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">785</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">155</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">9,861</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">General and
administrative</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">552</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">993</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">23</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1,568</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Property
expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">2,234</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">10</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">2,244</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Legal and
professional</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">213</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">16</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">229</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Real estate
commissions</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">53</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">53</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Depreciation
and amortization</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,114</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">6</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,120</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">Impairment
recovery - notes receivable</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(229</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(229</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total expenses</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">4,884</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1,078</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">23</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">5,985</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Interest
expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(2,595</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(2,595</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Other
income/(expense)</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">230</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">1</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(66</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">165</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Income (loss) from continuing operations</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">1,672</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">(292</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">66</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">1,446</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
</table>
<br />
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="font-size: 1px">
<td style="width: 49%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="5" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advisory Services</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p><font style="font-size: xx-small"><b>For the
six months ended June 30, 2013</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Portfolio</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Real Estate<br />
Operating and<br />
Development</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advised<br />
Funds</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Total</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Rental
income from operating leases</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">20,899</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">87</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">20,986</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Advisory
services income - related party</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">1,404</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">311</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">1,715</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total revenue</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">20,899</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">1,491</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">311</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">22,701</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">General and
administrative</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1,549</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,424</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">58</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">4,031</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Property
expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">5,843</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">11</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">5,854</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Legal and
professional</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">486</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">25</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">513</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Real estate
commissions</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">1</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">103</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">104</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Acquisition
costs</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">126</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">126</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">Depreciation
and amortization</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">6,025</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">12</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">6,037</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total expenses</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">14,030</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,575</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">60</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">16,665</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Interest
expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(4,760</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(4,760</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Other
income/(expense)</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">8,167</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(68</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">8,101</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Income (loss) from continuing operations</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">10,276</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">(1,082</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">183</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double">
<p style="text-align: right"><font style="font-size: x-small">9,377</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
</table>
<br />
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="font-size: 1px">
<td style="width: 45%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td colspan="5" style="width: 26%; vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advisory Services</b></font></p>
</td>
<td style="width: 3%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
<td style="width: 9%; vertical-align: bottom">
<p style="text-align: right"> </p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p> </p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p><font style="font-size: xx-small"><b>For the
six months ended June 30, 2012</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Portfolio</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Real Estate<br />
Operating and<br />
Development</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Advised<br />
Funds</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: center"><font style="font-size: xx-small"><b>Total</b></font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Rental
income from operating leases</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">17,806</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">99</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">17,905</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Advisory
services income - related party</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">1,706</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">310</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2,016</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total revenue</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">17,806</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">1,805</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">310</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">19,921</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">General and
administrative</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">970</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,042</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">51</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">3,063</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Property
expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">4,496</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">10</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">4,506</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Legal and
professional</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">410</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">39</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">1</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">450</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Real estate
commissions</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">1</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">138</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">139</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: x-small">Depreciation
and amortization</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">4,335</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">12</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">4,347</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">Impairment
recovery - notes receivable</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(229</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(229</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Total expenses</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">9,983</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">2,241</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">52</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom">
<p style="text-align: right"><font style="font-size: x-small">12,276</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">Interest
expense</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(5,229</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">—</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p style="text-align: right"><font style="font-size: x-small">(5,229</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: x-small">)</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">Other
income/(expense)</font></p>
</td>
<td style="vertical-align: bottom">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">387</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(102</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">287</font></p>
</td>
<td style="vertical-align: bottom; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p style="margin-right: 0in; margin-left: 17.3pt; text-indent: -8.65pt"><font style="font-size: x-small">Income (loss) from continuing operations</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2,981</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">(434</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: x-small">)</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">156</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 1px">
<p><font style="font-size: xx-small"> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p><font style="font-size: x-small">$</font></p>
</td>
<td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 1px solid">
<p style="text-align: right"><font style="font-size: x-small">2,703</font></p>
</td>
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