<SUBMISSION>
<ACCESSION-NUMBER>0000950133-04-000742
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>8
<PERIOD>20031231
<FILING-DATE>20040305
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AVALONBAY COMMUNITIES INC
<CIK>0000915912
<ASSIGNED-SIC>6798
<IRS-NUMBER>770404318
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>001-12672
<FILM-NUMBER>04651389
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2900 EISENHOWER AVENUE
<STREET2>SUITE 300
<CITY>ALEXANDRIA
<STATE>VA
<ZIP>22314
<PHONE>7033296300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2900 EISENHOWER AVENUE
<STREET2>STE 300
<CITY>ALEXANDRIA
<STATE>VA
<ZIP>22314
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVALON BAY COMMUNITIES INC
<DATE-CHANGED>19980618
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BAY APARTMENT COMMUNITIES INC
<DATE-CHANGED>19931208
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>w94643e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<P align="center" style="font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549


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<P align="center" style="font-size: 10pt">FORM 10-K



<P align="center" style="font-size: 10pt">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934



<P align="center" style="font-size: 10pt">For the fiscal year ended December&nbsp;31, 2003



<P align="center" style="font-size: 10pt">Commission file number 1-12672



<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
<I>(Exact name of registrant as specified in its charter)</I>


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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">77-0404318</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><I>(State or other jurisdiction of</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>(I.R.S. Employer</I></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><I>incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><I>Identification No.)</I></TD>
</TR>

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<DIV align="center" style="font-size: 10pt">2900 Eisenhower Avenue, Suite&nbsp;300<BR>
Alexandria, Virginia 22314<BR>
<I>(Address of principal executive office, including zip code)</I></DIV>



<P align="center" style="font-size: 10pt">(703)&nbsp;329-6300<BR>
<I>(Registrant&#146;s telephone number, including area code)</I>


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<DIV align="center" style="font-size: 10pt">Securities registered pursuant to Section&nbsp;12(b) of the Act:</DIV>


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    <TD width="48%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top">Common Stock, par value $.01 per share
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange, Pacific Exchange</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">8.70% Series&nbsp;H Cumulative Redeemable Preferred Stock,<BR>
par value $.01 per share
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange, Pacific Exchange</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><I>(Title of each class)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Name of each exchange on which registered)</I></TD>
</TR>
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<DIV align="center" style="font-size: 10pt">Securities registered pursuant to Section&nbsp;12(g) of the Act: None</DIV>



<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve (12)&nbsp;months (or for such shorter period that
the registrant was required to file such reports), and (2)&nbsp;has been subject to
such filing requirements for the past ninety (90)&nbsp;days.


<P align="center" style="font-size: 10pt">Yes <FONT face="Wingdings">&#120;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#111;</FONT>



<P align="left" style="font-size: 10pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405
of Regulation&nbsp;S-K is not contained herein, and will not be contained, to the
best of registrant&#146;s knowledge, in definitive proxy or information statements
incorporated by reference in Part&nbsp;III of this Form 10-K or any amendment to
this Form 10-K. <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule&nbsp;12b-2 of the Act).


<P align="center" style="font-size: 10pt">Yes <FONT face="Wingdings">&#120;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#111;</FONT>



<P align="left" style="font-size: 10pt">The aggregate market value of the Registrant&#146;s Common Stock, par value $.01 per
share, held by nonaffiliates of the Registrant, as of June&nbsp;30, 2003 was
$2,879,772,904.


<P align="left" style="font-size: 10pt">The number of shares of the Registrant&#146;s Common Stock, par value $.01 per
share, outstanding as of February&nbsp;27, 2004 was 71,145,602.


<P align="center" style="font-size: 10pt"><U>Documents Incorporated by Reference</U>



<P align="left" style="font-size: 10pt">Portions of AvalonBay Communities, Inc.&#146;s Proxy Statement for the 2004 annual
meeting of stockholders, a definitive copy of which will be filed with the SEC
within 120&nbsp;days after the year end of the year covered by this Form 10-K, are
incorporated by reference herein as portions of Part&nbsp;III of this Form 10-K.



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<P align="center" style="font-size: 10pt">TABLE OF CONTENTS


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>PAGE</B></TD>
</TR>

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<TR valign="bottom" style="background: #eeeeee">
    <TD colspan="7" valign="top" align="center">PART I </TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BUSINESS
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMMUNITIES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LEGAL PROCEEDINGS
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SUBMISSION OF MATTERS TO A VOTE OF STOCKHOLDERS
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center">PART II </TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-40px">MARKET FOR REGISTRANT&#146;S COMMON EQUITY AND RELATED<BR>
STOCKHOLDER MATTERS</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SELECTED FINANCIAL DATA
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-40px">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL<BR>
CONDITION AND RESULTS OF OPERATIONS</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 7a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-40px">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT<BR>
MARKET RISK</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-40px">CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS<BR>
ON ACCOUNTING AND FINANCIAL DISCLOSURE</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 9a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONTROLS AND PROCEDURES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center">PART III </TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EXECUTIVE COMPENSATION
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-40px">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS<BR>
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">59</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRINCIPAL ACCOUNTING FEES AND SERVICES
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">59</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center">PART IV </TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ITEM 15.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-40px">EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND<BR>
REPORTS ON FORM 8-K</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">SIGNATURES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>


<DIV align="left">
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="left" style="font-size: 10pt">This Form 10-K contains forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities
Exchange Act of 1934. Our actual results could differ materially from those
set forth in each forward-looking statement. Certain factors that might cause
such a difference are discussed in this report, included in the section
entitled &#147;Forward-Looking Statements&#148; on page 54 of this Form 10-K.

<DIV align="left">
<A name="102"></A>
</DIV>

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<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 1.</B>&nbsp;</TD>
    <TD><B>BUSINESS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt"><U>General</U>


<P align="left" style="font-size: 10pt">AvalonBay Communities, Inc. is a Maryland corporation that has elected to be
treated as a real estate investment trust, or REIT, for federal income tax
purposes. We focus on the development, redevelopment, acquisition, ownership and operation of apartment communities in
high barrier-to-entry markets of the United States. This is because we believe
that, long term, the limited new supply of apartment homes and lower housing
affordability in these markets will result in larger increases in cash flows
relative to other markets over an entire business cycle. These
barriers-to-entry generally include a difficult and lengthy entitlement process
with local jurisdictions and dense urban or suburban areas where zoned and
entitled land is in limited supply. Our markets are located in the Northeast,
Mid-Atlantic, Midwest, Pacific Northwest, and Northern and Southern California
regions of the United States. We believe that we have penetrated substantially
all of the high barrier-to-entry markets of the country.


<P align="left" style="font-size: 10pt">At February&nbsp;27, 2004, we owned or held a direct or indirect ownership interest
in 131 operating apartment communities containing 38,504 apartment homes in ten
states and the District of Columbia, of which two communities containing 1,089
apartment homes were under reconstruction. In addition, we owned or held a
direct or indirect ownership interest in 11 communities under construction that
are expected to contain an aggregate of 3,493 apartment homes when completed.
We also owned a direct or indirect ownership interest in rights to develop an
additional 40 communities that, if developed in the manner expected, will
contain an estimated 10,070 apartment homes. We generally obtain ownership in
an apartment community by developing a new community on vacant land or by
acquiring and either repositioning or redeveloping an existing community. In
selecting sites for development, redevelopment or acquisition, we favor
locations that are near expanding employment centers and convenient to
recreation areas, entertainment, shopping and dining.


<P align="left" style="font-size: 10pt">Our real estate investments consist of the following reportable segments:
Established Communities, Other Stabilized Communities and
Development/Redevelopment Communities. Established Communities are generally
operating communities that were owned and had stabilized occupancy and
operating expenses as of the beginning of the prior year. Other Stabilized
Communities are generally all other operating communities that have stabilized
occupancy and operating expenses as of the beginning of the current year, but
had not achieved stabilization as of the beginning of the prior year.
Development/Redevelopment Communities consist of communities that are under
construction, communities where substantial redevelopment is in progress or is
planned to begin during the current year and communities under lease-up. A
more detailed description of these segments and other related information can
be found in Note 9, &#147;Segment Reporting,&#148; of the Consolidated Financial
Statements set forth in Item&nbsp;8 of this report.


<P align="left" style="font-size: 10pt">Our principal financial goal is to increase
  long-term stockholder value by successfully and cost-effectively developing,
  redeveloping, acquiring, owning and operating high-quality communities in our
  selected markets that contain features and amenities desired by residents, as
  well as by providing our residents with efficient and effective service. To
  help fulfill this goal, we regularly (i)&nbsp;monitor our investment allocation
  by geographic market and product type, (ii)&nbsp;develop, redevelop and acquire
  apartment communities in high barrier-to-entry markets with growing or high
  potential for demand, (iii) selectively sell apartment communities that no longer
  meet our long-term strategy due to product type, location or relative potential
  for future appreciation and redeploy the proceeds from those sales, and (iv)&nbsp;endeavor
  to maintain a capital structure that is aligned with our business risks such
  that we maintain continuous access to cost-effective capital. Our
  long-term strategy is to more deeply penetrate the high barrier-to-entry markets
  in our chosen regions with a broad range of products and services and an intense
  focus on our customer. A substantial majority of our current communities are
  upscale (commanding among the highest rents in their submarkets). We also pursue
  the ownership and operation of apartment communities that target a variety of
  customer segments and price points, consistent with our goal to offer a broad
  range of products and services.
<P align="center" style="font-size: 10pt">1

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<P align="left" style="font-size: 10pt">During the three years ended December&nbsp;31,
  2003, we acquired five apartment communities, disposed of 20 apartment communities,
  and completed the development of 23 apartment communities and the redevelopment
  of three apartment communities. During 2003, we shifted from acquiring to selling
  apartment communities in response to strong investor demand, allowing us to realize a portion
  of the value created over the past business cycle, as well as providing additional
  liquidity. In 2004, we plan to continue our disposition activity, although at
  a reduced level, and we expect to expand our acquisition and development volume.
  The level of disposition, acquisition or development activity, however, is heavily
  influenced by capital market conditions, including prevailing interest rates.
  A further discussion of our development, redevelopment, disposition and acquisition
  strategy follows.
<P align="left" style="font-size: 10pt"><I>Development Strategy. </I>We carefully select land for development and follow
established procedures that we believe minimize both the cost and the risks of
development. As one of the largest developers of multifamily apartment
communities in high barrier-to-entry markets of the United States, we identify
development opportunities through local market presence and access to local
market information achieved through our regional offices. In addition to our
principal executive offices in Alexandria, Virginia, we also maintain regional
offices and administrative or specialty offices in or near the following
cities:


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Boston, Massachusetts;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chicago, Illinois;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New Canaan, Connecticut;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New York, New York;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Newport Beach, California;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>San Jose, California;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Seattle, Washington; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Woodbridge, New Jersey.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">After selecting a target site, we usually negotiate for the right to acquire
the site either through an option or a long-term conditional contract. Options
and long-term conditional contracts generally enable us to acquire the target
site shortly before the start of construction, which reduces
development-related risks as well as preserves capital. After we acquire land,
we generally shift our focus to construction. Except for certain mid-rise and
high-rise apartment communities where we may elect to use third-party general
contractors or construction managers, we act as our own general contractor and
construction manager. We generally perform these functions directly (and not
through a subsidiary) both for ourselves and for the joint ventures and
partnerships of which we are a member or a partner. We believe this enables us
to achieve higher construction quality, greater control over construction
schedules and significant cost savings. Our development, property management
and construction teams monitor construction progress to ensure high-quality
workmanship and a smooth and timely transition into the leasing and operational
phase.


<P align="left" style="font-size: 10pt">Throughout this report, the term &#147;development&#148; is used to refer to the entire
property development cycle, including pursuit of zoning approvals, procurement
of architectural and engineering designs and the construction process.
References to &#147;construction&#148; refer to the actual construction of the property,
which is only one element of the development cycle.


<P align="left" style="font-size: 10pt"><I>Redevelopment Strategy</I>. When we
  undertake the redevelopment of a community, our goal is to generally renovate
  and/or rebuild an existing community so that our total investment is significantly
  below replacement cost and the community is one of the highest quality apartment
  communities or best rental values for an apartment community in its local area.
  We have established procedures to minimize both the cost and risks of redevelopment.
  Our redevelopment teams, which include key redevelopment, construction and property
  management personnel, monitor redevelopment progress. We believe we achieve
  significant cost savings by acting as our own general contractor. More importantly,
  this helps to ensure high-quality design and workmanship and a smooth and timely
  transition into the lease-up and restabilization phase.
<P align="center" style="font-size: 10pt">2

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<P align="left" style="font-size: 10pt">Throughout this report, the term &#147;redevelopment&#148; is used to refer to the entire
redevelopment cycle, including planning and procurement of architectural and
engineering designs, budgeting and actual renovation work. The actual
renovation work is referred to as &#147;reconstruction,&#148; which is only one element
of the redevelopment cycle.


<P align="left" style="font-size: 10pt"><I>Disposition Strategy.
</I> We sell assets when market conditions are favorable and redeploy the
proceeds from those sales to develop, redevelop and acquire
communities and to rebalance our portfolio across geographic regions. This
also allows us to realize a portion of the value created over the past business
cycle, as well as provides additional liquidity. We are then able to redeploy
the net proceeds from our dispositions in lieu of raising that amount of
capital externally by issuing debt or equity securities. When we decide to
sell a community, we generally solicit competing bids from unrelated parties
for these individual assets and consider the sales price of each proposal.


<P align="left" style="font-size: 10pt"><I>Acquisition Strategy. </I>Our core competencies in development and redevelopment
discussed above allow us to be selective in the acquisitions we target. From
time to time, in order to achieve rapid penetration into markets that are
generally supply constrained and in which we desire an increased presence and
to help us achieve our desired product mix, or to rebalance our portfolio, we
will acquire existing apartment communities.


<P align="left" style="font-size: 10pt"><I>Property Management Strategy</I>. We intend to increase operating income through
innovative, proactive property management that will result in higher revenue
from communities and controlled operating expenses.


<P align="left" style="font-size: 10pt">Our principal strategies to maximize revenue include:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>strong focus on resident satisfaction;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staggering lease terms such that lease expirations are better matched to traffic patterns;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>balancing high occupancy with premium pricing, and increasing rents as market conditions permit;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>managing community occupancy for optimal rental revenue levels; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>applying new technology to optimize revenue from each community.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Controlling operating expenses is another way in which we intend to increase
earnings growth. Growth in our portfolio and the resulting increase in revenue
allows for fixed operating costs to be spread over a larger volume of revenue,
thereby increasing operating margins. We control operating expenses as follows:


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive and approve invoices on-site to ensure careful
monitoring of budgeted versus actual expenses;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase supplies in bulk where possible;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>bid third-party contracts on a volume basis;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>strive to retain residents through high levels of service in
order to eliminate the cost of preparing an apartment home for a new
resident and to reduce marketing and vacant apartment utility costs;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>perform turnover work in-house or hire third-parties,
generally depending upon the least costly alternative;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>undertake preventive maintenance regularly to maximize
resident satisfaction and property and equipment life; and</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>aggressively pursue real estate tax appeals.</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">On-site property management teams receive bonuses based largely upon the net
operating income produced at their respective communities.


<P align="left" style="font-size: 10pt">We generally manage the operation and leasing activity of our communities
directly (and not through a subsidiary) both for ourselves and the joint
ventures and partnerships of which we are a member or a partner.


<P align="left" style="font-size: 10pt">We are also pursuing ancillary services which could provide additional revenue
sources. In general, as a REIT we cannot directly provide services to our
tenants that are not customarily provided by a landlord, nor can we share in
the income of a third party that provides such services. However, we can
provide such non-customary services to residents if we do so through a &#147;taxable
REIT subsidiary,&#148; which is a subsidiary that is treated as a &#147;C corporation&#148;
and is therefore subject to federal income taxes. We have used taxable REIT
subsidiaries on a limited basis, such as to receive a commission from a
&#147;preferred provider&#148; maid service company used by residents.


<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt"><I>Technology Strategy. </I>We believe that an innovative management information
system infrastructure is an important element in managing our future growth.
This is because timely and accurate collection of financial and resident
profile data will enable us to maximize revenue through careful leasing
decisions and financial management.


<P align="left" style="font-size: 10pt">We currently have minority investments in three technology companies. These
investments were made with the belief that they would promote the development
and application of technology and services which would improve the operating
performance of our real estate holdings. Our technology investments consist of
(i)&nbsp;an entity engaged in the development and deployment of an on-site property
management and leasing automation system that enables management to capture,
review and analyze data to a greater extent than is possible using existing
commercial software; (ii)&nbsp;an entity formed by a number of real estate
investment trusts and real estate operating companies for the purpose of
investing in multi-sector real estate technology opportunities; and (iii)&nbsp;an
internet-based rental housing information provider.


<P align="left" style="font-size: 10pt"><I>Financing Strategy. </I>We have consistently maintained, and intend to continue to
maintain, a capital structure that is aligned to the business risks
presented by our corporate strategy. At December&nbsp;31, 2003, our
debt-to-total market capitalization was 39.9%, and our permanent long-term
floating rate debt, not including borrowings under our unsecured credit
facility, was 1.4% of total market capitalization. Total market
capitalization reflects the aggregate of the market value of our common stock,
the market value of our operating partnership units outstanding (based on the
market value of our common stock), the liquidation preference of our preferred
stock and the outstanding principal amount of our debt.


<P align="left" style="font-size: 10pt">We estimate that a portion of our short-term liquidity needs will be met from
retained operating cash and borrowings under our variable rate unsecured credit
facility. If required to meet the balance of our current or anticipated
liquidity needs, we will attempt to arrange additional capacity under our
existing unsecured credit facility, sell existing communities or land and/or
issue additional debt or equity securities. A determination to engage in an
equity or debt offering depends on a variety of factors such as general market
and economic conditions, including interest rates, our short and long term
liquidity needs, the adequacy of our expected liquidity sources, the relative
costs of debt and equity capital, and growth opportunities. A summary of debt
and equity activity for the last three years is reflected on our Consolidated
Statement of Cash Flows of the Consolidated Financial Statements set forth in
Item&nbsp;8 of this report.


<P align="left" style="font-size: 10pt">While we believe we have the financial position to expand our short-term credit
capacity and access the capital markets as needed, we cannot assure you that we
will be successful in completing these arrangements, sales or offerings. The
failure to complete these transactions on a cost-effective basis or at all
could have a material adverse impact on our operating results and financial
condition.


<P align="left" style="font-size: 10pt">We may, from time to time, enter into joint ventures (including limited
liability companies) or partnerships through which we would own an indirect
economic interest in less than 100% of the property or properties owned
directly by such joint venture or partnership. Our decision whether to hold an
apartment community in fee simple or to have an indirect interest in the
community through a joint venture or partnership is based on a variety of facts
and considerations, including: (i)&nbsp;the economic and tax terms required by a
seller of land or of a community, who may prefer that (or who may require less
payment if) the land or community is contributed to a joint venture or
partnership; (ii)&nbsp;our desire to diversify our portfolio of communities by
market, submarket and product type; (iii)&nbsp;our desire at times to preserve our
capital resources to maintain liquidity or balance sheet strength; and (iv)&nbsp;our
projection, in some circumstances, that we will achieve higher returns on our
invested capital or reduce our risk if a joint venture or partnership vehicle
is used. Any future investments in joint ventures or partnerships will not be
limited to a specified percentage of our assets. Each joint venture or
partnership agreement is individually negotiated, and our ability to operate
and/or dispose of a community in our sole discretion may be limited to varying
degrees depending on the terms of the joint venture or partnership agreement.


<P align="left" style="font-size: 10pt">In addition, we may, from time to time, offer shares of our equity securities,
debt securities or options to purchase stock in exchange for property.


<P align="left" style="font-size: 10pt">While we emphasize equity real estate investments in apartment communities, we
have the ability, which would be exercised in the discretion of our Board of
Directors, to invest in other types of real estate, mortgages (including
participating or convertible mortgages), securities of other REITs or real
estate operating companies, or securities of


<P align="center" style="font-size: 10pt">4
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<P align="left" style="font-size: 10pt">technology companies that relate
to our real estate operations or of companies that provide services to us or
our residents, in each case consistent with our qualification as a REIT. On
occasion, we own and operate retail space at our communities when either (i)
the highest and best use of the space is for retail (e.g., street level in an
urban area) or (ii)&nbsp;we believe the retail space will enhance the attractiveness
of the community to residents. As of December&nbsp;31, 2003, we had a total of
192,040 square feet of rentable retail space that produced gross rental revenue
in 2003 of $2,329,000 (0.4% of total revenue). Any investment in securities of
other entities is subject to the percentage of ownership limitations and gross
income tests necessary for REIT qualification. Our current policy does not
contemplate future investments in mortgages or deeds of trust.


<P align="left" style="font-size: 10pt">We have not engaged in trading, underwriting or agency distribution or sale of
securities of other issuers and do not intend to do so. At all times we intend
to make investments in a manner as to qualify as a REIT unless, because of
circumstances or changes to the Internal Revenue Code (or the Treasury
Regulations), the Board of Directors determines that it is no longer in our
best interest to qualify as a REIT.


<P align="left" style="font-size: 10pt"><U>Inflation and Deflation</U>


<P align="left" style="font-size: 10pt">Substantially all of our leases are for a term of one year or less, which may
enable us to realize increased rents upon renewal of existing leases or the
beginning of new leases. Such short-term leases generally minimize the risk to
us of the adverse effects of inflation, although as a general rule these leases
permit residents to leave at the end of the lease term and therefore
our rental revenues are impacted by declines in market rents more
quickly than if our leases were for longer terms. Short-term leases combined with
relatively consistent demand have allowed rents, and therefore cash flow from
the portfolio, to provide an attractive inflation hedge. However, in a
deflationary rent environment as is currently being experienced, we are exposed
to declining rents more quickly under these shorter-term leases.


<P align="left" style="font-size: 10pt"><U>Tax Matters</U>


<P align="left" style="font-size: 10pt">We filed an election with our initial federal income tax return to be taxed as
a REIT under the Internal Revenue Code of 1986, as amended, and intend to
maintain our qualification as a REIT in the future. As a qualified REIT, with
limited exceptions, we will not be taxed under federal and certain state income
tax laws at the corporate level on our net income to the extent net income is
distributed to our stockholders. We expect to make sufficient distributions to
avoid income tax at the corporate level.


<P align="left" style="font-size: 10pt"><U>Competition</U>



<P align="left" style="font-size: 10pt">We face competition from other real estate investors, including insurance
companies, pension and investment funds, partnerships and investment companies
and other apartment REITs, to acquire and develop apartment communities and
acquire land for future development. As an owner and operator of apartment
communities, we also face competition for prospective residents from other
operators whose communities may be perceived to offer a better location or
better amenities or whose rent may be perceived as a better value proposition
given the quality, location and amenities that the resident seeks. We also
compete with the condominium and single-family home markets. Although we often
compete against large sophisticated developers and operators for development
opportunities and for prospective residents, real estate developers and
operators of any size can provide effective competition.


<P align="left" style="font-size: 10pt"><U>Environmental and Related Matters</U>



<P align="left" style="font-size: 10pt">Under various federal, state and local environmental laws, regulations and
ordinances, a current or previous owner or operator of real estate may be
required, regardless of knowledge or responsibility, to investigate and
remediate the effects of hazardous or toxic substances or petroleum product
releases at the property and may be held liable to a governmental entity or to
third parties for property damage and for investigation and remediation costs
incurred by these parties as a result of the contamination. These damages and
costs may be substantial. The presence of such substances, or the failure to
properly remediate the contamination, may adversely affect the owner&#146;s ability
to borrow against, sell or rent the affected property. In addition, some
environmental laws create a lien on the contaminated site in favor of the
government for damages and costs it incurs as a result of the contamination.


<P align="center" style="font-size: 10pt">5
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">Certain federal, state and local laws, regulations and ordinances govern the
removal, encapsulation or disturbance of asbestos containing materials (&#147;ACMs&#148;)
when such materials are in poor condition or in the event of reconstruction,
remodeling, renovation, or demolition of a building. These laws may impose
liability for release of ACMs and may provide for third parties to seek
recovery from owners or operators of real properties for personal injury
associated with exposure to ACMs. We are not aware that any ACMs were used in
the construction of the communities we developed. ACMs were, however, used in
the construction of several of the communities that we acquired. We have
implemented an operations and maintenance program for each of the communities
at which ACMs have been detected. We do not anticipate that we will incur any
material liabilities as a result of the presence of ACMs at our communities.


<P align="left" style="font-size: 10pt">We are aware that some of our communities have lead paint and have implemented
an operations and maintenance program at each of those communities. We do not
anticipate that we will incur any material liabilities as a result of the
presence of lead paint at our communities.


<P align="left" style="font-size: 10pt">All of our stabilized operating communities, and all of the communities that we
are currently developing or redeveloping, have been subjected to at least a
Phase I or similar environmental assessment, which generally does not involve
invasive techniques such as soil or ground water sampling. These assessments,
together with subsurface assessments conducted on some properties, have not
revealed, and we are not otherwise aware of, any environmental conditions that
we believe would have a material adverse effect on our business, assets,
financial condition or results of operations. In connection with our
ownership, operation and development of communities, from time to time we
undertake remedial action in response to the presence of subsurface or other
contaminants. In some cases, an indemnity exists upon which we may be able to
rely if environmental liability arises from the contamination. There can be no
assurance, however, that all necessary remediation actions have been or will be
undertaken at our properties or that we will be indemnified, in full or at all,
in the event that environmental liability arises.


<P align="left" style="font-size: 10pt">Mold growth may occur when excessive moisture accumulates in buildings or on
building materials, particularly if the moisture problem remains undiscovered
or is not addressed over a period of time. Although the occurrence of mold at
multifamily and other structures, and the need to remediate such mold, is not a
new phenomenon, there has been increased awareness in recent years that certain
molds may in some instances lead to adverse health effects, including allergic
or other reactions. To help limit mold growth, we educate residents about the
importance of adequate ventilation and request or require that they notify us
when they see mold or excessive moisture. We have established procedures for
promptly addressing and remediating mold or excessive moisture from apartment
homes when we become aware of its presence regardless of whether we or the
resident believe a health risk is present. However, we cannot assure that
mold or excessive moisture will be detected and remediated in a timely manner.
If a significant mold problem arises at one of our communities, we could be
required to undertake a costly remediation program to contain or remove the
mold from the affected community and could be exposed to other liabilities.


<P align="left" style="font-size: 10pt">Additionally, we have occasionally been involved in developing, managing,
leasing and operating various properties for third parties. Consequently, we
may be considered to have been an operator of such properties and, therefore,
potentially liable for removal or remediation costs or other potential costs
which could relate to hazardous or toxic substances. We are not aware of any
material environmental liabilities with respect to properties managed or
developed by us or our predecessors for such third parties.


<P align="center" style="font-size: 10pt">6
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<P align="left" style="font-size: 10pt">We cannot assure you that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the environmental assessments described above have identified
all potential environmental liabilities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no prior owner created any material environmental condition
not known to us or the consultants who prepared the assessments;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no environmental liabilities have developed since the
environmental assessments were prepared;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the condition of land or operations in the vicinity of our
communities, such as the presence of underground storage tanks, will
not affect the environmental condition of our communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future uses or conditions, including, without limitation,
changes in applicable environmental laws and regulations, will not
result in the imposition of environmental liability; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no environmental liabilities will develop at communities that
we have sold for which we may have liability.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Other Information</U>


<P align="left" style="font-size: 10pt">Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K, and amendments to those reports filed or furnished
pursuant to the Securities Exchange Act of 1934 are available free of charge in
the &#147;Investor Relations&#148; section of our website (www.avalonbay.com) as soon as
reasonably practicable after the reports are filed with or furnished to the
SEC.


<P align="left" style="font-size: 10pt">We were incorporated under the laws of the State of California in 1978. In
1995, we reincorporated in the State of Maryland and have been focused on the
ownership and operation of apartment communities since that time. As of
December&nbsp;31, 2003, we had 1,622 employees.

<DIV align="left">
<A name="103"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 2.</B>&nbsp;</TD>
    <TD><B>COMMUNITIES</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Our real estate investments consist primarily of current operating apartment
communities, communities in various stages of development (&#147;Development
Communities&#148;) and Development Rights as defined below. Our current operating
communities are further distinguished as Established Communities, Other
Stabilized Communities, Lease-Up Communities and Redevelopment Communities.
The following is a description of each category:



<P align="left" style="margin-left:6%; font-size: 10pt"><U>Current Communities</U> are categorized as Established, Other
Stabilized, Lease-Up, or Redevelopment according to the following
attributes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Established Communities </I>(also known as Same Store
Communities) are communities where a comparison of
operating results from the prior year to the current year
is meaningful, as these communities were owned and had
stabilized occupancy and operating expenses as of the
beginning of the prior year. We determine which of our
communities fall into the Established Communities category
annually as of January 1st of each year and maintain that
classification throughout the year. For the year ended
December&nbsp;31, 2003, the Established Communities are
communities that had stabilized occupancy and operating
expenses as of January&nbsp;1, 2002 and are not conducting or
planning to conduct substantial redevelopment activities,
as described below, and are not held for sale or planned
for disposition within the current year. We consider a
community to have stabilized occupancy at the earlier of
(i)&nbsp;attainment of 95% physical occupancy or (ii)&nbsp;the
one-year anniversary of completion of development or
redevelopment.<br>&nbsp;<br>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Other Stabilized Communities </I>includes all other
completed communities that have stabilized occupancy, as
defined above. Other Stabilized Communities do not
include communities that are conducting or planning to
conduct substantial redevelopment activities within the
current year.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">7
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Lease-Up Communities </I>are communities where
construction has been complete for less than one year and
where physical occupancy has not reached 95%.<br>&nbsp;<br>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Redevelopment Communities </I>are communities where
substantial redevelopment is in progress or is planned to
begin during the current year. Redevelopment is
considered substantial when capital invested during the
reconstruction effort exceeds the lesser of $5,000,000 or
10% of the community&#146;s acquisition cost.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt"><U>Development Communities</U> are communities that are under
construction and for which a final certificate of occupancy has
not been received. These communities may be partially complete
and operating.



<P align="left" style="margin-left:6%; font-size: 10pt"><U>Development Rights</U> are development opportunities in the
early phase of the development process for which we either have an
option to acquire land or enter into a leasehold interest, for
which we are the buyer under a long-term conditional contract to
purchase land or where we own land to develop a new community. We
capitalize related pre-development costs incurred in pursuit of
new developments for which we currently believe future development
is probable.


<P align="left" style="font-size: 10pt">As of December&nbsp;31, 2003, our communities were classified as follows:

<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="75%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>communities</B>
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>apartment homes</B>
        <HR size="1" noshade></TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px"><u>Current Communities</u></DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#FFFFFF">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:80px; text-indent:-10px">Established Communities:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Northeast</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">30</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">7,559</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Mid-Atlantic</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">16</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,684</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Midwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,296</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Pacific Northwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">9</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,436</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Northern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">29</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">8,663</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Southern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">11</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,180</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:150px; text-indent:-10px">Total Established</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">99</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">27,818</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:80px; text-indent:-10px">Other Stabilized Communities:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Northeast</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">12</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,891</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Mid-Atlantic</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">842</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Midwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Pacific Northwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">723</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Northern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">655</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:120px; text-indent:-10px">Southern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,442</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:150px; text-indent:-10px">Total Other Stabilized</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">7,553</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:80px; text-indent:-10px">Lease-Up Communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">8</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,044</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:80px; text-indent:-10px">Redevelopment Communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,089</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:80px; text-indent:-10px">Total Current Communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">131</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">38,504</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px"><u>Development Communities</u></DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">11</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,493</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px"><u>Development Rights</u></DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">40</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">10,070</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Our holdings under each of the above categories are discussed on the following
pages.


<P align="center" style="font-size: 10pt">8
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><U>Current Communities</U>


<P align="left" style="font-size: 10pt">The Current Communities are primarily garden-style apartment communities
consisting of two and three-story buildings in landscaped settings. The
Current Communities, as of February&nbsp;27, 2004, include 98 garden-style (of
which 10 are mixed communities and include townhomes), 19 high-rise and 14
mid-rise apartment communities. The Current Communities offer many attractive
amenities including some or all of the following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>vaulted ceilings;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lofts;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fireplaces;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>patios/decks; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modern appliances.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Other features at various communities may include:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>swimming pools;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fitness centers;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tennis courts; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business centers.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">We also have an extensive and ongoing maintenance program to keep all
communities and apartment homes substantially free of deferred maintenance and,
where vacant, available for immediate occupancy. We believe that the aesthetic
appeal of our communities and a service oriented property management team,
focused on the specific needs of residents, enhances market appeal to
discriminating residents. We believe this will ultimately achieve higher
rental rates and occupancy levels while minimizing resident turnover and
operating expenses.


<P align="center" style="font-size: 10pt">9
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left" style="font-size: 10pt">These Current Communities are located in the following geographic markets:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Percentage of total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>communities at</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>apartment homes at</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>apartment homes at</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1-1-03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2-27-04</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1-1-03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2-27-04</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1-1-03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2-27-04</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Northeast</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,667</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>31.5</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>34.3</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Boston, MA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Fairfield County, CT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Long Island, NY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Northern New Jersey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Central New Jersey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">New York, NY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Mid-Atlantic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,754</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,423</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>16.8</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>16.7</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Baltimore, MD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Washington, DC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.9</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Midwest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,296</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>6.5</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>3.4</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Chicago, IL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Minneapolis, MN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Pacific Northwest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,159</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,159</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>7.9</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>8.2</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Seattle, WA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Northern California</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,318</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,568</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>23.2</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>24.8</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Oakland-East Bay, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">San Francisco, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">San Jose, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Southern California</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,657</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,845</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>14.1</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>12.6</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Los Angeles, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Orange County, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">San Diego, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">We manage and operate all of the Current Communities. During the year ended
December&nbsp;31, 2003, we completed construction of 1,959 apartment homes in seven
communities and sold 3,634 apartment homes in twelve communities. The average
age of the Current Communities, on a weighted average basis according to number
of apartment homes, is 8.1&nbsp;years.


<P align="left" style="font-size: 10pt">Of the Current Communities, as of February&nbsp;27, 2004, we own:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fee simple, or absolute, ownership interest in 104
operating communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fee simple, or absolute, ownership interest in four
operating communities which are on land subject to land
leases expiring in January&nbsp;2062, April&nbsp;2095, May&nbsp;2099 and
March&nbsp;2142;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a general partnership interest in three partnerships
that each own a fee simple interest in an operating
community;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a general partnership interest in five partnerships
structured as &#147;DownREITs,&#148; as described more fully below,
that own an aggregate of 15 communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a membership interest in four limited liability
companies that each hold a fee simple interest in an
operating community, two of which are on land subject to land
leases with one lease expiring in July&nbsp;2029 and one lease
expiring in November&nbsp;2089; and</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 100% interest in a senior participating mortgage note
secured by one community, which allows us to share in part
of the rental income or resale proceeds of the community.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">We also hold a fee simple ownership interest in nine of the Development
Communities, a membership interest in a limited liability company that owns one
Development Community and a general partnership interest in a partnership
structured as a &#147;DownREIT&#148; that owns one Development Community.


<P align="left" style="font-size: 10pt">In each of our six partnerships structured as DownREITs, either AvalonBay or
one of our wholly-owned subsidiaries is the general partner, and there are one
or more limited partners whose interest in the partnership is represented by
units of limited partnership interest. For each DownREIT partnership, limited
partners are entitled to receive an initial distribution before any
distribution is made to the general partner. Although the partnership
agreements for each of the DownREITs are different, generally the distributions
per unit paid to the holders of units of limited partnership interests have
approximated our current common stock dividend amount. Each DownREIT
partnership has been structured so that it is unlikely the limited partners
will be entitled to a distribution greater than the initial distribution
provided for in the applicable partnership agreement. The holders of units of
limited partnership interest have the right to present each unit of limited
partnership interest for redemption for cash equal to the fair market value of
a share of our common stock on the date of redemption. In lieu of a cash
redemption by the partnership, we may elect to acquire any unit presented for
redemption for one share of our common stock or for such cash amount. As of
February&nbsp;27, 2004, there were 589,412 DownREIT partnership units outstanding.
The DownREIT partnerships are consolidated for financial reporting purposes.


<P align="center" style="font-size: 10pt">11
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="font-family: 'Times New Roman',Times,serif">
  <div align="center"><strong><font size="2"><I>Profile of Current, Development
    and Unconsolidated Communities (1)<br>
    (Dollars in thousands, except per apartment home data)</I> </font></strong>
  </div>
  <p>

<DIV align="left">
    <TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="19%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>Average economic</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Approx.<br>
          rentable</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Year of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Physical</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>occupancy</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>rental rate</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Financial</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><strong>area</strong></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>completion/</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>size</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>occupancy</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>reporting</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>City and state</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>homes</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Acres</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B> acquisition</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>at 12/31/03</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2003</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2002</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Apt (4)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Sq. Ft.</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>cost (5)</B> <HR size="1" noshade></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR valign="bottom" style="background: #eeeeee">
        <TD nowrap><DIV style="margin-left:35px; text-indent:-10px">CURRENT COMMUNITIES</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><I>NORTHEAST</I></DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Boston, MA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Center Place (10)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Providence, RI</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">225</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">231,671</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1991/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,030</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">$</TD>
        <TD align="right" valign="top">2,162</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">$</TD>
        <TD align="right" valign="top">1.97</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">$</TD>
        <TD align="right" valign="top">27,761</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Faxon Park</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Quincy, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">171</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">175,494</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.3</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,026</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,706</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.55</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">15,322</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Flanders
            Hill</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Westborough, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">280</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">299,978</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">62.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,099</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">79.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,451</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.08</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">36,642</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Lexington</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Lexington, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">198</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">231,182</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,168</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,793</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.41</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">15,448</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Newton
            Highlands (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Newton, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">294</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">401,241</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">7.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,177</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">63.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">27.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,180</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.45</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">55,121</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Prudential
            Center</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Boston, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">781</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">747,954</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1968/1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">958</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">89.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,582</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.48</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">154,665</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Essex</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Peabody, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">154</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">173,520</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,127</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,767</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.46</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">21,619</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Estates</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Hull, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">162</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">188,392</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">55.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,163</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">88.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,545</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.23</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">20,322</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Ledges</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Weymouth, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">304</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">315,554</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">58.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,023</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">80.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">37.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,398</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.08</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">36,016</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Oaks</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Wilmington, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">204</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">229,748</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,023</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,562</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.28</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">20,935</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Oaks West</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Wilmington, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">120</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">123,960</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">27.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,033</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">76.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,497</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.33</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16,799</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Orchards</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Marlborough, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">156</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">186,500</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">23.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,219</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">63.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,481</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.15</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">21,010</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Summit</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Quincy, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">245</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">203,848</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1986/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">832</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,290</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.42</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16,863</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon West</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Westborough, MA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">120</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">147,472</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,229</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">89.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,416</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.03</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11,083</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Fairfield-New Haven,
            CT</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Greyrock
            Place</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Stamford, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">306</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">201,500</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">3.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,040</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">66.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,938</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.67</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">70,316</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Corners</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Stamford, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">195</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">192,174</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">3.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">986</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">87.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,862</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.74</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,810</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Gates</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Trumbull, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">340</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">381,322</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">37.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,122</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">71.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">81.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,664</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.21</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">36,525</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Glen</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Stamford, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">238</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">221,828</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">4.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1991</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">932</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,734</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.68</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,440</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Haven</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">North Haven, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">128</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">140,107</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,095</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,553</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.36</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13,766</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Lake</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Danbury, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">135</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">166,231</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">32.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,184</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,774</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.38</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17,050</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon New Canaan
            (6)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">New Canaan, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">104</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">130,104</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">9.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,251</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">83.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">82.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,472</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.63</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">24,285</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon on Stamford
            Harbor</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Stamford, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">323</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">336,566</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,042</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">87.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,052</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.71</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">62,465</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Springs</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Wilton, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">102</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">158,259</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,552</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">86.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,499</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.50</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17,058</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Valley</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Danbury, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">268</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">297,479</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,070</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,630</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.41</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">26,059</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Walk I &#038;
            II</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Hamden, CT</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">764</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">761,441</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">38.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1992/1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">996</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">87.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">89.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,301</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.17</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">59,203</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Long Island, NY</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Commons</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Smithtown, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">312</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">363,049</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">20.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,164</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">98.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">98.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,829</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.54</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">33,322</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Court</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Melville, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">494</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">597,104</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">35.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997/2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,209</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">98.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,265</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.81</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">59,341</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Towers</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Long Beach, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">109</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">124,836</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.3</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1990/1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,145</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,928</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.50</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17,307</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

  <div align="center"><strong><font size="2"><I>Profile of Current, Development
    and Unconsolidated Communities (1)<br>
    (Dollars in thousands, except per apartment home data)</I> </font></strong>
  </div>
  <p>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
    <TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="19%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>Average economic</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Approx.</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Year of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Physical</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>occupancy</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>rental rate</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Financial</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>rentable</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>completion</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>size</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>occupancy</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>reporting</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>City and state</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>homes</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Acres</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>/ acquisition</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>at 12/31/03</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2003</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2002</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Apt (4)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Sq. Ft.</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>cost (5)</B> <HR size="1" noshade></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">Northern New
            Jersey</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Edgewater</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Edgewater, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">408</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">405,144</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">7.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">993</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">71.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,070</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.88</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">74,760</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Florham Park</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Florham Park, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">270</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">331,560</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">41.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,228</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">88.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,240</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.67</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">41,572</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Cove</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Jersey City, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">504</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">574,675</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,140</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">89.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">87.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,305</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.81</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92,247</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">The Tower
            at Avalon Cove</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Jersey City, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">269</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">241,825</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">905</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">85.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,096</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.14</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">49,749</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">Central New
            Jersey</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Freehold</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Freehold, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">296</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">317,608</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">42.3</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,073</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">80.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,573</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.34</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">34,434</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Run East</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Lawrenceville, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">206</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">265,198</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">27.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,287</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,604</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.14</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16,294</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Watch</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">West Windsor, NJ</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">512</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">485,871</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">64.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1988</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">949</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,323</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.29</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">29,981</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">New York, NY</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Riverview
            I (10)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Long Island City, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">372</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">332,940</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">895</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">86.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">37.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,560</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.48</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94,393</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Gardens</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Nanuet, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">504</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">638,439</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">55.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,267</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,859</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.39</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">54,474</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Green</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Elmsford, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">105</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">113,538</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,081</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">87.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,204</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.89</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12,634</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon on the Sound
            (8) (10)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">New Rochelle, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">412</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">372,860</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">905</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">89.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">87.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,222</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.26</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91,598</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon View</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Wappingers Falls, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">288</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">335,088</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">41.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1993</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,164</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,373</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.11</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">18,494</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Willow</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Mamaroneck, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">227</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">199,945</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">4.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">881</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,108</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.22</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">47,057</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">The Avalon</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Bronxville, NY</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">110</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">119,186</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,085</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">3,247</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.81</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,227</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><I>MID-ATLANTIC</I></DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Baltimore, MD</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Fairway
            Hills I &#038; II</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Columbia, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">720</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">724,253</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">44.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1987/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,005</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,143</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.08</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">45,091</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Symphony
            Glen</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Columbia, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">176</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">179,867</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1986</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,022</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,182</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.12</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">9,219</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Landing</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Annapolis, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">158</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">117,033</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1984/1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">741</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,053</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.37</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">9,881</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Washington, DC</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">AutumnWoods</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Fairfax, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">420</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">355,228</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">24.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1989/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">846</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,089</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.20</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,022</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Arlington
            Square</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Arlington, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">842</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">909,449</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">18.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,080</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">87.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">73.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,667</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.35</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">112,294</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Ballston
            - Vermont &#038; Quincy Towers (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Arlington, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">454</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">420,242</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.3</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1990/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">926</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,405</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.42</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">47,488</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Ballston
            - Washington Towers</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Arlington, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">344</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">294,786</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">4.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1990</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">857</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,399</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.54</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">37,463</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Cameron
            Court</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Alexandria, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">460</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">467,292</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,016</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,497</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.38</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">43,246</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Decoverly</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Rockville, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">368</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">368,446</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">25.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1991/1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,001</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,265</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.20</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,820</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Foxhall</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Washington, D.C.</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">308</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">298,725</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1982</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">970</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">72.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">62.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">88.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,782</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.14</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">43,273</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Fox Mill</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Herndon, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">165</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">219,360</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,329</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,517</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.05</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">19,515</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Gallery
            Place I</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Washington, DC</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">203</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">183,326</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">903</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">68.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">33.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,200</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.82</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">52,271</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Providence
            Park</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Fairfax, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">141</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">148,211</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">4.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1988/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,051</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,270</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.14</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11,301</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Rock Spring
            (8) (10)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">North Bethesda, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">386</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">388,480</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,006</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">79.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">51.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,570</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.81</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">45,834</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Crescent</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">McLean, VA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">558</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">613,426</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">19.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,099</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,585</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.33</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">57,339</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Crossing</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Rockville, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">132</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">147,690</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">5.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,119</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">88.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,666</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.37</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13,895</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Fields I &#038;
            II</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">North Potomac, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">288</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">292,282</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">9.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,050</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,285</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.19</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22,699</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Knoll</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Germantown, MD</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">300</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">290,365</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">26.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1985</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">968</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,054</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.03</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8,697</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">13
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

  <div align="center"><strong><font size="2"><I>Profile of Current, Development
    and Unconsolidated Communities (1)<br>
    (Dollars in thousands, except per apartment home data)</I> </font></strong>
  </div>
  <p>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
    <TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="19%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>Average economic</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Approx.</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Year of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Physical</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>occupancy</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>rental rate</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Financial</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>rentable</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>completion</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>size</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>occupancy</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>reporting</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>City and state</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>homes</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Acres</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>/ acquisition</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>at 12/31/03</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2003</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2002</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Apt (4)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Sq. Ft.</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>cost (5)</B> <HR size="1" noshade></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->

      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><I>MIDWEST</I></DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Chicago, IL</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">200 Arlington
            Place</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Arlington Heights, IL</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">409</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">346,832</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1987/2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">848</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">89.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,280</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.36</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">49,998</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Danada Farms (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Wheaton, IL</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">295</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">350,606</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">19.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,188</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,282</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.98</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">38,454</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Stratford
            Green (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Bloomingdale, IL</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">192</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">237,204</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,235</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,261</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.93</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">21,992</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at West Grove
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Westmont, IL</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">400</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">388,500</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1967</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">971</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">88.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">859</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.80</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">30,187</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><I>PACIFIC NORTHWEST</I></DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Seattle, WA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Bear Creek
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Redmond, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">264</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">288,250</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,092</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">90.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,116</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.94</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">34,461</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Bellevue</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Bellevue, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">202</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">164,226</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">813</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,151</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.33</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">30,649</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Belltown</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Seattle, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">100</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">80,200</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">802</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">83.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,277</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.51</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">18,365</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Brandemoor
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Lynwood, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">424</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">453,602</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,070</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">900</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.77</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">45,326</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Greenbriar</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Renton, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">356</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">382,382</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1987</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,074</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">91.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,055</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.93</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">36,297</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon HighGrove
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Everett, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">391</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">422,482</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">19.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,081</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">873</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.76</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">39,626</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon ParcSquare
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Redmond, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">124</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">127,236</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,026</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,234</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.15</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">19,134</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Redmond Place
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Redmond, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">222</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">206,004</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1991/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">928</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,036</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.03</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">26,064</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon RockMeadow
            (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Bothell, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">206</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">240,817</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,169</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,018</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.81</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">24,603</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon WildReed (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Everett, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">234</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">259,080</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">23.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2000</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,107</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">848</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.73</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22,956</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon WildWood (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Lynwood, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">238</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">313,107</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">15.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,316</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,086</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.78</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">32,893</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Wynhaven (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Issaquah, WA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">333</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">424,604</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2001</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,275</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">85.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">87.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">89.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,209</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.82</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">52,591</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><I>NORTHERN CALIFORNIA</I></DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Oakland-East Bay,
            CA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Union Square</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Union City, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">208</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">150,140</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1973/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">722</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,058</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.41</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22,081</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Willow
            Creek</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Fremont, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">235</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">197,575</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1985/1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">841</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,240</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.43</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">34,550</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Dublin</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Dublin, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">204</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">179,004</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1989/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">877</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,334</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.44</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">26,788</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Fremont</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Fremont, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">443</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">446,422</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">22.3</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,008</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,447</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.37</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">77,639</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Pleasanton</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Pleasanton, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">456</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">377,438</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">14.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1988/1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">828</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,231</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.43</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">60,764</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Waterford</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Hayward, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">544</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">451,937</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1985/1986</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">831</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">89.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,112</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.25</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">59,459</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>




      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">San Francisco,
            CA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Cedar Ridge</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Daly City, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">195</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">141,411</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">7.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1972/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">725</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,345</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.77</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">25,683</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Diamond Heights</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Francisco, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">154</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">123,080</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">3.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1972/1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">799</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,514</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.86</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">24,636</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Mission
            Bay North (10)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Francisco, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">250</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">244,224</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">977</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">52.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,444</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.31</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">79,424</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Nob Hill</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Francisco, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">185</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">109,238</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.4</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1990/1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">590</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,470</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.32</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">27,568</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Sunset Towers</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Francisco, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">243</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">175,511</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1961/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">722</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,525</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.02</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">28,382</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Foster City</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Foster City, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">288</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">222,276</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1973/1994</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">772</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,335</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.66</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">43,054</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Pacifica</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Pacifica, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">220</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">186,785</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">21.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1971/1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">849</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,403</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.58</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,415</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Towers by
            the Bay</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Francisco, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">226</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">243,033</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,075</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,467</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2.16</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">66,922</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Crowne Ridge</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Rafael, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">254</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">221,525</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">21.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1973/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">872</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,336</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.42</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,587</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>

      <!-- End Table Body -->
    </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


  <div align="center"><strong><font size="2"><I>Profile of Current, Development
    and Unconsolidated Communities (1)<br>
    (Dollars in thousands, except per apartment home data)</I> </font></strong>
  </div>
  <p>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
    <TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="19%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>Average economic</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Approx.</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Year of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Average</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Physical</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="11"><B>occupancy</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><B>rental rate</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Financial</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>rentable</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>completion</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>size</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>occupancy</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>reporting</B></TD>
      </TR>
      <TR style="font-size: 7pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>City and state</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>homes</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Acres</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>/ acquisition</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>at 12/31/03</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="6"><B>2003</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="6"><B>2002</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Apt (4)</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Sq. Ft.</B> <HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>cost (5)</B> <HR size="1" noshade></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">San Jose, CA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon at
            Blossom Hill</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">324</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">322,207</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">7.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">994</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,463</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.42</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">60,956</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Cahill
            Park</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">218</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">218,245</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">3.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,001</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">39.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,669</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.55</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">52,352</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Creekside</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Mountain View, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">294</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">215,680</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">15.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1962/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">734</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,267</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.65</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">42,966</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Foxchase</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">396</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">335,212</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1988/1987</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">844</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,222</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.41</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">59,295</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Parkside</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Sunnyvale, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">192</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">199,353</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1991/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,038</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,593</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.47</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">37,922</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Pruneyard</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Campbell, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">252</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">197,000</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1968/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">782</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.0%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,174</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.46</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,879</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at River Oaks</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">226</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">210,050</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">4.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1990/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">929</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,418</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.46</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">44,990</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Campbell</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Campbell, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">348</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">326,796</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">939</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,451</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.45</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">60,035</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Cupertino</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Cupertino, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">311</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">293,328</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">943</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,615</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.63</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">49,109</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Avalon Mountain
            View (6)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Mountain View, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">248</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">211,552</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1986</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">853</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,520</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.70</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">50,697</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon on the Alameda</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">305</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">299,722</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">983</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,787</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.71</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">56,432</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Rosewalk</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">456</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">450,252</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">16.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997/1999</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">987</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.1%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,458</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.43</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">78,261</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Silicon Valley</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Sunnyvale, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">710</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">658,591</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">928</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,654</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.67</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">121,140</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Sunnyvale</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Sunnyvale, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">220</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">159,653</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">5.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1987/1995</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">726</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,272</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.70</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">35,075</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Towers on
            the Peninsula</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Mountain View, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">211</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">218,392</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,035</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">97.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">62.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,123</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.94</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">65,692</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">CountryBrook (7)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">360</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">323,012</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">14.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1985/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">897</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,222</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.27</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">48,229</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Fairway Glen</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">144</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">119,492</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">6.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1986</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">830</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">99.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,195</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.40</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">17,293</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">San Marino</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Jose, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">248</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">209,465</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">11.5</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1984/1988</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">845</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,247</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.43</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">34,196</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><I>SOUTHERN CALIFORNIA</I></DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Los Angeles, CA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Media Center</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Burbank, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">748</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">530,114</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">14.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1961/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">709</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">90.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(2</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,167</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.56</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">75,819</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Warner
            Center</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Woodland Hills, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">227</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">191,645</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">6.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1979/1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">844</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.4%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,364</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.53</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">26,445</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Glendale (10)</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Burbank, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">223</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">241,712</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">5.1</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">2003</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,084</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">58.3%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">24.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">N/A</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">2,092</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">0.48</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">39,920</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Woodland Hills</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Woodland Hills, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">663</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">592,722</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">18.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1989/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">894</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">93.8%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,304</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.39</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">71,862</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">The Promenade</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Burbank, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">400</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">360,587</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">6.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1988/2002</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">923</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">91.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">93.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">(3</TD>
        <TD nowrap valign="top">)</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,484</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.53</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">71,003</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Orange County, CA</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Laguna
            Niguel</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Laguna Niguel, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">176</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">174,848</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1988/1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">993</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.9%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.1</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,235</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.18</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">20,995</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Pacific
            Bay</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Huntington Beach, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">304</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">268,000</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">9.7</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1971/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">882</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.7%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,248</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.37</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">31,947</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at South Coast</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Costa Mesa, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">258</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">208,890</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1973/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">810</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">92.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.3</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,180</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.39</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">24,837</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Mission Viejo</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Mission Viejo, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">166</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">124,600</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">7.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1984/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">751</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">98.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.8</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.9</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,114</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.44</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">13,298</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon Newport</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">Costa Mesa, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">145</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">120,690</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">6.6</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1956/1996</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">832</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.6%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.2</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">97.7</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,389</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.60</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">10,113</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD valign="top" bgcolor="#ffffff">
          <DIV style="margin-left:20px; text-indent:-10px">Avalon Santa Margarita</DIV></TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="left" valign="top" bgcolor="#ffffff">Rancho Santa<br>
          Margarita, CA</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">301</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">229,593</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">20.0</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="center" valign="top" bgcolor="#ffffff">1990/1997</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">763</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="center" valign="top" bgcolor="#ffffff">92.7%</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" nowrap bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">94.0</TD>
        <TD valign="top" nowrap bgcolor="#ffffff">%</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" nowrap bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">94.4</TD>
        <TD valign="top" nowrap bgcolor="#ffffff">%</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">1,137</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">1.40</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#ffffff">23,955</TD>
        <TD valign="top" bgcolor="#ffffff">&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD bgcolor="#eeeeee">
          <DIV style="margin-left:10px; text-indent:-10px">San Diego, CA</DIV></TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="left" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="center" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="center" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD align="right" valign="top" bgcolor="#eeeeee">&nbsp;</TD>
        <TD valign="top" bgcolor="#eeeeee">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #ffffff">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Cortez
            Hill</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Diego, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">294</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">224,840</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.2</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1973/1998</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">765</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.2%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">94.6</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">92.5</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,245</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.54</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">34,401</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" bgcolor="#eeeeee">
        <TD>
          <DIV style="margin-left:20px; text-indent:-10px">Avalon at Mission
            Bay</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Diego, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">564</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">402,327</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">12.9</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1969/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">713</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">96.1%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap>&nbsp;</TD>
        <TD align="right" valign="top">96.1</TD>
        <TD valign="top" nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap>&nbsp;</TD>
        <TD align="right" valign="top">96.2</TD>
        <TD valign="top" nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,278</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.72</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">66,059</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #ffffff">
        <TD><DIV style="margin-left:20px; text-indent:-10px">Avalon at Mission
            Ridge</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Diego, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">200</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">208,100</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">4.0</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1960/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,041</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">94.5%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">95.0</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">96.4</TD>
        <TD nowrap valign="top">%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,379</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.26</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">21,675</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <TR valign="bottom" bgcolor="#eeeeee">
        <TD>
          <DIV style="margin-left:20px; text-indent:-10px">Avalon at Penasquitos
            Hills</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">San Diego, CA</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">176</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">141,120</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">8.8</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">1982/1997</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">802</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center" valign="top">95.5%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap>&nbsp;</TD>
        <TD align="right" valign="top">93.2</TD>
        <TD valign="top" nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top" nowrap>&nbsp;</TD>
        <TD align="right" valign="top">95.2</TD>
        <TD valign="top" nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1,105</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">1.28</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right" valign="top">&nbsp;</TD>
        <TD align="right" valign="top">14,353</TD>
        <TD valign="top">&nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


  <div align="center"><strong><font size="2"><I>Profile of Current, Development
    and Unconsolidated Communities (1)<br>
    (Dollars in thousands, except per apartment home data)</I> </font></strong>
  </div>
  <p>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Average economic</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Approx.<br> area</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Physical</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>occupancy</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>rental rate</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Financial</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>rentable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>completion</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>size</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>occupancy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$ per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>reporting</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>City and state</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>homes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acres</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>/ acquisition</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Sq. Ft.)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>at 12/31/03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Apt (4)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Sq. Ft.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>cost (5)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-10px"><B>DEVELOPMENT COMMUNITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Avalon at Crane Brook</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Danvers &#038; Peabody, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">387</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">491,870</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,271</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26,029</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Glen Cove South</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Glen Cove, NY</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">256</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">270,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,050</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49,731</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Grosvenor Station (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Bethesda, MD</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">497</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">478,530</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">963</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69,618</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Steven&#146;s Pond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saugus, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">326</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">360,509</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">82.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,106</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">53,172</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at the Pinehills I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plymouth, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">101</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">197,354</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,954</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,834</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Darien</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Darien, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">189</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">242,311</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,282</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37,213</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Traville</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Potomac, MD</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">520</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">573,560</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,103</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46,056</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Milford I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Milford, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">246</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">218,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">886</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,926</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Run East II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawrenceville, NJ</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">312</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">341,152</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,095</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19,014</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Pines I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Coram, NY</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">298</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">442,895</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,485</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11,127</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Chrystie Place I (11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">361</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">266,555</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">738</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,194</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B>UNCONSOLIDATED COMMUNITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Avalon Arbor (9)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shrewsbury, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">302</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">297,989</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1991</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">986</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88.4%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90.4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">92.0</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,246</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.14</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Bedford (8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stamford, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">368</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">331,655</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1961/1998</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">819</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88.4%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">88.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,570</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.55</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Grove (8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stamford, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">402</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">363,408</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1996</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">906</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">89.8%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90.3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">84.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,942</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.94</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Run (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawrenceville, NJ</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">426</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">443,168</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1994</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,010</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91.8%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90.5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">91.4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,366</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.19</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We own a fee simple interest in the communities listed, excepted as noted below.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents community which was under redevelopment during the year, resulting in lower average economic occupancy and average rental rate per square foot for the year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents community that completed development or was purchased during the year, which could result in lower average economic occupancy and average rental rate per square foot for the year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents the average rental revenue per occupied apartment home.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Costs are presented in accordance with generally accepted accounting principles. For current Development Communities, cost represents total costs incurred through December&nbsp;31, 2003.
Financial reporting costs are excluded for unconsolidated communities, see Note 6, &#147;Investments in Unconsolidated Entities.&#148;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We own a general partnership interest in a partnership that owns a fee simple interest in this community.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We own a general partnership interest in a partnership structured as a DownREIT that owns this community.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We own a membership interest in a limited liability company that holds a fee simple interest in this community.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have a 100% interest in a senior participating mortgage note secured by this community, which allows us to share in part of the rental income or resale proceeds of the community.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Community is located on land subject to a land lease.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This community is being financed under a joint venture structure with third-party financing, in which the community is owned by a limited liability company managed by one of our wholly-owned subsidiaries.</TD>
</TR>

</TABLE>








<P align="center" style="font-size: 10pt">16
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>2BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>3BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Washer<br>&#038; dryer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Large<br>storage</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balcony,<br>patio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-<br>direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Homes w/<br>pre-wired</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Studios/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Parking</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>hook-ups</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vaulted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or walk-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>deck or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Built-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>security</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>/3 BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>efficiencies</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>spaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or units</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ceilings</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Lofts</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fireplaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>closet</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>sunroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>bookcases</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ports</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>CURRENT COMMUNITIES (1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>NORTHEAST</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
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    <TD align="center" valign="bottom">&nbsp;</TD>
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    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
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    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Boston, MA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Center Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">103</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">111</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">225</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">371</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Faxon Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">171</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">327</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Flanders Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">108</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">142</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">280</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">589</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Lexington
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">90</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">198</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">362</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Newton Highlands
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">90</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">92</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">294</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">540</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Prudential Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">361</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">237</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">148</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">781</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">538</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Essex
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">154</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">336</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Estates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">80</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">162</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">345</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Ledges
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">152</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">304</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">594</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Oaks
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">96</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">204</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">394</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Oaks West
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">120</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">232</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Orchards
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">69</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">156</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">307</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Summit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">154</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">245</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">366</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon West
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">120</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">285</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Fairfield-New Haven, CT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Greyrock Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">104</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">91</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">99</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">306</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">464</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Corners
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">118</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">77</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">195</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">273</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Gates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">122</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">168</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">340</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">688</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Glen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">114</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">238</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">363</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Haven
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">128</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">256</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Lake
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">135</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">290</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon New Canaan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">104</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">194</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon on Stamford Harbor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">159</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">130</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">323</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">623</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Springs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">70</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">102</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">264</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Valley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">106</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">134</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">268</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">637</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Walk I &#038; II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">272</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">116</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">122</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">180</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">764</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,411</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Long Island, NY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Commons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">128</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">112</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">312</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">485</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Court
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">172</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">194</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">494</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,110</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">109</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">198</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Northern New Jersey</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Edgewater
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">158</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">190</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">408</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">872</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Florham Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">107</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">117</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">270</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">581</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Cove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">190</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">190</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">504</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">464</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">The Tower at Avalon Cove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">147</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">269</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">296</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Central New Jersey</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Freehold
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">176</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">296</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">591</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Run East
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">106</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">206</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">401</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Watch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">252</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">142</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">82</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">512</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">781</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt">17
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>2BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>3BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Washer<br>&#038; dryer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Large<br>storage</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balcony,<br>patio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-<br>direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Homes w/<br>pre-wired</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Studios/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Parking</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>hook-ups</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vaulted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or walk-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>deck or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Built-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>security</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>/3 BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>efficiencies</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>spaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or units</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ceilings</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Lofts</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fireplaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>closet</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>sunroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>bookcases</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ports</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>New York, NY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Riverview I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">184</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">114</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">372</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">426</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Gardens
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">208</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">144</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">104</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">504</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,382</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Green
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">105</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">208</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon on the Sound
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">143</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">184</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">412</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">648</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon View
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">115</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">288</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">598</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Willow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">150</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">77</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">227</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">371</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">The Avalon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">110</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">167</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>MID-ATLANTIC</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Baltimore, MD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Fairway Hills I &#038; II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">283</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">223</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">154</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">720</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,171</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Symphony Glen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">88</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">174</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">268</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Landing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">158</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">256</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Washington, DC</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">AutumnWoods
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">220</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">96</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">420</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">720</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Arlington Square
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">383</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">342</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">97</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">842</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,411</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Ballston &#151; Vermont &#038; Quincy Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">333</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">454</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">972</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Ballston &#151; Washington Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">205</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">111</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">344</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">470</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cameron Court
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">208</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">168</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">460</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">897</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Decoverly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">156</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">104</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">368</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">627</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Foxhall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">160</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">70</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">308</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">335</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Fox Mill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">92</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">73</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">165</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">366</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Gallery Place I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">111</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">77</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">203</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">125</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Providence Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">112</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">141</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">299</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Rock Spring
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">178</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">133</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">386</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">680</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Crescent
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">186</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">346</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">558</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">989</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Crossing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">105</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">132</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">224</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Fields I &#038; II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">288</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">461</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Knoll
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">136</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">81</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">300</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">477</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>MIDWEST</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Chicago, IL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
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    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">200 Arlington Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">142</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">89</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">148</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">409</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">650</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Danada Farms
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">80</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">134</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">295</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">555</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Stratford Green
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">108</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">192</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">420</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at West Grove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">200</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">200</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">400</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">599</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PACIFIC NORTHWEST</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Seattle, WA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Bear Creek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">110</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">59</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">264</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">515</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Bellevue
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">110</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">202</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">300</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Belltown
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">100</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">134</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Brandemoor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">88</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">109</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">149</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">78</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">424</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">732</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Greenbriar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">217</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">169</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">421</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">731</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon HighGrove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">119</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">391</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">721</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon ParcSquare
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">189</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Redmond Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">222</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">384</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon RockMeadow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">86</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">206</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">415</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon WildReed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">78</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">234</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">463</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Wildwood
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">211</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">238</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">484</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Wynhaven
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">239</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">333</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,486</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">18
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>2BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>3BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Washer<br>&#038; dryer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Large<br>storage</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balcony,<br>patio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-<br>direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Homes w/<br>pre-wired</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Studios/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Parking</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>hook-ups</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vaulted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or walk-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>deck or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Built-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>security</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>/3 BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>efficiencies</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>spaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or units</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ceilings</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Lofts</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fireplaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>closet</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>sunroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>bookcases</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ports</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>NORTHERN CALIFORNIA</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Oakland-East Bay, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Union Square
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">208</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">210</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Willow Creek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">99</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">136</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">235</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">240</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Dublin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">204</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">435</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Fremont
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">130</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">81</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">176</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">443</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">892</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pleasanton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">238</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">218</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">456</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">856</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Waterford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">208</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">336</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">544</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">910</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>San Francisco, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cedar Ridge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">117</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">195</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">259</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Diamond Heights
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">90</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">154</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">155</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Mission Bay North
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">148</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">95</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">250</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">198</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Nob Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">114</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">185</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">104</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Sunset Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">183</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">243</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">244</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Foster City
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">123</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">288</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">490</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pacifica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">106</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">220</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">329</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Towers by the Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">103</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">120</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">226</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">235</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Crowne Ridge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">158</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">254</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">396</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>San Jose, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Blossom Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">90</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">210</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">324</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">379</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cahill Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">118</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">94</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">218</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">283</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Creekside
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">158</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">128</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">294</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">441</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Foxchase
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">168</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">228</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">396</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">666</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Parkside
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">96</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">192</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">351</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Pruneyard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">212</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">252</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">400</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at River Oaks
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">100</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">126</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">226</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">358</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Campbell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">156</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">180</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">348</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">454</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Cupertino
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">145</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">152</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">311</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">501</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Mountain View
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">108</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">88</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">248</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">248</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon on the Alameda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">113</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">164</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">305</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">558</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Rosewalk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">168</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">264</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">456</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">705</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Silicon Valley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">338</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">336</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">710</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,400</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Sunnyvale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">112</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">220</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">394</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Towers on the Peninsula
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">90</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">115</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">211</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">512</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">CountryBrook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">108</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">252</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">360</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">692</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Fairway Glen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">144</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">245</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">San Marino
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">103</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">145</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">248</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">439</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>SOUTHERN CALIFORNIA</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Los Angeles, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Media Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">296</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">102</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">117</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">221</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">748</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">910</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Warner Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">88</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">227</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">449</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Glendale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">121</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">223</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">460</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Woodland Hills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">222</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">441</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">663</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,353</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">The Promenade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">153</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">196</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">400</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">720</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">19
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>


<DIV align="center">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>2BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>3BR</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Washer<br>&#038; dryer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Large<br>storage</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balcony,<br>patio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-<br>direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Direct</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Homes w/<br>pre-wired</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1/1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2/2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Studios/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Parking</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>hook-ups</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Vaulted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or walk-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>deck or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Built-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>security</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>/3 BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3BA</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>efficiencies</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>spaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or units</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ceilings</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Lofts</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fireplaces</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>closet</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>sunroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>bookcases</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ports</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>garages</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Orange County, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Pacific Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">144</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">104</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">304</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">485</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at South Coast
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">124</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">86</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">258</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">426</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Half
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Laguna Niguel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">176</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">176</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">381</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Mission Viejo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">94</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">166</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">243</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Newport
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">145</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">244</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Santa Margarita
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">160</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">141</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">301</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">515</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>San Diego, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cortez Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">114</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">83</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">97</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">294</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">292</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Mission Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">270</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">165</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">120</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">564</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">746</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Mission Ridge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">98</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">83</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">200</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">381</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Penasquitos Hills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">80</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">176</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">273</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>DEVELOPMENT COMMUNITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Crane Brook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">160</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">177</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">387</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">737</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Glen Cove South
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">112</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">91</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">256</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">458</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Grosvenor Station
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">265</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">185</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">497</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">742</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Steven&#146;s Pond
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">102</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">202</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">326</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">663</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at the Pinehills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">73</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">101</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">246</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Darien
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">77</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">78</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">189</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">472</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Traville
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">190</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">232</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">520</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,084</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Milford I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">184</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">246</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">426</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Run East II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">148</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">312</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">697</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pines I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">220</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">298</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,094</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Most
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon
          Chrystie Place I </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">199</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">89</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">73</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">361</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">20
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Community</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Building</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Buildings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Under-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aerobics</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Walking/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sand</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indoor/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>w/security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ground</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>dance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Picnic</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>jogging</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sauna/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tennis</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Racquet-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fitness</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>volley-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>outdoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Clubhouse/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Business</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tot</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>systems</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>parking</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>studio</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>wash</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>area</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>trail</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Pool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>whirlpool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>court</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>basketball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>clubroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>lot</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Concierge</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CURRENT COMMUNITIES (1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>NORTHEAST</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Boston, MA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Center Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Faxon Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Flanders Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Lexington
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Newton Highlands
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Prudential Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Essex
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Estates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Ledges
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Oaks
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Oaks West
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Orchards
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Summit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon West
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Fairfield-New Haven, CT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Greyrock Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Corners
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Gates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Glen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Haven
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Lake
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon New Canaan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon on Stamford Harbor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Springs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Valley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Walk I &#038; II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Long Island, NY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Commons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Court
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Northern New Jersey</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Edgewater
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Florham Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Cove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Tower at Avalon Cove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Central New Jersey</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Freehold
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Run East
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Watch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">21
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Community</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Building</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Buildings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Under-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aerobics</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Walking/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sand</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indoor/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>w/security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ground</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>dance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Picnic</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>jogging</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sauna/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tennis</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Racquet-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fitness</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>volley-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>outdoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Clubhouse/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Business</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tot</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>systems</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>parking</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>studio</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>wash</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>area</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>trail</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Pool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>whirlpool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>court</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>basketball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>clubroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>lot</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Concierge</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>New York, NY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Riverview I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Gardens
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Green
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon on the Sound
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon View
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Willow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">The Avalon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>MID-ATLANTIC</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Baltimore, MD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Fairway Hills I &#038; II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Symphony Glen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Landing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Washington, DC</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">AutumnWoods
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Arlington Square
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Ballston &#151; Vermont &#038; Quincy Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Ballston &#151; Washington Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cameron Court
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Decoverly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Foxhall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Fox Mill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Gallery Place I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Providence Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Rock Spring
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Crescent
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Crossing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Fields I &#038; II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Knoll
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>MIDWEST</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Chicago, IL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">200 Arlington Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Danada Farms
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Stratford Green
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at West Grove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>PACIFIC NORTHWEST</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Seattle, WA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Bear Creek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Bellevue
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Belltown
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Brandemoor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Greenbriar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon HighGrove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon ParcSquare
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Redmond Place
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon RockMeadow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon WildReed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Wildwood
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Wynhaven
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">22
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Community</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Building</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Buildings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Under-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aerobics</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Walking/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sand</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indoor/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>w/security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ground</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>dance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Picnic</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>jogging</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sauna/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tennis</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Racquet-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fitness</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>volley-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>outdoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Clubhouse/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Business</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tot</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>systems</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>parking</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>studio</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>wash</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>area</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>trail</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Pool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>whirlpool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>court</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>basketball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>clubroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>lot</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Concierge</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>NORTHERN CALIFORNIA</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Oakland-East Bay, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Union Square
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Willow Creek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Dublin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Fremont
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pleasanton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Waterford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>San Francisco, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cedar Ridge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Diamond Heights
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Mission Bay North
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Nob Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Sunset Towers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Foster City
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pacifica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Towers by the Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Crowne Ridge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>San Jose, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Blossom Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cahill Park
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Creekside
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Foxchase
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Parkside
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Pruneyard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at River Oaks
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Campbell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Cupertino
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Mountain View
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon on the Alameda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Rosewalk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Silicon Valley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Sunnyvale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Towers on the Peninsula
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">CountryBrook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Fairway Glen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">San Marino
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><I>SOUTHERN CALIFORNIA</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Los Angeles, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Media Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Warner Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Glendale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Woodland Hills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">The Promenade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">23
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center" style="font-size: 10pt"><B><I>Features and Recreational Amenities - Current and Development Communities</I></B>

<DIV align="center">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Community</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Building</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Buildings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>entrance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Under-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aerobics</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Walking/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sand</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indoor/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>w/security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>controlled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ground</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>dance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Car</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Picnic</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>jogging</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Sauna/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tennis</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Racquet-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fitness</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>volley-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>outdoor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Clubhouse/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Business</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tot</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>systems</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>access</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>parking</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>studio</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>wash</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>area</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>trail</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Pool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>whirlpool</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>court</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>basketball</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>clubroom</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>center</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>lot</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Concierge</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>Orange County, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Pacific Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at South Coast
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Laguna Niguel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Mission Viejo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Newport
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Santa Margarita
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>San Diego, CA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Cortez Hill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Mission Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Mission Ridge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Penasquitos Hills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B>DEVELOPMENT COMMUNITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Crane Brook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Glen Cove South
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Some
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Grosvenor Station
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Steven&#146;s Pond
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at the Pinehills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Darien
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Traville
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Milford I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Run East II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pines I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Avalon
          Chrystie Place I </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Yes</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 8pt">(1)&nbsp;For the purpose of this table, Current Communities excludes communities held by unconsolidated real estate joint ventures.



<P align="center" style="font-size: 10pt">24
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><U>Development Communities</U>


<P align="left" style="font-size: 10pt">As of February&nbsp;27, 2004, we had eleven Development Communities under
construction. We expect these Development Communities, when completed, to add
a total of 3,493 apartment homes to our portfolio for a total capital cost,
including land acquisition costs, of approximately $671,900,000. Statements
regarding the future development or performance of the Development Communities
are forward-looking statements. We cannot assure you that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will complete the Development Communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our budgeted costs or estimates of occupancy rates will be realized;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our schedule of leasing start dates, construction completion
dates or stabilization dates will be achieved; or</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future developments will realize returns comparable to our
past developments.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">You should carefully review the discussion under &#147;Risks of Development and
Redevelopment&#148; included elsewhere in this Item&nbsp;2.


<P align="center" style="font-size: 10pt">25
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">The following table presents a summary of the Development Communities. We hold
a direct or indirect fee simple ownership interest in these communities except
where noted.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>cost<SUP>(1)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Initial</B></TD>
    <TD>&nbsp;</TD>
      <TD nowrap align="center"><b>Estimated</b></TD>
    <TD>&nbsp;</TD>
      <TD nowrap align="center"><b>Estimated</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>homes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($ millions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>start</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>occupancy<SUP>(2)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
      <TD nowrap align="center"> <b>completion</b>
<HR size="1" noshade>
      </TD>
    <TD>&nbsp;</TD>
      <TD nowrap align="center"><div align="center"><B>stabilization<SUP>(3)</SUP></B>
        </div>
        <HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" NOWRAP valign="top">Avalon at Grosvenor Station<SUP>(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>North Bethesda, MD</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">82.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon at Glen Cove South</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Glen Cove, NY</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2004</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon at Steven's Pond</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Saugus, MA</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2004</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Darien</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Darien, CT</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon at Traville<SUP>(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>North Potomac, MD</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2002</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Run East II</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Lawrenceville, NJ</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon at Crane Brook</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Danvers &#038; Peabody, MA</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Milford I</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Milford, CT</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Chrystie Place I<SUP>(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>New York, NY</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2006</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon at The Pinehills I</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Plymouth, MA</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2005</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Pines I</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Coram, NY</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2006</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">671.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P> &nbsp;

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Total capital cost includes all capitalized costs projected to be or
actually incurred to develop the respective Development Community,
determined in accordance with generally accepted accounting principles (&#147;GAAP&#148;), including land acquisition costs,
construction costs, real estate taxes, capitalized interest and loan fees,
permits, professional fees, allocated development overhead and other
regulatory fees.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Future initial occupancy dates are estimates.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Stabilized operations is defined as the earlier of (i)&nbsp;attainment of 95%
or greater physical occupancy or (ii)&nbsp;the one-year anniversary of
completion of development.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">The community is owned by a DownREIT partnership in which one of our
wholly-owned subsidiaries is the general partner with a majority interest.
This community is consolidated for financial reporting purposes.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">This is a two-phase community for which construction of the second phase
commenced in the second quarter of 2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">This community is being financed under a joint venture structure
      with third-party financing, in which the community is owned by a limited
      liability company managed by one of our wholly-owned subsidiaries. The total
      capital cost for this community includes costs associated with the construction
      of 89,000 square feet of retail space and 30,000 square feet for a community
      facility. Our portion of the total capital cost of this joint venture is
      projected to be $30.0&nbsp;million including community-based tax-exempt
      debt.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">26

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><u>Redevelopment Communities</u>


<P align="left" style="font-size: 10pt">As of February&nbsp;27, 2004, we had two communities under redevelopment. We expect
the total capital cost to complete these communities, including the cost of
acquisition, capital expenditures subsequent to acquisition and redevelopment,
to be approximately $203,800,000, of which approximately $34,200,000 is the
additional capital invested or expected to be invested during redevelopment and
$5,800,000 has been invested since acquisition unrelated to redevelopment.
Statements regarding the future redevelopment or performance of the
Redevelopment Communities are forward-looking statements. We have found that
the cost to redevelop an existing apartment community is more difficult to
budget and estimate than the cost to develop a new community. Accordingly, we
expect that actual costs may vary from our budget by a wider range than for a
new development community. We cannot assure you that we will meet our
schedules for reconstruction completion or restabilized operations, or that we
will meet our budgeted costs, either individually or in the aggregate. See the
discussion under &#147;Risks of Development and Redevelopment&#148; included elsewhere in
this report.


<P align="left" style="font-size: 10pt">The following presents a summary of these Redevelopment Communities:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Total cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>($ millions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisition</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reconstruction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reconstruction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>restabilized</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>homes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>cost<SUP>(1)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>cost<SUP>(2)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>start</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>completion</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>operations<SUP>(3)</SUP></B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Foxhall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Washington, DC</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">43.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q4&nbsp;2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q2&nbsp;2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q4&nbsp;2004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Prudential Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Boston, MA</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q4&nbsp;2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q2&nbsp;2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Q4&nbsp;2006</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">169.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">203.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

<TR valign="top">
    <TD width="2%" nowrap align="left"><SUP>(1)</SUP></TD>
    <TD width="98%">Acquisition cost includes capital expenditures subsequent to acquisition unrelated to redevelopment.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="2%" nowrap align="left"><SUP>(2)</SUP></TD>
    <TD width="98%">Total capital cost includes all capitalized costs projected to be incurred to redevelop the respective Redevelopment Community, including costs to
acquire the community, reconstruction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated redevelopment
overhead and other regulatory fees determined in accordance with GAAP.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="2%" nowrap align="left"><SUP>(3)</SUP></TD>
    <TD width="98%">Restabilized operations is defined as the earlier of (i)&nbsp;attainment of 95% or greater physical occupancy or (ii)&nbsp;the one-year anniversary of completion
of redevelopment.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><U>Development Rights</U>


<P align="left" style="font-size: 10pt">As of February&nbsp;27, 2004, we are considering the development of 40 new apartment
communities on land that is either owned by us, under contract, subject to a
leasehold interest or for which we hold a purchase option. We generally hold
Development Rights through options to acquire land, although for 10 of the
Development Rights we currently own the land on which a community would be
built if we proceeded with development. The Development Rights range from
those beginning design and architectural planning to those that have completed
site plans and drawings and can begin construction almost immediately. We
estimate that the successful completion of all of these communities would
ultimately add 10,070 apartment homes to our portfolio.
Substantially all of these apartment homes will offer features like those
offered by the communities we currently own. At December&nbsp;31, 2003, there were
cumulative capitalized costs (including legal fees, design fees and related
overhead costs, but excluding land costs) of $31,334,000 relating to
Development Rights. In addition, land costs related to the pursuit of
Development Rights (consisting of original land and additional carrying costs)
of $81,358,000 are reflected as land held for development on the accompanying
Consolidated Balance Sheets as of December&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">The properties comprising the Development Rights are in different stages of the
due diligence and regulatory approval process. The decisions as to which of
the Development Rights to pursue, if any, or to continue to pursue once an
investment in a Development Right is made, are business judgments that we make
after we perform financial, demographic and other analyses. In the event that
we do not proceed with a Development Right, we generally would not recover
capitalized costs incurred in the pursuit of those communities, unless we were
to recover amounts in connection with the sale of land; however, we cannot
guarantee a recovery. Pre-development costs incurred in the pursuit of
Development Rights for which future development is not yet considered probable
are expensed as incurred. In addition, if the status of a Development Right
changes, deeming future development no longer probable, any capitalized
pre-development costs are written-off with a charge to expense.


<P align="center" style="font-size: 10pt">22
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">Because we intend to limit the percentage of debt used to finance new
developments, other financing alternatives may be required to help finance the
development of those Development Rights scheduled to start construction after
January&nbsp;1, 2004.


<P align="left" style="font-size: 10pt">Although the development of any particular Development Right cannot be assured,
we believe that the Development Rights, in the aggregate, present attractive
potential opportunities for future development and growth of long-term
stockholder value.


<P align="left" style="font-size: 10pt">Statements regarding the future development of the Development Rights are
forward-looking statements. We cannot assure you that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will succeed in obtaining zoning and other necessary
governmental approvals or the financing required to develop these
communities, or that we will decide to develop any particular
community; or</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if we undertake construction of any particular community,
that we will complete construction at the total capital cost assumed
in the financial projections in the following table.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">28
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">The following presents a summary of the 40 Development Rights we are currently
pursuing:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>number</B></TD>
     <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>cost</B></TD>
 </TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Location</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of homes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($ millions) (1)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kirkland, WA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(2)</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Danbury, CT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Orange, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los Angeles, CA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bedford, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Camarillo, CA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plymouth, MA Phase II</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stratford, CT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Newton, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hingham, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Andover, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long Island City, NY Phase II and III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quincy, MA</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">15.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Milford, CT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">16.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY Phase II</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">17.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los Angeles, CA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">18.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Rochelle, NY Phase II and III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">19.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greenburgh, NY Phase II</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">20.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Glen Cove, NY</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">21.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Encino, CA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">22.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Coram, NY Phase II</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">23.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rockville, MD Phase II</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">24.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wilton, CT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">25.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dublin, CA Phase I</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">26.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sharon, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">27.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bellevue, WA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">28.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seattle, WA</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">29.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norwalk, CT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">30.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Danvers, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">31.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shrewsbury, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">32.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cohasset, MA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">33.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dublin, CA Phase II</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">34.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">College Park, MD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">35.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oyster Bay, NY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">36.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yaphank, NY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">37.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY Phase III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">38.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">West Haven, CT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">39.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dublin, CA Phase III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">40.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Camarillo, CA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Total capital cost includes all capitalized costs incurred to date (if any) and projected to be incurred to develop the
respective community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate
taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory
fees.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">We own the land parcel, but construction has not yet begun.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">29
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><U>Risks of Development and Redevelopment</U>


<P align="left" style="font-size: 10pt">We intend to continue to pursue the development and redevelopment of apartment
home communities. Our development and redevelopment activities may be exposed
to the following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may abandon opportunities we have already begun to explore
based on further review of, or changes in, financial, demographic,
environmental or other factors;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may encounter liquidity constraints, including the
unavailability of financing on favorable terms for the development
or redevelopment of a community;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to obtain, or we may experience delays in
obtaining, all necessary zoning, land-use, building, occupancy, and
other required governmental permits and authorizations;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may incur construction or reconstruction costs for a
community that exceed our original estimates due to increased
materials, labor or other expenses, which could make completion of
development or redevelopment of the community uneconomical;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>occupancy rates and rents at a newly completed development or
redevelopment community may fluctuate depending on a number of
factors, including competition and market and general economic
conditions, and may not be sufficient to make the community
profitable; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to complete construction and lease-up on
schedule, resulting in increased debt service expense and
construction costs.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The occurrence of any of the events described above could adversely affect
results of operations and our payment of distributions to our stockholders.


<P align="left" style="font-size: 10pt">Construction costs are projected by us based on market conditions prevailing in
the community&#146;s market at the time our budgets are prepared and reflect changes
to those market conditions that we anticipated at that time. Although we
attempt to anticipate changes in market conditions, we cannot predict those
changes with certainty. Construction costs have been increasing and, for some
of our Development Communities, the total construction costs have been or are
expected to be higher than the original budget. Total capital cost includes
all capitalized costs projected to be incurred to develop the respective
Development or Redevelopment Community, determined in accordance with GAAP,
including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>land and/or property acquisition costs;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>construction or reconstruction costs;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>real estate taxes;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalized interest;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loan fees;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>permits;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>professional fees;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>allocated development or redevelopment overhead; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other regulatory fees.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Costs to redevelop communities that have been acquired have, in some cases,
exceeded our original estimates and similar increases in costs may be
experienced in the future. We cannot assure you that market rents in effect at
the time new development communities or redevelopment communities complete
lease-up will be sufficient to fully offset the effects of any increased
construction or reconstruction costs.


<P align="center" style="font-size: 10pt">30
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><U>Capitalized Interest</U>


<P align="left" style="font-size: 10pt">In accordance with GAAP, we capitalize interest expense during construction or
reconstruction until a building obtains a certificate of occupancy. Interest
that is incurred thereafter and allocated to a completed apartment home within
the community is expensed. Capitalized interest during the years ended
December&nbsp;31, 2003 and 2002 totaled $24,709,000 and $29,937,000, respectively.


<P align="left" style="font-size: 10pt"><U>Recent Developments</U>


<P align="left" style="font-size: 10pt"><I>Sales of Existing Communities. </I>We seek to increase our geographical
concentration in selected high barrier-to-entry markets where we believe we
can:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>apply sufficient market and management presence to enhance revenue growth;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce operating expenses; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>leverage management talent.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">To achieve this increased concentration, we (i)&nbsp;sell assets that do not meet
our long-term investment strategy due to product type, location or relative
potential for future appreciation and (ii)&nbsp;redeploy the proceeds from those
sales to develop, redevelop and acquire communities. Pending such
redeployment, we will generally use the proceeds from the sale of these
communities to reduce amounts outstanding under our variable rate unsecured
credit facility. On occasion, we will set aside the proceeds from the sale of
communities into a cash escrow account to facilitate a nontaxable, like-kind
exchange transaction. We sold twelve communities, totaling 3,634 apartment
homes, during the period from January&nbsp;1, 2003 through February&nbsp;27, 2004. Net
proceeds from the sale of these assets were $396,518,000.


<P align="left" style="font-size: 10pt"><I>Land Acquisitions</I>. We carefully select land for development and follow
established procedures that we believe minimize both the cost and the risks of
development. During 2003, we acquired four land parcels for an aggregate
purchase price of $17,730,000. The land parcels purchased, which are currently
held for future development, are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>cost<SUP> (1)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Construction</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>acres</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>homes</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($ millions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>acquired</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>start<SUP>(2)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>completion<SUP>(2)</SUP></B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Juanita Village <SUP>(3)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom"></TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Kirkland, WA</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2.9</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">211</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March&nbsp;2003
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2005</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Pines II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Coram, NY</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16.0</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">152</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March&nbsp;2003
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q1 2006</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Bedford Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Bedford, MA</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9.4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">139</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">May&nbsp;2003
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q3 2006</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Glen Cove North<SUP>(4)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Glen Cove, NY</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1.3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">111</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">December&nbsp;2003
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q4 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Q2 2006</TD>
</TR>

<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Total</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29.6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">613</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">128</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Total budgeted cost includes all capitalized costs projected to be incurred to develop the respective Development Community,
including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees,
allocated development overhead and other regulatory fees determined in accordance with GAAP.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Future construction start and completion dates are estimates. There can be no assurance that we will pursue to completion
any or all of these proposed developments.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">The community expected to be built on this land parcel will be subject to a purchase agreement upon completion.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">This land parcel is subject to a lease.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">31
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><U>Insurance and Risk of Uninsured Losses</U>



<P align="left" style="font-size: 10pt">We carry commercial general liability insurance and property insurance with
respect to all of our communities. These policies, and other insurance
policies we carry, have policy specifications, insured limits and deductibles
that we consider commercially reasonable. There are, however, certain types of
losses (such as losses arising from acts of war) that are not insured, in full
or in part, because they are either uninsurable or the cost of insurance makes
it, in management&#146;s view, economically impractical. If an uninsured property
loss or a property loss in excess of insured limits were to occur, we could
lose our capital invested in a community, as well as the anticipated future
revenues from such community. We would also continue to be obligated to repay
any mortgage indebtedness or other obligations related to the community. If an
uninsured liability to a third party were to occur, we would incur the cost of
defense and settlement with, or court ordered damages to, that third party. A
significant uninsured property or liability loss could materially and adversely
affect our business and our financial condition and results of operations.


<P align="left" style="font-size: 10pt">Many of our West Coast communities are located in the general vicinity of
active earthquake faults. A large concentration of our communities lie near,
and thus are susceptible to, the major fault lines in the San Francisco Bay
Area, including the San Andreas fault and the Hayward fault. We cannot assure
you that an earthquake would not cause damage or losses greater than insured
levels. In July&nbsp;2003, we renewed our earthquake insurance. We have in place
with respect to communities located in California, for any single occurrence
and in the aggregate, $75,000,000 of coverage with a deductible per building
equal to five percent of the insured value of that building. The five percent
deductible is subject to a minimum of $100,000 per occurrence. Earthquake
coverage outside of California is subject to a $75,000,000 limit, except with
respect to the state of Washington, for which the limit is $65,000,000. Our
earthquake insurance outside of California provides for a $100,000 deductible
per occurrence. In addition, up to an annual aggregate of $2,000,000, the next
$400,000 of loss per occurrence outside California will be treated as an
additional deductible.


<P align="left" style="font-size: 10pt">Our annual general liability policy and workman&#146;s compensation coverage was
renewed on August&nbsp;1, 2003. Although the insurance coverage provided for in the
renewal policies did not materially change from the preceding year, the level
of our deductible and premium costs has increased. Including the costs we
estimate that we may incur as a result of deductibles, we expect the cost
related to these insurance categories for the policy period from August&nbsp;1, 2003
to July&nbsp;31, 2004 to increase approximately $500,000 as compared to the prior
period.


<P align="left" style="font-size: 10pt">Our property insurance policy was scheduled to renew on November&nbsp;1, 2003;
however, in an effort to capitalize on declining insurance rates we elected to
renew effective July&nbsp;31, 2003 with an expiration date of February&nbsp;1, 2005.
Based on this renewal, we have seen a decline in insurance premiums
for property coverage, which
combined with the cost we may incur as a result of deductibles, will result in
flat or declining overall insurance costs as compared to prior periods.


<P align="left" style="font-size: 10pt">Just as with office buildings, transportation systems and government buildings,
there have been recent reports that apartment communities could become targets
of terrorism. In November&nbsp;2002, Congress passed the Terrorism Risk Insurance
Act (&#147;TRIA&#148;) which is designed to make terrorism insurance available. In
connection with this legislation, we have purchased insurance for property
damage due to terrorism up to $200,000,000. Additionally, we have purchased
insurance for certain terrorist acts, not covered under TRIA, such as
domestic-based terrorism. This insurance, often referred to as &#147;non-certified&#148;
terrorism insurance, is subject to deductibles, limits and exclusions. Our
general liability policy provides TRIA coverage (subject to deductibles and
insured limits) for liability to third parties that result from terrorist acts
at our communities.


<P align="left" style="font-size: 10pt">Mold growth may occur when excessive moisture accumulates in buildings or on
building materials, particularly if the moisture problem remains undiscovered
or is not addressed over a period of time. Although the occurrence of mold at
multifamily and other structures, and the need to remediate such mold, is not a
new phenomenon, there has been increased awareness in recent years that certain
molds may in some instances lead to adverse health effects, including allergic
or other reactions. To help limit mold growth, we educate residents about the
importance of adequate ventilation and request or require that they notify us
when they see mold or excessive moisture. We have established procedures for
promptly addressing and remediating mold or excessive moisture from apartment
homes when we become aware of its presence regardless of whether we or the
resident believe a health risk is present.


<P align="center" style="font-size: 10pt">32
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">However, we cannot assure that
mold or excessive moisture will be detected and remediated in a timely manner.
If a significant mold problem arises at one of our communities, we could be
required to undertake a costly remediation program to contain or remove the
mold from the affected community and could be exposed to other liabilities. We
cannot assure that we will have coverage under our existing policies for
property damage or liability to third parties arising as a result of exposure
to mold or a claim of exposure to mold at one of our communities.


<P align="left" style="font-size: 10pt">In March&nbsp;2003, we renewed our Directors and Officers ("D&#038;O") insurance.
Since then, we have noted an increase in competition from new carriers entering the market and expanded capital
capacity of existing carriers, resulting in a partial reversal of the significant premium increases experienced
in recent years. We are currently renewing our coverage for the year beginning March 10, 2004 and expect our
premium to decline approximately 10% to 12% from the prior coverage period. However, there can be
no assurance that we will be able to renew on such favorable terms.


<P align="left" style="font-size: 10pt"><U>Americans with Disabilities Act</U>


<P align="left" style="font-size: 10pt">The apartment communities we own and any apartment communities that we acquire
must comply with Title III of the Americans with Disabilities Act to the extent
that such properties are &#147;public accommodations&#148; and/or &#147;commercial facilities&#148;
as defined by the Americans with Disabilities Act. Compliance with the
Americans with Disabilities Act requirements could require removal of
structural barriers to handicapped access in certain public areas of our
properties where such removal is readily achievable. The Americans with
Disabilities Act does not, however, consider residential properties, such as
apartment communities, to be public accommodations or commercial facilities,
except to the extent portions of such facilities, such as leasing offices, are
open to the public. We believe our properties comply in all material respects
with all present requirements under the Americans with Disabilities Act and
applicable state laws. Noncompliance could result in imposition of fines or an
award of damages to private litigants.

<DIV align="left">
<A name="104"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 3.</B>&nbsp;</TD>
    <TD><B>LEGAL PROCEEDINGS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">We are from time to time subject to claims and administrative proceedings
arising in the ordinary course of business. Some of these claims and
proceedings are expected to be covered by liability insurance. The following
matter, for which, based on the advice of counsel, we believe we have
meritorious defenses and are therefore vigorously defending against, is not
covered by liability insurance. However, outstanding litigation matters,
individually and in the aggregate, including the matter described below, are
not expected to have a material adverse effect on our business or financial
condition.


<P align="left" style="font-size: 10pt">We are currently involved in litigation with York Hunter Construction, Inc. and
National Union Fire Insurance Company. The action arises from our October&nbsp;1999
termination of York Hunter as construction manager under a
contract relating to construction of the Avalon Willow community in Mamaroneck,
New York, because of alleged failures and deficiencies by York Hunter and its
subcontractors in performing under the contract. York Hunter initiated the
litigation in October&nbsp;1999 by filing a complaint against us and other
defendants claiming more than $7,000,000 in damages. We have filed
counterclaims against York Hunter seeking more than $7,000,000 in compensatory
damages, including lost rental income and costs to complete the community. We
have also filed a claim against National Union Fire Insurance, which furnished
construction and performance bonds to us on behalf of York Hunter. Although no
assurances can be made with respect to any litigation, based on the advice of
our counsel in this matter, Wachtel &#038; Masyr LLP, we believe that we have
meritorious defenses against all of York Hunter&#146;s claims and are vigorously
contesting those claims. We also are pursuing our counterclaims against York
Hunter and National Union Fire Insurance aggressively. A non-jury trial
commenced on April&nbsp;29, 2003 in the Supreme Court of the State of New York,
County of Westchester and is on-going at this time. While the outcome of such
litigation cannot be predicted with certainty, we do not expect any current
litigation, including the litigation with York Hunter and National Union, to
have a material effect on our business or financial condition.

<DIV align="left">
<A name="105"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 4.</B>&nbsp;</TD>
    <TD><B>SUBMISSION OF MATTERS TO A VOTE OF STOCKHOLDERS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">No matter was submitted to a vote of our security holders during the fourth
quarter of 2003.


<P align="center" style="font-size: 10pt">33
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>


<DIV align="left">
<A name="107"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 5.</B>&nbsp;</TD>
    <TD><B>MARKET FOR REGISTRANT&#146;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Our common stock is traded on the New
  York Stock Exchange (NYSE)&nbsp;and the Pacific Exchange (PCX)&nbsp;under the
  ticker symbol AVB. The following table sets forth the quarterly high and low
  sales prices per share of our common stock on the NYSE for the years 2003 and
  2002, as reported by the NYSE. On February&nbsp;27, 2004 there were 745 holders
  of record of an aggregate of 71,145,602 shares of our outstanding common stock.
  The number of holders does not include individuals or entities who beneficially
  own shares but whose shares are held of record by a broker or clearing agency,
  but does include each such broker or clearing agency as one recordholder.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Sales Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dividends</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Sales Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dividends</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>declared</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>High</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Low</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>declared</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Quarter ended March 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">40.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">35.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">50.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">44.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Quarter ended June 30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">44.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">37.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">52.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">45.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Quarter ended September 30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">48.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">42.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">46.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">40.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Quarter ended December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">49.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">44.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">41.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">36.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">We expect to continue our policy of paying regular quarterly cash dividends.
However, dividend distributions will be declared at the discretion of the Board
of Directors and will depend on actual cash from operations, our financial
condition, capital requirements, the annual distribution requirements under the
REIT provisions of the Internal Revenue Code and other factors as the Board of
Directors may consider relevant. The Board of Directors may modify our
dividend policy from time to time.


<P align="left" style="font-size: 10pt">During the three months ended December&nbsp;31,
  2003, we issued 145,700 shares of common stock in exchange for 145,700 units
  of limited partnership held by certain limited partners of Avalon DownREIT V,
  L.P., Avalon Upper Falls, L.P. and Bay Pacific Northwest, L.P. These shares
  were issued in reliance on an exemption from registration under Section 4(2)
  of the Securities Act of 1933. We are relying on the exemption based on factual
  representations received from the limited partners who received these shares.


<P align="center" style="font-size: 10pt">34
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="108"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 6.</B>&nbsp;</TD>
    <TD><B>SELECTED FINANCIAL DATA</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">The following table provides historical consolidated financial, operating and
other data for AvalonBay Communities, Inc. You should read the table with our
Consolidated Financial Statements and the Notes included in this report.
Dollars in thousands, except per share information.

<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="45%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="18"><B>For the year ended</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-03</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-02</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-01</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-00</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-99</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Rental and other income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">608,720</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">587,385</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">581,810</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">521,402</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">463,247</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Management, development
          and other fees</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">931</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,145</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,386</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,107</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,223</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total revenue</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">609,651</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">589,530</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">583,196</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">522,509</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">464,470</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Expenses:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Operating expenses,
          excluding property taxes</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">177,814</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">160,844</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">144,845</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">130,599</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">124,039</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Property taxes</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">57,555</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">52,269</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">47,295</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">42,238</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">38,902</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">134,911</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">119,666</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">101,170</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">81,071</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">72,461</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">151,454</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">134,939</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">119,875</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">112,192</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">101,117</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">General and administrative
          expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">13,734</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">13,449</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">14,705</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">13,013</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">9,592</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Non-recurring items</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">16,782</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Impairment loss</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,800</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total expenses</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">535,468</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">487,967</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">427,890</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">379,113</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">362,893</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in income of
          unconsolidated entities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">25,535</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">55</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">856</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,428</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,867</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,440</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,978</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,823</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,764</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">7,362</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Venture partner interest
          in profit-sharing</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,688</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(857</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,158</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest in
          consolidated partnerships</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(999</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(914</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(997</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,086</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,231</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income before gain
          on sale of communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">100,471</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">103,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">163,146</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">149,502</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">110,575</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Gain on sale of communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">62,852</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">40,779</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">47,093</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income from continuing
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">100,471</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">103,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">225,998</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">190,281</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">157,668</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Discontinued operations:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income from discontinued
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">10,064</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,900</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,999</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,323</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">14,608</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Gain on sale of communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">160,990</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">48,893</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total discontinued
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">171,054</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">69,793</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,999</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,323</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">14,608</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Net income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">271,525</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">173,618</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">248,997</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">210,604</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">172,276</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Dividends attributable
          to preferred stock (1)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(10,744</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(17,896</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(40,035</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(39,779</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(39,779</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Net income available
          to common stockholders (1)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">260,781</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">155,722</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">208,962</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">170,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">132,497</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Per Common Share
          and Share Information:</B></DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per common
          share - basic</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income from continuing
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.32</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.24</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.72</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.27</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.82</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">(net of dividends attributable
          to preferred stock)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Discontinued operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.48</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.02</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">0.36</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">0.31</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">0.23</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Net income available
          to common stockholders (1)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">3.80</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.26</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">3.08</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.58</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.05</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Weighted average common
          shares outstanding - basic</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">68,559,657</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">68,772,139</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">67,842,752</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">66,309,707</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">64,724,799</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per common
          share - diluted</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income from continuing
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.30</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.23</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.66</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.22</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.80</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:30px; text-indent:-10px">(net of dividends attributable
          to preferred stock)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Discontinued operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.43</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">1.00</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">0.36</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">0.31</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">0.23</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Net income available
          to common stockholders (1)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">3.73</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.23</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">3.02</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.53</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">2.03</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Weighted average common
          shares outstanding - diluted</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">70,203,467</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">70,674,211</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">69,781,719</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">68,140,998</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">66,110,664</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD bgcolor="#FFFFFF"> <DIV style="margin-left:30px; text-indent:-10px"></DIV></TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD bgcolor="#FFFFFF">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee"><DIV style="margin-left:10px; text-indent:-10px">Cash
          dividends declared</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">2.80</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">2.80</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">2.56</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">2.24</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">2.06</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">35
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
 <DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>For the year ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-02</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-01</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-00</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-99</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Other Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">271,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">173,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">248,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">172,276</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation - continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,117</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation - discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,642</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense - continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,461</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense - discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,238</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,440</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,978</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,823</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,362</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">EBITDA<SUP>(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">557,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">435,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">475,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">412,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">349,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Funds from Operations<SUP>(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">229,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">251,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">252,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196,058</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Number of Current Communities<SUP>(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Number of apartment homes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,008</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Balance Sheet Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Real estate, before accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">5,431,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,369,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,837,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,535,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,266,426</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,909,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,950,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,664,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,397,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,154,662</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Notes payable and unsecured credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,337,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,471,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,082,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,729,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,593,647</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash Flow Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net cash flows provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">239,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">307,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">320,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">302,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">251,779</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net cash flows provided by (used in) investing
activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(435,796</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(274,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(258,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(236,687</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net cash flows provided by (used in) financing
activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(279,465</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">68,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(29,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,361</TD>
    <TD nowrap>)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><u>Notes to Selected Financial Data</u>


<P>

<TABLE border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR valign="top">
    <TD nowrap align="right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2003, the Securities and Exchange Commission clarified Emerging Issues
      Task Force Topic D-42, &#147;The Effect on the Calculation of Earnings per
      Share for the Redemption or Induced Conversion of Preferred Stock.&#148;
      The clarification of Topic D-42 was effective in the first fiscal period
      ending after September 15, 2003, and was to be applied retroactively. As
      such, we have revised our historical 2001 results of operations to reflect
      the initial offering costs as additional dividends attributable to preferred
      stock in the amount of $7,538, which reduced earnings per common share &#151;
      basic and earnings per common share &#151; diluted by $0.11 and $0.10, respectively.
    </TD>
  </TR>
  <TR valign="top">
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD nowrap align="right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>EBITDA is defined by us as net income before interest income and expense,
      income taxes, depreciation and amortization from both continuing and discontinued
      operations. Under this definition, which complies with the rules and regulations
      of the Securities and Exchange Commission, EBITDA includes gains on sale
      of assets and gain on sale of partnership interests. Management generally
      considers EBITDA to be an appropriate supplemental measure to net income
      of our operating performance because it helps investors to understand our
      ability to incur and service debt and to make capital expenditures. EBITDA
      should not be considered as an alternative to net income (as determined
      in accordance with generally accepted accounting principles, or &#147;GAAP&#148;),
      as an indicator of our operating performance, or to cash flows from operating
      activities (as determined in accordance with GAAP) as a measure of liquidity.
      Our calculation of EBITDA may not be comparable to EBITDA as calculated
      by other companies.</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD nowrap align="right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>We generally consider Funds from Operations, or &#147;FFO,&#148; to be
      an appropriate supplemental measure of our operating and financial performance
      because, by excluding gains or losses related to dispositions of property
      and excluding real estate depreciation, which can vary among owners of identical
      assets in similar condition based on historical cost accounting and useful
      life estimates, FFO can help one compare the operating performance of a
      company&#146;s real estate between periods or as compared to different companies.
      We believe that in order to understand our operating results, FFO should
      be examined with net income as presented in the Consolidated Statements
      of Operations and Other Comprehensive Income included elsewhere in this
      report. Consistent with the definition adopted by the Board of Governors
      of the National Association of Real Estate Investment Trusts&#174;, (&#147;NAREIT&#148;),
      we calculate FFO as net income or loss computed in accordance with GAAP,
      adjusted for:</TD>
  </TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gains or losses on sales of property;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extraordinary gains or losses (as defined by GAAP);</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>depreciation of real estate assets; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adjustments for unconsolidated partnerships and joint ventures.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">36


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left" style="font-size: 10pt">Effective January&nbsp;1, 2003, we no longer add back impairment losses
when calculating FFO pursuant to NAREIT&#146;s clarified FFO definition.
As a result, FFO for 2002 has been reduced from amounts previously
reported to reflect $6,800 of asset impairment losses recognized in
2002. In addition, FFO for 2001 has been reduced from amounts
previously reported to reflect the inital
 offering costs as additional dividends attributable to preferred stock as discussed in note (1) above.
FFO does not represent net income in accordance
with GAAP, and therefore it should not be considered an alternative to
net income, which remains the primary measure, as an indication of our
performance. In addition, FFO as calculated by other REITs may not be
comparable to our calculation of FFO. The following is a
reconciliation of net income to FFO:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>For the year ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-02</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-01</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-00</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-99</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">271,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">173,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">248,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">172,276</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends attributable to preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,744</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,779</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation
&#150; real estate assets,
including discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,928</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joint venture adjustments, including the gain on sale of a community</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,428</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest expense,
including discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,975</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gain on sale of communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(160,990</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,893</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(47,093</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Funds from Operations attributable to common stockholders </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">229,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">251,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">252,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196,058</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average common shares outstanding &#150; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">70,203,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">70,674,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">69,781,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">68,140,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">66,110,664</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">FFO per common share &#150; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.97</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">FFO also does not represent cash generated
  from operating activities in accordance with GAAP, and therefore should not
  be considered an alternative to net cash flows from operating activities, as
  determined by GAAP, as a measure of liquidity. Additionally, it is not necessarily
  indicative of cash available to fund cash needs. A presentation of GAAP based
  cash flow metrics is provided in &#147;Cash Flow Information&#148; in the
  table on the previous page.
<P>&nbsp;
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Current Communities consist of all communities other than
      those which are still under construction and have not received a certificate
      of occupancy.</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">37

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="109"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 7.</B>&nbsp;</TD>
    <TD><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">We are a real estate investment trust, or REIT, incorporated in the state of
Maryland and focused on the ownership and operation of apartment communities in
high barrier-to-entry markets of the United States. As of December&nbsp;31, 2003,
we had 131 current operating communities, which are the primary contributors to
our overall operating performance. The net operating income of these
communities, which is one of the financial measures that we use to evaluate
community performance, is affected by the demand and supply dynamics within our
markets, which drives our rental rates and occupancy levels, and is affected by
our ability to control operating costs. Our overall operating performance is
also impacted by the general availability and cost of capital and the
performance of our newly developed and acquired apartment communities. We
create long-term shareholder value by accessing capital on cost effective
terms, deploying that capital to develop, redevelop and acquire apartment communities in high barrier-to-entry
markets, operating apartments and selling communities when they no longer meet
our long-term investment strategy and when market conditions are favorable.


<P align="left" style="font-size: 10pt">This report, including the following discussion and analysis of our financial
condition and results of operations, contains forward-looking statements that
predict or indicate future events and trends that do not report historical
matters. Actual results or developments could differ materially from those
projected in such statements as a result of the risk factors set forth on page
54 of this report. The following discussion and analysis of our financial
condition and results of operations should be read in conjunction with our
Consolidated Financial Statements and notes included elsewhere in this report.


<P align="left" style="font-size: 10pt"><U>Business Description and Community Information Overview</U>


<P align="left" style="font-size: 10pt">We believe that apartment communities present an attractive long-term
investment opportunity compared to other real estate investments because a
broad potential resident base should result in relatively stable demand over a
real estate cycle. We intend to continue to pursue real estate investments in
markets where constraints to new supply exist, and where new household
formations are expected to out-pace multifamily permit activity over the course
of the real estate cycle. Barriers-to-entry in our markets generally include a
difficult and lengthy entitlement process with local jurisdictions and dense
urban or suburban areas where zoned and entitled land is in limited supply. We
evaluate the appropriate allocation of product type within our individual
markets, which are located in the Northeast, Mid-Atlantic, Midwest, Pacific
Northwest, and Northern and Southern California regions of the United States,
to ensure that our product mix will perform at a high level and achieve our
portfolio objectives. Our strategy is to more deeply penetrate these markets with a
broad range of products (which is currently primarily upscale apartment
communities) and services, with an intense focus on our customer. A
substantial majority of our current communities are upscale (commanding among
the highest rents in their submarkets). We also pursue the ownership and operation of apartment
communities that target a variety of customer segments and price
points consistent with our goal to offer a broad range of products
and services. We
believe that lower housing affordability and the limited new supply of
apartment homes in our markets will result in a higher propensity to rent and
larger increases in cash flows relative to other markets over an entire
business cycle.


<P align="left" style="font-size: 10pt">However, we believe we are toward the end of a period of the business cycle
where rents have been resetting to lower levels, resulting in a decline in cash
flows in 2003 as compared to prior years. A number of our markets experienced
economic contraction due to job losses in 2002 and 2003, particularly in the
technology, telecom and financial services sectors. This has resulted in
continued weak apartment market fundamentals as reflected in declining rental
rates. However, the rate of decline has been diminishing, and we expect 2004
to be a year of transition. An improving economy with modest job growth is
anticipated in 2004, which should result in the stabilization of apartment
market fundamentals and an improved demand and supply balance during the year.
Although we do not expect this to result in revenue growth for our current
operating communities in 2004, it should curtail the significant declines in
revenue that those communities experienced over the last two years.


<P align="center" style="font-size: 10pt">38
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">With the expected transition of apartment fundamentals, we are preparing for a
transition in certain aspects of our business activity. With our in-house
capabilities and expertise we believe we are well positioned to continue to
pursue opportunities to develop, acquire and operate apartment homes in our
target markets. However, the level of development or acquisition volume, or
disposition activity, is heavily influenced by capital and real estate market
conditions. During 2003, in response to capital markets conditions and strong
apartment demand, we curtailed development and acquisition activity and
increased our disposition activity. We sold assets that did not meet our
long-term investment criteria in markets where there was strong relative demand
by investors in apartment communities. This allowed us to realize a portion of
the value created over the past business cycle, and provided additional
liquidity. In 2004, we plan to continue our disposition activity, although at
a reduced level, and expect to increase development and acquisition volume.


<P align="left" style="font-size: 10pt">Our real estate investments consist primarily of current operating
apartment communities, communities in various stages of development
(&#147;Development Communities&#148;), and Development Rights (i.e., land or land
options held for development), as further described in Item&nbsp;2 of this
report. Our current operating communities are further distinguished as
Established Communities, Other Stabilized Communities, Lease-Up
Communities and Redevelopment Communities. Established Communities are
generally operating communities that were owned and had stabilized
occupancy and operating expenses as of the beginning of the prior year, which allows
the performance of these communities and the markets in which they are
located to be compared and monitored between years. Other Stabilized
Communities are generally all other operating communities that have
stabilized occupancy and operating expenses as of the beginning of the current year,
but had not achieved stabilization as of the beginning of the prior
year. Lease-Up Communities consist of communities where construction is
complete but stabilization has not been achieved. Redevelopment
Communities consist of communities where substantial redevelopment is in
progress or is planned to begin during the current year. A more
detailed description of our reportable segments and other related
operating information can be found in Note 9, &#147;Segment Reporting,&#148; of
our Consolidated Financial Statements.


<P align="left" style="font-size: 10pt">Although each of these categories is important to our business, we
generally evaluate overall operating, industry and market trends based
on the operating results of Established Communities, for which a
detailed discussion can be found in &#147;Results of Operations&#148; as part of
our discussion of overall operating results. We evaluate our current
and future cash needs and future operating potential based on
acquisition, disposition, development, redevelopment and financing
activities within Other Stabilized, Redevelopment and Development
Communities, for which detailed discussions can be found in &#147;Liquidity
and Capital Resources.&#148;


<P align="left" style="font-size: 10pt">As of December&nbsp;31, 2003, we owned or held an ownership interest in 142
apartment communities containing 41,997 apartment homes in ten states
and the District of Columbia, of which eleven communities were under
construction and two communities were under reconstruction. In
addition, we owned a direct or indirect ownership interest in
Development Rights to develop an additional 40 communities that, if
developed in the manner expected, will contain an estimated 10,070
apartment homes.


<P align="left" style="font-size: 10pt"><U>Critical Accounting Policies</U>


<P align="left" style="font-size: 10pt">The preparation of financial statements in conformity with generally accepted
accounting principles (&#147;GAAP&#148;) requires management to use judgment in the
application of accounting policies, including making estimates and assumptions.
If our judgment or interpretation of the facts and circumstances relating to
various transactions had been different, it is possible that different
accounting policies would have been applied, resulting in a different
presentation of our financial statements. Below is a discussion of accounting
policies that we consider critical, in that they may require complex judgment
in their application or require estimates about matters which are inherently
uncertain, and are critical to an understanding of our financial condition and
operating results. As a REIT that owns, operates and develops apartment
communities, our critical accounting policies relate to revenue recognition,
cost capitalization, asset impairment evaluation and REIT status. A discussion
of all of our accounting policies, including further discussion of the critical
accounting policies described below, can be found in Note 1, &#147;Organization and
Significant Accounting Policies&#148; of our Consolidated Financial Statements.


<P align="center" style="font-size: 10pt">39
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><I>Revenue Recognition</I>



<P align="left" style="font-size: 10pt">Rental income related to leases is recognized on an accrual basis when due from
residents in accordance with SEC Staff Accounting Bulletin No.&nbsp;104, &#147;Revenue
Recognition&#148; and Statement of Financial Accounting Standards No.&nbsp;13,
&#147;Accounting for Leases.&#148; In accordance with our standard lease terms, rental
payments are generally due on a monthly basis. Any cash concessions given at
the inception of the lease are amortized over the approximate life of the lease
&#150; generally one year. A discussion regarding the impact of cash concessions on
rental revenue for Established Communities can be found in &#147;Results of
Operations.&#148;


<P align="left" style="font-size: 10pt"><I>Cost Capitalization</I>



<P align="left" style="font-size: 10pt">We capitalize costs during the development of assets (including interest and
related loan fees, property taxes and other direct and indirect costs)
beginning when active development commences until the asset, or a portion of
the asset, is delivered and is ready for its intended use, which is generally
indicated by the issuance of a certificate of occupancy. We capitalize costs
during redevelopment of apartment homes (including interest and related loan
fees, property taxes and other direct and indirect costs) beginning when an
apartment home is taken out-of-service for redevelopment until the apartment
home redevelopment is completed and the apartment home is available for a new
resident.


<P align="left" style="font-size: 10pt">We capitalize pre-development costs incurred in pursuit of Development Rights
for which we currently believe future development is probable. These costs
include legal fees, design fees and related overhead costs. Future development
of these Development Rights is dependent upon various factors, including zoning
and regulatory approval, rental market conditions, construction costs and
availability of capital. Pre-development costs incurred in the pursuit of
Development Rights for which future development is not yet considered probable
are expensed as incurred. In addition, if the status of a Development Right
changes, deeming future development no longer probable, any capitalized
pre-development costs are written-off with a charge to expense.


<P align="left" style="font-size: 10pt">We generally capitalize only non-recurring expenditures. We capitalize
improvements and upgrades only if the item: (i)&nbsp;exceeds $15,000; (ii)&nbsp;extends
the useful life of the asset; and (iii)&nbsp;is not related to making an apartment
home ready for the next resident. Under this policy, virtually all capitalized
costs are non-recurring, as recurring make-ready costs are expensed as
incurred. Recurring make-ready costs include: (i)&nbsp;carpet and appliance
replacements; (ii)&nbsp;floor coverings; (iii)&nbsp;interior painting; and (iv)&nbsp;other
redecorating costs. Because we expense carpet replacements, our expense levels and
volatility are greatest in the third quarter of each year following our peak
summer leasing period. We capitalize purchases of personal property, such as
computers and furniture, only if the item is a new addition and the item
exceeds $2,500. We generally expense replacements of personal property.


<P align="left" style="font-size: 10pt">In 2003, 2002 and 2001, the amounts capitalized (excluding land costs) related
to acquisitions, development and redevelopment were $296,764,000, $457,851,000
and $401,359,000, respectively. For Established and Other Stabilized
Communities, we recorded non-revenue generating capital expenditures of
$11,064,000 or $333 per apartment home in 2003, $10,214,000 or $302 per
apartment home in 2002 and $7,967,000 or $251 per apartment home in 2001. In
addition, revenue generating capital expenditures, such as water sub-metering
equipment and cable installations, were $529,000, $697,000 and $1,675,000, in
2003, 2002 and 2001, respectively. The average maintenance costs charged to
expense per apartment home, including carpet and appliance replacements,
related to these communities was $1,262 in 2003, $1,224 in 2002 and
$1,196 in
2001. We anticipate that capitalized costs and expensed maintenance costs per
apartment home will gradually increase as the average age of our communities
increases, and expensed maintenance costs will fluctuate with turnover.


<P align="center" style="font-size: 10pt">40
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><I>Asset Impairment Evaluation</I>



<P align="left" style="font-size: 10pt">If there is an event or change in circumstance that indicates an impairment in
the value of a community, our policy is to assess the impairment by making a
comparison of the current and projected operating cash flows of the community
over its remaining useful life, on an undiscounted basis, to the carrying
amount of the community. If the carrying amount is in excess of the estimated
projected operating cash flows of the community, we would recognize an
impairment loss equivalent to an amount required to adjust the carrying amount
to its estimated fair market value. Real estate assets held for sale are
measured at the lower of the carrying amount or the fair value less the cost to
sell.


<P align="left" style="font-size: 10pt">We account for our investments in technology companies in accordance with
Accounting Principles Board (&#147;APB&#148;) Opinion No.&nbsp;18, &#147;The Equity Method of
Accounting for Investments in Common Stock.&#148; If there is an event or change in
circumstance that indicates a loss in the value of an investment, we record the
loss and reduce the value of the investment to its fair value. Due to the
nature of these investments, an impairment in value can be difficult to
determine.


<P align="left" style="font-size: 10pt"><I>REIT Status</I>



<P align="left" style="font-size: 10pt">We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as
amended, for the year ended December&nbsp;31, 1994 and have not revoked such
election. A corporate REIT is a legal entity which holds real estate interests
and must meet a number of organizational and operational requirements,
including a requirement that it currently distribute at least 90% of its
adjusted taxable income to stockholders. As a REIT, we generally will not be
subject to corporate level federal income tax on taxable income we distribute
currently to our stockholders. If we fail to qualify as a REIT in any taxable
year, we will be subject to federal income taxes at regular corporate rates
(including any applicable alternative minimum tax) and may not be able to
qualify as a REIT for four subsequent taxable years.


<P align="center" style="font-size: 10pt">41
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><U>Results of Operations</U>


<P align="left" style="font-size: 10pt">Our year-over-year operating performance is primarily affected by changes in
net operating income of our current operating apartment communities due to
market conditions, net operating income derived from acquisitions and
development completions, the loss of net operating income related to disposed
communities and capital market, disposition and financing activity. A
comparison of our operating results for the years 2003, 2002 and 2001 follows
(dollars in thousands):

<DIV align="center">
  <TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="44%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>2003</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>2002</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>$ Change</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>% Change</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>2002</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>2001</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>$ Change</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>% Change</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Rental and other income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">608,720</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">587,385</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">21,335</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">3.6</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">587,385</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">581,810</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">5,575</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">1.0</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Management, development
          and other fees</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">931</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,145</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,214</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(56.6</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,145</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,386</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">759</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">54.8</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total revenue</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">609,651</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">589,530</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,121</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">3.4</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">589,530</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">583,196</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,334</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">1.1</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Expenses:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Direct property operating
          expenses, excluding property taxes</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">146,647</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">130,293</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">16,354</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">12.6</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">130,293</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">113,040</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">17,253</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">15.3</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Property taxes</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">57,555</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">52,269</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,286</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">10.1</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">52,269</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">47,295</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,974</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">10.5</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total community operating
          expenses</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">204,202</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">182,562</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">21,640</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">11.9</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">182,562</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">160,335</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,227</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">13.9</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Net operating income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">405,449</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">406,968</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,519</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(0.4</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">406,968</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">422,861</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(15,893</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(3.8</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Corporate-level property
          management and other indirect operating expenses</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">31,167</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">30,551</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">616</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.0</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">30,551</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">31,805</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,254</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(3.9</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">134,911</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">119,666</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">15,245</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">12.7</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">119,666</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">101,170</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">18,496</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">18.3</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">151,454</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">134,939</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">16,515</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">12.2</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">134,939</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">119,875</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">15,064</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">12.6</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">General and administrative
          expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">13,734</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">13,449</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">285</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.1</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">13,449</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">14,705</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,256</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(8.5</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Impairment loss</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,800</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(6,800</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(100.0</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,800</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,800</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">100.0</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total other expenses</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">331,266</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">305,405</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">25,861</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">8.5</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">305,405</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">267,555</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">37,850</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">14.1</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Equity in income of
          unconsolidated entities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">25,535</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">55</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">25,480</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">55</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">856</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(801</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(93.6</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Interest income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,440</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,978</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(538</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(13.5</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,978</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,823</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,845</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(41.7</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Venture partner interest
          in profit-sharing</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,688</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(857</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(831</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">97.0</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(857</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,158</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,015</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(174.0</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Minority interest in
          consolidated partnerships</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(999</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(914</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(85</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">9.3</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(914</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(997</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">83</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(8.3</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Income before gain
          on sale of communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">100,471</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">103,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(3,354</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(3.2</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">103,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">163,146</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(59,321</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(36.4</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Gain on sale of communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">62,852</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(62,852</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(100.0</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#EEEEEE">
      <TD> <DIV style="margin-left:10px; text-indent:-10px">Income from continuing
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">100,471</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">103,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap>&nbsp;</TD>
      <TD align="right">(3,354</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap>&nbsp;</TD>
      <TD align="right">(3.2</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">103,825</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">225,998</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap>&nbsp;</TD>
      <TD align="right">(122,173</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap>&nbsp;</TD>
      <TD align="right">(54.1</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#FFFFFF">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Discontinued operations:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income from discontinued
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">10,064</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,900</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(10,836</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(51.8</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,900</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,999</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,099</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(9.1</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Gain on sale of communities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">160,990</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">48,893</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">112,097</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">229.3</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">48,893</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">48,893</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">100.0</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Total discontinued
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">171,054</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">69,793</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">101,261</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">145.1</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">69,793</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,999</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">46,794</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">203.5</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">271,525</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">173,618</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">97,907</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">56.4</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">173,618</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">248,997</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(75,379</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(30.3</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends attributable
          to preferred stock</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(10,744</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(17,896</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">7,152</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(40.0</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(17,896</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(40,035</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,139</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(55.3</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available
          to common stockholders</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">260,781</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">155,722</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">105,059</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">67.5</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">155,722</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">208,962</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">$</TD>
      <TD align="right">(53,240</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(25.5</TD>
      <TD nowrap>%)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><I>Net income available to common stockholders
  </I>increased $105,059,000 (67.5%) to $260,781,000 for the year ended December&nbsp;31,
  2003. This increase is primarily attributable to gains on sales of communities,
  including gains reflected in equity in income of unconsolidated entities, and
  the absence of impairment losses in 2003, partially offset by a decline in net
  operating income from our Established Communities, the absence of business interruption
  insurance proceeds received in 2002 and increases in interest and depreciation
  expense. Net income available to common stockholders decreased by $53,240,000
  (25.5%) to $155,722,000 in 2002 due to fewer gains on sales of communities in
  2002 and impairment losses recognized in 2002, coupled with a decline in net
  operating income from our Established Communities and increases in
interest and depreciation, partially offset by a decrease in dividends attributable to preferred stock.


<P align="center" style="font-size: 10pt">42
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><I>Net operating income </I>(&#147;NOI&#148;) is defined by us as total revenue less direct
property operating expenses, including property taxes, and excludes
corporate-level property management and other indirect operating expenses,
interest income and expense, general and administrative expense, impairment
losses, equity in income of unconsolidated entities, minority interest in
consolidated partnerships, venture partner interest in profit-sharing,
depreciation expense, gain on sale of communities and income from discontinued
operations. We believe that NOI is an important and appropriate supplemental
measure to net income of the operating performance of our communities because
it helps both investors and management to understand the core operations of a
community or communities prior to the allocation of any corporate-level costs.
This is more reflective of the operating performance of a community, and allows
for an easier comparison of the operating performance of single assets or
groups of assets. In addition, because prospective buyers of real estate have
different overhead structures, with varying marginal impact to overhead by
acquiring real estate, NOI is considered by many in the real estate industry to
be a useful measure for determining the value of a real estate asset or group
of assets. NOI does not represent cash generated from operating activities in
accordance with GAAP. Therefore, NOI should not be considered an alternative
to net income as an indication of our performance. NOI should also not be
considered an alternative to net cash flows from operating activities, as
determined by GAAP, as a measure of liquidity, nor is NOI
necessarily indicative of cash available to fund cash needs. A calculation of
NOI for the three years ending December&nbsp;31, 2003, along with a reconciliation
to net income, is provided in the preceding table.


<P align="left" style="font-size: 10pt">The NOI decreases of
$1,519,000 and $15,893,000 for the years ended December
31, 2003 and 2002, respectively, as compared to the prior years consist of
changes in the following categories:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2002</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Increase (Decrease)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Increase (Decrease)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Established Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(27,719,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(34,380,000</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other Stabilized Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,870,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(871,000</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Development and
Redevelopment Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD align="right">18,526,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Non-allocated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,120,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD align="right">832,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,519,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(15,893,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">The NOI decreases in Established Communities
  were largely due to the effects of the weakened economy in many of our submarkets.
  The continued impact of job losses in many of our submarkets, in addition to
  strong single-family home sales, have aggravated a weak demand environment,
  causing market rental rates to decline in order to keep occupancies stable.
  Economic forecasts project modest job growth in our submarkets in 2004, and
  we therefore expect apartment market fundamentals to stabilize during the year.
  Although the rate of decline in the apartment market fundamentals is diminishing,
  which should curtail the significant declines in revenue that our Established
  Communities have experienced over the last two years, we expect our Established
  Communities revenue to decline as much as 2.0% in 2004 as compared to 2003 and
  operating expenses, particularly related to property taxes, to continue to increase
  up to 3.0% in 2004, resulting in continued year over year declines in our Established
  Communities NOI of up to 4.0% for 2004.
<P align="left" style="font-size: 10pt"><I>Rental and other income </I>increased
  in both 2003 and 2002 due to rental income generated from communities acquired
  in 2002 and newly developed communities, partially offset by declines in effective
  rental rates and business interruption proceeds. While we expect apartment fundamentals
  to stabilize in 2004 with modest job growth in our markets, there is typically
  a three to six month lag between improvements in job growth and improvements
  in operating performance.

<P align="center" style="font-size: 10pt">43
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left" style="margin-left:6%; font-size: 10pt">Overall Portfolio &#150;
  The weighted average number of occupied apartment homes increased to 33,842
  apartment homes for 2003 as compared to 31,694 apartment homes for 2002 and
  31,131 in 2001. This change is primarily the result of increased homes available
  from communities acquired in 2002 and newly developed communities, partially
  offset by communities sold in 2002 and 2003. The weighted average monthly revenue
  per occupied apartment home decreased to $1,496 in 2003 as compared to $1,528
  in 2002 and $1,550 in 2001 primarily due to the weakened demand in certain of
  our submarkets.
<P align="left" style="margin-left:6%; font-size: 10pt">Established Communities
  &#150; Rental revenue decreased $20,424,000 (4.3%) in 2003 and $28,400,000 (6.2%)
  in 2002. These decreases are due to declining effective rental rates, partially
  offset by a slight increase in economic occupancy in 2003. For 2003, the weighted
  average monthly revenue per occupied apartment home decreased (4.5%) to $1,437
  compared to $1,505 for 2002, partially due to increased concessions granted
  in the latter half of 2002 and during 2003. The average economic occupancy increased
  from 93.6% in 2002 to 93.8% in 2003. Economic occupancy takes into account the
  fact that apartment homes of different sizes and locations within a community
  have different economic impacts on a community&#146;s gross revenue. Economic
  occupancy is defined as gross potential revenue less vacancy loss, as a percentage
  of gross potential revenue. Gross potential revenue is determined by valuing
  occupied homes at leased rates and vacant homes at market rents. We expect rental income for Established Communities
  to decline as much as 2.0% in 2004 as compared to 2003.
<P align="left" style="font-size: 10pt">Although most of our markets have experienced weak demand caused by job losses,
low mortgage rates and shifting demographics, rental income from Established
Communities has been impacted the most by significant declines in average
rental rates in certain Northern California and Northeast submarkets. Northern
California, which accounted for approximately 31.0% of Established Community
rental revenue in 2003, experienced a decline in rental revenue (7.6%) in 2003
as compared to 2002, partially related to the continued impact of job losses in
the technology sector. Although economic occupancy in Northern California
increased in 2003 as compared to 2002, average rental rates dropped 8.9% from
$1,547 to $1,410.


<P align="left" style="font-size: 10pt">The Northeast region accounted for approximately 33.7% of Established Community
rental revenue during 2003 and has also experienced a decline in rental revenue
(3.7%) in 2003 as compared to 2002, primarily the result of job losses in the
financial services sector. Average rental rates dropped 3.6% from $1,876 to
$1,808 in 2003 as compared to 2002, and economic occupancy remained flat during
those same periods.


<P align="left" style="font-size: 10pt">In accordance with GAAP, cash concessions
  are amortized as an offset to rental revenue over the approximate lease term,
  which is generally one year. However, we consider rental revenue with concessions
  stated on a cash basis to be a supplemental measure to rental revenue in conformity
  with GAAP in helping investors to evaluate the impact of both current and historical
  concessions on GAAP based rental revenue and to more readily enable comparisons
  to revenue as reported by other companies. In addition, rental revenue with
  concessions stated on a cash basis allows an investor to understand the historical
  trend in cash concessions, which is an indicator of current rental market conditions.
  The following table reconciles total rental revenue in conformity with GAAP
  to total rental revenue adjusted to state concessions on a cash basis for our
  Established Communities for the years ended December&nbsp;31, 2003 and 2002
  (dollars in thousands). Information for the year ended December 31, 2001 is not
  presented as Established Community classification is not applicable prior to
  January 1, 2002. See Note 9. &#147;Segment Reporting&#148; of our Consolidated
  Financial Statements.
<DIV align="center">
  <TABLE width="80%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="8"><B>For the year ended</B> <HR size="1" noshade></TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-03</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2"><B>12-31-02</B> <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Rental revenue (GAAP
          basis)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">450,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">470,424</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Concessions amortized</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">12,433</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,356</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Concessions granted</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(14,817</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(9,605</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Rental revenue adjusted
          to state concessions on a cash basis</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">447,616</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">467,175</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Year-over-year % change
          &#151; GAAP revenue</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4.3</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right"><div align="center">n/a</div></TD>
      <TD nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Year-over-year % change
          &#151; cash concession based revenue</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4.2</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee"><div align="center">n/a</div></TD>
      <TD nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">44


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<P align="left" style="font-size: 10pt">Concessions granted per move-in for Established Communities averaged $848
during 2003, an increase of 104.8% from $414 in 2002. Concessions granted
increased during 2003 as compared to 2002 primarily due to declining market
conditions and a weak demand environment. We expect the high concessionary
environment to continue into 2004.


<P align="left" style="font-size: 10pt"><I>Management, development and other fees </I>decreased during 2003 and increased
during 2002 primarily due to the recognition in 2002 of $711,000 in
construction management fees in connection with the redevelopment of a
community owned by a limited liability company in which we have a membership
interest. In addition, we managed fewer communities in 2003 as compared to
prior years.


<P align="left" style="font-size: 10pt"><I>Direct property operating expenses, excluding property taxes </I>increased in both
2003 and 2002 due to the addition of recently developed and redeveloped
apartment homes and communities acquired in 2002, coupled with increased
expenses due to inclement weather, insurance and bad debt expenses. In the
first half of 2003, severe winter weather, primarily in the Northeast and
Mid-Atlantic, increased snow removal and utility costs by approximately
$1,440,000. In addition, insurance expense has increased over the past two
years as the insurance and reinsurance markets have deteriorated, resulting in
higher insurance costs for the entire real estate sector. Recently property
insurance rates began to decline. To benefit from declining rates, we
completed an early renewal of our property insurance policy effective July&nbsp;31,
2003. Accordingly, we expect a decline in property insurance premiums, which
will result in flat or declining overall insurance costs for 2004 as compared
to prior year periods. Bad debt expense has increased as a direct result of
the continued impact of job losses and the weakened economy.



<P align="left" style="margin-left:6%; font-size: 10pt">For Established Communities, direct property operating
expenses, excluding property taxes, increased $5,724,000 (6.1%) to $99,853,000 in 2003
due to inclement weather, insurance and bad
debt discussed above. During 2002, operating expenses increased
$5,227,000 (6.5%) due to the increases in insurance, marketing and bad
debt expenses. We expect expense growth to moderate in 2004 due to reduced property insurance costs and
bad debt expenses.


<P align="left" style="font-size: 10pt"><I>Property taxes </I>increased in both 2003 and 2002 due to overall higher
assessments and the addition of newly developed and redeveloped apartment
homes.



<P align="left" style="margin-left:6%; font-size: 10pt">For Established Communities, property taxes increased
in 2003 and 2002 by $1,470,000 and $879,000, respectively, primarily due to higher
assessments throughout all regions. We expect property taxes to
increase during 2004 as local jurisdictions look for additional revenue
sources to balance budgets. We manage property tax increases internally
and appeal increases when appropriate.


<P align="left" style="font-size: 10pt"><I>Corporate-level property management and other indirect operating expenses</I>
increased in 2003 as a result of increased legal expenses due to construction
litigation relating to a community that has completed development, partially
offset by the absence of costs associated with the implementation of a new
property management leasing system in 2002 and a decrease in abandoned pursuit
costs. During 2002, corporate-level property management and other indirect
operating expenses decreased as a result of executive separation costs that
were recognized in 2001 but not in 2002, partially offset by an increase in
abandoned pursuit costs. Abandoned pursuit costs related to Development Rights
which are not probable for future development decreased $1,620,000 from
$2,800,000 in 2002 to $1,180,000 in 2003. We expect corporate-level property
management and other indirect operating expenses to increase in 2004 due to
additional compensation costs, including growth due to the addition of newly
developed communities and the expensing of options.


<P align="left" style="font-size: 10pt"><I>Interest expense </I>increased in both 2003 and 2002 primarily due to the issuance
in late 2002 of unsecured notes and higher average outstanding balances on our
unsecured credit facility, partially offset by the repayment of certain
unsecured notes and overall lower interest rates on both short-term and
long-term borrowings.


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<P align="left" style="font-size: 10pt"><I>Depreciation expense</I> increased in both 2003 and 2002 primarily
due to 2002 acquisitions and completion of development or redevelopment activities.


<P align="left" style="font-size: 10pt"><I>General and administrative expense
  </I>(&#147;G&#038;A&#148;) increased in 2003 primarily as a result of an increase
  in our directors and officers (&#147;D&#038;O&#148;) insurance, which we renewed
  in March&nbsp;2003. In the past year, the D&#038;O market has experienced increased
  and high profile claim activity resulting in higher insurance premiums. G&#038;A
  decreased in 2002 as a result of additional compensation expense recognized
  in 2001 due to the retirement of a senior executive. Unfilled positions and
  lower incentive compensation also contributed to the decrease in 2002. We expect
  G&#038;A to increase up to 15.0% in 2004 due to higher compensation expense
  and additional internal audit and corporate governance costs.
<P align="left" style="font-size: 10pt"><I>Impairment loss </I>of $6,800,000 was recorded during 2002 related to two land
parcels that were determined not likely to proceed to development and therefore
were planned for disposition. No impairment losses were recorded in either
2003 or 2001.


<P align="left" style="font-size: 10pt"><I>Equity in income of unconsolidated
  entities </I>increased in 2003 primarily due to our $23,448,000 share of the
  gain recognized on the sale of a community accounted for under the equity method
  in which we held a 50% interest. During 2002, equity in income of unconsolidated
  entities decreased primarily due to losses recorded for an investment in a technology
  company accounted for under the equity method.
<P align="left" style="font-size: 10pt"><I>Interest income </I>decreased in 2003 and 2002 due to lower average cash balances
invested and lower interest rates.


<P align="left" style="font-size: 10pt"><I>Venture partner interest in profit-sharing </I>represents the income allocated to
our venture partner in a profit-sharing arrangement as discussed in Note 6,
&#147;Investments in Unconsolidated Entities,&#148; of our Consolidated Financial
Statements. The reduction in income/increase in expense in both years are due
to increases in the net income of the underlying real estate as the related
community moved out of the initial lease-up phase and achieved stabilization.


<P align="left" style="font-size: 10pt"><I>Income from discontinued operations </I>represents the net income generated by
communities held for sale as of December&nbsp;31, 2003 and communities sold during
the period from January&nbsp;1, 2002 through December&nbsp;31, 2003. The decreases in
both years are primarily due to the sale of one community in 2002 and eleven
communities in 2003.


<P align="left" style="font-size: 10pt"><I>Gain on sale of communities</I>, including discontinued operations, of
$160,990,000, $48,893,000 and $62,852,000 were realized in 2003, 2002 and 2001,
respectively. The amount of
gains realized depends on many factors, including the number of communities
sold, the size and carrying value of those communities and the market
conditions in the local area. The large gains on sales of communities reflect
our strategy to sell assets in a transactional market environment where buyers
are offering prices that are historically high relative to current operating
cash flow provided by these communities. We believe this is reflective of a
broader trend in the capital markets, where investments with relatively secure
yields and growth potential are being valued more highly than in prior years.
A partial reversal of these trends could occur if long-term interest rates rise
significantly. We expect aggregate gains on community sales to decline in 2004
as we sell fewer assets.


<P align="left" style="font-size: 10pt"><I>Dividends attributable to preferred
  stock </I>decreased in both 2003 and 2002, primarily as a result of several
  preferred stock redemptions during 2002 and 2003. In addition, in response to
  the Securities and Exchange Commission clarification of Emerging Issues Task
  Force (&#147;EITF&#148;)Topic D-42, &#147;The Effect on the Calculation of Earnings
  per Share for the Redemption or Induced Conversion of Preferred Stock,&#148;
  we have revised the presentation of our 2003 and 2001 operating results to include
  the initial offering costs as additional dividends of $280,000 and $7,538,000,
  respectively.
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<P align="left" style="font-size: 10pt"><I>Funds from Operations </I>(&#147;FFO&#148;) is considered an appropriate supplemental measure
of our operating and financial performance because, by excluding gains or
losses related to dispositions of property and excluding real estate
depreciation, which can vary among owners of identical assets in similar
condition based on historical cost accounting and useful life estimates, FFO
can help one compare the operating performance of a company&#146;s real estate
between periods or as compared to different companies. We believe that in
order to understand our operating results, FFO should be examined with net
income as presented in our Consolidated Financial Statements. For a more detailed discussion
and presentation of FFO, see &#147;Selected Financial Data,&#148; included in Item 6 of this report.




<P align="center" style="font-size: 10pt">47
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<P align="left" style="font-size: 10pt"><U>Liquidity and Capital Resources</U>


<P align="left" style="font-size: 10pt">The primary source of liquidity is our cash flows from operations. Operating
cash flows have historically been determined by: (i)&nbsp;the number of apartment
homes currently owned, (ii)&nbsp;rental rates, (iii)&nbsp;occupancy levels and (iv)
operating expenses with respect to apartment homes. The timing, source and
amount of cash flows provided by financing activities and used in investing
activities are sensitive to the capital markets environment, particularly to
changes in interest rates. Changes in the capital markets environment, such as
changes in interest rates, affect our plans for development, redevelopment,
acquisition and disposition activity.


<P align="left" style="font-size: 10pt">Cash and cash equivalents totaled $7,196,000 at December&nbsp;31, 2003, a decrease
of $5,715,000 from $12,911,000 on December&nbsp;31, 2002. The following discussion
relates to changes in cash due to operating, investing and financing
activities, which are presented in our Consolidated Statements of Cash Flows
included elsewhere in this report.


<P align="left" style="font-size: 10pt">Operating Activities &#150; Net cash provided by operating activities
decreased to $239,815,000 in 2003 from $307,810,000 in 2002, primarily
due to the absence of business interruption insurance proceeds and
changes in NOI from Established Communities as discussed earlier in
this report, coupled with the timing of payment of our property insurance premiums.


<P align="left" style="font-size: 10pt">Investing Activities &#150; Net cash provided by investing activities of
$33,935,000 in 2003 related to proceeds from asset dispositions,
partially offset by investments in assets through development and
redevelopment of apartment communities. During 2003, we invested
$369,387,000 in the purchase and development of real estate and capital
expenditures:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We began the development of seven new communities. These communities,
if developed as expected, will contain a total of 2,025 apartment
homes, and the total capital cost, including land acquisition costs,
is projected to be approximately $399,200,000. We also completed the
development of seven communities containing a total of 1,959 apartment
homes for a total capital cost, including land acquisition cost, of
$372,700,000.<BR>&nbsp;<br>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We had capital expenditures relating to current communities&#146; real
estate assets of $11,593,000 and non-real estate capital expenditures
of $274,000.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">In addition, we sold twelve communities and one land parcel in 2003,
including one community previously held through an equity investment,
generating net proceeds of $403,118,000. These proceeds are being used
to develop new communities and to partially repay amounts outstanding
under our variable rate unsecured credit facility, which is discussed
below.


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<P align="left" style="font-size: 10pt">Financing Activities &#150; Net cash used in financing activities totaled
$279,465,000 for the year ended December&nbsp;31, 2003, primarily due to the
redemption of preferred stock, dividends paid, repayment of certain
unsecured notes and common stock repurchases, partially offset by an
increase in borrowings under our unsecured credit facility, the issuance
of mortgage notes payable and an issuance of common stock. See Note 3,
&#147;Notes Payable, Unsecured Notes and Credit Facility,&#148; and Note 4,
&#147;Stockholders&#146; Equity,&#148; of our Consolidated Financial Statements, for
additional information.


<P align="left" style="font-size: 10pt">We regularly review our liquidity needs, the adequacy of cash flow from
operations, and other expected liquidity sources to meet these needs. We
believe our principal short-term liquidity needs are to fund:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>normal recurring operating expenses;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>debt service and maturity payments;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preferred stock dividends and DownREIT partnership unit distributions;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the minimum dividend payments required to maintain
our REIT qualification under the Internal Revenue Code of
1986;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>opportunities for the acquisition of improved property; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>development and redevelopment activity in which we are currently engaged.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">We anticipate that we can fully satisfy these needs from a combination of cash
flows provided by operating activities, proceeds from asset dispositions and
borrowing capacity under our variable rate unsecured credit facility.


<P align="left" style="font-size: 10pt"><I>Variable Rate Unsecured Credit Facility</I>



<P align="left" style="font-size: 10pt">We have a $500,000,000 revolving variable rate unsecured credit facility with
J.P. Morgan Chase and Fleet National Bank serving as co-agents for a syndicate
of commercial banks. Under the terms of the credit facility, if we elect to
increase the facility by up to an additional $150,000,000, and one or more
banks (from the syndicate or otherwise) voluntarily agree to provide the
additional commitment, then we will be able to increase the facility up to
$650,000,000, and no member of the syndicate of banks can prohibit such
increase; such an increase in the facility will only be effective to the extent
banks (from the syndicate or otherwise) choose to commit to lend additional
funds. We pay participating banks, in the aggregate, an annual facility fee of
approximately $750,000 in quarterly installments. The unsecured credit
facility bears interest at varying levels based on the London Interbank Offered
Rate (&#147;LIBOR&#148;), rating levels achieved on our unsecured notes and on a maturity
schedule selected by us. The current stated pricing is LIBOR plus 0.60% per
annum (1.70% on February&nbsp;27, 2004). Pricing could vary if there is a change in
rating by either of the two leading national rating agencies; a change in
rating of one level would impact the unsecured credit facility pricing by 0.05%
to 0.15%. A competitive bid option is available for borrowings of up to
$400,000,000. This option allows banks that are part of the lender consortium
to bid to provide us loans at a rate that is lower than the stated pricing
provided by the unsecured credit facility. The competitive bid option may
result in lower pricing if market conditions allow. We had $125,000,000 outstanding
under this competitive bid option at February&nbsp;27, 2004 priced at LIBOR plus 0.39%, or 1.48%.
We are subject to (i)&nbsp;certain customary covenants under the unsecured credit facility,
including, but not limited to, maintaining certain maximum leverage ratios, a
minimum fixed charges coverage ratio and minimum unencumbered assets and equity
levels, and (ii)&nbsp;prohibitions on paying dividends in amounts that exceed 95% of
our FFO, except as may be required to maintain our REIT status. The existing
facility matures in May&nbsp;2004, unless we exercise a one-year renewal at our
option. We expect to renegotiate this facility prior to maturity without
exercising the renewal option, however there can be no assurance that the
renegotiation will occur. At February&nbsp;27, 2004, $230,100,000 was outstanding,
$22,304,000 was used to provide letters of credit and $247,596,000 was
available for borrowing under the unsecured credit facility.


<P align="center" style="font-size: 10pt">49
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<P align="left" style="font-size: 10pt"><I>Future Financing and Capital Needs &#150; Debt Maturities</I>


<P align="left" style="font-size: 10pt">One of our principal long-term liquidity needs is the repayment of medium and
long-term debt at the time that such debt matures. For unsecured notes, we
anticipate that no significant portion of the principal of these notes will be
repaid prior to maturity. If we do not have funds on hand sufficient to repay
our indebtedness as it becomes due, it will be necessary for us to refinance
the debt. This refinancing may be accomplished by uncollateralized private or
public debt offerings, additional debt financing that is collateralized by
mortgages on individual communities or groups of communities, draws on our
unsecured credit facility or by additional equity offerings. We also
anticipate having retained cash flow available in each year so that when a debt
obligation matures, a portion of each maturity can be satisfied from this
retained cash. Although we believe we will have the capacity to meet our
long-term liquidity needs, we cannot assure you that additional debt financing
or debt or equity offerings will be available or, if available, that they will
be on terms we consider satisfactory.


<P align="left" style="font-size: 10pt">In February&nbsp;2004, $125,000,000 in unsecured notes with an annual interest rate
of 6.58% matured and was repaid with proceeds drawn under our unsecured credit
facility. In addition, we repaid $11,381,000 in fixed rate mortgage
debt secured by a current community, along with any unpaid interest, prior to
its scheduled maturity of August&nbsp;2004. No prepayment penalties were incurred.


<P align="left" style="font-size: 10pt">Also in February&nbsp;2004, we had credit enhancements, including interest rate
swaps, on approximately $87,380,000 of our variable rate, tax-exempt debt that
expired according to the original terms and that have not been extended.
However, we have replaced the credit enhancements on this debt, including
replacing the interest rate swaps with interest rate caps ranging from 6.7% to
9.0%. The underlying debt has a weighted average variable interest rate (exclusive of credit enhancement fees, facility fees, trustees&#146; fees, etc.)  of
0.9% as of February&nbsp;27, 2004, which has been capped at a weighted average
interest rate of 7.6% through the interest rate caps. The credit enhancements,
including the interest rate caps, mature in 2014.


<P align="center" style="font-size: 10pt">50
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<P align="left" style="font-size: 10pt">The following table details debt maturities for the next five years, excluding
our unsecured credit facility, for debt outstanding at December&nbsp;31, 2003
(dollars in thousands):

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All-in<br>interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal<br>maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Balance outstanding</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>Scheduled maturities</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left"><B>Community</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>rate (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>date</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-02</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-31-03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2005</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Thereafter</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Tax-exempt bonds</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B><I>Fixed rate</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Foxchase I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Nov-2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">16,800</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Foxchase II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Nov-2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Fairway Glen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Nov-2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9,580</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">CountryBrook</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mar-2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,622</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Waterford</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Aug-2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33,100</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Mountain View</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mar-2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18,300</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,300</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Dulles (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jul-2024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Symphony Glen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jul-2024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,780</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon View</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Aug-2024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,907</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Lexington</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Feb-2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,630</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Nob Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19,149</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,238</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Campbell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35,065</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,830</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Pacifica</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15,906</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,986</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Knoll</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,331</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Landing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.85</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,589</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Fields</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">May-2027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,989</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Dec-2036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Oaks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Feb-2041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,928</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Oaks West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Apr-2043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,785</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B><I>Variable rate </I></B><B>(4)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Laguna Niguel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mar-2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">The Promenade</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">3.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jan-2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,143</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Mission Viejo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7,039</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,341</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Devonshire (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Dec-2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Greenbriar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">May-2026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,755</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Fairway Hills I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jun-2026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Conventional loans (6)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B><I>Fixed rate</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$50 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.250</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jan-2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$100 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.500</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jul-2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$125 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.733</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Feb-2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$100 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.750</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jan-2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$50 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.500</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jan-2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$150 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.926</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jul-2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$150 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">5.178</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Aug-2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$110 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">7.128</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Dec-2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$50 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jan-2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$150 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">8.374</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jul-2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$150 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">7.634</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Aug-2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$200 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">7.665</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Dec-2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$300 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.792</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Sep-2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$50 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.314</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Sep-2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">$250 Million unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.261</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Nov-2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon at Pruneyard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.250</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">May-2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Walk II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.930</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Aug-2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon Orchards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">7.650</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Jul-2033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,297</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,009,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,879,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969,297</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B><I>Variable rate </I></B><B>(4)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Avalon on the Sound (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Apr-2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total indebtedness
          - excluding unsecured credit facility</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,441,851</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,286,433</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD><B>$</B></TD>
    <TD align="right"><B>190,206</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>154,681</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>155,011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>301,345</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>205,744</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,279,446</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
  <tr valign="top">
    <td width="1%" nowrap align="right">(1)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Includes credit enhancement fees, facility fees, trustees&#146;
      fees, etc.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="1%" nowrap align="right">(2)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Financed by variable rate, tax-exempt debt, but interest rate
      is effectively fixed at December 31, 2003 at the rate indicated through
      a swap agreement. The weighted average maturity of these swap agreements
      is 2.6 years.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="1%" nowrap align="right">(3)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Financed by variable rate, tax-exempt debt, but interest rate
      is capped through an interest rate cap agreement. The remaining term of
      this interest rate cap agreement is 3.6&nbsp;years.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="1%" height="13" align="right" nowrap>(4)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Variable rates are given as of December&nbsp;31, 2003.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="1%" nowrap align="right">(5)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Included in liabilities related to real estate assets held
      for sale on our Consolidated Balance Sheets as of December&nbsp;31, 2002
      included elsewhere in this report.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="1%" nowrap align="right">(6)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Balances outstanding do not include $284 and $342 as of December&nbsp;31,
      2003 and December&nbsp;31, 2002, respectively, of debt premium reflected
      in unsecured notes on our Consolidated Balance Sheets included elsewhere
      in this report.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="1%" nowrap align="right">(7)</td>
    <td width="4%">&nbsp;</td>
    <td width="95%">Variable rate construction loan matured in December&nbsp;2002
      and was refinanced in April&nbsp;2003, extending the maturity date to April&nbsp;2004,
      with a one-year extension available to April&nbsp;2005.</td>
  </tr>
</table>
<P align="center" style="font-size: 10pt">51

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><B><I>Future Financing and Capital Needs &#150; Portfolio and Other Activity</I></B>


<P align="left" style="font-size: 10pt">As of December&nbsp;31, 2003, we had eleven new communities under construction, for
which a total estimated cost of $221,629,000 remained to be invested. In
addition, we had two communities under reconstruction, for which a total
estimated cost of $5,660,000 remained to be invested. Substantially all of the
capital expenditures necessary to complete the communities currently under
construction and reconstruction, as well as development costs related to
pursuing Development Rights, will be funded from:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remaining capacity under our current $500,000,000 unsecured credit facility;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the net proceeds from sales of existing communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retained operating cash; and/or</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of debt or equity securities.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Before planned reconstruction activity or the construction of a Development
Right begins, we intend to arrange adequate financing to complete these
undertakings, although we cannot assure you that we will be able to obtain such
financing. In the event that financing cannot be obtained, we may have to
abandon Development Rights, write-off associated pre-development costs that
were capitalized and/or forego reconstruction activity. In such instances, we
will not realize the increased revenues and earnings that we expected from such
Development Rights.


<P align="left" style="font-size: 10pt">We sell assets that do not meet our long-term investment criteria or when
capital and real estate markets allow us to realize a portion of the value
created over the past business cycle and redeploy the proceeds from those sales
to develop and redevelop communities. We increased our disposition program
during 2003 to a level totaling $453,900,000. In response to real estate and
capital markets conditions, as well as strong institutional demand for product
in our markets, we plan to continue to sell communities into 2004, although at
reduced levels. However, we cannot assure you that assets can continue to be
sold on terms that we consider satisfactory or that market conditions will
continue to make the sale of assets an appealing strategy. Because the
proceeds from the sale of communities may not be immediately redeployed into
revenue generating assets, the immediate effect of a sale of a community for a
gain is to increase net income, but reduce total revenues, total expenses, NOI
and FFO.


<P align="left" style="font-size: 10pt">We intend to engage in discussions with a limited number of institutional
investors regarding the possible formation of a discretionary fund that would
acquire and operate apartment communities. This fund would serve, for a period
of three years from the date of its final closing or until a significant
portion of its committed capital is invested, as the exclusive vehicle through
which we would acquire apartment communities, subject to certain exceptions
including, among others, significant individual asset and portfolio
acquisitions, properties acquired in tax-deferred transactions and acquisitions
that are inadvisable or inappropriate for the fund, if any. The fund would not
restrict our development activities, which would not be a part of the fund, and
would terminate after a term of eight years (subject to two one-year
extensions). We intend to actively pursue the formation of the fund, but there
can be no assurance as to when or if such a fund will be formed or, if formed,
what its size, terms or investment performance will be. We have preliminarily
targeted that the fund would have approximately $715,000,000 available for
investment (consisting of approximately $250,000,000 of fund equity, of which
we would commit approximately 20% of the total, and approximately $465,000,000
of debt financing).


<P align="left" style="font-size: 10pt">We are also considering the use of several joint ventures, pursuant to which a
portion of future developments would be held through a partnership vehicle. We
generally employ joint ventures primarily to mitigate concentration or market
risk and secondarily as a source of liquidity. Each joint venture or
partnership agreement will be individually negotiated, and our ability to
operate and/or dispose of a community in our sole discretion may be limited to
varying degrees depending on the terms of the joint venture or partnership
agreement. However, we cannot assure you that we will enter into joint
ventures in the future, or that, if we do, we will achieve our objectives.


<P align="center" style="font-size: 10pt">52
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">We have minority interest investments in three technology companies, one of
which has a remaining unfunded commitment of $1,598,000, which we expect to be
released from without payment in the first quarter of 2004. We have no other
obligation to contribute additional funds to these technology investments.


<P align="left" style="font-size: 10pt"><U>Off Balance Sheet Arrangements</U>


<P align="left" style="font-size: 10pt">We own interests in unconsolidated real estate entities, with ownership
interests up to 50%. One of these unconsolidated real estate entities, Avalon
Terrace, LLC, has debt outstanding of $22,500,000 as of December&nbsp;31, 2003,
which matures in 2005 and is payable by the unconsolidated real estate entity
with operating cash flow from the underlying real estate. We have not
guaranteed this debt, nor do we have any obligation to fund this debt should
the unconsolidated real estate entity be unable to do so. There are no lines
of credit, side agreements, financial guarantees or any other derivative
financial instruments related to or between us and our unconsolidated real
estate entities. In evaluating our capital structure and overall leverage,
management takes into consideration our proportionate share of this
unconsolidated debt. For more information regarding the operations of our
unconsolidated entities see Note 6, &#147;Investments in Unconsolidated Entities,&#148;
of our Consolidated Financial Statements.


<P align="left" style="font-size: 10pt"><U>Contractual Obligations</U>


<P align="left" style="font-size: 10pt">We currently have contractual obligations consisting primarily of long-term
debt obligations and lease obligations for certain land parcels and office
space. Scheduled contractual obligations required for the next five years and
thereafter are as follows as of December&nbsp;31, 2003 (dollars in thousands):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>Payments due by period</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>More than</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>1 Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>1-3 Years</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>3-5 Years</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>5 Years</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-Term Debt Obligations<SUP>(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,337,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">241,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">309,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">507,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,279,446</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398,906</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,757,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">245,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">318,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">515,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,678,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Includes $51,100 outstanding under our variable rate unsecured credit
facility as of December&nbsp;31, 2003. The table of contractual obligations
assumes repayment of this amount in 2004 &#151; See &#147;Liquidity and Capital
Resources.&#148;</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><U>Common and Preferred Stock Activity</U>


<P align="left" style="font-size: 10pt"><I>Stock Repurchase Program</I>



<P align="left" style="font-size: 10pt">In 2002 our Board of Directors authorized a common stock repurchase program,
under which we may acquire shares of our common stock in open market or
negotiated transactions. The stock repurchase program was designed so that
retained cash flow, as well as the proceeds from sales of existing apartment
communities and a reduction in planned acquisitions, will provide the source of
funding for the program, with our unsecured credit facility providing temporary
funding as needed. Through February&nbsp;27, 2004, we have acquired 2,380,600
shares of common stock at an aggregate cost of $89,566,000 under this program.
We have not repurchased any shares of common stock since March&nbsp;31, 2003.


<P align="left" style="font-size: 10pt"><I>Issuance of Common Stock</I>



<P align="left" style="font-size: 10pt">In August&nbsp;2003, we completed a common stock offering totaling 2,804,700 shares
at a public offering price of
$46.00 per share. The net proceeds from this offering, after underwriting
discounts and commissions, of approximately $127,333,000 were used to repay a
portion of amounts outstanding on the unsecured credit facility and for general
corporate purposes.


<P align="center" style="font-size: 10pt">53
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left" style="font-size: 10pt">

<P align="left" style="font-size: 10pt"><I>Shelf Registration Statement</I>



<P align="left" style="font-size: 10pt">We currently have an effective shelf registration statement on file with the
Securities and Exchange Commission. The shelf registration statement
originally provided $750,000,000 of debt and equity capacity, however,
$127,333,000 has been utilized as a result of the common stock offering
described above. We cannot assure you that market conditions will permit us to issue debt
or equity securities on cost-effective terms or that the registration statement will remain available and effective
at all times.


<P align="left" style="font-size: 10pt"><I>Redemption of Preferred Stock</I>



<P align="left" style="font-size: 10pt">In March&nbsp;2003, we redeemed all 3,267,700 outstanding shares of our 8.00% Series
D Cumulative Redeemable Preferred Stock at a price of $25.00 per share, plus
$0.0167 in accrued and unpaid dividends, for an aggregate redemption price of
$81,747,000, including accrued dividends of $54,000. The redemption price was
funded by the sale of 3,336,611 shares of Series&nbsp;J Cumulative Redeemable
Preferred Stock through a private placement to an institutional investor for a
net purchase price of $81,737,000. The dividend rate on such shares was
initially equal to 2.78% per annum (three-month LIBOR plus 1.5%) of the
liquidation preference. As permitted under the terms of such preferred stock,
we redeemed all of the Series&nbsp;J Cumulative Redeemable Preferred Stock in May
2003, for an aggregate redemption price of $82,207,000, including dividends of
$251,000.



<P align="left" style="font-size: 10pt">We currently have the following series of redeemable preferred stock
outstanding at a stated value of $100,000,000. This series has no
stated maturity and is not subject to any sinking fund or mandatory
redemptions.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Shares outstanding</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Payable</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Annual</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Liquidation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Non-redeemable</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Series<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">February 27, 2004<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">quarterly<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">rate<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">preference<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">prior to<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px">H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4,000,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March, June, September,<BR>
December
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.70%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October&nbsp;15, 2008</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><U>Inflation and Deflation</U>


<P align="left" style="font-size: 10pt">Substantially all of our apartment leases are for a term of one year or less.
In the event of significant inflation, this may enable us to realize increased
rents upon renewal of existing leases or the beginning of new leases.
Short-term leases generally minimize our risk from the adverse effects of
inflation, although these leases generally permit residents to leave at the end
of the lease term and therefore expose us to the effect of a decline in market
rents. In a deflationary rent environment, as is currently being experienced,
we are exposed to declining rents more quickly under these shorter-term leases.


<P align="left" style="font-size: 10pt"><U>Forward-Looking Statements</U>


<P align="left" style="font-size: 10pt">This Form 10-K contains &#147;forward-looking statements&#148; as that term is defined
under the Private Securities Litigation Reform Act of 1995. You can identify
forward-looking statements by our use of the words &#147;believe,&#148; &#147;expect,&#148;
&#147;anticipate,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;assume,&#148; &#147;project,&#148; &#147;plan,&#148; &#147;may,&#148;
&#147;shall,&#148; &#147;will&#148;


<P align="center" style="font-size: 10pt">54
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">and other similar expressions in this Form 10-K, that predict
or indicate future events and trends or that do not report historical matters.
These statements include, among other things, statements regarding our intent,
belief or expectations with respect to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our potential development, redevelopment, acquisition
or disposition of communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing and cost of completion of apartment
communities under construction, reconstruction, development
or redevelopment;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing of lease-up, occupancy and stabilization of apartment communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the pursuit of land on which we are considering future development;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the anticipated operating performance of our communities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cost, yield and earnings estimates;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our declaration or payment of distributions;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our policies regarding investments, indebtedness,
acquisitions, dispositions, financings and other matters;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our qualification as a REIT under the Internal Revenue
Code;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the real estate markets in Northern and Southern
California and markets in selected states in the
Mid-Atlantic, Northeast, Midwest and Pacific Northwest
regions of the United States and in general;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of debt and equity financing;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest rates;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic conditions; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>trends affecting our financial condition or results of operations.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">We cannot assure the future results or outcome of the matters described in
these statements; rather, these statements merely reflect our current
expectations of the approximate outcomes of the matters discussed. You should
not rely on forward-looking statements because they involve known and unknown
risks, uncertainties and other factors, some of which are beyond our control.
These risks, uncertainties and other factors may cause our actual results,
performance or achievements to differ materially from the anticipated future
results, performance or achievements expressed or implied by these
forward-looking statements. Some of the factors that could cause our actual
results, performance or achievements to differ materially from those expressed
or implied by these forward-looking statements include, but are not limited to,
the following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may fail to secure development opportunities due to
an inability to reach agreements with third parties or to
obtain desired zoning and other local approvals;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may abandon or defer development opportunities for
a number of reasons, including changes in local market
conditions which make development less desirable, increases
in costs of development and increases in the cost of capital;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>construction costs of a community may exceed our
original estimates;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may not complete construction and lease-up of
communities under development or redevelopment on schedule,
resulting in increased interest expense and construction
costs and a decrease in our expected rental revenues;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>occupancy rates and market rents may be adversely
affected by competition and local economic and market
conditions which are beyond our control;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financing may not be available on favorable terms or
at all, and our cash flow from operations and access to cost
effective capital may be insufficient for the development of
our pipeline which could limit our pursuit of opportunities;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our cash flow may be insufficient to meet required
payments of principal and interest, and we may be unable to
refinance existing indebtedness or the terms of such
refinancing may not be as favorable as the terms of existing
indebtedness; and</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unsuccessful in managing changes in our
portfolio composition.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">55
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">These forward-looking statements represent our estimates and assumptions only
as of the date of this report. We do not undertake to update these
forward-looking statements, and you should not rely upon them after the date of
this report.

<DIV align="left">
<A name="110"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 7a.</B>&nbsp;</TD>
    <TD><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">We are exposed to certain financial market risks, the most predominant being
fluctuations in interest rates. We monitor interest rate fluctuations as an
integral part of our overall risk management program, which recognizes the
unpredictability of financial markets and seeks to reduce the potentially
adverse effect on our results of operations. The effect of interest rate
fluctuations historically has been small relative to other factors affecting
operating results, such as rental rates and occupancy. The specific market
risks and the potential impact on our operating results are described below.


<P align="left" style="font-size: 10pt">Our operating results are affected by changes in interest rates as a result of
borrowings under our variable rate unsecured credit facility as well as
outstanding bonds with variable interest rates. We had $168,505,000 and
$173,840,000 in variable rate debt outstanding as of December&nbsp;31, 2003 and
2002, respectively. If interest rates on the variable rate debt had been 100
basis points higher throughout 2003 and 2002, our annual interest costs would
have increased by approximately $2,665,000 and $2,557,000, respectively, based
on balances outstanding during the applicable years.


<P align="left" style="font-size: 10pt">We currently use interest rate swap agreements to reduce the impact of interest
rate fluctuations on certain variable rate indebtedness. Under swap
agreements:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we agree to pay to a counterparty the interest that would
have been incurred on a fixed principal amount at a fixed interest
rate (generally, the interest rate on a particular treasury bond on
the date the agreement is entered into, plus a fixed increment), and<br>&nbsp;<br>&nbsp;
</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the counterparty agrees to pay to us the interest that would
have been incurred on the same principal amount at an assumed
floating interest rate tied to a particular market index.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">As of December&nbsp;31, 2003, the effect of swap agreements is to fix the interest
rate on approximately $157,500,000 of our variable rate, tax-exempt debt.
Furthermore, a swap agreement to fix the interest rate on approximately
$22,500,000 of unconsolidated variable rate debt existed as of December&nbsp;31,
2003. The swap agreements on the consolidated variable rate, tax-exempt debt
were not electively entered into by us but, rather, were a requirement of
either the bond issuer or the credit enhancement provider related to certain of
our tax-exempt bond financings.
Because the counterparties providing the swap agreements are major financial
institutions which have an A&#043; or better credit rating by the Standard &#038; Poor&#146;s
Ratings Group and the interest rates fixed by the swap agreements are
significantly higher than current market rates for such agreements, we do not
believe there is exposure at this time to a default by a counterparty provider.
Had these swap agreements not been in place during 2003 and 2002, our annual
interest costs would have been approximately $6,027,000 and $5,674,000 lower,
respectively, based on balances outstanding and reported interest rates during
the applicable years. However, if the variable interest rates on this debt had
been 100 basis points higher throughout 2003 and 2002 and these swap agreements
had not been in place, our annual interest costs would have been approximately
$4,581,000 and $4,024,000 lower, respectively.


<P align="left" style="font-size: 10pt">In addition, changes in interest rates affect the fair value of our fixed rate
debt, which impacts the fair value of our aggregate indebtedness. Debt
securities and notes payable (excluding our variable rate unsecured credit
facility) with an aggregate carrying value of $2,286,433,000 at December&nbsp;31,
2003 had an estimated aggregate fair value of $2,555,733,000 at December&nbsp;31,
2003. Fixed rate debt represented $2,169,028,000 of the carrying value and
$2,280,828,000 of the fair value at December&nbsp;31, 2003. If interest rates had
been 100 basis points higher as of December&nbsp;31, 2003, the fair value of this
fixed rate debt would have decreased by $104,989,000.


<P align="center" style="font-size: 10pt">56
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="111"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 8.</B>&nbsp;</TD>
    <TD><B>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">The response to this Item&nbsp;8 is included as a separate section of this Annual
Report on Form 10-K.

<DIV align="left">
<A name="112"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 9.</B>&nbsp;</TD>
    <TD><B>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">As discussed more fully in the Company&#146;s Proxy Statement to be filed with the
Securities and Exchange Commission within 120&nbsp;days after the end of the year
covered by this Form 10-K with respect to the Annual Meeting of Stockholders to
be held on May&nbsp;5, 2004, during 2002 the Company dismissed Arthur Andersen LLP
and engaged Ernst &#038; Young LLP to be the Company&#146;s principal independent public
accountant.

<DIV align="left">
<A name="113"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 9A.</B>&nbsp;</TD>
    <TD><B>CONTROLS AND PROCEDURES</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Evaluation of Disclosure Controls and Procedures</I>. As required by Rule
13a-15 under the Securities Exchange Act of 1934, as of the end of the period
covered by this report, the Company carried out an evaluation under the
supervision and with the participation of the Company&#146;s management, including
the Company&#146;s Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company&#146;s disclosure controls
and procedures. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the Company&#146;s disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Company in the reports it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission&#146;s rules and forms. We continue to
review and document our disclosure controls and procedures, including our
internal control over financial reporting, and may from time to time make
changes aimed at enhancing their effectiveness and to ensure that our systems
evolve with our business.


<P align="left" style="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Changes in Internal Control Over Financial Reporting</I>. There was no change
in our internal control over financial reporting that occurred during the
fourth quarter of the period covered by this Annual Report on Form 10-K that
has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.

<DIV align="left">
<A name="114"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART III</B>


<DIV align="left">
<A name="115"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 10.</B>&nbsp;</TD>
    <TD><B>DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Information pertaining to directors and executive officers of the Company is
incorporated herein by reference to the Company&#146;s Proxy Statement to be filed
with the Securities and Exchange Commission within 120&nbsp;days after the end of
the year covered by this Form 10-K with respect to the Annual Meeting of
Stockholders to be held on May&nbsp;5, 2004.

<DIV align="left">
<A name="116"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 11.</B>&nbsp;</TD>
    <TD><B>EXECUTIVE COMPENSATION</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Information pertaining to executive compensation is incorporated herein by
reference to the Company&#146;s Proxy Statement to be filed with the Securities and
Exchange Commission within 120&nbsp;days after the end of the year covered by this
Form 10-K with respect to the Annual Meeting of Stockholders to be held on May
5, 2004.

<DIV align="left">
<A name="117"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 12.</B>&nbsp;</TD>
    <TD><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Information pertaining to security ownership of management and certain
beneficial owners of the Company&#146;s common stock is incorporated herein by
reference to the Company&#146;s Proxy Statement to be filed with the Securities and
Exchange Commission within 120&nbsp;days after the end of the year covered by this
Form 10-K with respect to the Annual Meeting of Stockholders to be held on May
5, 2004.


<P align="center" style="font-size: 10pt">57
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">The Company maintains the 1994 Stock Incentive Plan (the &#147;1994 Plan&#148;) and the
1996 Non-Qualified Employee Stock Purchase Plan (the &#147;ESPP&#148;), pursuant to which
common stock or other equity awards may be issued or granted to eligible
persons.


<P align="left" style="font-size: 10pt">The following table gives information about equity awards under the Company&#146;s
1994 Plan and ESPP as of December&nbsp;31, 2003:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(c)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of securities</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining available for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>future issuance under equity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>issued upon exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>compensation plans</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding options,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding options,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(excluding securities</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Plan category</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>warrants and rights</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>warrants and rights</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>reflected in column (a))</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV>Equity compensation<br>
plans approved by<br>
security holders
<SUP>(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,071,103</TD>
    <TD nowrap><SUP>(2)(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">39.57</TD>
    <TD nowrap><SUP>(3)(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,358,393</TD>
    <TD nowrap><SUP>(5)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV>Equity compensation<br>
plans not approved
by <br>security holders
<SUP>(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687,949</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,071,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">39.57</TD>
    <TD nowrap><SUP>(3)(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,046,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consists of the 1994 Plan.


<P align="left" style="font-size: 10pt"><SUP>(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes 91,838 deferred units granted under the 1994 Plan, which, subject
to vesting requirements, will convert in the future to common stock on a
one-for-one basis, but does not include 195,339 shares of restricted stock that
are outstanding and that are already reflected in the Company&#146;s outstanding
shares.


<P align="left" style="font-size: 10pt"><SUP>(3)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Does not include outstanding options to acquire 473,962 shares, at a
weighted-average exercise price of $37.32 per share, that were assumed, in
connection with the 1998 merger of Avalon Properties, Inc. with and into the
Company, under the Avalon Properties, Inc. 1995 Equity Incentive Plan and the
Avalon Properties, Inc. 1993 Stock Option and Incentive Plan.


<P align="left" style="font-size: 10pt"><SUP>(4)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes deferred units granted under the 1994 Plan, which, subject to
vesting requirements, will convert in the future to common stock on a
one-for-one basis.


<P align="left" style="font-size: 10pt"><SUP>(5)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1994 Plan incorporates an evergreen formula pursuant to which the
aggregate number of shares reserved for issuance under the 1994 Plan will
increase annually. On each January&nbsp;1, the aggregate number of shares reserved
for issuance under the 1994 Plan will increase by a number of shares equal to a
percentage (ranging from 0.48% to 1.00%) of all outstanding shares of common
stock at the end of the year. The exact percentage used is determined based on
the percentage of all awards made under the 1994 Plan during the calendar year
that were in the form of stock options with an exercise price equal to the fair
market value of a share of common stock on the date of the grant. In
accordance with this procedure, on January&nbsp;1, 2004, the maximum number of
shares remaining available for future issuance under the 1994 Plan was
increased by 622,657 to 2,981,050.


<P align="left" style="font-size: 10pt"><SUP>(6)</SUP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consists of the ESPP.


<P align="left" style="font-size: 10pt">The ESPP, which was adopted by the Board of Directors on October&nbsp;29, 1996, has
not been approved by our shareholders. A further description of the ESPP
appears in Note 10, &#147;Stock-Based Compensation Plans,&#148; of our Consolidated
Financial Statements included in this report.


<P align="center" style="font-size: 10pt">58
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="118"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 13.</B>&nbsp;</TD>
    <TD><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Information pertaining to certain relationships and related transactions is
incorporated herein by reference to the Company&#146;s Proxy Statement to be filed
with the Securities and Exchange Commission within 120&nbsp;days after the end of
the year covered by this Form 10-K with respect to the Annual Meeting of
Stockholders to be held on May&nbsp;5, 2004.

<DIV align="left">
<A name="119"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 14.</B>&nbsp;</TD>
    <TD><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Information pertaining to the fees paid to and services provided by the
Company&#146;s principal accountant is incorporated herein by reference to the
Company&#146;s Proxy Statement to be filed with the Securities and Exchange
Commission within 120&nbsp;days after the end of the year covered by this Form 10-K
with respect to the Annual Meeting of Stockholders to be held on May&nbsp;5, 2004.


<P align="center" style="font-size: 10pt">59
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="120"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PART IV</B>


<DIV align="left">
<A name="121"></A>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>ITEM 15.</B>&nbsp;</TD>
    <TD><B>EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND REPORTS ON FORM 8-K</B></TD>
</TR>
</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="left" valign="top"><B>15(a)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><U>Financial Statements</U></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left"><B>Index to Financial Statements</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">Consolidated Financial Statements and Financial Statement Schedule:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">Report of Independent Auditors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">Consolidated Balance Sheets as of December&nbsp;31, 2003 and 2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Consolidated Statements of Operations and Other Comprehensive Income for<br>
the years ended December&nbsp;31, 2003, 2002 and 2001</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Consolidated Statements of Stockholders&#146; Equity for<br>
the years ended December&nbsp;31, 2003, 2002 and 2001</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Consolidated Statements of Cash Flows for<br>
the years ended December&nbsp;31, 2003, 2002 and 2001</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">Notes to Consolidated Financial Statements</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="left" valign="top"><B>15(a)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><U>Financial Statement Schedule</U></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">Schedule&nbsp;III - Real Estate and Accumulated Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="left" valign="top"><B>15(a)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><U><B>Exhibits</B></U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">The exhibits listed on the accompanying Index to Exhibits are filed as a part
of this report.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="left" valign="top"><B>15(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><U><B>Reports on Form&nbsp;8-K</B></U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="left">None.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">60
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>NO.</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DESCRIPTION</B><br>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(i).1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment and
Restatement of Articles of
Incorporation of the Company,
dated as of June&nbsp;4, 1998.
(Incorporated by reference to
Exhibit&nbsp;3(i).1 to Form&nbsp;10-Q of
the Company filed August&nbsp;14,
1998.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(i).2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment, dated as
of October&nbsp;2, 1998.
(Incorporated by reference to
Exhibit&nbsp;3.1(ii) to the
Company&#146;s Current Report on
Form&nbsp;8-K filed October&nbsp;6,
1998.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(i).3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles Supplementary, dated
as of October&nbsp;13, 1998,
relating to the 8.70% Series&nbsp;H
Cumulative Redeemable Preferred
Stock. (Incorporated by
reference to Exhibit&nbsp;1 to Form
8-A of the Company filed
October&nbsp;14, 1998.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of the Company, as adopted by
the Board of Directors on February&nbsp;13, 2003.
(Incorporated by reference to Exhibit&nbsp;3(ii) to Form&nbsp;10-K
of the Company filed March&nbsp;11, 2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture of Avalon Properties,
Inc. (hereinafter referred to
as &#147;Avalon Properties&#148;) dated
as of September&nbsp;18, 1995.
(Incorporated by reference to
Avalon Properties&#146; Registration
Statement on Form&nbsp;S-3
(33-95412), filed on August&nbsp;4,
1995.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture of Avalon Properties dated as of September
18, 1995. (Incorporated by reference to Exhibit&nbsp;4.2 to Form&nbsp;10-K of the
Company filed March&nbsp;26, 2002.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture of Avalon Properties dated
as of December&nbsp;16, 1997. (Incorporated by reference to
Exhibit&nbsp;4.3 to Form&nbsp;10-K of the Company filed March&nbsp;11,
2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Indenture of Avalon Properties dated
as of January&nbsp;22, 1998. (Incorporated by reference to
Exhibit&nbsp;4.4 to Form&nbsp;10-K of the Company filed March&nbsp;11,
2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture, dated as of January&nbsp;16, 1998, between the
Company and State Street Bank and Trust Company, as
Trustee. (Incorporated by reference to Exhibit&nbsp;4.5 to
Form&nbsp;10-K of the Company filed March&nbsp;11, 2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture, dated as of January&nbsp;20,
1998, between the Company and the Trustee. (Incorporated
by reference to Exhibit&nbsp;4.6 to Form&nbsp;10-K of the Company
filed March&nbsp;11, 2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture, dated as of July&nbsp;7, 1998,
between the Company and the Trustee. (Incorporated by
reference to Exhibit&nbsp;4.2 to the Company&#146;s Current Report
on Form&nbsp;8-K filed July&nbsp;9, 1998.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Third Supplemental Indenture, dated
as of July&nbsp;10, 2000 between the Company and the Trustee,
including forms of Floating Rate Note and Fixed Rate
Note. (Incorporated by reference to Exhibit&nbsp;4.4 to the
Company&#146;s Current Report on Form&nbsp;8-K filed July&nbsp;11,
2000.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">61
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>NO.</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DESCRIPTION</B><br>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dividend Reinvestment and Stock Purchase Plan of the
Company filed September&nbsp;14, 1999. (Incorporated by
reference to Form&nbsp;S-3 of the Company, File No.
333-87063.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Company&#146;s Dividend Reinvestment and
Stock Purchase Plan filed on December&nbsp;17, 1999.
(Incorporated by reference to the Prospectus Supplement
filed pursuant to Rule&nbsp;424(b)(2) of the Securities Act of
1933 on December&nbsp;17, 1999.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Distribution Agreement, dated August
6, 2003, among AvalonBay Communities, Inc. (the
&#147;Company&#148;) and the Agents, including Administrative
Procedures, relating to the MTNs. (Filed herewith.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated as of July&nbsp;1, 2003, between
the Company and Thomas J. Sargeant. (Incorporated by
reference to Exhibit&nbsp;10.1 to Amendment No.&nbsp;3 to the
Company&#146;s Registration Statement on Form&nbsp;S-3
(333-103755), filed July&nbsp;7, 2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated as of January&nbsp;10, 2003,
between the Company and Bryce Blair. (Incorporated by
reference to Exhibit&nbsp;10.5 to Form&nbsp;10-K of the Company
filed March&nbsp;11, 2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated as of February&nbsp;26, 2001,
between the Company and Timothy J. Naughton.
(Incorporated by reference to Exhibit&nbsp;10.5 to Form&nbsp;10-K
of the Company filed March&nbsp;29, 2001.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated as of September&nbsp;10, 2001,
between the Company and Leo S. Horey. (Incorporated by
reference to Exhibit&nbsp;10.1 to Form&nbsp;10-Q of the Company
filed November&nbsp;14, 2001.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated as of December&nbsp;31, 2001,
between the Company and Samuel B. Fuller. (Incorporated
by reference to Exhibit&nbsp;10.9 to Form&nbsp;10-K of the Company
filed March&nbsp;26, 2002.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement regarding departure, dated February&nbsp;26,
2001, by and between the Company and Robert H. Slater.
(Incorporated by reference to Exhibit&nbsp;10.8 to Form&nbsp;10-K
of the Company filed March&nbsp;29, 2001.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutual Release and Separation Agreement, dated as of
March&nbsp;24, 2000, between the Company and Gilbert M. Meyer.
(Incorporated by reference to Exhibit&nbsp;10.1 to Form&nbsp;10-Q
of the Company filed May&nbsp;15, 2000.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retirement Agreement, dated as of March&nbsp;24, 2000, between
the Company and Gilbert M. Meyer. (Incorporated by
reference to Exhibit&nbsp;10.2 to Form&nbsp;10-Q of the Company
filed May&nbsp;15, 2000.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consulting Agreement, dated as of March&nbsp;24, 2000, between
the Company and Gilbert M. Meyer. (Incorporated by
reference to Exhibit&nbsp;10.3 to Form&nbsp;10-Q of the Company
filed May&nbsp;15, 2000.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Properties, Inc. 1993 Stock Option and Incentive
Plan. (Incorporated by reference to Exhibit&nbsp;10.14 to
Form&nbsp;10-K of the Company filed March&nbsp;29, 2001.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Avalon Properties, Inc. 1995 Equity Incentive Plan.
(Incorporated by reference to Exhibit&nbsp;10.15 to Form&nbsp;10-K
of the Company filed March&nbsp;29, 2001.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">62
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>NO.</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DESCRIPTION</B><br>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment, dated May&nbsp;6, 1999, to the Avalon Properties
Amended and Restated 1995 Equity Incentive Plan.
(Incorporated by reference to Exhibit&nbsp;10.7 to Form&nbsp;10-Q
of the Company filed August&nbsp;16, 1999.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.14&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as
amended and restated in full on May&nbsp;8, 2001.
(Incorporated by reference to Exhibit&nbsp;B to the Company&#146;s
Schedule&nbsp;14A filed March&nbsp;30, 2001.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.15&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment, dated May&nbsp;14, 2003, to the Company&#146;s 1994
Stock Incentive Plan, as amended and restated.
(Incorporated by reference to Exhibit&nbsp;10.1 to the
Company&#146;s Form&nbsp;10-Q filed on August&nbsp;8, 2003.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.16&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1996 Non-Qualified Employee Stock Purchase Plan, dated
June&nbsp;26, 1997, as amended and restated. (Incorporated by
reference to Exhibit&nbsp;99.1 to Post-effective Amendment No.
1 to Form&nbsp;S-8 of the Company filed June&nbsp;26, 1997, File
No.&nbsp;333-16837.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.17&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1996 Non-Qualified Employee Stock Purchase Plan &#151; Plan
Information Statement dated June&nbsp;26, 1997. (Incorporated
by reference to Exhibit&nbsp;99.2 to Form&nbsp;S-8 of the company,
File No.&nbsp;333-16837.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.18 &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnification Agreements between the Company and the
Directors of the Company. (Incorporated by reference to
Exhibit&nbsp;10.39 to Form&nbsp;10-K of the Company filed March&nbsp;31,
1999.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.19&#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company&#146;s Officer Severance Plan. (Incorporated by
reference to Exhibit&nbsp;10.1 to the Company&#146;s Current Report
on Form&nbsp;8-K filed July&nbsp;11, 2000.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revolving Loan Agreement, dated as of May&nbsp;24, 2001, among
the Company, as Borrower, The Chase Manhattan Bank, as a Bank,
Co-Agent and Syndication Agent, Fleet National Bank, as a Bank and
Co-Agent, Bank of America, N.A., First Union National Bank and
Citicorp Real Estate, Inc., each as a Bank and Documentation Agent,
the other banks signatory thereto, each as a Bank, J.P. Morgan
Securities, Inc., as Sole Bookrunner and Lead Arranger, and Fleet
National Bank, as Administrative Agent. (Incorporated by reference
to Exhibit&nbsp;10.1 to Form&nbsp;10-Q of the Company filed August&nbsp;14, 2001.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statements re: Computation of Ratios. (Filed herewith.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Schedule of Subsidiaries of the Company. (Filed herewith.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP. (Filed herewith.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002 (Chief Executive Officer). (Filed herewith.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002 (Chief Financial Officer). (Filed herewith.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002 (Chief Executive Officer and Chief Financial
Officer). (Filed herewith.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 7pt">&#043; Management contract or compensatory plan or arrangement required to be
filed or incorporated by reference as an exhibit to this Form 10-K pursuant to
Item 14(c) of Form 10-K.


<P align="center" style="font-size: 10pt">63
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV align="left">
<A name="122"></A>
</DIV>

<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AvalonBay Communities, Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bryce Blair</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bryce Blair, Chairman of the Board, Chief Executive Officer and President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
      <TD width="18%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bryce Blair</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bryce Blair, Chairman of the Board, Chief Executive Officer<br>
and President <br>(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Thomas J. Sargeant</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas J. Sargeant, Chief Financial Officer<br>
(Principal Financial and Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bruce A. Choate</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bruce A. Choate, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John J. Healy, Jr.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John J. Healy, Jr., Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gilbert M. Meyer</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gilbert M. Meyer, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Charles D. Peebler, Jr.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles D. Peebler, Jr., Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Lance R. Primis</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lance R. Primis, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Allan D. Schuster</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Allan D. Schuster, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;5, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Amy P. Williams</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amy P. Williams, Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">64

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center" style="font-size: 10pt"><B>Report of Independent Auditors</B>



<P align="left" style="font-size: 10pt">To the Board of Directors and Stockholders of<BR>
AvalonBay Communities, Inc.:


<P align="left" style="font-size: 10pt">We have audited the accompanying consolidated balance sheets of AvalonBay
Communities, Inc. (the &#147;Company&#148;) as of December&nbsp;31, 2003 and 2002, and the
related consolidated statements of operations and other comprehensive income,
stockholders&#146; equity and cash flows for each of the three years in the period
ended December&nbsp;31, 2003. Our audits also included the financial statement
schedule listed in the Index at Item&nbsp;15(a)(2). These financial statements and
schedule are the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these financial statements and
schedule based on our audits.


<P align="left" style="font-size: 10pt">We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.


<P align="left" style="font-size: 10pt">In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of AvalonBay
Communities, Inc. at December&nbsp;31, 2003 and 2002, and the consolidated results
of operations and cash flows for each of the three years in the period ended
December&nbsp;31, 2003, in conformity with accounting principles generally accepted
in the United States. Also, in our opinion, the related financial statement
schedule, when considered in relation to the basic financial statements taken
as a whole, presents fairly in all material respects, the information set forth
therein.


<P align="left" style="font-size: 10pt">As discussed in Note 1 to the consolidated financial statements, in 2003, the
Company applied the guidance of Emerging Issues Task Force Topic D-42, &#147;The
Effect on the Calculation of Earnings per Share for the Redemption or Induced
Conversion of Preferred Stock.&#148; In addition, as discussed in Note 1 to the
consolidated financial statements, in 2002 the Company adopted Financial
Accounting Standards No.&nbsp;144, &#147;Accounting for the Impairment or Disposal of
Long-Lived Assets&#148; and as discussed in Note 5 to the consolidated financial
statements, in 2001 the Company changed its method of accounting for derivative
instruments and hedging activities.

<P align="center" style="font-size: 10pt">&nbsp;

<P align="RIGHT" style="font-size: 10pt">/s/&nbsp;Ernst &#38; Young LLP

<P align="left" style="font-size: 10pt">McLean, Virginia<BR>
January&nbsp;23, 2004, except for  Note 14, as to which<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the date is February&nbsp;27, 2004


<P align="center" style="font-size: 10pt">F-1
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
(Dollars in thousands, except per share data)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Real estate:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Land, including land held for development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">908,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">867,117</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Buildings and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,090,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,771,582</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Furniture, fixtures and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,252</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,126,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,757,951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Less accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(694,585</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(544,959</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Net operating real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,431,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,212,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Construction in progress (including land)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,213</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:35px; text-indent:-10px">Real estate assets held for sale, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,226</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total real estate, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,736,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,785,431</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,911</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash in escrow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,228</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Resident security deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,839</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investments in unconsolidated real estate entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,591</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred financing costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,268</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred development costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,461</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Participating mortgage note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,483</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Prepaid expenses and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,623</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,909,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,950,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,835,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,985,342</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Variable rate unsecured credit facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,970</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417,186</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,553</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payables for construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,243</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued expenses and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,539</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued interest payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,924</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Resident security deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,775</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Liabilities related to real estate assets held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,578</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:70px; text-indent:-10px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,573,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,717,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest of unitholders in consolidated partnerships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stockholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000
shares authorized
at both December&nbsp;31, 2003 and 2002; 4,000,000 and 7,267,700 shares issued
and outstanding at December&nbsp;31, 2003 and December&nbsp;31, 2002, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Common stock, $0.01 par value; 140,000,000 shares authorized at both December&nbsp;31, 2003
and 2002; 70,937,526 and 68,202,926 shares issued and outstanding at
December&nbsp;31, 2003 and December&nbsp;31, 2002, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,322,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,273,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,808</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,855</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Dividends less than (in excess of) accumulated earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,388</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,212</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,640</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:70px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,311,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,194,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:70px; text-indent:-10px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,909,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,950,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:35px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">See accompanying notes to Consolidated Financial Statements.



<P align="center" style="font-size: 10pt">F-2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
AND OTHER COMPREHENSIVE INCOME<BR>
(Dollars in thousands, except per share data)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">For the year ended<HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-01<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Rental and other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">608,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">587,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">581,810</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Management, development and other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,386</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">589,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">583,196</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Operating expenses, excluding property taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,845</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Property taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,295</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,170</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,875</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">General and administrative expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,705</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Impairment loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">535,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427,890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity in income of unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,823</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Venture partner interest in profit-sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,688</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,158</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest in consolidated partnerships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(999</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(914</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(997</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income before gain on sale of communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,146</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gain on sale of communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,852</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Discontinued operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gain on sale of communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Total discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,997</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends attributable to preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,744</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,035</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">155,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">208,962</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other comprehensive income (loss):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cumulative effect of change in accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,412</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Unrealized gain (loss)&nbsp;on cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,071</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">265,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">200,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per common share &#151; basic:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">(net of dividends attributable to preferred stock)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.72</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per common share &#151; diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">(net of dividends attributable to preferred stock)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.66</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">See accompanying notes to Consolidated Financial Statements.

<P align="center" style="font-size: 10pt">F-3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#146; EQUITY<BR>
(Dollars in thousands, except share data)


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Shares issued<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Amount<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Additional</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dividends less <br>than (in excess</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated <br>other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Preferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Preferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">paid-in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Deferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">of) accumulated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">comprehensive</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Stockholders'</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">stock<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">stock<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">stock<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">stock<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">capital<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">compensation<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">earnings<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">loss<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">equity<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at December&nbsp;31, 2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,322,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,191,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,493,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,550</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(47,845</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,442,493</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cumulative effect of change
in accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,412</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,412</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,997</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized loss on cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,071</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,071</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared to common
and preferred stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(204,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(204,649</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuance of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,521,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,545</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,586</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Redemption of preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,755,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(87</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(211,370</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,538</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(218,995</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at December&nbsp;31, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,567,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,713,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,340,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,489</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,483</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,314,555</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,618</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized loss on cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,157</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared to common
and preferred stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(209,996</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(209,996</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuance of common stock, net of withholdings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,463</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(508</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,832</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Repurchase of common stock, including
repurchase costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,281,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,281</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,467</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,761</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuance of preferred stock, net of
issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">592,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,393</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Redemption of preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,892,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,012</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,041</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,097</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at December&nbsp;31, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,267,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,202,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,273,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,855</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,640</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,194,540</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized gain on cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,428</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared to common
and preferred stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(202,694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(202,694</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuance of common stock, net of withholdings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,833,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,383</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(114</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,215</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuance of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Repurchase of common stock, including
repurchase costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,099,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,841</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,877</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issuance of preferred stock, net of
issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,336,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,737</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Redemption of preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,604,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(163,378</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(163,724</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance at December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,937,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,322,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,808</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(8,212</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,311,334</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">See accompanying notes to Consolidated Financial Statements.



<P align="center" style="font-size: 10pt">F-4
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(Dollars in thousands)


<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="70%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="11">For the year ended <HR size="1" noshade></TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">12-31-03 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">12-31-02 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">12-31-01 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Cash flows from operating
          activities:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Net income</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">271,525</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">173,618</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">248,997</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Adjustments to reconcile
          net income to cash provided by operating activities:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Depreciation expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">151,454</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">134,939</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">119,875</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Depreciation expense
          from discontinued operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,342</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">9,538</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">10,204</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Amortization of deferred
          financing costs and debt premium/discount</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,850</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,913</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,716</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Amortization of deferred
          compensation</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,184</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,097</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,606</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Income allocated to
          minority interest in consolidated partnerships including discontinued
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,388</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,713</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,755</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Income allocated to
          venture partner interest in profit-sharing</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,688</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">857</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,158</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Gain on sale of communities,
          net of impairment loss on planned dispositions</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(160,990</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(42,093</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(62,852</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Gain on sale of joint
          venture community</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(23,448</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Decrease (increase)&nbsp;in
          cash in operating escrows</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(557</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(134</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">41</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Decrease (increase)&nbsp;in
          resident security deposits, accrued interest receivable on participating
          mortgage note, prepaid expenses and other assets</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(7,025</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">18,311</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(8,581</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Increase (decrease)&nbsp;in
          accrued expenses, other liabilities and accrued interest payable</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4,596</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">3,051</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,925</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Net cash provided by
          operating activities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">239,815</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">307,810</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">320,528</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Cash flows from investing
          activities:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Development/redevelopment
          of real estate assets including land acquisitions and deferred development
          costs</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(357,520</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(426,830</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(353,351</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Acquisition of real
          estate assets</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(106,300</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(129,300</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Capital expenditures
          &#150; existing real estate assets</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(11,593</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(10,930</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(9,649</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Capital expenditures
          &#150; non-real estate assets</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(274</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,142</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4,183</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Proceeds from sale
          of communities and land, net of selling costs</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">403,118</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">78,454</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">238,545</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Increase (decrease)&nbsp;in
          payables for construction</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(331</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(9,353</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">19,121</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Decrease (increase)&nbsp;in
          cash in construction escrows</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,040</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">39,830</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(33,273</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Decrease (increase)&nbsp;in
          investments in unconsolidated real estate entities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,575</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">475</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,851</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Net cash provided by
          (used in) investing activities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">33,935</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(435,796</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(274,941</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Cash flows from financing
          activities:</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Issuance of common
          stock</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">146,934</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,296</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">50,912</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Repurchase of common
          stock</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(39,877</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(49,761</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Issuance of preferred
          stock, net of related costs</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">81,737</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">14,393</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Redemption of preferred
          stock and related costs</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(163,724</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(72,041</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(218,995</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Dividends paid</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(202,416</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(207,450</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(203,214</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Net borrowings under
          unsecured credit facility</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">22,130</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">28,970</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Issuance of mortgage
          notes payable</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">38,829</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">75,110</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Repayments of mortgage
          notes payable</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4,582</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(24,818</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(22,265</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Issuance (repayment)&nbsp;of
          unsecured notes</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(150,000</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">350,342</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">300,000</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Payment of deferred
          financing costs</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,477</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4,026</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(8,808</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Redemption of units
          for cash by minority partners</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(600</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,663</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(864</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Contributions from minority and profit-sharing partners</div></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">17,275</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" nowrap>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Distributions to DownREIT partnership unitholders</div></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,152</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">(2,477</TD>
      <TD>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1,588</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Distributions to joint
          venture and profit-sharing partners</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4,267</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">(3,032</TD>
      <TD>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(197</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Net cash provided by
          (used in) financing activities</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(279,465</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">68,008</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(29,909</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:60px; text-indent:-10px">Net increase (decrease)&nbsp;in
          cash and cash equivalents</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(5,715</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(59,978</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">15,678</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents,
          beginning of year</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">12,911</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">72,889</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">57,211</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents,
          end of year</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">7,196</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">12,911</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">72,889</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Cash paid during year
          for interest, net of amount capitalized</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">131,266</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">108,903</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">88,996</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:40px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">See accompanying notes to Consolidated Financial Statements.



<P align="center" style="font-size: 10pt">F-5
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt">CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)



<P align="left" style="font-size: 10pt">Supplemental disclosures of non-cash investing and financing activities
(dollars in thousands):


<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2003:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>As described in Note 4, &#147;Stockholders&#146; Equity,&#148; 114,895 shares of common stock were issued in
connection with stock grants of which 80% were restricted, 37,124 shares were withheld to satisfy employees&#146; tax withholding

and other
liabilities and 12,102 shares were forfeited, for a net value of
$2,419.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>328,731 units of limited partnership, valued at $13,245, were
presented for redemption to the DownREIT partnerships that issued such
units and were acquired by the Company in exchange for an equal number
of shares of the Company&#146;s common stock. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company sold two communities that were subject to mortgage
notes payable of $39,665 in the aggregate, that were assumed by the buyers as part of the
total sales price. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>$260 of deferred stock units were converted into 6,989 shares of
common stock. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company recorded a reduction to other liabilities and a
corresponding gain to other comprehensive income of $4,428 to adjust
the Company&#146;s Hedged Derivatives (as defined in Note 5, &#147;Derivative
Instruments and Hedging Activities&#148;) to their fair value. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Common and preferred dividends declared but not paid totaled
$51,831.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2002:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>144,718 shares of common stock were issued in connection with stock
grants of which 80% were restricted, 34,876 shares were withheld to
satisfy employees&#146; tax withholding and other liabilities and 2,818 shares were forfeited, for a net value of $5,999. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company issued 102,756 units of limited partnership in DownREIT
partnerships valued at $5,000 in connection with the formation of a
DownREIT partnership and the acquisition by that partnership of land. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company assumed $33,900 in variable rate, tax-exempt debt
related to the acquisition of one community. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>$140 of deferred stock units were converted into 3,410 shares of
common stock. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company recorded a liability and a corresponding charge to
other comprehensive loss of $4,157 to adjust the Company&#146;s Hedged
Derivatives to their fair value. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Common and preferred dividends declared but not paid totaled
$51,553. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2001:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>186,877 shares of common stock were issued in connection with stock
grants of which 80% were restricted, and 19,646 shares were forfeited,
for a net value of $8,219. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company issued 619 units of limited partnership in DownREIT
partnerships valued at $30 as consideration for acquisitions of
apartment communities that were acquired pursuant to the terms of a
forward purchase contract agreed to in 1997 with an unaffiliated party.
In addition, the Company issued 256,940 units of limited partnership
in DownREIT partnerships valued at $12,274 in connection with the
formation of a DownREIT partnership and the acquisition by that
partnership of land. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>762 units of limited partnership, valued at $36, were presented for
redemption to the DownREIT partnerships that issued such units and were
acquired by the Company in exchange for an equal number of shares of
the Company&#146;s common stock. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>$67 of deferred stock units were converted into 1,803 shares of
common stock. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Company recorded a liability and a corresponding charge to
other comprehensive loss of $8,483 to adjust the Company&#146;s Hedged
Derivatives to their fair value. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Common and preferred dividends declared but not paid totaled
$49,007.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-6
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<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
(Dollars in thousands, except per share data)



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Organization and Significant Accounting Policies</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><I>Organization</I>



<P align="left" style="font-size: 10pt">AvalonBay Communities, Inc. (the &#147;Company,&#148; which term, unless the context
otherwise requires, refers to AvalonBay Communities, Inc. together with its
subsidiaries) is a Maryland corporation that has elected to be taxed as a real
estate investment trust (&#147;REIT&#148;) under the Internal Revenue Code of 1986, as
amended. The Company focuses on the ownership and operation of apartment
communities in high barrier-to-entry markets of the United States. These
markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest,
and Northern and Southern California regions of the country.


<P align="left" style="font-size: 10pt">At December&nbsp;31, 2003, the Company owned or held a direct or indirect ownership
interest in 131 operating apartment communities containing 38,504 apartment
homes in ten states and the District of Columbia, of which two communities
containing 1,089 apartment homes were under reconstruction. In addition, the
Company owned or held a direct or indirect ownership interest in eleven
communities under construction that are expected to contain an aggregate of
3,493 apartment homes when completed. The Company also owned a direct or
indirect ownership interest in rights to develop an additional 40 communities
that, if developed in the manner expected, will contain an estimated 10,070
apartment homes.


<P align="left" style="font-size: 10pt"><I>Principles of Consolidation</I>



<P align="left" style="font-size: 10pt">The Company is the surviving corporation from the merger (the &#147;Merger&#148;) of Bay
Apartment Communities, Inc. (&#147;Bay&#148;) and Avalon Properties, Inc. (&#147;Avalon&#148;) on
June&nbsp;4, 1998, in which Avalon shareholders received 0.7683 of a share of common
stock of the Company for each share owned of Avalon common stock. The Merger
was accounted for under the purchase method of accounting, with the historical
financial statements for Avalon presented prior to the Merger. At that time,
Avalon ceased to legally exist, and Bay as the surviving legal entity adopted
the historical financial statements of Avalon. Consequently, Bay&#146;s assets were
recorded in the historical financial statements of Avalon at an amount equal to
Bay&#146;s debt outstanding at that time plus the value of capital stock retained by
the Bay stockholders, which approximates fair value. In connection with the
Merger, the Company changed its name from Bay Apartment Communities, Inc. to
AvalonBay Communities, Inc.


<P align="left" style="font-size: 10pt">The Company accounts for joint venture partnerships and subsidiary partnerships
structured as DownREITs in accordance with Statement of Position (&#147;SOP&#148;) 78-9,
&#147;Accounting for Investments in Real Estate Ventures.&#148; Under SOP 78-9, the
Company consolidates joint venture and DownREIT partnerships when the Company
controls the major operating and financial policies of the partnership through
majority ownership or in its capacity as general partner. The accompanying
Consolidated Financial Statements include the accounts of the Company and its
wholly-owned partnerships and certain joint venture partnerships in addition to
subsidiary partnerships structured as DownREITs. All significant intercompany
balances and transactions have been eliminated in consolidation.


<P align="left" style="font-size: 10pt">In each of the partnerships structured as DownREITs, either the Company or one
of the Company&#146;s wholly-owned subsidiaries is the general partner, and there
are one or more limited partners whose interest in the partnership is
represented by units of limited partnership interest. For each DownREIT
partnership, limited partners are entitled to receive an initial distribution
before any distribution is made to the general partner. Although the
partnership agreements for each of the DownREITs are different, generally the
distributions per unit paid to the holders of units of limited partnership
interests have approximated the Company&#146;s current common stock dividend per
share. Each DownREIT partnership has been structured so that it is unlikely
the limited partners will be entitled to a distribution greater than the
initial distribution provided for in the partnership agreement. The holders of
units of limited partnership interest have the right to present each unit of
limited partnership interest for redemption for cash equal to the fair market
value of a share of the Company&#146;s common stock on the date of redemption. In
lieu of a cash redemption by the partnership of a limited partner&#146;s unit, the
Company may elect to acquire any unit presented for redemption for one share of
common stock or for such cash amount.


<P align="center" style="font-size: 10pt">F-7
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<P align="left" style="font-size: 10pt">The Company accounts for investments in unconsolidated entities in accordance
with SOP 78-9 and Accounting Principles Board (&#147;APB&#148;) Opinion No.&nbsp;18, &#147;The
Equity Method of Accounting for Investments in Common Stock.&#148; The Company uses
the equity method to account for investments in which it owns greater than 20%
of the equity value or has significant and disproportionate influence over that
entity. Investments in which the Company owns 20% or less of the equity value
and does not have significant and disproportionate influence are accounted for
using the cost method. If there is an event or change in circumstance that
indicates a loss in the value of an investment, the Company&#146;s policy is to
record the loss and reduce the value of the investment to its fair value. A
loss in value would be indicated if the Company could not recover the carrying
value of the investment or if the investee could not sustain an earnings
capacity that would justify the carrying amount of the investment. The Company
did not recognize an impairment loss on any of its investments in
unconsolidated entities during the years ended December&nbsp;31, 2003 or 2002.
However, during the year ended December&nbsp;31, 2001, the Company recorded an
impairment loss of $934 related to a technology investment in which the Company
no longer owns an equity interest.


<P align="left" style="font-size: 10pt"><I>Revenue Recognition</I>



<P align="left" style="font-size: 10pt">Rental income related to leases is recognized on an accrual basis when due from
residents in accordance with Securities and Exchange Commission (&#147;SEC&#148;) Staff Accounting Bulletin No.&nbsp;104, &#147;Revenue
Recognition&#148; and Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.13,
&#147;Accounting for Leases.&#148; In accordance with the Company&#146;s standard lease
terms, rental payments are generally due on a monthly basis. Any cash
concessions given at the inception of the lease are amortized over the
approximate life of the lease, which is generally one year.


<P align="left" style="font-size: 10pt"><I>Real Estate</I>



<P align="left" style="font-size: 10pt">Significant expenditures which improve or extend the life of an asset are
capitalized. The operating real estate assets are stated at cost and consist of
land, buildings and improvements, furniture, fixtures and equipment, and other
costs incurred during their development, redevelopment and acquisition.
Expenditures for maintenance and repairs are charged to operations as incurred.


<P align="left" style="font-size: 10pt">The Company&#146;s policy with respect to capital expenditures is generally to
capitalize only non-recurring expenditures. Improvements and upgrades are
capitalized only if the item exceeds $15, extends the useful life of the asset
and is not related to making an apartment home ready for the next resident.
Purchases of personal property, such as computers and furniture, are
capitalized only if the item is a new addition and exceeds $2.5. The Company
generally expenses purchases of personal property made for replacement
purposes.


<P align="left" style="font-size: 10pt">The capitalization of costs during the development of assets (including
interest and related loan fees, property taxes and other direct and indirect
costs) begins when active development commences and ends when the asset, or a
portion of an asset, is delivered and is ready for its intended use, which is
generally indicated by the issuance of a certificate of occupancy. Cost
capitalization during redevelopment of apartment homes (including interest and
related loan fees, property taxes and other direct and indirect costs) begins
when an apartment home is taken out-of-service for redevelopment and ends when
the apartment home redevelopment is completed and the apartment home is
available for a new resident.


<P align="left" style="font-size: 10pt">In accordance with SFAS No.&nbsp;67, &#147;Accounting for Costs and Initial Rental
Operations of Real Estate Projects,&#148; the Company capitalizes pre-development
costs incurred in pursuit of new development opportunities for which the
Company currently believes future development is probable (&#147;Development
Rights&#148;). Future development of these Development Rights is dependent upon
various factors, including zoning and regulatory approval, rental market
conditions, construction costs and availability of capital. Pre-development
costs incurred in the pursuit of Development Rights for which future
development is not yet considered probable are expensed as incurred. In
addition, if the status of a Development Right changes, deeming future
development no longer probable, any capitalized pre-development costs are
written-off with a charge to expense.


<P align="center" style="font-size: 10pt">F-8
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">Depreciation is calculated on buildings and improvements using the
straight-line method over their estimated useful lives, which range from seven
to thirty years. Furniture, fixtures and equipment are generally depreciated
using the straight-line method over their estimated useful lives, which range
from three years (primarily computer-related equipment) to seven years.


<P align="left" style="font-size: 10pt">Lease terms for apartment homes are generally one year or less. Rental income
and operating costs incurred during the initial lease-up or post-redevelopment
lease-up period are fully recognized as they accrue.


<P align="left" style="font-size: 10pt">If there is an event or change in circumstance that indicates an impairment in
the value of an operating community, the Company&#146;s policy is to assess any
impairment in value by making a comparison of the current and projected
operating cash flows of the community over its remaining useful life, on an
undiscounted basis, to the carrying amount of the community. If the carrying
amount is in excess of the estimated projected operating cash flows of the
community, the Company would recognize an impairment loss equivalent to an
amount required to adjust the carrying amount to its estimated fair market
value. The Company has not recognized an impairment loss in the years ended
December&nbsp;31, 2003, 2002 or 2001 on any of its operating communities. However,
the Company recognized an impairment loss in 2002 related to two land parcels.


<P align="left" style="font-size: 10pt"><I>Income Taxes</I>



<P align="left" style="font-size: 10pt">The Company elected to be taxed as a REIT under the Internal Revenue Code of
1986, as amended, for the year ended December&nbsp;31, 1994 and has not revoked such
election. A corporate REIT is a legal entity which holds real estate interests
and must meet a number of organizational and operational requirements,
including a requirement that it currently distribute at least 90% of its
adjusted taxable income to stockholders. As a REIT, the Company generally will
not be subject to corporate level federal income tax on taxable income it
distributes currently to its stockholders. Management believes that all such
conditions for the avoidance of income taxes have been met for the periods
presented. Accordingly, no provision for federal and state income taxes has
been made. If the Company fails to qualify as a REIT in any taxable year, it
will be subject to federal income taxes at regular corporate rates (including
any applicable alternative minimum tax) and may not be able to qualify as a
REIT for four subsequent taxable years. Even if the Company qualifies for
taxation as a REIT, the Company may be subject to certain state and local taxes
on its income and property, and to federal income and excise taxes on its
undistributed taxable income. In addition, taxable income from non-REIT
activities managed through taxable REIT subsidiaries is subject to federal,
state and local income taxes.


<P align="left" style="font-size: 10pt">The following reconciles net income available to common stockholders to taxable
net income for the years ended December&nbsp;31, 2003, 2002 and 2001:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2001</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Estimate<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Actual<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Actual<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">155,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">208,962</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends attributable to preferred stock,
not deductible for tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,035</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">GAAP gain on sale of communities less than (in excess of)
tax gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,965</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,223</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation/Amortization timing differences on real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,272</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,461</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,899</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax compensation expense in excess of GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,061</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,568</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,129</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,752</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(124</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Taxable net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">254,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">166,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">211,622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-9
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">The following summarizes the tax components of the Company&#146;s common and
preferred dividends declared for the years ended December&nbsp;31, 2003, 2002 and
2001:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2003<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2002<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2001<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ordinary income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">20% capital gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">15% capital gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrecaptured &#167;1250 gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><I>Deferred Financing Costs</I>



<P align="left" style="font-size: 10pt">Deferred financing costs include fees and costs incurred to obtain debt
financing and are amortized on a straight-line basis, which approximates the
effective interest method, over the shorter of the term of the loan or the
related credit enhancement facility, if applicable. Unamortized financing
costs are written-off when debt is retired before the maturity date.
Accumulated amortization of deferred financing costs was $19,346 at December
31, 2003 and $15,496 at December&nbsp;31, 2002.


<P align="left" style="font-size: 10pt"><I>Cash, Cash Equivalents and Cash in Escrow</I>



<P align="left" style="font-size: 10pt">Cash and cash equivalents include all cash and liquid investments with an
original maturity of three months or less from the date acquired. The majority
of the Company&#146;s cash, cash equivalents and cash in escrows is held at major
commercial banks.


<P align="left" style="font-size: 10pt"><I>Interest Rate Contracts</I>



<P align="left" style="font-size: 10pt">The Company utilizes derivative financial instruments to manage interest rate
risk and has designated these financial instruments as hedges under the
guidance of SFAS No.&nbsp;133, &#147;Accounting for Derivative Instruments and Hedging
Activities,&#148; and SFAS No.&nbsp;138, &#147;Accounting for Certain Instruments and Certain
Hedging Activities, an Amendment of Statement No.&nbsp;133.&#148; For fair value hedge
transactions, changes in the fair value of the derivative instrument and
changes in the fair value of the hedged item due to the risk being hedged are
recognized in current period earnings. For cash flow hedge transactions,
changes in the fair value of the derivative instrument are reported in other
comprehensive income. For cash flow hedges where the changes in the fair value
of the derivative exceed the change in fair value of the hedged item, the
ineffective portion is recognized in current period earnings. Derivatives
which are not part of a hedge relationship are recorded at fair value through
earnings. As of December&nbsp;31, 2003, the Company had approximately $165,000 in
variable rate, tax-exempt debt subject to cash flow hedges. See Note 5,
&#147;Derivative Instruments and Hedging Activities.&#148;


<P align="left" style="font-size: 10pt"><I>Comprehensive Income</I>



<P align="left" style="font-size: 10pt">Comprehensive income, which is defined as all changes in equity during each
period except for those resulting from investments by or distributions to
shareholders, is displayed in the accompanying Consolidated Statements of
Stockholders&#146; Equity. Accumulated other comprehensive loss reflects the
changes in the fair value of effective cash flow hedges.


<P align="center" style="font-size: 10pt">F-10
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><I>Earnings per Common Share</I>



<P align="left" style="font-size: 10pt">In accordance with the provisions of SFAS No.&nbsp;128, &#147;Earnings per Share,&#148;

basic
earnings per share is computed by dividing earnings available to common
stockholders by the weighted average number of shares outstanding during the
period. Other potentially dilutive common shares, and the related impact to
earnings, are considered when calculating earnings per share on a diluted
basis. The Company&#146;s earnings per common share are determined as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">For the year ended<HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-01<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><u>Basic and diluted shares outstanding</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted
average common shares &#150; basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,559,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,772,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,842,752</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average DownREIT units outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">893,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">988,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682,134</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Effect of dilutive securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">913,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,256,833</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted
average common shares &#150; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,203,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,674,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,781,719</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><u>Calculation
of Earnings per Share &#150; basic</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">155,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">208,962</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted
average common shares &#150; basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,559,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,772,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,842,752</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per
common share&#150;basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.08</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><u>Calculation
of Earnings per Share &#150; diluted</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">155,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">208,962</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Add: Minority interest of DownREIT unitholders<br>
in consolidated partnerships, including discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,559</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">262,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,521</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted
average common shares &#150; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,203,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,674,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,781,719</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per
common share &#150; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.02</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Certain options to purchase shares of common stock in the amounts of 1,348,738,
1,410,397 and 18,269 were outstanding during the years ended December&nbsp;31, 2003,
2002 and 2001, respectively, but were not included in the computation of
diluted earnings per share because the options&#146; exercise prices were greater
than the average market price of the common shares for the period and
therefore, are anti-dilutive.


<P align="left" style="font-size: 10pt"><I>Stock-Based Compensation</I>



<P align="left" style="font-size: 10pt">Prior to 2003, the Company applied the intrinsic value method as provided in
APB Opinion No.&nbsp;25, &#147;Accounting for Stock Issued to Employees,&#148; and related
interpretations, in accounting for its employee stock options. No stock-based
employee compensation cost related to employee stock options is reflected in
net income for the years ended December&nbsp;31, 2002 and 2001, as all options
granted had an exercise price equal to the market value of the underlying
common stock on the date of grant. Effective January&nbsp;1, 2003, the Company
adopted the fair value recognition provisions of SFAS No.&nbsp;123, &#147;Accounting for
Stock-Based Compensation,&#148; as amended by SFAS No.&nbsp;148, &#147;Accounting for
Stock-Based Compensation &#150; Transition and Disclosure &#150; an amendment of FASB
Statement No.&nbsp;123,&#148; prospectively to all employee awards granted, modified, or
settled on or after January&nbsp;1, 2003. Awards under the Company&#146;s stock option
plans vest over periods ranging from one to three years. Therefore, the cost
related to stock-based employee compensation for employee stock options
included in the determination of net income for the year ended December&nbsp;31,
2003 is less than that which would have been recognized if the fair value based
method had been applied to all awards since the original effective date of SFAS
No.&nbsp;123.


<P align="center" style="font-size: 10pt">F-11
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left" style="font-size: 10pt">The following table illustrates the effect on net income available to common
stockholders and earnings per share if the fair value based method had been
applied to all outstanding and unvested awards in each period based on the fair
market value as determined on the date of grant:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">For the year ended<HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-01<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">155,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">208,962</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Add: Actual compensation expense recorded under fair value
based method, net of related tax effects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deduct: Total compensation expense determined under fair value
based method, net of related tax effects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,335</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2,904</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(3,576</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pro forma net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">258,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">152,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">205,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic &#151; as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.08</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic &#151; pro forma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">3.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">2.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">3.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted &#151; as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted &#151; pro forma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">3.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">2.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
      <TD align="right">2.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><I>Insured Loss</I>



<P align="left" style="font-size: 10pt">During 2000, a fire occurred at one of the Company&#146;s development
communities, which was under construction and unoccupied at the time. The
Company had property damage and insurance for lost rental income which covered
this event. Insurance proceeds totaling $30,300 were received, of which
$22,000 was disbursed to rebuild the community for property damage. Insurance
proceeds for lost rental income of $5,800 and $2,500 are included in rental and
other income in the accompanying Consolidated Statements of Operations and
Other Comprehensive Income for the years ended December&nbsp;31, 2002 and 2001,
respectively.


<P align="left" style="font-size: 10pt"><I>Executive Separation Costs</I>



<P align="left" style="font-size: 10pt">In February&nbsp;2001, the Company announced certain management changes including
the departure of a senior executive who became entitled to severance benefits
in accordance with the terms of his employment agreement with the Company. The
Company recorded a charge of approximately $2,500 in the first quarter of 2001
related to the costs associated with such departure.


<P align="left" style="font-size: 10pt">In December&nbsp;2001, a senior executive of the Company retired from his management
position. Upon retirement, the Company recognized compensation expense of
approximately $784, relating to the accelerated vesting of restricted stock
grants.


<P align="left" style="font-size: 10pt"><I>Recently Issued Accounting Standards</I>



<P align="left" style="font-size: 10pt">In April&nbsp;2003, the Financial Accounting Standards Board (&#147;FASB&#148;) issued

SFAS
No.&nbsp;149, &#147;Amendment of Statement 133 on Derivative Instruments and Hedging
Activities,&#148; which clarifies the accounting and reporting for derivative
instruments, including derivative instruments that are embedded in contracts.
This statement is effective for contracts entered into or modified after June
30, 2003. The Company adopted this pronouncement on July&nbsp;1, 2003. The
adoption of this statement did not have a material impact on the Company&#146;s
financial condition or results of operations.


<P align="left" style="font-size: 10pt">In May&nbsp;2003, the FASB issued SFAS No.&nbsp;150, &#147;Accounting for Certain

Financial
Instruments with Characteristics of both Liabilities and Equity.&#148; This
statement establishes standards for the classification and measurement of
financial instruments that possess characteristics similar to both liability
and equity instruments. SFAS No.&nbsp;150 also addresses the classification of
certain financial instruments that include an obligation to issue equity
shares. This statement is effective for financial instruments entered into or
modified after May&nbsp;31, 2003 and otherwise is


<P align="center" style="font-size: 10pt">F-12
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">effective at the beginning of the
first interim period beginning after June&nbsp;15, 2003. The Company adopted this
pronouncement as specified above. The adoption of this statement did not have
a material impact on the Company&#146;s financial condition or results of
operations.


<P align="left" style="font-size: 10pt">In July&nbsp;2003, the SEC clarified Emerging Issues
Task Force Topic D-42, &#147;The Effect on the Calculation of Earnings per Share for
the Redemption or Induced Conversion of Preferred Stock.&#148; The clarification of
Topic D-42 was effective in the first fiscal period ending after September&nbsp;15,
2003 and was to be applied retroactively. As such, the Company has included in
its results of operations for the year ended December&nbsp;31, 2003
the initial offering costs as additional
dividends attributable to preferred stock of $280. In addition, the Company
has revised its historical results of operations for the year ended December
31, 2001 to reflect the initial offering costs as additional dividends attributable to preferred stock of
$7,538, which reduced earnings per common share-diluted by $0.10 from the
amount previously reported. No revision was required during the year ended
December&nbsp;31, 2002.


<P align="left" style="font-size: 10pt">In December&nbsp;2003, the FASB
issued the
revised Interpretation No. (&#147;FIN&#148;) 46R, &#147;Consolidation of Variable Interest
Entities,&#148; which changes the guidelines for consolidation of and disclosure
related to unconsolidated entities, if those unconsolidated entities qualify as
variable interest entities, as defined in FIN 46R. The Company has adopted the
provisions of FIN 46R for variable interest entities created after January&nbsp;31,
2003. However, the Company has deferred the adoption of FIN 46R for variable
interest entities created on or before January&nbsp;31, 2003 until March&nbsp;31, 2004.
Although the Company is still evaluating the impact of FIN 46R on entities
created on or before January&nbsp;31, 2003, the Company anticipates the
consolidation of one entity from which the Company holds a participating
mortgage loan. The Company does not expect the final adoption of FIN 46R,
including the potential consolidation of this variable interest entity, to have
a material impact on the Company&#146;s consolidated financial condition or results
of operations taken as a whole.


<P align="left" style="font-size: 10pt"><I>Use of Estimates</I>



<P align="left" style="font-size: 10pt">The preparation of financial
statements in conformity with generally accepted accounting
principles (&#147;GAAP&#148;) requires
management to make certain estimates and assumptions. These estimates and
assumptions affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the dates of the financial
statements and the reported amounts of revenue and expenses during the
reporting periods. Actual results could differ from those estimates.


<P align="left" style="font-size: 10pt"><I>Discontinued Operations</I>



<P align="left" style="font-size: 10pt">On January&nbsp;1, 2002, the Company adopted SFAS No.&nbsp;144, &#147;Accounting for

the
Impairment or Disposal of Long-Lived Assets&#148; which requires that the assets and
liabilities and the results of operations of any communities which have been
sold since January&nbsp;1, 2002, or otherwise qualify as held for sale, be presented
as discontinued operations in the Company&#146;s Consolidated Financial Statements
in both current and prior periods presented. The community specific components
of net income that are presented as discontinued operations include net
operating income, depreciation expense, minority interest expense and interest
expense. In addition, the net gain or loss (including any impairment loss) on
the eventual disposal of communities held for sale will be presented as
discontinued operations when recognized. A change in presentation for
discontinued operations will not have any impact on the Company&#146;s financial
condition or results of operations. Real estate assets held for sale are
measured at the lower of the carrying amount or the fair value less the cost to
sell, and are presented separately in the accompanying Consolidated Balance
Sheets. Subsequent to classification of a community as held for sale, no
further depreciation is recorded on the assets.


<P align="left" style="font-size: 10pt"><I>Reclassifications</I>



<P align="left" style="font-size: 10pt">Certain reclassifications have been made to amounts in prior years&#146; financial
statements to conform with current year presentations.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Interest Capitalized</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Capitalized interest associated with communities under development or
redevelopment totaled $24,709, $29,937 and $27,635 for the years ended December
31, 2003, 2002 and 2001, respectively.


<P align="center" style="font-size: 10pt">F-13
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notes Payable, Unsecured Notes and Credit Facility</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The Company&#146;s mortgage notes payable, unsecured notes and variable rate
unsecured credit facility as of December&nbsp;31, 2003 and 2002 are summarized as
follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fixed rate unsecured notes(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,835,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,985,342</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fixed rate
mortgage notes payable &#150; conventional and

tax-exempt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,981</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Variable
rate mortgage notes payable &#150;

tax-exempt(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,781</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total notes
payable and unsecured notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,250,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,406,104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Variable rate secured short-term construction loan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,089</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Variable rate unsecured credit facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,970</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total
mortgage notes payable, unsecured notes and unsecured credit
facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,337,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,471,163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="95%">&nbsp;&nbsp;&nbsp;&nbsp;Balances at December&nbsp;31, 2003 and 2002 include $284 and $342, respectively, of debt premium received

at issuance of unsecured notes.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="95%">&nbsp;&nbsp;&nbsp;&nbsp;Balance at December&nbsp;31, 2002 includes $39,665 related to real estate assets sold in 2003.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2003, the Company issued $17,404 in fixed
rate, tax-exempt debt and $20,680 in fixed rate, conventional debt related to
two operating communities. In addition, the Company transferred $12,360 in
fixed rate, tax-exempt debt and $27,305 in variable rate, tax-exempt debt in
connection with the sale of two communities to the respective purchasers. In
the aggregate, mortgage notes payable mature at various dates from May&nbsp;2004
through April&nbsp;2043 and are collateralized by certain apartment communities. As
of December&nbsp;31, 2003, the Company has guaranteed approximately $145,500 of
mortgage notes payable held by subsidiaries; all such mortgage notes payable
are consolidated for financial reporting purposes. The weighted average
interest rate of the Company&#146;s fixed rate mortgage notes payable (conventional
and tax-exempt) was 6.7% at December&nbsp;31, 2003 and 6.6% at December&nbsp;31, 2002.
The weighted average interest rate of the Company&#146;s variable rate mortgage
notes payable and its unsecured credit facility (as discussed below), including
the effect of certain financing related fees, was 3.5% at both December&nbsp;31,
2003 and December&nbsp;31, 2002. As of December&nbsp;31, 2003, the Company had
approximately $165,000 of variable rate debt effectively fixed through Hedged
Derivatives, as described in Note 5, &#147;Derivative Instruments and Hedging
Activities.&#148; The Hedged Derivatives
on approximately $87,380 of this variable rate, tax-exempt debt  mature
in 2004. The Company is currently negotiating the refinancing of this
debt and, as part of the refinancing of the Company may elect to
put new Hedged Derivatives in place.


<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2003, the Company repaid $150,000 of
previously issued unsecured notes, along with any unpaid interest, pursuant to
their scheduled maturity, and no prepayment fees were incurred. The Company&#146;s
unsecured notes contain a number of financial and other covenants with which
the Company must comply, including, but not limited to, limits on the aggregate
amount of total and secured indebtedness the Company may have on a consolidated
basis and limits on the Company&#146;s required debt service payments.


<P align="center" style="font-size: 10pt">F-14
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left" style="font-size: 10pt">Scheduled payments and maturities of mortgage notes payable and unsecured notes
outstanding at December&nbsp;31, 2003 are as follows:

<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="20%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Unsecured</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Interest rate</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Secured notes</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Secured notes</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">notes</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">of unsecured</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center">Year
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">payments
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">maturities
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">maturities
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">notes
        <HR size="1" noshade></TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2004</DIV></TD>
      <TD>&nbsp;</TD>
      <TD><font size="2">$</font></TD>
      <TD align="right">4,570</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><font size="2">$</font></TD>
      <TD align="right">60,636</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><font size="2">$</font></TD>
      <TD align="right">125,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.580</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2005</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">4,681</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">100,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.625</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">50,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.500</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2006</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,011</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">150,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.800</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2007</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,365</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">35,980</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">110,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.875</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">150,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">5.000</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2008</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,744</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">50,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.625</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">150,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">8.250</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2009</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,151</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">10,400</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">150,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">7.500</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2010</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,771</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">29,388</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">200,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">7.500</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2011</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,176</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">300,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.625</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">50,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.625</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD align="center"><DIV style="margin-left:20px; text-indent:-10px">2012</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,948</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">12,095</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">250,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">6.125</TD>
      <TD nowrap>%</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align="center"><DIV style="margin-left:10px; text-indent:-10px">Thereafter</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">157,326</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">96,191</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&#151;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="1" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="right">$</TD>
      <TD align="right">206,743</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">$</TD>
      <TD align="right">244,690</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">$</TD>
      <TD align="right">1,835,000</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><HR size="4" noshade>
        &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="left" style="font-size: 10pt">The Company has a $500,000 revolving variable rate unsecured credit facility
with J.P. Morgan Chase and Fleet National Bank serving as co-agents for a
syndicate of commercial banks, which had $51,100 outstanding and $19,901 in
letters of credit on December&nbsp;31, 2003 and $28,970 outstanding and $79,999 in
letters of credit on December&nbsp;31, 2002. Under the terms of the unsecured
credit facility, if the Company elects to increase the facility by up to an
additional $150,000, and one or more banks (from the syndicate or otherwise)
voluntarily agree to provide the additional commitment, then the Company will
be able to increase the facility up to $650,000, and no member of the syndicate
of banks can prohibit such increase; such an increase in the facility will only
be effective to the extent banks (from the syndicate or otherwise) choose to
commit to lend additional funds. The Company pays participating banks, in the
aggregate, an annual facility fee of approximately $750 in quarterly
installments. The unsecured credit facility bears interest at varying levels
based on the London Interbank Offered Rate (&#147;LIBOR&#148;), rating levels achieved on
the Company&#146;s unsecured notes and on a maturity schedule selected by the
Company. The current stated pricing is LIBOR plus 0.60% per annum (1.72% on
December&nbsp;31, 2003). Pricing could vary if there is a change in rating by
either of the two leading national rating agencies; a change in rating of one
level would impact the unsecured credit facility pricing by 0.05% to 0.15%. In
addition, the unsecured credit facility includes a competitive bid option,
which allows banks that are part of the lender consortium to bid to make loans
to the Company at a rate that is lower than the stated rate provided by the
unsecured credit facility for up to $400,000. The competitive bid option may
result in lower pricing if market conditions allow. The Company had no
outstanding balance under this competitive bid option at December&nbsp;31, 2003.
The Company is subject to (i)&nbsp;certain customary covenants under the unsecured
credit facility, including, but not limited to, maintaining certain maximum
leverage ratios, a minimum fixed charges coverage ratio and minimum
unencumbered assets and equity levels and (ii)&nbsp;prohibitions on paying dividends
in amounts that exceed 95% of the Company&#146;s Funds from Operations, as defined
therein, except as may be required to maintain the Company&#146;s REIT status. The
existing facility matures in May&nbsp;2004, unless the Company exercises a one-year
renewal option. The Company expects to renegotiate the facility prior to
maturity without exercising the renewal option, however there can be no
assurance that the renegotiation will occur.


<P align="center" style="font-size: 10pt">F-15
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stockholders&#146; Equity</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">As of both December&nbsp;31, 2003 and 2002, the Company had authorized for issuance
140,000,000 and 50,000,000 shares of common and preferred stock, respectively.
Dividends on the preferred stock are cumulative from the date of original issue
and are payable quarterly in arrears on or before the 15th day of each month as
stated in the table below. The preferred stock is not redeemable prior to the
date stated in the table below, but on or after the stated date, may be
redeemed for cash at the option of the Company in whole or in part at a
redemption price of $25.00 per share, plus all accrued and unpaid dividends, if
any.


<P align="left" style="font-size: 10pt">In March&nbsp;2003, the Company redeemed all 3,267,700 outstanding shares of its
8.00% Series&nbsp;D Cumulative Redeemable Preferred Stock at a price of $25.00 per
share, plus $0.0167 in accrued and unpaid dividends, for an aggregate
redemption price of $81,747, including accrued dividends of $54. The
redemption price was funded by the sale of 3,336,611 shares of Series&nbsp;J
Cumulative Redeemable Preferred Stock through a private placement to an
institutional investor for a net purchase price of $81,737. The dividend rate
on such shares was initially equal to 2.78% per annum (three-month LIBOR plus
1.5%) of the liquidation preference. As permitted under the terms of such
preferred stock, the Company redeemed all of the Series&nbsp;J Cumulative Redeemable
Preferred Stock in May&nbsp;2003, for an aggregate redemption price of $82,207,
including dividends of $251.


<P align="left" style="font-size: 10pt">As of December 31, 2003 the
Company has the following series of redeemable preferred stock outstanding at a stated value of $100,000. This series has no stated maturity and is not
subject to any sinking fund or mandatory redemptions.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Shares outstanding</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Payable</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Annual</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Liquidation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Non-redeemable</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Series<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">December 31, 2003<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">quarterly<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">rate<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">preference<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">prior to<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px">H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4,000,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March, June, September,<BR>
December
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.70%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October&nbsp;15, 2008</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2003, the Company completed a common stock
offering totaling 2,804,700 shares at a public offering price of $46.00 per
share. The net proceeds from this offering, after underwriting discounts and
commissions, of approximately $127,333 were used to repay a portion of amounts
outstanding on the unsecured credit facility and for general corporate
purposes.


<P align="left" style="font-size: 10pt">In addition, during the year ended December&nbsp;31, 2003, the Company (i)&nbsp;issued
620,107 shares of common stock in connection with stock options exercised, (ii)
issued 328,731 shares of common stock in exchange for the redemption of an
equal number of DownREIT limited partnership units, (iii)&nbsp;issued 14,393 shares of common
stock to employees under the Employee Stock Purchase Plan, (iv)&nbsp;issued 114,895
common shares in connection with stock grants to employees of which 80% are
restricted, (v)&nbsp;had forfeitures of 12,102 shares of restricted stock grants to
employees and (vi)&nbsp;withheld 37,124 shares to satisfy employees&#146; tax withholding
and other liabilities.


<P align="left" style="font-size: 10pt">In 2002 the Company&#146;s Board of Directors authorized a common stock repurchase
program, under which the Company may acquire shares of its common stock in open
market or negotiated transactions. The stock repurchase program was designed
so that retained cash flow, as well as the proceeds from sales of existing
apartment communities and a reduction in planned acquisitions, will provide the
source of funding for the program, with the Company&#146;s unsecured credit facility
providing temporary funding as needed. As of December&nbsp;31, 2003, the Company
had repurchased a total of 2,380,600 shares of common stock at an aggregate
cost of $89,566 through this program. The Company has not repurchased any
shares of common stock since March&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">Dividends per common share for the years ended December&nbsp;31, 2003, 2002 and 2001
were $2.80, $2.80 and $2.56 per share, respectively. In 2003, average
dividends for preferred shares redeemed during the year were $0.27 per share
and average dividends for all non-redeemed preferred shares were $2.18 per
share. In 2002, average dividends for preferred shares redeemed during the
period were $0.92 per share and average dividends for all non-
redeemed preferred shares were $2.10 per share. In 2001, average dividends for
preferred shares redeemed during the year were $1.41 per share and average dividends
for all non-redeemed preferred shares were $2.10 per share.


<P align="center" style="font-size: 10pt">F-16
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Derivative Instruments and Hedging Activities</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The Company has historically used interest rate swap and cap agreements
(collectively, the &#147;Hedged Derivatives&#148;) to reduce the impact of interest rate
fluctuations on its variable rate, tax-exempt bonds. The Company has not
entered into any interest rate hedge agreements or treasury locks for its
conventional unsecured debt and does not hold interest rate hedge agreements
for trading or other speculative purposes. As of December&nbsp;31, 2003, the Hedged
Derivatives fix approximately $157,500 of the Company&#146;s tax-exempt debt at a
weighted average interest rate of 6.1% and cap approximately $7,000 at a weighted average interest rate of 6.0%. These Hedged Derivatives have maturity dates ranging from
2004 to 2010. In addition, one of the Company&#146;s unconsolidated real estate
investments (see Note 6, &#147;Investments in Unconsolidated Entities&#148;) has $22,500 in variable rate debt
outstanding as of December&nbsp;31, 2003, which is subject to an interest rate swap.
This debt is not recourse to or guaranteed by the Company. The Hedged
Derivatives are accounted for in accordance with SFAS No.&nbsp;133, which as
amended, was adopted by the Company on January&nbsp;1, 2001. SFAS No.&nbsp;133 requires
that every derivative instrument be recorded on the balance sheet as either an
asset or liability measured at its fair value, with changes in fair value
recognized currently in earnings unless specific hedge accounting criteria are
met.


<P align="left" style="font-size: 10pt">The Company has determined that its Hedged Derivatives qualify as effective
cash-flow hedges under SFAS No.&nbsp;133, resulting in the Company recording all
changes in the fair value of the Hedged Derivatives in other comprehensive
income. Amounts recorded in other comprehensive income will be reclassified
into earnings in the period in which earnings are affected by the hedged cash
flows. At January&nbsp;1, 2001, in accordance with the transition provisions of
SFAS No.&nbsp;133, the Company recorded a cumulative effect adjustment of $6,412 to
other comprehensive loss to recognize at fair value all of the derivatives that
are designated as cash flow hedging instruments. To adjust the Hedged
Derivatives to their fair value, the Company recorded an unrealized gain to
other comprehensive income of $4,428 in the year ended December&nbsp;31, 2003 and
unrealized losses of $4,157 and $2,599 in the years ended December&nbsp;31, 2002 and
2001, respectively. In addition, a Hedged Derivative
 with a fair value of $528
was transferred in connection with the sale of a community during the first
quarter of 2001. The estimated amount, included in accumulated other
comprehensive income as of December&nbsp;31, 2003, expected to be reclassified
into earnings within the next twelve months to offset the variability of cash
flows during this period is not material.


<P align="left" style="font-size: 10pt">The Company assesses, both at inception and on an on-going basis, the
effectiveness of all hedges in offsetting cash flows of hedged items. Hedge
ineffectiveness did not have a material impact on earnings and the Company does
not anticipate that it will have a material effect in the future. The fair
values of the obligations under the Hedged Derivatives are included in accrued
expenses and other liabilities on the accompanying Consolidated Balance Sheets.


<P align="left" style="font-size: 10pt">By using derivative financial instruments to hedge exposures to changes in
interest rates, the Company exposes itself to credit risk and market risk. The
credit risk is the risk of a counterparty not performing under the terms of the
Hedged Derivatives. The counterparties to these Hedged Derivatives are major
financial institutions which have an A&#043; or better credit rating by the Standard
&#038; Poor&#146;s Ratings Group. The Company monitors the credit ratings of
counterparties and the amount of the Company&#146;s debt subject to Hedged
Derivatives with any one party. Therefore, the Company believes the likelihood
of realizing material losses from counterparty non-performance is remote.
Market risk is the adverse effect of the value of financial instruments that
results from a change in interest rates. The market risk associated with
interest-rate contracts is managed by the establishment and monitoring of
parameters that limit the types and degree of market risk that may be
undertaken. These risks are managed by the Company&#146;s Chief Financial Officer
and Senior Vice President &#150; Finance.


<P align="center" style="font-size: 10pt">F-17
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investments in Unconsolidated Entities</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><I>Investments in Unconsolidated Real Estate Entities</I>



<P align="left" style="font-size: 10pt">As of December&nbsp;31, 2003, the Company had investments in the following
unconsolidated real estate entities, which are accounted for under the equity
method of accounting, except as described below:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Town Run Associates </I>was formed as a general partnership in
November&nbsp;1994 to develop, own and operate Avalon Run, a 426
apartment-home community located in Lawrenceville, New Jersey.
Since formation of this venture, the Company has invested $1,803
and, following a preferred return on all contributed equity (which
was achieved in 2003), has a 40% ownership and cash flow interest
with a 49% residual economic interest. The Company is responsible
for the day-to-day operations of the Avalon Run community and is the
management agent subject to the terms of a management agreement.
The development of Avalon Run was funded entirely through equity
contributions from Avalon as well as the other venture partner, and
therefore Avalon Run is not subject to any outstanding debt as of
December&nbsp;31, 2003.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Town Grove, LLC </I>was formed as a limited liability corporation
in December&nbsp;1997 to develop, own and operate Avalon Grove, a 402
apartment-home community located in Stamford, Connecticut. Since
formation of this venture, the Company has invested $14,653 and,
following a preferred return on all contributed equity (which was
achieved in 2003), has a 50% ownership and a 50% cash flow and
residual economic interest. The Company is responsible for the
day-to-day operations of the Avalon Grove community and is the
management agent subject to the terms of a management agreement.
The development of Avalon Grove was funded through contributions
from the Company and the other venture partner, and therefore Avalon
Grove is not subject to any outstanding debt as of December&nbsp;31,
2003.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Avalon Terrace, LLC </I>&#150; The Company acquired Avalon Bedford, a
388 apartment-home community located in Stamford, Connecticut in
December&nbsp;1998. In May&nbsp;2000, the Company transferred Avalon Bedford
to Avalon Terrace, LLC and subsequently admitted a joint venture
partner, while retaining a 25% ownership interest in this limited
liability company for an investment of $5,394 and a right to 50% of
cash flow distributions after achievement of a threshold return
(which was not achieved in 2003). The Company is responsible for
the day-to-day operations of the Avalon Bedford community and is the
management agent subject to the terms of a management agreement. As
of December&nbsp;31, 2003, Avalon Bedford has $22,500 in variable rate
debt outstanding, which came due in November&nbsp;2002, but was extended
until November&nbsp;2005. The interest rate on this debt is fixed
through a Hedged Derivative as discussed in Note 5, &#147;Derivative
Instruments and Hedging Activities.&#148;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Arna Valley View Limited Partnership </I>&#150; In connection with
the municipal approval process for the development of two
consolidated communities, the Company agreed to participate in the
formation of a limited partnership in February&nbsp;1999 to develop,
finance, own and operate Arna Valley View, a 101 apartment-home
community located in Arlington, Virginia. This community has
affordable rents for 100% of apartment homes related to the
tax-exempt bond financing and tax credits used to finance
construction of the community. A subsidiary of the Company is the
general partner of the partnership with a 0.01% ownership interest.
The Company is responsible for the day-to-day operations of the
community and is the management agent subject to the terms of a
management agreement. As of December&nbsp;31, 2003, Arna Valley View has
$6,026 of variable rate, tax-exempt bonds outstanding, which mature
in June&nbsp;2032. In addition, Arna Valley View has $4,583 of 4% fixed
rate county bonds outstanding that mature in December&nbsp;2030. Due to
the Company&#146;s limited ownership and investment in this venture, it
is accounted for using the cost method.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">In September&nbsp;2003, Falkland Chase, a 450 apartment home community located in
Silver Spring, MD, was sold by Falkland Partners, LLC, in which the Company has
held a 50% membership interest since 1993. The Company&#146;s share of the $58,500
sales price for this community was $29,250, resulting in net proceeds to the
Company of


<P align="center" style="font-size: 10pt">F-18
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">$16,729. The Company&#146;s share of the GAAP gain reported by Falkland Partners,
LLC is $21,816 and is included in equity in income of unconsolidated entities
on the Company&#146;s Consolidated Statements of Operations and Other Comprehensive
Income. The Company recognized an additional gain in accordance with GAAP of
$1,632 in conjunction with the liquidation of the limited liability company&#146;s
assets, which is also included in equity in income of unconsolidated entities
on the Company&#146;s Consolidated Statements of Operations and Other Comprehensive
Income. The combined summaries of financial position and operating results
presented below have been revised to exclude the financial information of the
Falkland Chase community.


<P align="left" style="font-size: 10pt">The following is a combined summary of the financial position of the entities
accounted for using the equity method, as of the dates presented:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">(Unaudited)<HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Real estate, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">119,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">122,577</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,544</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">121,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,121</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Liabilities and partners&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,500</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,369</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Partners&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,252</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total liabilities and partners&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">121,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,121</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">The following is a combined summary of the operating results of the entities
accounted for using the equity method, for the periods presented:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">For the year ended</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">(unaudited)<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-01<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,030</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating and other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,038</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,396</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,926</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,688</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,783</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,740</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,986</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,847</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,218</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">The Company also holds a 25% limited liability company membership interest in
the limited liability company that owns Avalon on the Sound. The Company,
which originally owned 100% of the limited liability company, sold a 75%
controlling interest in the limited liability company to a third-party in 2000.
As part of the sale, the Company retained an option to repurchase the 75%
interest. The Company believes it is unlikely that the repurchase option will
be exercised. This repurchase option will terminate in 2005. In accordance
with SFAS No.&nbsp;66, &#147;Accounting for Sales of Real Estate,&#148; the sale of the 75%
interest is not recognized due to the existence of the repurchase
option, and therefore the Company accounts for Avalon on the Sound as a
profit-sharing arrangement. As a result, the revenues and expenses, and assets
and liabilities of Avalon on the Sound are included in the Company&#146;s
Consolidated Financial Statements, with the 75% interest presented as part of
accrued expenses and other liabilities on the Company&#146;s Consolidated Balance
Sheets. A reclassification has been made in prior years to move the 75%
interest from minority interest to accrued expenses and other liabilities on
the Company&#146;s Consolidated Balance Sheets to conform with current year
presentation. The income allocated to the controlling partner is shown as
venture partner interest in profit-sharing on the Company&#146;s Consolidated
Statements of Operations and Other Comprehensive Income. These
reclassifications did not have any impact on total assets, net income or any
other supplemental measure of operating performance.


<P align="center" style="font-size: 10pt">F-19
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><I>Investments in Unconsolidated Non-Real Estate Entities</I>



<P align="left" style="font-size: 10pt">At December&nbsp;31, 2003, the Company held minority interest investments in three
non-real estate entities, all of which are technology companies. Based on
ownership and control criteria, the Company accounts for one of these
investments using the equity method, with the remaining non-real estate
investments accounted for at cost. During the years ended December&nbsp;31, 2003,
2002 and 2001, the Company recorded losses of $115, $3,166 and $1,730,
respectively, related to Realeum, Inc., the investment accounted for under the equity method,
bringing the carrying value of the investment to zero as of both December&nbsp;31,
2003 and 2002. The aggregate carrying value of the Company&#146;s investment in
unconsolidated non-real estate entities was $1,456 and $1,855 as of December
31, 2003 and December&nbsp;31, 2002, respectively.


<P align="left" style="font-size: 10pt">The following is a summary of the Company&#146;s equity in income of unconsolidated
entities for the years presented:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">For the year ended<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-01<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Town Grove, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,977</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Falkland Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">924</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Town Run Associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Terrace, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Realeum, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,730</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other unconsolidated
non-real estate entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(918</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Discontinued Operations &#150; Real Estate Assets Sold or Held for Sale</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">During the year ended December&nbsp;31, 2003, the Company sold eleven communities,
five comprising the entire Minneapolis, Minnesota portfolio and six single
asset sales, and one land parcel, resulting in a gain calculated in accordance
with GAAP of $160,990. Details regarding the community asset sales are
summarized below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Period</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Apartment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gross sales</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Net</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Community Name<HR size="1" noshade></TD>
    <TD><HR size="1" noshade></TD>
    <TD nowrap align="center">Location<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">of sale<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">homes<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Debt<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">price<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">proceeds<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Westside Terrrace
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los Angeles, CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">363</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">46,700</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">46,422</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Huntington Beach
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Huntington Beach, CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">400</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58,200</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57,565</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Woodbury
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Woodbury, MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">224</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25,100</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24,868</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Town Centre
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eagan, MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">248</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21,625</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21,473</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Edinburgh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn Park, MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">198</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19,550</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19,482</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Town Square
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plymouth, MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">160</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12,899</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Devonshire
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bloomington, MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">498</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27,305</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47,950</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20,136</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amberway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Anaheim, CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">272</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33,500</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32,954</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Fair Lakes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fairfax, VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">234</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48,500</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48,310</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon Crest
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fort Lee, NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">351</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">84,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">82,231</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon at Dulles
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sterling, VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4Q03
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">236</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12,360</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26,525</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13,449</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total of all 2003 asset sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3,184</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">39,665</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">424,650</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">379,789</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total of all 2002 asset sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">277</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">80,100</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">78,454</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total of all 2001 asset sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,551</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">8,145</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">241,130</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">230,400</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="4" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">In addition, as of December&nbsp;31, 2003, the Company had one community that
qualified as held for sale under the provisions of SFAS No.&nbsp;144. As required
under SFAS No.&nbsp;144, the operations for any communities sold from January&nbsp;1,
2002 through December&nbsp;31, 2003 and communities held for sale as of December&nbsp;31,
2003 have been presented as discontinued operations in the accompanying
Consolidated Financial Statements.


<P align="center" style="font-size: 10pt">F-20
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">Accordingly, certain reclassifications have been made in prior years to
reflect discontinued operations consistent with current year presentation.
The following is a summary of income from discontinued operations for the
years presented:

<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="56%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="11">For the year ended</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="11">(unaudited) <hr size="1" noshade></TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">12-31-03 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">12-31-02 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">12-31-01 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom">
      <TD bgcolor="#eeeeee"> <DIV style="margin-left:10px; text-indent:-10px">Rental
          income</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">23,843</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">50,554</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">53,642</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Operating and other
          expenses</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(9,942</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(17,601</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(17,648</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee"> <DIV style="margin-left:10px; text-indent:-10px">Interest
          expense, net</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(1,106</TD>
      <TD nowrap bgcolor="#eeeeee">)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(1,716</TD>
      <TD nowrap bgcolor="#eeeeee">)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(2,033</TD>
      <TD nowrap bgcolor="#eeeeee">)</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Minority interest expense</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(389</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(799</TD>
      <TD nowrap>)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(758</TD>
      <TD nowrap>)</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee"> <DIV style="margin-left:10px; text-indent:-10px">Depreciation
          expense</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(2,342</TD>
      <TD nowrap bgcolor="#eeeeee">)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(9,538</TD>
      <TD nowrap bgcolor="#eeeeee">)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(10,204</TD>
      <TD nowrap bgcolor="#eeeeee">)</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Income from discontinued
          operations</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">10,064</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">20,900</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">22,999</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P align="left" style="font-size: 10pt">The Company&#146;s Consolidated Balance Sheets include other assets (excluding net
real estate) of $684 and $1,949, mortgage notes payable of $0 and $39,665 and
other liabilities of $546 and $5,913 as of December&nbsp;31, 2003 and  2002, respectively, relating to real estate assets sold or held for sale. The
estimated proceeds less anticipated costs to sell the real estate assets held
for sale as of December&nbsp;31, 2003 are greater than the carrying values as of
December&nbsp;31, 2003, and therefore no provisions for possible losses were
recorded.


<P align="left" style="font-size: 10pt">The Company sold a land parcel in 2003, which was originally owned by the
Company in connection with a development right in Oakland, California, for
which net proceeds of approximately $6,600 were received upon sale.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Commitments and Contingencies</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><I>Employment Agreements and Arrangements</I>



<P align="left" style="font-size: 10pt">As of December&nbsp;31, 2003, the Company had employment agreements with five
executive officers. The employment agreements provide for severance payments
and generally provide for accelerated vesting of stock options and restricted
stock in the event of a termination of employment (except for a termination by
the Company with cause or a voluntary termination by the employee). The
current term of these agreements ends on dates that vary between December&nbsp;2004
and November&nbsp;2006. The employment agreements provide for one-year automatic
renewals (two years in the case of the Chief Executive Officer
(&#147;CEO&#148;)) after the initial term unless an
advance notice of non-renewal is provided by either party. Upon a notice of
non-renewal by the Company, each of the officers may terminate his employment
and receive a severance payment. Upon a change in control, the agreements
provide for an automatic extension of up to three years from the date of the
change in control. The employment agreements provide for base salary and
incentive compensation in the form of cash awards, stock options and stock
grants subject to the discretion of, and attainment of performance goals
established by, the Compensation Committee of the Board of Directors.


<P align="left" style="font-size: 10pt">During the fourth quarter of 1999, the Company adopted an Officer Severance
Program (the &#147;Program&#148;) for the benefit of those officers of the Company who do
not have employment agreements. Under the Program, in the event an officer who
is not otherwise covered by a severance arrangement is terminated (other than
for cause) within two years of a change in control (as defined) of the Company,
such officer will generally receive a cash lump sum payment equal to the sum of
such officer&#146;s base salary and cash bonus, as well as accelerated vesting of
stock options and restricted stock.


<P align="center" style="font-size: 10pt">F-21
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
 <P align="left" style="font-size: 10pt"><I>Legal Contingencies</I>



<P align="left" style="font-size: 10pt">The Company is subject to various legal proceedings and claims that arise in
the ordinary course of business. These matters are frequently covered by
insurance. If it has been determined that a loss is probable to occur, the
estimated amount of the loss is expensed in the financial statements. While
the resolution of these matters cannot be predicted with certainty, management
believes the final outcome of such matters will not have a material adverse
effect on the financial position or results of operations of the Company.


<P align="left" style="font-size: 10pt"><I>Lease Obligations</I>



<P align="left" style="font-size: 10pt">The Company owns six apartment communities which are located on land subject to
land leases expiring between July&nbsp;2029 and March&nbsp;2142. In addition, the
Company leases certain office space. These leases are accounted for as
operating leases in accordance with SFAS No.&nbsp;13, &#147;Accounting for Leases.&#148;


<P align="left" style="font-size: 10pt">The following table details the future minimum lease payments under the
Company&#146;s current operating leases:

<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="16%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" colspan="20">Payments due by period <HR size="1" noshade></TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center">2004 <HR size="1" noshade width=50%></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">2005 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">2006 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">2007 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">2008 <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">Thereafter <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom">
      <TD align="right"><DIV align="center" style="margin-left:10px; text-indent:-10px">$4,239</DIV></TD>
      <TD><div align="center"></div></TD>
      <TD colspan="2"><div align="center"></div>
        <div align="center">$4,208</div></TD>
      <TD><div align="center"></div></TD>
      <TD><div align="center"></div></TD>
      <TD colspan="2"><div align="center"></div>
        <div align="center">$4,207</div></TD>
      <TD><div align="center"></div></TD>
      <TD><div align="center"></div></TD>
      <TD colspan="2"><div align="center"></div>
        <div align="center">$4,251</div></TD>
      <TD><div align="center"></div></TD>
      <TD><div align="center"></div></TD>
      <TD colspan="2"><div align="center"></div>
        <div align="center">$4,242</div></TD>
      <TD><div align="center"></div></TD>
      <TD><div align="center"></div></TD>
      <TD colspan="2"><div align="center"></div>
        <div align="center">$398,906</div></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Segment Reporting</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The Company&#146;s reportable operating segments include Established Communities,
Other Stabilized Communities, and Development/Redevelopment Communities.
Annually as of January 1st, the Company determines which of its communities
fall into each of these categories and maintains that classification throughout
the year for the purpose of reporting segment operations.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><I>Established Communities </I>(also known as Same
Store Communities) are communities where a comparison
of operating results from the prior year to the current
year is meaningful, as these communities were owned and
had stabilized occupancy and operating expenses as of
the beginning of the prior year. For the year ended
December&nbsp;31, 2003, the Established Communities are
communities that had stabilized occupancy and operating
expenses as of January&nbsp;1, 2002, are not conducting or
planning to conduct substantial redevelopment
activities and are not held for sale or planned for
disposition within the current year. A community is
considered to have stabilized occupancy at the earlier
of (i)&nbsp;attainment of 95% physical occupancy or (ii)&nbsp;the
one-year anniversary of completion of development or
redevelopment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><I>Other Stabilized Communities </I>includes all
other completed communities that have stabilized
occupancy, as defined above. Other Stabilized
Communities do not include communities that are
conducting or planning to conduct substantial
redevelopment activities within the current year.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD><I>Development/Redevelopment Communities</I>
consists of communities that are under construction and
have not received a final certificate of occupancy,
communities where substantial redevelopment is in
progress or is planned to begin during the current year
and communities under lease-up, that had not reached
stabilized occupancy, as defined above, as of January
1, 2003.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">In addition, the Company owns land held for future development and has other
corporate assets that are not allocated to an operating segment.


<P align="center" style="font-size: 10pt">F-22

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">SFAS No.&nbsp;131, &#147;Disclosures about Segments of an Enterprise and Related
Information,&#148; requires that segment disclosures present the measure(s) used by
the chief operating decision maker for purposes of assessing such segments&#146;
performance. The Company&#146;s chief operating decision maker is comprised of
several members of its executive management team who use Net Operating Income
(&#147;NOI&#148;) as the primary financial measure for Established and Other Stabilized
Communities. NOI is defined by the Company as total revenue less direct
property operating expenses, including property taxes, and excludes
corporate-level property management and other indirect operating expenses,
interest income and expense, general and administrative expense, equity in
income of unconsolidated entities, minority interest in consolidated
partnerships, venture partner interest in profit-sharing, depreciation expense,
impairment loss, gain on sale of communities and income from discontinued
operations. Although the Company considers NOI a useful measure of a
community&#146;s or communities&#146; operating performance, NOI should not be considered
an alternative to net income or net cash flow from operating activities, as
determined in accordance with GAAP.


<P align="left" style="font-size: 10pt">The primary performance measure for communities under development or
redevelopment depends on the stage of completion. While under development,
management monitors actual construction costs against budgeted costs as well as
lease-up pace and rent levels compared to budget.


<P align="left" style="font-size: 10pt">The following table provides details of the Company&#146;s segment information as of
the dates specified. The segments are classified based on the individual
community&#146;s status as of the beginning of the given calendar year. Therefore,
each year the composition of communities within each business segment is
adjusted. Accordingly, the amounts between years are not directly comparable.
The accounting policies applicable to the operating segments described above
are the same as those described in Note 1, &#147;Organization and Significant
Accounting Policies.&#148;


<P align="center" style="font-size: 10pt">F-23
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
    <!-- Begin Table Head -->
    <TR valign="bottom">
      <TD width="56%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">Total</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">% NOI change</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">Gross</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">revenue
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">NOI (1)
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">from prior year
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="2">real estate (2)
        <HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:10px; text-indent:-10px"><u>For the year ended
          December&nbsp;31, 2003</u></DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Established</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Northeast</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">151,902</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">100,016</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(8.9</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">885,966</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Mid-Atlantic</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">69,343</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">48,719</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(4.2</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">388,674</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Midwest</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">16,141</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">8,553</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(16.7</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">140,631</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Pacific Northwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">27,342</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">16,817</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(11.4</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">297,653</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Northern California</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">139,698</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">99,425</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(10.5</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">1,344,010</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Southern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">45,704</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">31,691</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(1.0</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">325,541</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:40px; text-indent:-10px">Total Established</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">450,130</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">305,221</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(8.3</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">3,382,475</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Other Stabilized</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">81,962</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">54,889</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">750,822</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:20px; text-indent:-10px">Development/Redevelopment</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">76,362</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">44,142</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">1,144,413</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Land Held for Future
          Development</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">81,358</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:20px; text-indent:-10px">Non-allocated (3)</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">1,197</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">1,197</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">20,418</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Total</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">609,651</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">405,449</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(0.4</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">5,379,486</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:10px; text-indent:-10px"><u>For the year ended
          December&nbsp;31, 2002</u></DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Established</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Northeast</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">142,333</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">98,516</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(7.8</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">784,877</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Mid-Atlantic</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">70,489</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">50,862</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2.9</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">387,590</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Midwest</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">17,082</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">10,269</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(8.2</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">140,248</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Pacific Northwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">10,567</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">6,551</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(12.7</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">96,738</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Northern California</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">150,422</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">110,334</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(17.5</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">1,340,846</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Southern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">42,386</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">30,399</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">2.6</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">303,464</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:40px; text-indent:-10px">Total Established</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">433,279</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">306,931</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">(10.1</TD>
      <TD nowrap bgcolor="#eeeeee">%)</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">3,053,763</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Other Stabilized</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">78,137</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">53,291</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">772,713</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:20px; text-indent:-10px">Development/Redevelopment</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">75,796</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">44,428</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">1,102,210</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Land Held for Future
          Development</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">78,688</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:20px; text-indent:-10px">Non-allocated (3)</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">2,318</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">2,318</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">21,790</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Total</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">589,530</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">406,968</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(3.8</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">5,029,164</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:10px; text-indent:-10px"><u>For the year ended
          December&nbsp;31, 2001</u></DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#eeeeee">
      <TD>
        <DIV style="margin-left:20px; text-indent:-10px">Established</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px"> Northeast</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">112,808</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">81,364</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">7.8</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD align="left">$</TD>
      <TD align="right">570,551</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Mid-Atlantic</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">74,225</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">54,887</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">8.2</TD>
      <TD nowrap bgcolor="#eeeeee">%</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">402,683</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Midwest</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">7,847</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">5,391</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">(2.2</TD>
      <TD nowrap>%)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">60,299</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Pacific Northwest</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">6,705</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">4,945</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">2.4</TD>
      <TD nowrap bgcolor="#eeeeee">%</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">60,426</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:30px; text-indent:-10px">Northern California</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">156,458</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">121,410</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">6.5</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,216,489</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:30px; text-indent:-10px">Southern California</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">33,423</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">23,734</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">8.6</TD>
      <TD nowrap bgcolor="#eeeeee">%</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">236,239</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:40px; text-indent:-10px">Total Established</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">391,466</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">291,731</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left">&nbsp;</TD>
      <TD align="right">7.1</TD>
      <TD nowrap>%</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">2,546,687</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:20px; text-indent:-10px">Other Stabilized</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">131,382</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">92,451</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">877,417</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Development/ Redevelopment</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">58,862</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">37,193</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">973,934</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:20px; text-indent:-10px">Land Held for Future
          Development</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">n/a</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">66,608</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><DIV style="margin-left:20px; text-indent:-10px">Non-allocated (3)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,486</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">1,486</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">n/a</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">20,652</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="1" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD bgcolor="#eeeeee">
<DIV style="margin-left:40px; text-indent:-10px">Total</DIV></TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">583,196</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">422,861</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" nowrap bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="right" bgcolor="#eeeeee">12.0</TD>
      <TD nowrap bgcolor="#eeeeee">%</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
      <TD align="left" bgcolor="#eeeeee">$</TD>
      <TD align="right" bgcolor="#eeeeee">4,485,298</TD>
      <TD bgcolor="#eeeeee">&nbsp;</TD>
    </TR>
    <TR style="font-size: 1px">
      <TD><DIV style="margin-left:30px; text-indent:-10px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="2" align="right"><HR size="4" noshade> &nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <!-- End Table Body -->
  </TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
  <TR valign="top">
    <TD nowrap align="right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Does not include corporate-level property management and other indirect
      operating expenses of $31,167, $30,551 and $31,805 for the years ended December
      31, 2003, 2002 and 2001, respectively.</TD>
  </TR>
  <TR valign="top">
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Does not include gross real estate from assets held for sale
      of $52,271, $340,290 and $352,571 as of December&nbsp;31, 2003, 2002 and
      2001, respectively.</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="95%">Revenue and NOI amounts represent third-party management,
      accounting and developer fees which are not allocated to a reportable segment.</TD>
  </TR>
</TABLE>



<P align="left" style="font-size: 10pt">Segment information for the years ending December&nbsp;31, 2003, 2002 and 2001 has
been adjusted for the communities that were designated as held for sale as of
December&nbsp;31, 2003 or sold from January&nbsp;1, 2002 through


<P align="center" style="font-size: 10pt">F-24

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">December&nbsp;31, 2003 as
described in Note 7, &#147;Discontinued Operations &#150; Real Estate Assets Sold or Held
for Sale.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock-Based Compensation Plans</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The Company has a stock incentive plan (the &#147;1994 Plan&#148;), which was amended

and
restated on March&nbsp;31, 2001. Individuals who are eligible to participate in the
1994 Plan include officers, other associates, outside directors and other key
persons of the Company and its subsidiaries who are responsible for or
contribute to the management, growth or profitability of the Company and its
subsidiaries. The 1994 Plan authorizes (i)&nbsp;the grant of stock options that
qualify as incentive stock options under Section&nbsp;422 of the Internal Revenue
Code (&#147;ISOs&#148;), (ii)&nbsp;the grant of stock options that do not so qualify, (iii)
grants of shares of restricted and unrestricted common stock, (iv)&nbsp;grants of
deferred stock awards, (v)&nbsp;performance share awards entitling the recipient to
acquire shares of common stock and (vi)&nbsp;dividend equivalent rights.


<P align="left" style="font-size: 10pt">

Shares of common stock of 2,358,393, 2,084,207 and 2,126,335 were
available for future option or restricted stock grant awards under
the 1994 Plan as of December 31, 2003, 2002 and 2001, respectively.
On each January&nbsp;1, the maximum
number available for issuance under the 1994 Plan is increased by between 0.48%
and 1.00% of the total number of shares of common stock and DownREIT units
actually outstanding on such date. Notwithstanding the foregoing, the maximum
number of shares of stock for which ISOs may be issued under the 1994 Plan
shall not exceed 2,500,000 and no awards shall be granted under the 1994 Plan
after May&nbsp;11, 2011. Options and restricted stock granted under the 1994 Plan
vest and expire over varying periods, as determined by the Compensation
Committee of the Board of Directors.


<P align="left" style="font-size: 10pt">Before the Merger, Avalon had adopted its 1995 Equity Incentive Plan (the
&#147;Avalon 1995 Incentive Plan&#148;). Under the Avalon 1995 Incentive Plan, a maximum
number of 3,315,054 shares (or 2,546,956 shares as adjusted for the Merger) of
common stock were issuable, plus any shares of common stock represented by
awards under Avalon&#146;s 1993 Stock Option and Incentive Plan (the &#147;Avalon 1993
Plan&#148;) that were forfeited, canceled, reacquired by Avalon, satisfied without
the issuance of common stock or otherwise terminated (other than by exercise).
Options granted to officers, non-employee directors and associates under the
Avalon 1995 Incentive Plan generally vested over a three-year term, expire ten
years from the date of grant and are exercisable at the market price on the
date of grant.


<P align="left" style="font-size: 10pt">In connection with the Merger, the exercise prices and the number of options
under the Avalon 1995 Incentive Plan and the Avalon 1993 Plan were adjusted to
reflect the equivalent Bay shares and exercise prices based on the 0.7683 share
conversion ratio used in the Merger. Officers, non-employee directors and
associates with Avalon 1995 Incentive Plan or Avalon 1993 Plan options may
exercise their adjusted number of options for the Company&#146;s common stock at the
adjusted exercise price. As of June&nbsp;4, 1998, the date of the Merger, options
and other awards ceased to be granted under the Avalon 1993 Plan or the Avalon
1995 Incentive Plan. Accordingly, there were no options to purchase shares of
common stock available for grant under the Avalon 1995 Incentive Plan or the
Avalon 1993 Plan at December&nbsp;31, 2003, 2002 or 2001.


<P align="center" style="font-size: 10pt">F-25
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left" style="font-size: 10pt">Information with respect to stock options granted under the 1994 Plan, the
Avalon 1995 Incentive Plan and the Avalon 1993 Plan is as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Avalon 1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">and Avalon</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1994 Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1993 Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise price</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">shares<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">per share<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">shares<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">per share<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options Outstanding, December&nbsp;31, 2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,425,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,484,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35.94</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(367,652</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(487,312</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.79</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">946,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111,639</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.61</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options Outstanding, December&nbsp;31, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,893,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">992,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(281,206</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(350,157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(165,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.86</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options Outstanding, December&nbsp;31, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,166,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(454,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(165,264</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(157,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.07</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options Outstanding, December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,979,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">473,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:80px; text-indent:-10px">Options Exercisable:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:80px; text-indent:-10px">December&nbsp;31, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,537,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35.99</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:80px; text-indent:-10px">December&nbsp;31, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,003,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:80px; text-indent:-10px">December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,069,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">473,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">For options outstanding at December&nbsp;31, 2003 under the 1994 Plan, 84,600
options had exercise prices ranging between $18.37 and $29.99 and a weighted
average contractual life of 1.8&nbsp;years, 1,481,427 options had exercise prices
ranging between $30.00 and $39.99 and a weighted average contractual life of
6.0&nbsp;years, and 1,413,238 options had exercise prices ranging between $40.00 and
$49.90 and a weighted average contractual life of 7.6&nbsp;years. Options
outstanding at December&nbsp;31, 2003 for the Avalon 1993 and Avalon 1995 Plans had
exercise prices ranging from $27.33 to $39.70 and a weighted average
contractual life of 3.8&nbsp;years.


<P align="left" style="font-size: 10pt">Effective January&nbsp;1, 2003, the Company adopted the fair value recognition
provisions of SFAS No.&nbsp;123 prospectively to all employee awards granted,
modified, or settled on or after January&nbsp;1, 2003. The effect on net income
available to common stockholders and earnings per share if the fair value based
method had been applied to all outstanding and unvested awards in each year
based on the fair market value as determined on the date of grant is reflected
in Note 1, &#147;Organization and Significant Accounting Policies.&#148;


<P align="left" style="font-size: 10pt">The weighted average fair value of the
  options granted during 2003 is estimated at $1.94 per share on the date of grant
  using the Black-Scholes option pricing model with the following weighted average
  assumptions: dividend yield of 7.56%, volatility of 18.68%, risk-free interest
  rates of 3.31% and an expected life of approximately
  7&nbsp;years. The weighted average fair value of the options granted during
  2002 is estimated at $4.52 per share on the date of grant using the Black-Scholes
  option pricing model with the following weighted average assumptions: dividend
  yield of 6.15%, volatility of 18.90%, risk-free interest rates of 4.81%
  and an expected life of approximately 7&nbsp;years. The
  weighted average fair value of the options granted during 2001 is estimated
  at $4.83 per share on the date of grant using the Black-Scholes option pricing
  model with the following weighted average assumptions: dividend yield of 5.58%,
  volatility of 16.47%, risk-free interest rates of 5.07%
  and an expected life of approximately 7&nbsp;years.
The cost related to stock-based employee compensation for employee stock options
included in the determination of net income is based on actual forfeitures for the given year.


<P align="center" style="font-size: 10pt">F-26
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">In October&nbsp;1996, the Company adopted the 1996 Non-Qualified Employee Stock
Purchase Plan (as amended, the &#147;ESPP&#148;). Initially 1,000,000 shares of common
stock were reserved for issuance under this plan. There are currently 687,949
shares remaining available for issuance under the plan. Full-time employees of
the Company generally are eligible to participate in the ESPP if, as of the
last day of the applicable election period, they have been employed by the
Company for at least one month. All other employees of the Company are
eligible to participate provided that as of the applicable election period they
have been employed by the Company for twelve months. Under the ESPP, eligible
employees are permitted to acquire shares of the Company&#146;s common stock through
payroll deductions, subject to maximum purchase limitations. The purchase
period is a period of seven months beginning each May 1 and ending each
November&nbsp;30. The purchase price for common stock purchased under the plan is
85% of the lesser of the fair market value of the Company&#146;s common stock on the
first day of the applicable purchase period or the last day of the applicable
purchase period. The offering dates, purchase dates and duration of purchase
periods may be changed by the Board of Directors, if the change is announced
prior to the beginning of the affected date or purchase period. The Company
issued 14,393 shares, 29,345 shares and 14,917 shares under the ESPP for 2003,
2002 and 2001, respectively.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Fair Value of Financial Instruments</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Cash and cash equivalent balances are held with various financial institutions
and may at times exceed the applicable Federal Deposit Insurance Corporation
limit. The Company monitors credit ratings of these financial institutions and
the concentration of cash and cash equivalent balances with any one financial
institution and believes the likelihood of realizing material losses from the
excess of cash and cash equivalent balances over insurance limits is remote.


<P align="left" style="font-size: 10pt">The following estimated fair values of financial instruments were determined by
management using available market information and established valuation
methodologies, including discounted cash flows. Accordingly, the estimates
presented are not necessarily indicative of the amounts the Company could
realize on disposition of the financial instruments. The use of different
market assumptions and/or estimation methodologies may have a material effect
on the estimated fair value amounts.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash equivalents, rents receivable, accounts payable and
accrued expenses, and other liabilities are carried at their
face amounts, which reasonably approximate their fair values.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bond indebtedness and notes payable with an aggregate
carrying value of approximately $2,286,000 and $2,442,000 had
an estimated aggregate fair value of $2,556,000 and
$2,639,000 at December&nbsp;31, 2003 and 2002, respectively.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Related Party Arrangements</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><I>Purchase of Mortgage Loan</I>



<P align="left" style="font-size: 10pt">The Company&#146;s Chairman and CEO is a partner of an entity that is the general
partner of Arbor Commons Associates Limited Partnership (&#147;Arbor Commons
Associates&#148;). Arbor Commons Associates owns Avalon Arbor, a 302 apartment home
community in Shrewsbury, Massachusetts. Concurrently with its initial public
offering in November&nbsp;1993, Avalon Properties, Inc. (&#147;Avalon&#148;), a predecessor
entity, purchased an existing participating mortgage loan made to Arbor Commons
Associates that was originated by CIGNA Investments, Inc. The mortgage loan is
secured by Arbor Commons Associates&#146; interest in Avalon Arbor. This loan
accrues interest at a fixed rate of 10.2% per annum, payable at 9.0% per annum.
The balance of the note receivable at both December&nbsp;31, 2003 and December&nbsp;31,
2002 was $21,483. The balance of accrued interest on the note receivable as of
December&nbsp;31, 2003 and December&nbsp;31, 2002, respectively, was $5,834 and $4,965,
and is included in other assets on the accompanying Consolidated Balance
Sheets. Related interest income of $3,168, $3,091 and $3,081 was recorded for
the years ended December&nbsp;31, 2003, 2002 and 2001, respectively. Under the
terms of the loan, the Company (as successor to Avalon) receives (as contingent
interest) 50% of the cash flow after the 10.2% accrual rate is paid and 50% of
the residual profits upon the sale of the community.


<P align="center" style="font-size: 10pt">F-27
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><I>Unconsolidated entities</I>



<P align="left" style="font-size: 10pt">The Company manages several unconsolidated real estate joint venture entities
for which it receives management fee revenue. From these entities the Company
received management fee revenue of $851, $1,019 and $1,011 in the years ended
December&nbsp;31, 2003, 2002 and 2001 respectively.


<P align="left" style="font-size: 10pt"><I>Indebtedness of Management</I>



<P align="left" style="font-size: 10pt">The Company had a recourse loan program under which the Company lent amounts to
or on behalf of employees (&#147;Stock Loans&#148;) equivalent to the estimated
employees&#146; tax withholding liabilities related to the vesting of restricted
stock under the 1994 Plan. In accordance with the Sarbanes-Oxley Act of 2002, no loans to senior
officers were renewed after January&nbsp;1, 2003 and all were repaid in full by
March&nbsp;31, 2003. The Company has phased out the Stock Loan program for all
other participants, with all loans to be repaid by March&nbsp;1, 2004. The
principal balance outstanding under the Stock Loans was $104 and $1,133 as of
December&nbsp;31, 2003 and 2002, respectively. Each Stock Loan was made for a
one-year term, is a full personal recourse obligation of the borrower and is
secured by a pledge to the Company of the stock that vested and gave rise to
the tax withholding liability for which the loan was made. In addition,
dividends on the pledged stock are automatically remitted to the Company and
applied toward repayment of the Stock Loan.


<P align="left" style="font-size: 10pt"><I>Consulting Agreement with Mr.&nbsp;Meyer</I>



<P align="left" style="font-size: 10pt">In March&nbsp;2000, the Company and Gilbert M. Meyer announced that Mr.&nbsp;Meyer

would
retire as Executive Chairman of the Company in May&nbsp;2000. Although Mr.&nbsp;Meyer
ceased his day-to-day involvement with the Company as an executive officer, he
continues to serve as a director. In addition, pursuant to a consulting
agreement which terminated in May&nbsp;2003, Mr.&nbsp;Meyer agreed to serve as a
consultant to the Company for three years following his retirement for an
annual fee of $1,395. In such capacity he responded to requests for assistance
or information concerning business matters with which he became familiar while
employed and he provided business advice and counsel to the Company with
respect to business strategies and acquisitions, dispositions, development and
redevelopment of multifamily rental properties.


<P align="left" style="font-size: 10pt"><I>Director Compensation</I>



<P align="left" style="font-size: 10pt">The Company&#146;s 1994 Plan provides that directors of the Company who
are also employees receive no additional compensation for their services as a
director. In accordance with the Company&#146;s 1994 Plan, as then in
effect, on the fifth business day following each of the Company&#146;s May&nbsp;2003 and
May&nbsp;2002 Annual Meetings of Stockholders, each of the Company&#146;s non-employee
directors automatically received options to purchase 7,000 shares of common
stock at the last reported sale price of the common stock on the New
York Stock Exchange (&#147;NYSE&#148;) on such
date, and a restricted stock grant (or, in lieu thereof, a deferred stock
award) of 2,500 shares of common stock. The Company recorded compensation
expense relating to the restricted stock grants, deferred stock awards and
stock options in the amount of $824, $743 and $624 in the years ended December
31, 2003, 2002 and 2001, respectively. Deferred compensation relating to these
restricted stock grants, deferred stock awards and stock options was $722 and $757 on December
31, 2003 and 2002, respectively. On May&nbsp;14, 2003, the Company&#146;s Board of
Directors approved an amendment to the 1994 Plan pursuant to which,
in lieu of the stock and option awards described above, each non-employee
director would receive, following the 2004 Annual Meeting of Stockholders and
each annual meeting thereafter, (i)&nbsp;a number of shares of restricted stock (or
deferred stock awards) having a value of $100 based on the last reported sale
price of the common stock on the NYSE on the fifth business day following the
prior year&#146;s annual meeting and (ii) $30 cash, payable in quarterly
installments of $7.5. A non-employee director may elect to receive
all or a portion of such cash payment in the form of a deferred stock
award.


<P align="left" style="font-size: 10pt"><I>Investment in Realeum, Inc.</I>



<P align="left" style="font-size: 10pt">As an employee incentive and retention mechanism, the Company arranged for
officers of the Company to hold direct or indirect economic interests in
Realeum, Inc. Realeum, Inc. is a company involved in the development and
deployment of a property management and leasing automation system in which the
Company invested $2,300 in January&nbsp;2002. The Company currently utilizes this
property management and leasing automation system and has


<P align="center" style="font-size: 10pt">F-28
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">paid $471, $480 and $80 to Realeum, Inc. under the terms of its licensing
arrangements during the years ended December&nbsp;31, 2003, 2002 and 2001,
respectively.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Quarterly Financial Information (Unaudited)</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The following summary represents the quarterly results of operations for the
years ended December&nbsp;31, 2003 and 2002:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">For the three months ended<HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">3-31-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">6-30-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">9-30-03<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-03<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">155,790</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">55,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">98,108</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD>Net income per common share &#150; basic</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.39</TD>
</TR>

<TR valign="bottom">
    <TD>Net income per common share &#150; diluted</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.36</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">For the three months ended<HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">3-31-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">6-30-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">9-30-02<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">12-31-02<HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">145,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">146,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">147,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,329</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,033</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income
per common share &#150; basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.92</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income per common share &#150; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.91</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Subsequent Events</U></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">In January&nbsp;2004, Arbor Commons Associates was unable to make its mortgage note
payment, resulting in a default on the note receivable held by the Company as
discussed in Note 12, &#147;Related Party Arrangements.&#148; In February&nbsp;2004, Arbor
Commons Associates remedied this default by paying the outstanding payment.
The Company believes that the carrying amount of its note receivable from Arbor
Commons Associates is fully recoverable.


<P align="left" style="font-size: 10pt">In February&nbsp;2004, the Company repaid $125,000 of previously issued unsecured
notes, along with any unpaid interest, pursuant to their scheduled maturity.
Also in February&nbsp;2004, the Company repaid $11,381 in fixed rate mortgage debt
secured by a current community, along with any unpaid interest, prior to its
scheduled maturity of August&nbsp;2004. No prepayment penalties were incurred.


<P align="left" style="font-size: 10pt">In February&nbsp;2004, the Company entered into a joint venture agreement with an
unrelated third-party for the development of Avalon Chrystie Place I, located
in New York, NY. Avalon Chrystie Place I, when completed, is expected to
contain 361 apartment homes for a total capital cost of approximately $149,900.
The construction of this community will be partially funded through the
issuance of $117,000 in variable rate, tax-exempt debt, $58,500 of which closed
in February&nbsp;2004, with the remainder expected to close in the fourth quarter of
2004. The Company holds a 20% equity interest in this joint venture entity.


<P align="left" style="font-size: 10pt">Also in February&nbsp;2004, the Company had credit enhancements, including
Hedged Derivatives in the form of interest rate swaps, on approximately $87,380
of its variable rate, tax-exempt debt that expired according to the original
terms and that have not been extended. However, the Company has replaced the
credit enhancements on this debt, including Hedged Derivatives in the form of
interest rate caps ranging from 6.7% to 9.0%. The underlying debt has a
weighted average variable interest rate (exclusive of credit enhancement fees, facility fees, trustees&#146; fees, etc.) of 0.9% as of February&nbsp;27, 2004, which
has been capped at a weighted average interest rate of 7.6% through Hedged
Derivatives. The credit enhancements, including the Hedged Derivatives, mature
in 2014.


<P align="left" style="font-size: 10pt">As of February&nbsp;27, 2004, one community previously held for operating purposes
was classified as held for sale under SFAS No.&nbsp;144. This community has a net real
estate carrying value of $29,973 and debt of $18,755 as of December&nbsp;31, 2003.
The Company is actively pursuing the disposition of the community and expects
to close during the second quarter of 2004.



<P align="center" style="font-size: 10pt">F-29


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
REAL ESTATE AND ACCUMULATED DEPRECIATION<BR>
December&nbsp;31, 2003<BR>
(Dollars in thousands)


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Initial Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Total Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Cost, Net of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Completion /</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Encumbrances</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquisition</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><u>Current Communities</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Center Place</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1991/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Faxon Park</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1998</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Flanders Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Lexington</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1994</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Newton Highlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Prudential Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1968/1998</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Essex</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Estates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Ledges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Oaks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Oaks West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Orchards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Summit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1986/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Greyrock Place</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Corners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Gates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Glen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1991</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Haven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon New Canaan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon on Stamford Harbor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Springs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Valley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Walk I &#038; II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1992/1994</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Commons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Court</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997/2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Towers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1990/1995</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Edgewater</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Florham Park</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Cove</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Tower at Avalon Cove</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Freehold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-30
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
REAL ESTATE AND ACCUMULATED DEPRECIATION<BR>
December&nbsp;31, 2003<BR>
(Dollars in thousands)

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Initial Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Total Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Cost, Net of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Completion /</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Encumbrances</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquisition</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Run East</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Watch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1988</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Riverview I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Gardens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1998</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Green</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1995</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon on the Sound</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon View</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1993</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Willow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Avalon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Fairway Hills I &#038; II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1987/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Symphony Glen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1986</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Landing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1984/1995</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">AutumnWoods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1989/1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Arlington Square</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Ballston &#151; Vermont &#038; Quincy Towers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1990/1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Ballston &#151; Washington Towers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1990</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Cameron Court</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1998</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Decoverly</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1991/1995</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Foxhall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1982</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Fox Mill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Gallery Place I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Providence Park</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1988/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Rock Spring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Crescent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Crossing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Fields I &#038; II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1998</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Knoll</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1985</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">200 Arlington Place</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1987/2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Danada Farms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-31
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
REAL ESTATE AND ACCUMULATED DEPRECIATION<BR>
December&nbsp;31, 2003<BR>
(Dollars in thousands)

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Initial Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Total Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Cost, Net of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Completion /</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Encumbrances</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquisition</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Stratford Green</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at West Grove</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1967</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Bear Creek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1998</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Bellevue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Belltown</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Brandemoor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Greenbriar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1987</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon HighGrove</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon ParcSquare</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Redmond Place</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1991/1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon RockMeadow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon WildReed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2000</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon WildWood</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Wynhaven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2001</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Union Square</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1973/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Willow Creek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1985/1994</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Dublin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1989/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Fremont</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1994</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Pleasanton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1988/1994</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Waterford</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1985/1986</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Cedar Ridge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1972/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Diamond Heights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1972/1994</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Mission Bay North</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Nob Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1990/1995</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Sunset Towers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1961/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Foster City</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1973/1994</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Pacifica</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1971/1995</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Towers by the Bay</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Crowne Ridge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1973/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Blossom Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1995</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Cahill Park</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Creekside</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1962/1997</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-32
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
REAL ESTATE AND ACCUMULATED DEPRECIATION<BR>
December&nbsp;31, 2003<BR>
(Dollars in thousands)

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Initial Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Total Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Cost, Net of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Completion /</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Encumbrances</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquisition</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Foxchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1988/1987</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Parkside</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1991/1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Pruneyard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1968/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at River Oaks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1990/1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Campbell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1995</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Cupertino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Mountain View</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1986</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon on the Alameda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1999</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Rosewalk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997/1999</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Silicon Valley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Sunnyvale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1987/1995</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Towers on the Peninsula</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2002</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CountryBrook</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1985/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fairway Glen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1986</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">San Marino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1984/1988</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Media Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1961/1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Warner Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1979/1998</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Glendale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2003</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Woodland Hills</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1989/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Promenade</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1988/2002</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Laguna Niguel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1988/1998</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Pacific Bay</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1971/1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at South Coast</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1973/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Mission Viejo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1984/1996</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Newport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1956/1996</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Santa Margarita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1990/1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Cortez Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1973/1998</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Mission Bay</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1968/1997</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Mission Ridge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1960/1997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Penasquitos Hills</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1982/1997</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="35" align="left"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">811,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,876,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">269,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">811,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,146,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,957,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">677,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,280,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">451,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="35" align="left"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-33
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
REAL ESTATE AND ACCUMULATED DEPRECIATION<BR>
December&nbsp;31, 2003<BR>
(Dollars in thousands)

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Initial Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Total Cost</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Building /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Cost, Net of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year of</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquisition /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Progress &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Completion /</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Construction</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Land</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Improvements</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Encumbrances</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquisition</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><u>Development Communities</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Crane Brook</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Glen Cove South</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Grosvenor Station</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Steven&#146;s Pond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at The Pinehills I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Darien</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon at Traville</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Milford I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Run East II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Pines I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon Chrystie Place I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="35" align="left"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">330,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">330,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">356,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">355,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="35" align="left"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Land held for development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate overhead</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="35" align="left"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">921,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,223,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">287,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">921,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,510,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,431,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">695,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,736,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">451,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="35" align="left"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">F-34
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>AVALONBAY COMMUNITIES, INC.<BR>
REAL ESTATE AND ACCUMULATED DEPRECIATION</B><BR>
December&nbsp;31, 2003<BR>
(Dollars in thousands)


<P align="left" style="font-size: 10pt">Amounts include real estate assets held for sale.


<P align="left" style="font-size: 10pt">Depreciation of AvalonBay Communities, Inc. building, improvements, upgrades and furniture, fixtures and equipment (FF&#038;E) is calculated over the following useful lives,
on a straight line basis:


<P align="left" style="font-size: 10pt">Building - 30&nbsp;years<br>
Improvements, upgrades and FF&#038;E - not to exceed 7&nbsp;years


<P align="left" style="font-size: 10pt">The aggregate cost of total real estate for Federal income tax purposes was approximately $5,432,000 at December&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">The changes in total real estate assets for the years ended December&nbsp;31, 2003, 2002 and 2001 are as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Years ended December 31,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,369,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,837,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,535,969</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquisitions, construction
            costs and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496,908</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dispositions, including impairment loss on planned dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(307,514</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(44,295</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(195,008</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,431,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,369,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,837,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The changes in accumulated depreciation for the years ended December&nbsp;31, 2003, 2002 and 2001, are as follows:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Years ended December 31,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">584,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">447,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">336,010</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation, including discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,984</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42,450</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,481</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,968</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">695,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">584,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">447,026</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>w94643exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.1



<P align="right" style="font-size: 10pt">&nbsp;



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">






<P align="center" style="font-size: 10pt"><B>AvalonBay Communities, Inc.</B>



<P align="center" style="font-size: 10pt"><B>Medium-Term Notes</B>


<DIV align="center" style="font-size: 10pt"><B>Due Nine Months Or More From Date Of Issue</B></DIV>



<P align="center" style="font-size: 10pt"><B>Amended &#038; Restated Distribution Agreement</B>



<P align="center" style="font-size: 10pt"><B>August&nbsp;6, 2003</B>



<P align="center" style="font-size: 10pt"><B>Banc Of America Securities LLC<BR>
Citigroup Global Markets Inc.<BR>
Fleet Securities, Inc.<BR>
J.P. Morgan Securities Inc.<BR>
Lehman Brothers Inc.</B>


<DIV align="center" style="font-size: 10pt"><B>Morgan Stanley &#038; Co. Incorporated</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Wachovia Capital Markets, llc.</B></DIV>



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">








<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">












<P align="center" style="font-size: 10pt">TABLE OF CONTENTS


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>1.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Description of Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Appointment as Agent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Appointment</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Sale of Notes</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Purchases as Principal</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Solicitations as Agent</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Reliance</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>3.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Representations and Warranties of the Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Effectiveness of Registration Statement; Filing of Prospectus</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Compliance with Securities Act</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Incorporated Documents</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Organization, Power and Authority of Company</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Organization, Power and Authority and Capitalization of Subsidiaries</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Capital Stock Matters</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Financial Statements</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(h)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Company&#146;s Internal Accounting System</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Notes</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(j)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Distribution Agreement and Indenture</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(k)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Rating</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(l)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Material Adverse Change</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(m)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Company Not an Investment Company</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(n)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Material Actions or Proceedings</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(o)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Filing and Enforceability of Contracts</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(p)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Compliance With Law</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(q)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Further Consents Required</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(r)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Title to Properties</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(s)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Mortgages; Community Matters</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(t)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Title Insurance</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(u)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Accuracy of Company&#146;s Statements</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(v)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Price Stabilization or Manipulation</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(w)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Labor Disputes</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(x)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Unlawful Contributions</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(y)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Compliance With Environmental Laws</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(z)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Hazardous Materials</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(aa)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Periodic Review of Costs of Environmental Compliance</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(bb)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Property and Casualty Insurance</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(cc)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>REIT Status</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(dd)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Plan Assets</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(ee)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Distribution of Offering Materials</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(ff)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Form&nbsp;S-3 Eligibility</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">i
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>4.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Purchases as Principal; Solicitations as Agent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Purchases as Principal</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Solicitations as Agent</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Administrative Procedures</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Agents&#146; Obligations Several and Not Joint</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Covenants of the Company</B>. The Company covenants and agrees with the Agents as follows:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Amendments and Supplements</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Notification Upon Certain Events</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Compliance With Securities Laws</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Copies of Offering Documents</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Copies of Securities Filings and Distributions</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Earnings Statements</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Payment of Expenses</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(h)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Blue Sky Qualification</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Price Stabilization or Manipulation</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(j)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Rating Agency Matters</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(k)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Establishing Terms of Notes</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(l)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Use of Proceeds</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(m)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Preparation of Pricing Supplements</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(n)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Unaudited Financial Information</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(o)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Audited Financial Information</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(p)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>REIT Status</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(q)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Market Stand-Off Pending Settlement</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(r)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Market Stand-Off Generally</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>6.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Conditions of Agents&#146; Obligations at the Closing</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Opinion of Company Counsel</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Opinion of Company Tax Counsel</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Opinion of Counsel to the Agents</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Comfort Letter</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Officers&#146; Certificate</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Stop Orders or Unmet Commission Requests</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Material Adverse Change</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(h)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>No Material Litigation Commenced</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Accuracy of Representations and Warranties; Observance of Covenants</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(j)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Blue Sky Qualification</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(k)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Other Documents</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(l)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Special Conditions for Agents&#146; Purchases as Principal</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Delivery of and Payment for Notes Sold through the Agents</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>8.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Additional Covenants of the Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Reaffirmation of Representations and Warranties</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Subsequent Delivery of Certificates</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:20px; text-indent:-10px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Subsequent Delivery of Legal Opinions</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">ii
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->


<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Subsequent Delivery of Comfort Letters</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>9.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Indemnification and Contribution</B>.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Indemnification of the Agents by the Company</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Indemnification of the
Company and its Directors, Certain Officers and Control Persons by the Agents</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Procedures</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Contribution</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><I>Survival of Indemnity and Contribution Provisions</I>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>10.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Reimbursement of Agents&#146; Expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>11.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Representations and Agreements to Survive Delivery</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>12.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Role of Agents</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>13.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Termination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>14.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Notices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>15.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Parties</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>16.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Governing Law</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>17.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Counterparts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>18.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Enforceability</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>19.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Waiver of Rights to Trial by Jury</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>20.</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>Amendments and
Modifications</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->


<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EXHIBIT A</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Terms of Notes</B></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EXHIBIT B</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Administrative Procedures Agreement</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->


<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD valign="top" nowrap ><DIV style="margin-left:0px; text-indent:-0px">Part I
</DIV></TD>
    <TD nowrap>&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left" nowrap valign="top">Administrative Procedures for Certificates Notes and Generally Applicable Administrative Procedures</TD>
</TR>



<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">Part II
</DIV></TD>
    <TD nowrap>&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left" valign="top">Administrative Procedures for Global Note Method of Book-Entry Notes</TD>
</TR>

<TR valign="bottom">
<TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">Part III
</DIV></TD>
    <TD nowrap>&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left" valign="top">Administrative Procedures for Master Note Method of Book-Entry Notes</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->


<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD align="left" valign="top"><B>EXHIBIT C</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form of Opinion of Counsel to the Company</B></TD>
</TR>



<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD align="left" valign="top"><B>SCHEDULE I</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Information in the Prospectus Furnished by any Agent</B></TD>
</TR>



<TR valign="bottom">
    <TD align="left" valign="top"><B>SCHEDULE II</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>List of Subsidiaries</B></TD>
</TR>



<TR valign="bottom">
    <TD align="left" valign="top"><B>SCHEDULE III</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Commissions</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">iii
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES INC.



<P align="center" style="font-size: 10pt">MEDIUM-TERM NOTES


<DIV align="center" style="font-size: 10pt">DUE NINE MONTHS OR MORE FROM DATE OF ISSUE</DIV>



<P align="center" style="font-size: 10pt"><U>AMENDED AND RESTATED DISTRIBUTION AGREEMENT</U>



<P align="right" style="font-size: 10pt">August&nbsp;6, 2003



<P align="left" style="font-size: 10pt">Banc of America Securities LLC<BR>
100 No.&nbsp;Tryon Street, 7<SUP>th</SUP> Floor<BR>
Charlotte, NC 28255



<P align="left" style="font-size: 10pt">Citigroup Global Markets Inc.<BR>
Medium-Term Note Department<BR>
388 Greenwich Street<BR>
New York, NY 10013



<P align="left" style="font-size: 10pt">Fleet Securities, Inc.<BR>
100 Federal Street, MADE 10012H<BR>
Boston, MA 02110



<P align="left" style="font-size: 10pt">J.P. Morgan Securities Inc.<BR>
270 Park Avenue, 7<SUP>th</SUP> Floor<BR>
New York, NY 10017<BR>
Attention: Transaction Execution Group



<P align="left" style="font-size: 10pt">Lehman Brothers Inc.<BR>
745 Seventh Avenue<BR>
New York, NY 10019<BR>
Attention: Fixed Income Syndicate/Medium Term Note Desk



<P align="left" style="font-size: 10pt">Morgan Stanley &#038; Co. Incorporated<BR>
1585 Broadway<BR>
New York, NY 10036



<P align="left" style="font-size: 10pt">Wachovia Capital Markets, LLC<BR>
301 So. College Street, DC-8<BR>
One Wachovia Center<BR>
Charlotte, NC 28288



<P align="left" style="font-size: 10pt">Ladies and Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc., a Maryland corporation (the &#147;Company&#148;),
confirms its agreement with Banc of America Securities LLC, Citigroup Global
Markets Inc., Fleet Securities, Inc., J.P. Morgan Securities Inc., Lehman
Brothers Inc., Morgan Stanley &#038; Co. Incorporated, and Wachovia Capital Markets,
LLC, (each, an &#147;Agent&#148; and collectively, the


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&#147;Agents&#148;), with respect to the issue and sale from time to time by the
Company of its Medium-Term Notes Due Nine Months or More From Date of Issue
(the &#147;Notes&#148;), as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not otherwise defined herein shall have the
meanings given to those terms in the Prospectus (as defined herein).

<!-- link1 "1. Description of Notes" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;Description of Notes</B>. The Company proposes to issue the Notes under that
certain Indenture, dated as of January&nbsp;16, 1998 (the &#147;Original Indenture&#148;), as
supplemented by that certain First Supplemental Indenture, dated as of January
20, 1998, that certain Second Supplemental Indenture, dated as of July&nbsp;7, 1998,
and that certain Amended and Restated Third Supplemental Indenture, dated as of
July&nbsp;10, 2000 (collectively and together with the Original Indenture and any
additional indentures supplemental thereto entered into after the date hereof,
the &#147;Indenture&#148;) between the Company and US Bank, National Association (as
successor to State Street Bank and Trust Company), as trustee (the &#147;Trustee&#148;).
As of the date of this agreement (this &#147;Distribution Agreement&#148;), the Company
has authorized the issuance and sale of up to U.S. $750,000,000 aggregate
initial offering price (or its equivalent, based upon the applicable exchange
rate at the time of issuance, in such foreign or composite currencies as the
Company shall designate at the time of issuance) of Notes to or through the
Agents pursuant to the terms of this Distribution Agreement, as such amount may
be reduced by the aggregate initial offering price of any other debt securities
issued by the Company, whether within or without the United States, pursuant to
the registration statement referred to below. It is understood, however, that
the Company may from time to time authorize the issuance of additional Notes
and that such additional Notes may be sold to or through the Agents or through
or to other agents pursuant to the terms of this Distribution Agreement, all as
though the issuance of such Notes were authorized as of the date hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Distribution Agreement provides both for the sale of Notes by the
Company to one or more Agents as principal for resale to investors and other
purchasers and for the sale of Notes by the Company directly to investors (as
may from time to time be agreed to by the Company and the applicable Agent), in
which case the applicable Agent will act as an agent of the Company in
soliciting offers for the purchase of Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) a registration statement on Form S-3 (File No.&nbsp;333-103755) for
the registration of debt securities, including the Notes, under the Securities
Act of 1933, as amended (the &#147;Securities Act&#148;), and the offering thereof from
time to time in accordance with Rule&nbsp;430A or Rule&nbsp;415 of the rules and
regulations of the Commission thereunder (the &#147;Securities Act Rules and
Regulations&#148;). Such registration statement has been declared effective by the
Commission. Such registration statement (and any further registration
statements which may be filed by the Company for the purpose of registering
additional Notes and in connection with which this Distribution Agreement is
included or incorporated by reference as an exhibit) and the prospectus
constituting a part thereof (including in each case the information, if any,
deemed to be part thereof pursuant to Rule&nbsp;430A(b) of the Securities Act Rules
and Regulations), and any prospectus supplement and pricing supplement relating
to the Notes, including all documents incorporated therein by reference, as
from time to time amended or supplemented by the filing of documents pursuant
to the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
or the Securities Act or otherwise, is referred to herein as the
&#147;Registration Statement.&#148; A


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">prospectus supplement (the &#147;Prospectus
Supplement&#148;) setting forth the terms of the offer of the Notes contemplated by
this Distribution Agreement, and additional information concerning the Company
has been or will be prepared and will be filed by the Company pursuant to Rule
424(b) of the Securities Act Rules and Regulations, on or before the second
business day after it is first used in connection with the offer and sale of
Notes under this Distribution Agreement (or such earlier time as may be
required by the Securities Act Rules and Regulations). The final form of
prospectus included in the Registration Statement, as supplemented by the
Prospectus Supplement (including any supplement to the Prospectus that sets
forth the purchase price, interest rate or formula, maturity date and other
terms of a particular issue of Notes and all documents incorporated therein by
reference (each, a &#147;Pricing Supplement&#148;)), is referred to herein as the
&#147;Prospectus,&#148; except that if any revised prospectus, whether or not such
revised prospectus is required to be filed by the Company pursuant to Rule
424(b) of the Securities Act Rules and Regulations, shall be provided to the
Agents by the Company for use in connection with the offer and sale of any of
the Notes under this Distribution Agreement, the term &#147;Prospectus&#148; shall refer
to such revised prospectus from and after the time such documents are first
provided to the Agents for such use. If the Company elects to rely on Rule&nbsp;434
promulgated pursuant to the Securities Act, all references to the Prospectus
shall be deemed to include, without limitation, the form of prospectus and the
term sheet, taken together, provided to the Agents by the Company in reliance
on such Rule&nbsp;434. Any registration statement (including any supplement thereto
or information which is deemed part thereof) filed by the Company under Rule
462(b) of the Securities Act Rules and Regulations (a &#147;Rule&nbsp;462(b) Registration
Statement&#148;) shall be deemed to be part of the Registration Statement. Any
prospectus (including any amendment or supplement thereto or information which
is deemed part thereof) included in the Rule 462(b) Registration Statement
shall be deemed to be part of the Prospectus. For purposes of this Distribution
Agreement, all references to the Registration Statement, the Prospectus, any
preliminary prospectus or any amendment or supplement thereto shall be deemed
to include any copy filed with the Commission pursuant to its Electronic Data
Gathering Analysis and Retrieval System (EDGAR), and such copy shall be
identical (except to the extent permitted by Regulation&nbsp;S-T) to any Prospectus
delivered to any Agent for use in connection with the offering of the Notes by
the Company.

<!-- link1 "2. Appointment as Agent" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;Appointment as Agent</B>.

<!-- link2 "(a) Appointment" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Appointment</I>. Subject to the terms and conditions stated herein and subject
to the reservation by the Company of the right to solicit, sell or accept
offers for Notes directly on its own behalf, the Company hereby appoints the
Agents as its exclusive agents (except as described below), for the purpose of
soliciting and receiving offers to purchase Notes from the Company by others
and, on the basis of the representations and warranties herein contained, but
subject to the terms and conditions herein set forth, each Agent agrees to use
reasonable efforts to solicit and receive offers to purchase Notes upon terms
acceptable to the Company at such times and in such amounts as the Company
shall from time to time specify. The Company agrees that Notes will be sold
exclusively to or through the Agents except as otherwise described below. The
Company may accept offers to purchase Notes through an agent other than an Agent (and,
in connection therewith, may respond to inquiries and requests for information
from any such agents), provided that (i)&nbsp;the Company and such agent shall have
executed an agreement with respect to such purchases having terms and
conditions (including, without limitation, commission rates) with respect to
such purchases substantially the same as


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">the terms and conditions that would
apply to such purchases under this Distribution Agreement if such agent were an
Agent (which may be accomplished by incorporating by reference in such
agreement the terms and conditions of this Distribution Agreement) and (ii)&nbsp;the
Company shall provide the Agents with a copy of such agreement promptly
following the execution thereof.

<!-- link2 "(b) Sale of Notes" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Sale of Notes</I>. The Company shall not sell or approve the solicitation of
offers for the purchase of Notes in excess of the amount which shall be
authorized by the Company from time to time or in excess of the aggregate
initial offering price of Notes registered pursuant to the Registration
Statement. The Agents shall have no responsibility for maintaining records
with respect to the aggregate initial offering price of Notes sold, or of
otherwise monitoring the availability of Notes for sale, under the Registration
Statement.

<!-- link2 "(c) Purchases as Principal" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Purchases as Principal</I>. The Agents shall not have any obligation to
purchase Notes from the Company as principal, but one or more Agents may agree
from time to time to purchase Notes as principal for resale to investors and
other purchasers determined by such Agent or Agents. Any such purchase of
Notes by an Agent or Agents as principal shall be made in accordance with
Section 4(a) hereof.

<!-- link2 "(d) Solicitations as Agent" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Solicitations as Agent</I>. If agreed upon by an Agent and the Company, such
Agent, acting solely as agent for the Company and not as principal, will
solicit offers for the purchase of Notes. Such Agent will communicate to the
Company, orally, each offer to purchase Notes solicited by it on an agency
basis, other than those offers rejected by such Agent. Such Agent shall have
the right, in its discretion reasonably exercised, to reject any proposed
purchase of Notes, in whole or in part, and any such rejection shall not be
deemed a breach of its agreement contained herein. The Company shall have the
right to withdraw, cancel or modify any offer hereunder without notice and the
sole right to accept offers to purchase the Notes and may reject any such offer
in whole or in part and any such rejection shall not be deemed a breach of its
agreements contained herein. Such Agent shall make reasonable efforts to
assist the Company in obtaining performance by each purchaser whose offer to
purchase Notes has been solicited by it and accepted by the Company. Such
Agent shall not have any liability to the Company in the event that any such
purchase is not consummated for any reason. If the Company shall default on
its obligation to deliver Notes to a purchaser whose offer it has accepted, the
Company shall (i)&nbsp;hold such Agent harmless against any loss, claim or damage
arising from or as a result of such default by the Company and (ii)
notwithstanding such default, pay to such Agent any commission to which it
would otherwise be entitled.

<!-- link2 "(e) Reliance" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Reliance</I>. The Company and the Agents agree that any Notes purchased by one or more
Agents as principal shall be purchased, and any Notes the placement of which an
Agent arranges as agent shall be placed by such Agent, in reliance on the
representations, warranties, covenants and agreements of the Company contained
herein and on the terms and conditions and in the manner provided herein.

<!-- link1 "3. Representations and Warranties of the Company" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.&nbsp;Representations and Warranties of the Company</B>. The Company represents and
warrants to and agrees with each Agent as of the date hereof, as of the date of
each acceptance by the Company of an offer for the purchase of Notes (whether
to an Agent as principal or through an Agent as agent), as of the date of each
delivery of Notes (whether to an Agent as principal or through an Agent as
agent (each a &#147;Delivery Date&#148;)) (the date of each such


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">delivery to an Agent as
principal being hereafter referred to as a &#147;Settlement Date&#148;), and as of any
time that the Registration Statement or the Prospectus shall be amended or
supplemented (it being understood that such representations, warranties and
agreements shall be deemed to relate to the Registration Statement and the
Prospectus as amended or supplemented to each such time) as follows:

<!-- link2 "(a) Effectiveness of Registration Statement; Filing of Prospectus" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Effectiveness of Registration Statement; Filing of Prospectus. </I>The Company
has filed with the Commission a registration statement on Form S-3 (File No.
333-103755) for the registration of debt securities, including the Notes, under
the Securities Act, and the offering thereof from time to time in accordance
with Rule&nbsp;430A or Rule&nbsp;415 of the Securities Act Rules and Regulations. Such
registration statement has been declared effective by the Commission. The
Prospectus Supplement setting forth the terms of the offer of the Notes
contemplated by this Distribution Agreement, and additional information
concerning the Company has been or will be prepared and will be filed by the
Company pursuant to Rule 424(b) of the Securities Act Rules and Regulations, on
or before the second business day after it is first used in connection with the
offer and sale of Notes under this Distribution Agreement (or such earlier time
as may be required by the Securities Act Rules and Regulations).

<!-- link2 "(b) Compliance with Securities Act" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Compliance with Securities Act</I>. Each part of the Registration Statement,
when such part became or becomes effective, and the Prospectus and any
amendment or supplement to such Registration Statement or such Prospectus, on
the date of filing thereof with the Commission and as of the date hereof,
complied or will comply in all material respects with the requirements of the
Securities Act and the Securities Act Rules and Regulations; the Indenture, on
the date of filing thereof with the Commission and as of the date hereof
complied or will comply in all material respects with the requirements of the
Trust Indenture Act of 1939, as amended, and the rules and regulations of the
Commission thereunder (the &#147;TIA&#148;); each part of the Registration Statement,
when such part became or becomes effective did not or will not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading; the Prospectus and any amendment or supplement thereto, on the date
of filing thereof with the Commission and as of the date hereof did not or will
not include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; except
that the foregoing shall not apply to (i)&nbsp;that part of the Registration
Statement which constitutes the Statement of Eligibility and Qualification
under the TIA and (ii)&nbsp;statements in, or omissions from, any such document in
reliance upon, and in conformity with, information concerning the Agents that
was furnished to the Company by the Agents specifically for use in the
preparation thereof. The Company acknowledges that the only information
furnished to the Company by the Agents on or before the date hereof
specifically for inclusion in the Registration Statement or the Prospectus is
the information set forth in <U>Schedule&nbsp;I</U> hereto.

<!-- link2 "(c) Incorporated Documents" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Incorporated Documents. </I>The documents incorporated by reference in the
Registration Statement, the Prospectus and any amendment or supplement to such
Registration Statement or such Prospectus, when they became or become effective
under the Securities Act or were or are filed with the Commission under the
Exchange Act, as the case may be, conformed or will conform in all material
respects with the requirements of the Securities Act, the Securities


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Act Rules
and Regulations, the Exchange Act and the rules and regulations of the
Commission thereunder (the &#147;Exchange Act Rules and Regulations&#148;), as
applicable.

<!-- link2 "(d) Organization, Power and Authority of Company" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Organization, Power and Authority of Company. </I>The Company has been duly
organized and is validly existing as a corporation in good standing under the
laws of the State of Maryland with the power and authority to conduct all the
activities conducted by it, to own or lease all the assets owned or leased by
it and otherwise to conduct its business as described in the Registration
Statement and Prospectus. The Company is duly licensed or qualified to do
business and in good standing in each jurisdiction in which the nature of the
activities conducted by it or the character of the assets owned or leased by it
makes such licensing or qualification necessary except where the failure to be
so qualified, considering all such cases in the aggregate, will not have a
material adverse effect on the business, properties, business prospects,
condition (financial or otherwise) or results of operations of the Company and
its Subsidiaries (as hereinafter defined), taken as a whole.

<!-- link2 "(e) Organization, Power and Authority and Capitalization of Subsidiaries" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Organization, Power and Authority and Capitalization of Subsidiaries. </I>As
of the date of this Agreement, the only subsidiaries (as defined in the
Securities Act Rules and Regulations) of the Company are the entities listed on
<U>Schedule&nbsp;II</U>, attached hereto. Each of the Company&#146;s
subsidiaries is an entity duly organized or formed, as the case may be, and, in
the case of each such subsidiary that is a corporation, limited partnership or
limited liability company (each a &#147;Subsidiary&#148; and, collectively, the
&#147;Subsidiaries) is validly existing and in good standing under the laws of its
respective jurisdiction of organization or incorporation. Each of the
Company&#146;s subsidiaries has full power and authority to conduct all the
activities conducted by it, to own or lease all the assets owned or leased by
it and otherwise to conduct its business as described in the Registration
Statement and the Prospectus. Each of the Subsidiaries is duly licensed or
qualified to do business in good standing as a corporation, limited partnership
or limited liability company, as the case may be, in all jurisdictions in which
the nature of the activities conducted by it or the character of the assets
owned or leased by it makes such licensing or qualification necessary except
where the failure to be so qualified, considering all such cases in the
aggregate, will not have a material adverse effect on the
business, properties, business prospects, condition (financial or otherwise) or
results of operations of the Company and its Subsidiaries, taken as a whole.
Except for the stock or other interests in the subsidiaries and as disclosed in
the Registration Statement, the Company does not own, directly or indirectly,
any shares of stock or any other equity or long-term debt securities of any
corporation or have any equity interest in any firm, partnership, joint
venture, trust, association or other entity. Complete and correct copies of
the charter of the Company, as amended through the date hereof (collectively,
the &#147;Charter&#148;), and the bylaws of the Company, as amended through the date
hereof (the &#147;Bylaws&#148;), and the charter documents of each of its subsidiaries
and all amendments thereto have been delivered to counsel for the Agents.
Except as otherwise described in the Registration Statement or the Prospectus,
or as described in <U>Schedule&nbsp;II</U>, all of the issued and
outstanding capital stock of each corporate Subsidiary of the Company has been
duly authorized and will be, as of the Closing Date, validly issued, fully paid
and non-assessable and owned by the Company.

<!-- link2 "(f) Capital Stock Matters" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Capital Stock Matters. </I>The outstanding securities of the Company,
including the outstanding shares of common stock, $0.01 par value (the &#147;Common
Stock&#148;), and the outstanding shares of each series of preferred stock (the
&#147;Preferred Stock&#148;) have been duly


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">authorized and are validly issued, fully paid
and nonassessable by the Company and conform to the description thereof in the
Prospectus. Except as set forth in the Registration Statement or the
Prospectus, the Company does not have outstanding any option to purchase, or
any rights or warrants to subscribe for, or any securities or obligations
convertible into, or any contracts or commitments to issue or sell, any of its
securities or any shares of capital stock of any subsidiary or any such
warrants, convertible securities or obligations, except for shares of Common
Stock to be issued to certain employees in connection with the deferment of
income, shares of Common Stock issuable pursuant to awards granted or to be
granted under the Company&#146;s 1994 Stock Incentive Plan, as amended and restated,
shares of Common Stock issuable under the Company&#146;s 1996 Non-Qualified Employee
Stock Purchase Plan, shares of Common Stock issuable under the Company&#146;s
Dividend Reinvestment and Stock Purchase Plan and shares of Common Stock
issuable upon redemption or conversion of units of limited partnership
interests.

<!-- link2 "(g) Financial Statements" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>Financial Statements. </I>The financial statements and schedules included or
incorporated by reference in the Registration Statement and the Prospectus set
forth fairly the financial condition of the respective entity or entities
presented as of the dates indicated and the results of operations and changes
in financial position for the periods therein specified in conformity with
generally accepted accounting principles consistently applied throughout the
periods involved (except as otherwise stated therein and except to the extent
that Avalon Properties, Inc. applied different principles than the Company
prior to its merger with and into the Company and except, in the case of
interim periods, for the notes thereto and normal year-end adjustment). The
pro forma financial statements of the Company included in the Registration
Statement and the Prospectus comply in all material respects with the
applicable requirements of Rule&nbsp;11-02 of Regulation&nbsp;S-X of the Commission and
the pro forma adjustments have been properly applied to the historical amounts
in the compilation of such statements. No other financial statements (or
schedules) of the Company or any predecessor of the Company are required by the
Securities Act or the Securities
Act Rules and Regulations to be included in the Registration Statement or the
Prospectus. Ernst &#038; Young LLP (together with any other nationally recognized
accounting firm that the Company may from time to time engage, the
&#147;Accountants&#148;), who have reported on the financial statements and schedules
which are audited, are independent accountants with respect to the Company as
required by the Securities Act and the Securities Act Rules and Regulations.
The statements included in the Registration Statement with respect to the
Accountants pursuant to Rule&nbsp;509 of Regulation&nbsp;S-K of the Securities Act Rules
and Regulations are true and correct in all material respects.

<!-- link2 "(h) Company&#146;s Internal Accounting System" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>Company&#146;s Internal Accounting System. </I>The Company maintains a system of
internal accounting controls sufficient to provide reasonable assurances that:
(i)&nbsp;transactions are executed in accordance with management&#146;s general or
specific authorization; (ii)&nbsp;transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain accountability for assets; (iii)&nbsp;access
to assets and financial and corporate books and records is permitted only in
accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the
recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.

<!-- link2 "(i) Notes" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>Notes. </I>The Notes are as of the date hereof duly authorized by the Company
for issuance and sale pursuant to this Distribution Agreement and the
Indenture; and


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">when duly authenticated and delivered by the Trustee in
accordance with the terms of the Indenture (assuming the due authorization,
execution and delivery of the Indenture by the Trustee), against payment of the
consideration therefor, the Notes will be valid and legally binding obligations
of the Company entitled to the benefit of the Indenture and will be enforceable
against the Company in accordance with their terms, subject, as to enforcement,
to (i)&nbsp;applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting creditors&#146; rights and remedies generally, (ii)&nbsp;general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or law), (iii)&nbsp;the discretion of the court before which
any proceeding therefor may be brought, (iv)&nbsp;requirements that a claim with
respect to any Notes payable in a foreign or composite currency (or a foreign
or composite currency judgment in respect of such claim) be converted into U.S.
dollars at a rate of exchange prevailing on a date determined pursuant to
applicable law and (v)&nbsp;governmental authority to limit, delay or prohibit the
making of payments outside the United States (collectively, the &#147;Enforceability
Limitations&#148;) and authorization of the Notes did not, and the execution,
delivery and performance of the Notes will not, constitute a breach or
violation of, or a default under, or conflict with, or give any other party a
right to terminate any of its obligations under, or result in the acceleration
of any obligation under, or result in the creation or imposition of any lien,
charge or encumbrance upon the Communities or any of the other assets of the
Company or any of its subsidiaries pursuant to the terms or provisions of, the
Charter or Bylaws of the Company, the articles or certificate of incorporation
or bylaws or partnership agreement or operating agreement of any of the
Company&#146;s subsidiaries or any Contract (as defined herein) or any judgment,
ruling, decree, order, law, statute, rule or regulation of any court or other
governmental agency or body applicable to the Communities or the business or
properties of the Company or any of its subsidiaries, except as disclosed in
the Prospectus or except for such instances as, individually or in the aggregate,
do not involve a material risk to the business, properties, condition
(financial or otherwise) or results of operations of the Company and its
subsidiaries, taken as a whole; the Indenture has been duly qualified under the
TIA and prior to the issuance of the Notes will be duly authorized, executed
and delivered by the Company, and assuming due authorization, execution and
delivery thereof by the Trustee, will constitute a valid and legally binding
obligation of the Company, enforceable against the Company in accordance with
its terms, except to the extent that enforcement thereof may be limited by the
Enforceability Limitations; the Notes and the Indenture will conform in all
material respects to the statements relating thereto contained in the
Prospectus; and the Notes are, in all material respects, in the form
contemplated by the Indenture. Upon payment of the purchase price and delivery
of the Notes in accordance with this Distribution Agreement, each of the
purchasers thereof will receive good, valid and marketable title to such Notes,
free and clear of all liens, charges and encumbrances.

<!-- link2 "(j) Distribution Agreement and Indenture" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Distribution Agreement and Indenture. </I>The Company has the corporate power
and authority to enter into this Distribution Agreement, the Indenture, the
Notes and each Terms Agreement (as defined herein). This Distribution
Agreement and the Indenture have been duly authorized, executed and delivered
by the Company and constitute valid and binding agreements of the Company,
enforceable against the Company in accordance with the terms hereof and
thereof, except to the extent that enforcement thereof may be limited by the
Enforceability Limitations. The execution, delivery and the performance of
this Distribution Agreement, the Indenture and each Written Terms Agreement (as
defined herein) and the entry into, and the performance of, each non-written
Terms Agreement and the consummation of the transactions contemplated herein
and therein did not and will not constitute a breach or violation


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">of, or a
default under, or conflict with, or give any other party a right to terminate
any of its obligations under, or result in the acceleration of any obligation
under, or result in the creation or imposition of any lien, charge or
encumbrance upon the Communities or any of the other assets of the Company or
any of its subsidiaries pursuant to the terms or provisions of, the Charter or
Bylaws of the Company, the articles or certificate of incorporation or bylaws
or partnership agreement or operating agreement of any of the Company&#146;s
subsidiaries or any material contract, lease or other instrument to which the
Company or any of its subsidiaries is a party or by which any of their property
may be bound or any judgment, ruling, decree, order, law, statute, rule or
regulation of any court or other governmental agency or body applicable to the
Communities or the business or properties of the Company or any of its
subsidiaries, except as disclosed in the Prospectus or except for such
instances as, individually or in the aggregate, do not involve a material risk
to the business, properties, condition (financial or otherwise) or results of
operations of the Company and its subsidiaries, taken as a whole.

<!-- link2 "(k) Rating" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>Rating. </I>At the time of each Settlement Date, the Notes will be rated at
least Baa1 by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) and at least BBB&#043; by
Standard &#038; Poor&#146;s Ratings Service (&#147;S&#038;P&#148; and, together with Moody&#146;s, the
&#147;Rating Agencies&#148;), or such other rating as to which the Company shall have
most recently notified the Agents pursuant to Section&nbsp;5(b)(iv) hereof.

<!-- link2 "(l) No Material Adverse Change" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>No Material Adverse Change</I>. Except as contemplated in the Prospectus,
subsequent to the respective dates as of which information is given in the
Registration Statement and the Prospectus, the Company and its subsidiaries,
taken as a whole, have not incurred any liabilities or obligations, direct or
contingent, or entered into any transactions, not in the ordinary course of
business, that are material to the Company and its subsidiaries taken as a
whole, and there has not been any material change in the capital stock,
short-term debt or long-term debt of the Company, or any material adverse
change, or any development involving a prospective material adverse change, in
the condition (financial or other), business, prospects, net worth or results
of operations of the Company and its subsidiaries taken as a whole.

<!-- link2 "(m)&nbsp;Company Not an Investment Company" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<I>Company Not an Investment Company</I>. The Company is not an &#147;investment
company&#148; or an entity &#147;controlled&#148; by an &#147;investment company&#148; as such terms are
defined in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;).

<!-- link2 "(n)&nbsp;No Material Actions or Proceedings" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<I>No Material Actions or Proceedings. </I>Except as set forth in the
Registration Statement and the Prospectus, there is no pending or, to the
knowledge of the Company, threatened any action, suit or proceeding against or
affecting the Company or any of its subsidiaries or any of their respective
directors, partners or officers in their capacity as such, or any of the
Current Communities, the Development Communities or the Redevelopment
Communities (each as defined in the Prospectus and collectively, the
&#147;Communities&#148;) before or by any Federal or state court, commission, regulatory
body, administrative agency or other governmental body, domestic or foreign,
wherein an unfavorable ruling, decision or finding might, individually or in
the aggregate, have a material adverse effect on the business, properties,
business prospects, condition (financial or otherwise) or results of operations
of the Company and its subsidiaries, taken as a whole.


<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(o) Filing and Enforceability of Contracts" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<I>Filing and Enforceability of Contracts. </I>There are no contracts or
documents of a character required to be described in the Prospectus or to be
filed as exhibits to the Registration Statement by the Securities Act or the
Securities Act Rules and Regulations that have not been so described or filed
(the &#147;Contracts&#148;). All Contracts executed and delivered on or before the date
hereof to which the Company or any subsidiary of the Company is a party have
been duly authorized, executed and delivered by the Company or such subsidiary
and, assuming due authorization, execution and delivery thereof by the other
parties thereto, constitute valid and binding agreements of the other parties
thereto, enforceable against such parties in accordance with the terms thereof,
subject to the Enforceability Limitations.

<!-- link2 "(p)&nbsp;Compliance With Law" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<I>Compliance With Law. </I>Each of the Company and its subsidiaries has complied
in all material respects with all laws, regulations and orders applicable to it
or their respective businesses and properties where the failure to comply
would, individually or in the aggregate, have a material adverse effect on the
business, properties, business prospects, condition (financial or otherwise) or
results of operations of the Company and its subsidiaries, taken as a whole;
neither the Company nor any of its subsidiaries is, and upon consummation of
each sale of a Note, none of them will be, in default under any Contract, the
violation of which would individually or in the aggregate have a material
adverse effect on the Company and its subsidiaries taken as a whole, and no
other party under any such Contract to which the Company or any of its
subsidiaries is a party is, to the knowledge of the Company, in default in any
material respect thereunder; the Company is not in violation of its Charter or
Bylaws; except as disclosed in the Prospectus, the Company and each of its
subsidiaries have or, upon each Delivery Date, will have all governmental
licenses (including, without limitation, a California real estate brokerage
license and a California general contractor&#146;s license, if applicable), permits,
consents, orders, approvals and other authorizations required to carry on its
business as contemplated in the Prospectus, and none of them has received any
notice of proceedings relating to the revocation or modification of any such
governmental license, permit, consent, order, approval or other authorization
which, individually or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would have a material adverse effect on the
business, properties, business prospects, condition (financial or otherwise) or
results of operations of the Company and its subsidiaries, taken as a whole.

<!-- link2 "(q)&nbsp;No Further Consents Required" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<I>No Further Consents Required</I>. No consent, approval, authorization or order
of, or filing with, any court or governmental agency or body is required for
the consummation of the transactions contemplated by this Distribution
Agreement and the Indenture in connection with the issuance or sale of the
Notes by the Company, except such as may be required under the Securities Act,
the Exchange Act, the TIA or state securities or blue sky laws; and the Company
has full power and authority to authorize, issue and sell the Notes as
contemplated by this Distribution Agreement and the Indenture, free of any
preemptive or similar rights.

<!-- link2 "(r)&nbsp;Title to Properties " -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;<I>Title to Properties. </I>The Company, or its subsidiaries, as applicable, has
good and marketable title to the Communities, and the Communities are not
subject to any liens or encumbrances except for monetary liens as set forth in
the Prospectus or the Registration Statement, non-delinquent property taxes,
utility easements and other immaterial non-monetary liens or encumbrances of
record. All liens, charges, encumbrances, claims or restrictions on or
affecting the Communities which are required to be disclosed in the Prospectus
are disclosed


<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">therein. Except as is disclosed in the Registration Statement or
the Prospectus and except as would not, in the aggregate, have a material
adverse effect on the business, properties, business prospects, condition
(financial or otherwise) or results of operations of the Company and its
subsidiaries, taken as a whole, (i)&nbsp;each of the Company and each of its
subsidiaries has valid, subsisting and enforceable leases with its tenants for
the properties described in the Prospectus as leased by it, (ii)&nbsp;no tenant
under any of the leases pursuant to which the Company or any subsidiary leases
its properties has an option or right of first refusal to purchase the premises
demised under such lease, (iii)&nbsp;the use and occupancy of each of the properties
of the Company and its subsidiaries complies in all material respects with all
applicable codes and zoning laws and regulations, (iv)&nbsp;the Company has no
knowledge of any pending or threatened condemnation or zoning change that will
in any material respect affect the size of, use of, improvements of,
construction on, or access to any of the
properties of the Company or its subsidiaries, and (v)&nbsp;the Company has no
knowledge of any pending or threatened proceeding or action that will in any
manner affect the size of, use of, improvements on, construction on, or access
to any of the properties of the Company or its subsidiaries.

<!-- link2 "(s) Mortgages; Community Matters" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;<I>Mortgages; Community Matters. </I>Except as disclosed in the Registration
Statement, the mortgages and deeds of trust encumbering the Communities are not
convertible nor will the Company or any of its subsidiaries hold a
participating interest therein and such mortgages and deeds of trust are not
cross-defaulted or cross-collateralized to any property not to be owned
directly or indirectly by the Company. To the knowledge of the Company (i)&nbsp;the
present use and occupancy of each of the Communities complies with all
applicable codes and zoning laws and regulations, if any, except for such
failures to comply which would not individually or in the aggregate have a
material adverse effect on the condition, financial or otherwise, or on the
earnings, business affairs or business prospects of the Company and its
subsidiaries taken as a whole; and (ii)&nbsp;there is no pending or, to the
Company&#146;s knowledge, threatened condemnation, zoning change, environmental or
other proceeding or action that will in any material respect affect the size
of, use of, improvements on, construction on, or access to the Communities,
except for such proceedings or actions that would not individually or in the
aggregate have a material adverse effect on the condition, financial or
otherwise, or on the earnings, business affairs or business prospects of the
Company and its subsidiaries taken as a whole.

<!-- link2 "(t) Title Insurance" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;<I>Title Insurance. </I>Title insurance in favor of the mortgagee, the Company or
its Subsidiaries is maintained with respect to each of the Communities, in an
amount at least equal to the greater of (i)&nbsp;the cost of acquisition of such
property and (ii)&nbsp;the cost of construction by the Company and its subsidiaries
of the improvements located on such property (measured at the time of such
construction), except, in each case, where the failure to maintain such title
insurance would not have a material adverse effect on the condition, financial
or otherwise, or the earnings, business affairs or business prospects of the
Company and its subsidiaries taken as a whole.

<!-- link2 "(u) Accuracy of Company&#146;s Statements" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;<I>Accuracy of Company&#146;s Statements. </I>No statement, representation, warranty
or covenant made by the Company in this Distribution Agreement or made in any
certificate or document required by this Distribution Agreement to be delivered
to the Agents was or will be, when made, inaccurate, untrue or incorrect.


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(v) No Price Stabilization or Manipulation" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;<I>No Price Stabilization or Manipulation. </I>Except as stated in the
Prospectus, neither the Company nor any of its directors, officers or
controlling persons has taken, nor will it take, directly or indirectly, any
action designed to or that might reasonably be expected to cause or result in
stabilization or manipulation of the price of the Notes to facilitate the sale
or resale of the Notes.

<!-- link2 "(w)&nbsp;No Labor Disputes" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;<I>No Labor Disputes</I>. No labor dispute with the employees of the Company or any subsidiary exists
or, to the knowledge of the Company after due inquiry and investigation, is
threatened, which, in either case, would have a material adverse effect on the
business, properties, business prospects, condition (financial or otherwise) or
results of operations of the Company and its subsidiaries, taken as a whole.

<!-- link2 "(x)&nbsp;No Unlawful Contributions" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;<I>No Unlawful Contributions. </I>Neither the Company nor any of its subsidiaries
nor, to the Company&#146;s knowledge, any employee or agent of the Company of any
subsidiary has made any payment of funds of the Company or any subsidiary or
received or retained any funds in violation of any law, rule or regulation or
of a character required to be disclosed in the Prospectus which has not been so
disclosed.

<!-- link2 "(y)&nbsp;Compliance With Environmental Laws" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;<I>Compliance With Environmental Laws. </I>As of each Delivery Date the Company,
and each of its subsidiaries (i)&nbsp;will be in compliance in all material respects
with any and all applicable foreign, Federal, state and local laws and
regulations relating to the protection of human health and safety, the
Hazardous Materials (as defined below), or hazardous or toxic wastes,
pollutants or contaminants (the &#147;Environmental Laws&#148;); (ii)&nbsp;will have received
all permits, licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii)&nbsp;will be in
compliance with all terms and conditions of any such permit, license or
approval, except where such noncompliance with Environmental Laws, failure to
receive required permits, licenses or other approvals or failure to comply with
the terms and conditions of such permits, licenses or approvals are otherwise
disclosed in the Prospectus or would not, individually or in the aggregate,
have a material adverse effect on the Company and its subsidiaries taken as a
whole.

<!-- link2 "(z)&nbsp;Hazardous Materials" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;<I>Hazardous Materials</I>.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company or any partnership or other subsidiary that
owns a Community (each a &#147;Partnership&#148;) has at any time, and, to the best
knowledge of the Company after due inquiry and investigation, no other
party has, at any time, handled, buried, stored, retained, refined,
transported, processed, manufactured, generated, produced, spilled,
allowed to seep, leak, escape or leach, or be pumped, poured, emitted,
emptied, discharged, released, injected, dumped, transferred or otherwise
disposed of or dealt with, Hazardous Materials (as hereinafter defined)
on, to, above under, in, into or from the Communities, except as
disclosed in the environmental reports previously delivered to the Agents
or referred to in the Prospectus, or such as would not individually or in
the aggregate have a material adverse effect on the Company and its
subsidiaries, taken as a whole. Neither the Company nor its subsidiaries
intends to use the Communities or any subsequently acquired properties
described in the Prospectus for the purpose of handling, burying,
storing, retaining, refining, transporting, processing, manufacturing,
generating, producing, spilling, seeping, leaking, escaping, leaching,


<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:2%; font-size: 10pt">pumping, pouring, emitting, emptying, discharging, releasing, injecting,
dumping, transferring or otherwise disposing of or dealing with Hazardous
Materials, except for the use, storage and transportation of small
quantities of substances that are regularly used as
office supplies, household cleaning supplies, gardening supplies, or
pool maintenance supplies in compliance with applicable Environmental
Laws and in accordance with prudent business practices and good hazardous
materials storage and handling practices.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None of the Company or the Partnerships, to the best knowledge
of the Company after due inquiry and investigation, knows of any seepage,
leak, escape, leach, discharge, injection, release, emission, spill,
pumping, pouring, emptying or dumping of Hazardous Materials into waters
on, under or adjacent to the Communities or onto lands from which such
hazardous or toxic waste or substances might seep, flow or drain into
such waters, except as disclosed in the environmental reports previously
delivered to the Agents or referred to in the Prospectus or such as would
not individually or in the aggregate have a material adverse effect on
the Company and its subsidiaries, taken as a whole.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None of the Company or the Partnerships to the best knowledge
of the Company after due inquiry and investigation, has received notice
of, or has knowledge of any occurrence or circumstance which, with notice
or passage of time or both, would give rise to, any claim under or
pursuant to any Environmental Law pertaining to Hazardous Materials,
hazardous or toxic waste or substances on or originating from the
Communities arising out of the conduct of any such party, including,
without limitation, pursuant to any Environmental Law, except as
disclosed in the environmental reports previously delivered to the Agents
or referred to in the Prospectus or such as would not individually or in
the aggregate have a material adverse effect on the Company and its
subsidiaries, taken as a whole.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;Hazardous Material&#148; shall include, without limitation,
any flammable materials or explosives, petroleum or petroleum-based products,
radioactive materials, hazardous materials, hazardous wastes, hazardous or
toxic substances, or related materials, asbestos or any material as defined by
any Federal, state or local environmental law, ordinance, rule, or regulation
including, without limitation, Environmental Laws, the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. Section&nbsp;9601, <U>et</U> <U>seq</U>.) (&#147;CERCLA&#148;),
the Hazardous Materials Transportation Act, as amended (49 U.S.C. Section&nbsp;1801,
<U>et</U> <U>seq</U>.), the Resource Conservation and
Recovery Act, as amended (42 U.S.C. Section&nbsp;9601, <U>et</U>
<U>seq</U>.), and in the regulations adopted and publications
promulgated pursuant to each of the foregoing or by any Federal, state or local
governmental authority having or claiming jurisdiction over the Communities as
described in the Prospectus.

<!-- link2 "(aa) Periodic Review of Costs of Environmental Compliance" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;<I>Periodic Review of Costs of Environmental Compliance. </I>In the ordinary
course of its business, each of the Company and the Partnerships conducts a
periodic review of the effect of Environmental Laws on its business, operations
and properties in the course of which it identifies and evaluates associated
costs and liabilities (including, without limitation, any capital or operating
expenditures required for investigation, clean-up, closure of properties or
compliance with Environmental Laws or any permit, license or approval, any
related constraints on operating activities and any potential liabilities to
third parties). On the basis of such review


<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">and on the basis of the reviews
conducted by the Company in connection
with the Communities, the Company has reasonably concluded that such associated
costs and liabilities would not individually or in the aggregate, have a
material adverse effect on the Company and its subsidiaries taken as a whole.

<!-- link2 "(bb) Property and Casualty Insurance" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;<I>Property and Casualty Insurance. </I>The Company and its subsidiaries
maintain property and casualty insurance (other than earthquake insurance) in
favor of the Company and its subsidiaries with respect to each of the
Communities, in an amount and on such terms as is reasonable for businesses of
the type proposed to be conducted by the Company and its subsidiaries. The
Company maintains earthquake insurance on the Communities to the extent
described in the Prospectus. Neither the Company nor any subsidiary has
received from any insurance company notice of any material defects or
deficiencies affecting the insurability of any of the Communities (other than
with respect to seismic activities).

<!-- link2 "(cc)&nbsp;REIT Status" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;<I>REIT Status. </I>The Company has elected to be taxed as a REIT under the Code
and will use its best efforts to continue to be organized and will continue to
operate in a manner so as to qualify as a &#147;real estate investment trust&#148;
(&#147;REIT&#148;) under Sections&nbsp;856 through 860 of the Internal Revenue Code of 1986,
as amended (the &#147;Code&#148;), unless the Board of Directors determines that it is no
longer in the best interest of the Company to continue to be so qualified.

<!-- link2 "(dd)&nbsp;No Plan Assets" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;<I>No Plan Assets. </I>Neither the assets of the Company nor its subsidiaries
constitute, nor will such assets, as of the Closing Date, constitute, &#147;plan
assets&#148; under the Employee Retirement Income Security Act of 1974, as amended
(&#147;ERISA&#148;).

<!-- link2 "(ee)&nbsp;Distribution of Offering Materials" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;<I>Distribution of Offering Materials</I>. The Company has not distributed and,
prior to the later to occur of (i)&nbsp;the Closing Date and (ii)&nbsp;completion of the
distribution of the Notes, will not distribute any offering material in
connection with the offering and sale of the Notes other than the Registration
Statement, the Prospectus or other materials, if any, permitted by the
Securities Act.

<!-- link2 "(ff)&nbsp;Form&nbsp;S-3 Eligibility" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;<I>Form&nbsp;S-3 Eligibility. </I>The Company satisfies all conditions and
requirements for the use of a Registration Statement on Form S-3 under the
Securities Act and the Securities Act Rules and Regulations.

<!-- link1 " 4. Purchases as Principal; Solicitations as Agent" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.&nbsp;Purchases as Principal; Solicitations as Agent</B>.

<!-- link2 "(a)&nbsp;Purchases as Principal" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Purchases as Principal</I>. If so agreed by one or more of the Agents and the
Company in each instance, Notes may be purchased by such Agent or Agents as
principal. An Agent&#146;s commitment to purchase Notes as principal shall be
deemed to have been made on the basis of the representations and warranties of
the Company herein contained and shall be subject to the terms and conditions
herein set forth. In addition, in connection with each such sale, the Company
and such Agent or Agents will enter into a supplemental agreement (a &#147;Terms
Agreement&#148;) that will provide for the terms of the sale of such Notes to, and
the purchase thereof by, such Agent or Agents (which terms, unless otherwise
agreed, shall, to the extent applicable, include those terms specified in
<U>Exhibit&nbsp;A</U> hereto). Each Terms Agreement shall take the form
of either (i)&nbsp;an oral agreement between such Agent or Agents and the Company,
with written


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">confirmation prepared by such Agent or Agents and mailed to the
Company, or (ii)&nbsp;a written agreement between such Agent or Agents and the
Company (a &#147;Written Terms Agreement&#148;). Unless the context otherwise requires,
references herein to this &#147;Distribution Agreement&#148; shall include the applicable
Terms Agreement of one or more Agents to purchase Notes from the Company as
principal. Each purchase of Notes, unless otherwise agreed, shall be at a
discount from the principal amount of each such Note equivalent to the
applicable commission set forth in <U>Schedule&nbsp;III</U> hereto. The
Agents may engage the services of any other broker or dealer in connection with
the resale of the Notes purchased by them as principal and may allow any
portion of the discount received in connection with such purchases from the
Company to such brokers and dealers. At the time of each purchase of Notes by
one or more Agents as principal, the Company and such Agent or Agents shall
agree in the Terms Agreement whether any stand-off provision (as referred to in
Section 5(r) hereof) or any officers&#146; certificate, opinion of counsel or
comfort letter (as referred to in Sections&nbsp;8(b), 8(c) and 8(d) hereof) will be
required. If the Company and two or more Agents enter into an agreement
pursuant to which such Agents agree to purchase Notes from the Company as
principal and one or more of such Agents shall fail at the Settlement Date to
purchase the Notes which it or they are obligated to purchase (the &#147;Defaulted
Notes&#148;), then the nondefaulting Agents shall have the right, within 24 hours
thereafter, to make arrangements for one of them or one or more other Agents or
underwriters to purchase all, but not less than all, of the Defaulted Notes in
such amounts as may be agreed upon and upon the terms herein set forth;
provided, however, that if such arrangements shall not have been completed
within such 24-hour period, then:



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the aggregate principal amount of Defaulted Notes does not
exceed 10% of the aggregate principal amount of Notes to be so purchased
by all of such Agents on the Settlement Date, the nondefaulting Agents
shall be obligated, severally and not jointly, to purchase the full
amount thereof in the proportions that their respective initial
underwriting obligations bear to the underwriting obligations of all
nondefaulting Agents; or



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the aggregate principal amount of Defaulted Notes exceeds
10% of the aggregate principal amount of Notes to be so purchased by all
of such Agents on the Settlement Date, such agreement shall terminate
without liability on the part of any nondefaulting Agent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No action taken pursuant to this paragraph shall relieve any defaulting
Agent from liability in respect of its default. In the event of any such
default which does not result in a termination of such agreement, either the
nondefaulting Agents or the Company shall have the right to postpone the
Settlement Date for a period not exceeding seven days in order to effect any
required changes in the Registration Statement or the Prospectus or in any
other documents or arrangements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in a Terms Agreement, if an Agent or Agents are
purchasing Notes as principal, it or they, as the case may be, may resell such
Notes to other dealers. Any such sales may be at a discount, which shall not
exceed the amount set forth in the Prospectus Supplement relating to such
Notes.


<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(b) Solicitations as Agent" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Solicitations as Agent</I>. On the basis of the representations and warranties
herein contained, but subject to the terms and conditions herein set forth,
when agreed by the Company and an Agent, such Agent, as an agent of the
Company, will use its reasonable efforts to solicit offers to purchase the
Notes upon the terms and conditions set forth herein and in the Prospectus.
The Agents are not authorized to appoint sub-agents with respect to Notes sold
through them as agents. All Notes sold through an Agent as agent will be sold
at 100% of their principal amount unless otherwise agreed to by the Company and
such Agent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company reserves the right, in its sole discretion, to suspend
solicitation of offers for the purchase of Notes through an Agent, as agent,
commencing at any time for any period of time or permanently. As soon as
practicable, but not later than one business day, after receipt of instructions
from the Company, such Agent will suspend solicitation of offers for the
purchase of Notes from the Company until such time as the Company has advised
such Agent that such solicitation may be resumed. During the period of time
that such solicitation is suspended, the Company shall not be required to
deliver, or cause to be delivered, any opinions, letters, or certificates in
accordance with Section&nbsp;8 hereof; provided that if the Registration Statement
or Prospectus is amended or supplemented during the period of suspension (other
than by an amendment or supplement providing solely for a change in the
interest rates, redemption provisions, amortization schedules or maturities
offered for the Notes or for a change that the Agents deem to be immaterial),
no Agent shall be required to resume soliciting offers to purchase Notes until
the Company have delivered, or cause to be delivered, such opinions, letters
and certificates in accordance with Section&nbsp;8 hereof or as such Agent may
reasonably request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon settlement, the Company agrees to pay to each Agent, as consideration
for the sale of each Note resulting from a solicitation made or an offer to
purchase received by such Agent, a commission, in the form of a discount from
the purchase price of such Note equal to the applicable percentage of the
principal amount of such Note as set forth in <U>Schedule&nbsp;III</U>
hereto.

<!-- link2 "(c) Administrative Procedures" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Administrative Procedures</I>. The purchase price, interest rate or formula,
maturity date and other terms of the Notes (as applicable) specified in
<U>Exhibit&nbsp;A</U> hereto shall be agreed upon by the Company and the
applicable Agent or Agents and specified in a Pricing Supplement to the
Prospectus to be prepared by the Company in connection with each sale of Notes.
Except as otherwise specified in the applicable Pricing Supplement, the Notes
will be issued in denominations of U.S. $1,000 or any larger amount that is an
integral multiple of U.S. $1,000. Administrative procedures with respect to
the issuance and sale of Notes shall be agreed upon from time to time by the
Company, the Agents and the Trustee (the &#147;Procedures&#148;), and initially such
Procedures shall be as set forth in <U>Exhibit&nbsp;B</U> hereto. The
Agents and the Company agree to perform, and
the Company agrees to cause the Trustee to agree to perform, their respective
duties and obligations specifically provided to be performed by them in the
Procedures.

<!-- link2 "(d)&nbsp;Agents&#146; Obligations Several and Not Joint" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Agents&#146; Obligations Several and Not Joint</I>. The Company acknowledges that
the obligations of the Agents under this Agreement are several and not joint.

<!-- link1 "5.&nbsp;Covenants of the Company" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;Covenants of the Company</B>. The Company covenants and agrees with the
Agents as follows:


<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(a) Amendments and Supplements" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Amendments and Supplements. </I>During the period in which a prospectus
relating to the Notes is required to be delivered under the Securities Act, the
Company shall (i)&nbsp;notify the Agents promptly of the time when any subsequent
amendment to the Registration Statement has become effective or any supplement
to the Prospectus has been filed and of any request by the Commission for any
amendment or supplement to the Registration Statement or Prospectus or for
additional information, (ii)&nbsp;prepare and file with the Commission, promptly
upon your request, any amendments or supplements to the Registration Statement
or Prospectus that, in your opinion, may be necessary or advisable in
connection with your distribution of the Notes, and (iii)&nbsp;file no amendment or
supplement to the Registration Statement or Prospectus (other than any document
required to be filed under the Exchange Act that upon filing is deemed to be
incorporated by reference therein) to which the Agents or your counsel shall
reasonably object by notice to the Company after having been furnished a copy a
reasonable time prior to the filing.

<!-- link2 "(b)&nbsp;Notification Upon Certain Events" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Notification Upon Certain Events. </I>The Company shall advise you, promptly
after it receives notice or otherwise learns, (i)&nbsp;of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement, (ii)&nbsp;of the suspension of the qualification or registration of the
Notes for offering or sale in any jurisdiction, (iii)&nbsp;of the initiation or
threatening (in writing) of any proceeding for any such purpose or (iv)&nbsp;of any
change in the rating assigned by the Rating Agencies or any other &#147;nationally
recognized statistical rating organization,&#148; as such term is defined for
purposes of Rule&nbsp;436(g)(2) under the Securities Act, to any debt securities
(including the Notes) of the Company, or the public announcement by any
nationally recognized statistical rating organization that it has under
surveillance or review, with possible negative implications, its rating of any
such debt securities, or the withdrawal by any nationally recognized
statistical rating organization of its rating of such debt securities; and the
Company will promptly use its best efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such a stop order should be issued.

<!-- link2 "(c)&nbsp;Compliance With Securities Laws" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Compliance With Securities Laws. </I>The Company shall comply with all
requirements imposed upon it by the Securities Act, the Securities Act Rules
and Regulations, the Exchange Act, the Exchange Act Rules and Regulations and
the TIA as from time to time in force, so far as is necessary to permit the
continuance of sales of, or dealings in, the Notes as contemplated by the
provisions hereof and
the Prospectus. If during such period any event occurs as a result of which,
in the opinion of counsel to the Agents, the Registration Statement contains an
untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
or the Prospectus as then amended or supplemented would include an untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances then existing, not
misleading, or if during such period it is necessary to amend or supplement the
Registration Statement or Prospectus to comply with the Securities Act, the
Company will promptly notify the Agents and will amend or supplement the
Registration Statement or Prospectus (at the expense of the Company) so as to
correct such statement or omission or effect such compliance.

<!-- link2 "(d)&nbsp;Copies of Offering Documents" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Copies of Offering Documents. </I>The Company shall furnish to the Agents
copies of the Registration Statement, the Prospectus (including all documents
incorporated by reference therein) and all amendments and supplements to the
Registration Statement and the


<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Prospectus that are filed with the Commission
during the period in which a prospectus relating to the Notes is required to be
delivered under the Securities Act (including all documents filed with the
Commission during such period that are deemed to be incorporated by reference
therein), in each case as soon as available and in such quantities as the
Agents may from time to time reasonably request.

<!-- link2 "(e) Copies of Securities Filings and Distributions" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Copies of Securities Filings and Distributions. </I>The Company shall furnish
the Agents with copies of filings of the Company under the Securities Act and
Exchange Act and with all other financial statements and reports it distributes
generally to the holders of any class of its capital stock during the period of
five years commencing on the date upon which the Prospectus Supplement is filed
pursuant to Rule 424(b) of the Securities Act Rules and Regulations.

<!-- link2 "(f)&nbsp;Earnings Statement" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Earnings Statements. </I>The Company shall make generally available to its
security holders and to the Agents as soon as practicable after each sale of
Notes, earning statements (which need not be audited) that satisfy the
provisions of Section 11(a) of the Securities Act and the Securities Act Rules
and Regulations (including, without limitation, Rule&nbsp;158 of the Securities Act
Rules and Regulations) with respect to each sale of Notes.

<!-- link2 "(g)&nbsp;Payment of Expenses" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>Payment of Expenses. </I>The Company shall pay, or reimburse if paid by you,
whether or not the transactions contemplated by this Distribution Agreement are
consummated or this Distribution Agreement is terminated, all costs and
expenses incident to the performance of the obligations of the Company under
this Distribution Agreement, including but not limited to costs and expenses of
or relating to (i)&nbsp;the preparation, printing and filing of the Registration
Statement and exhibits thereto, the Prospectus and any amendment or supplement
to the Registration Statement or the Prospectus, (ii)&nbsp;the word processing and
reproduction of the Indenture and the Notes and the delivery of the Notes,
(iii)&nbsp;the costs incurred by the Company in furnishing (including costs of
shipping, mailing and courier) such copies of the Registration Statement, the
Prospectus and all amendments and
supplements thereto, as may be requested for use in connection with the
offering and sale of the Notes by the Agents or by dealers to whom Notes may be
sold, (iv)&nbsp;the filing fees and the fees and expenses of counsel to the Agents
in connection with any filings required to be made with the National
Association of Securities Dealers or its subsidiary NASD Regulation&nbsp;Inc., (iv)
any registration or qualification of the Notes for offer and sale under the
securities or blue sky laws of such jurisdictions designated by you, including
the reasonable fees, disbursements and other charges of your counsel in
connection therewith, and the preparation of any blue sky or legal investment
memoranda, (iv)&nbsp;the fees charged by each of the Rating Agencies for the rating
of the Notes at the request of the Company, (v)&nbsp;counsel (including local and
special counsel) to the Company and any surveyors, engineers, appraisers,
photographers, accountants and other professionals engaged by the Company, (vi)
the transfer agent for the Notes, (vii)&nbsp;the costs and expenses of the Trustee
under the Indenture, (viii)&nbsp;Ernst &#038; Young LLP or such other
nationally-recognized accountants as may be engaged by the Company in
connection with the offering of the Notes (the &#147;Accountants&#148;) and (ix)&nbsp;the
reasonable fees and disbursements of counsel to the Agents incurred in
connection with the establishment of the program relating to the Notes and
incurred from time to time in connection with the transactions contemplated
hereby.


<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(h) Blue Sky Qualification" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>Blue Sky Qualification. </I>The Company shall qualify the notes for offering
and sale under the applicable securities laws and real estate syndication laws
of such states and other jurisdictions of the United States or Canada as the
Agents may designate, and will maintain such qualifications in effect for as
long as may be required for the distribution of the Notes; <I>provided, however</I>,
that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation in any jurisdiction in which
it is not so qualified. The Company will file such statements and reports as
may be required by the laws of each jurisdiction in which the Notes have been
qualified as above provided. The Company will promptly advise the Agents of
the receipt by the Company of any notification with respect to the suspension
of the qualification of the Notes for sale in any such state or jurisdiction or
the initiating or threatening of any proceeding for such purpose.

<!-- link2 "(i)&nbsp;No Price Stabilization or Manipulation" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>No Price Stabilization or Manipulation. </I>The Company shall not take, at any
time, directly or indirectly, other than in connection with this Distribution
Agreement, any action designed to stabilize, or which might reasonably be
expected to cause or result in, or which has constituted or which might
reasonably be expected to constitute the stabilization of, the price of the
Notes.

<!-- link2 "(j)&nbsp;Rating Agency Matters" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Rating Agency Matters. </I>The Company shall take all reasonable action
necessary to enable the Rating Agencies to provide their respective credit
ratings of the Notes.

<!-- link2 "(k)&nbsp;Establishing Terms of Notes" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>Establishing Terms of Notes</I>. The Company shall execute and deliver a
Supplemental Indenture or officer&#146;s certificate, as applicable, designating the
Notes as the debt securities to be offered, and establishing the
applicable terms and provisions of each Note in accordance with the provisions
of the Indenture and any applicable Terms Agreement.

<!-- link2 "(l)&nbsp;Use of Proceeds" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>Use of Proceeds. </I>The Company shall apply the net proceeds to the Company
from the sale of the Notes by the Company as set forth under the caption &#147;Use
of Proceeds&#148; in the Prospectus.

<!-- link2 "(m)&nbsp;Preparation of Pricing Supplements" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<I>Preparation of Pricing Supplements. </I>The Company shall prepare, with
respect to any Notes to be sold to or through an Agent or Agents pursuant to
this Distribution Agreement, a Pricing Supplement with respect to such Notes in
a form previously approved by such Agent or Agents. The Company will deliver
such Pricing Supplement no later than 11:00&nbsp;a.m., New York City time, on the
business day following the date of the Company&#146;s acceptance of the offer for
the purchase of such Notes and will file such Pricing Supplement pursuant to
Rule&nbsp;424(b)(3) under the Securities Act not later than the close of business of
the Commission on the fifth business day after the date on which such Pricing
Supplement is first used.

<!-- link2 "(n)&nbsp;Unaudited Financial Information" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<I>Unaudited Financial Information. </I>The Company shall furnish to the Agents,
within two business days following the date on which such information is first
released to the general public, interim financial statement information related
to the Company with respect to each of the first three quarters of any fiscal
year and preliminary financial statement information with respect to any fiscal
year; and the Company shall cause the Prospectus to be amended or supplemented
to include or incorporate by reference financial information with respect
thereto and corresponding information for the comparable period of the
preceding fiscal year, as well as such other information and explanations as
shall be necessary for an


<P align="center" style="font-size: 10pt">19
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">understanding thereof and as shall be required by the
Securities Act or the Securities Act Rules and Regulations.

<!-- link2 "(o) Audited Financial Information" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<I>Audited Financial Information</I>. The Company shall furnish to the Agents,
within two business days following the date on which such information is first
released to the general public, financial information included in or derived
from the audited financial statements of the Company for the preceding fiscal
year; and the Company shall cause the Registration Statement and the Prospectus
to be amended, whether by the filing of documents pursuant to the Exchange Act
or the Securities Act or otherwise, to include or incorporate by reference such
audited financial statements and the report or reports, and consent or consents
to such inclusion or incorporation by reference, of the independent accountants
with respect thereto, as well as such other information and explanations as
shall be necessary for an understanding of such financial statements and as
shall be required by the Securities Act or the Securities Act Rules and
Regulations.

<!-- link2 "(p)&nbsp;REIT Status" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<I>REIT Status. </I>Unless the Board of Directors of the Company determines in
its reasonable business judgment and pursuant the Charter that continued
qualification as a &#147;real estate investment trust&#148; under the
Code is not in the Company&#146;s best interest, the Company will use its best
efforts to, and will continue to meet the requirements to, qualify as a &#147;real
estate investment trust&#148; under the Code.

<!-- link2 "(q)&nbsp;Market Stand-Off Pending Settlement" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<I>Market Stand-Off Pending Settlement. </I>Between the date of any Terms
Agreement and the Settlement Date with respect to such Terms Agreement, the
Company will not, without such Agent&#146;s prior consent, offer, sell, contract to
sell or otherwise dispose of any debt securities of the Company substantially
similar to such Notes (other than (i)&nbsp;the Notes that are to be sold pursuant to
such Terms Agreement, (ii)&nbsp;Notes previously agreed to be sold by the Company,
and (iii)&nbsp;commercial paper and short-term bank loans issued in the ordinary
course of business (collectively, the &#147;Market Stand-Off Exceptions&#148;)), except
as may otherwise be provided in such Terms Agreement.

<!-- link2 "(r)&nbsp;Market Stand-Off Generally" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;<I>Market Stand-Off Generally. </I>If requested by any Agent in connection with a
purchase by it of Notes as principal in accordance with Section 4(a) hereof,
the Company shall cause such transaction to be subject to the terms of such
market stand-off provision as shall be agreed upon by the Company and such
Agent at the time of such agreement to purchase Notes as principal.

<!-- link1 "6. Conditions of Agents&#146; Obligations at the Closing" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;Conditions of Agents&#146; Obligations at the Closing</B>. The obligations of the
Agents to purchase Notes as principal and to solicit offers for the purchase of
Notes as agent of the Company, and the obligations of any purchasers of the
Notes sold through an Agent as agent, shall be subject to the accuracy of the
representations and warranties of the Company herein, to the accuracy of the
statements of the officers of the Company made in any certificate furnished
pursuant to the provisions hereof, to the performance and observance by the
Company of all of its covenants and agreements contained herein and to the
following additional conditions precedent:

<!-- link2 "(a)&nbsp;Opinion of Company Counsel" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Opinion of Company Counsel. </I>On the Commencement Date and, if called for by
any Terms Agreement, on the corresponding Settlement Date, the relevant Agents
shall


<P align="center" style="font-size: 10pt">20
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">have received the opinion of Goodwin Procter llp, counsel for the
Company, dated the date of its delivery, to the effect set forth in
<U>Exhibit&nbsp;C</U>.

<!-- link2 "(b) Opinion of Company Tax Counsel" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Opinion of Company Tax Counsel. On the Commencement Date and, if called
for by any Terms Agreement, on the corresponding
Settlement Date, the relevant
Agents shall have received the opinion of Goodwin Procter llp, tax counsel to
the Company, dated the date of its delivery, to the effect that, subject to the
assumptions and qualifications historically included by such counsel in
opinions rendered in recent public offerings by AvalonBay Communities, Inc.,
commencing with the taxable year ending December&nbsp;31, 1994, the form of
organization of the Company and its operations are such as to enable the
Company to qualify as a &#147;real estate investment trust&#148; under the applicable
provisions of the Code.

<!-- link2 "(c)&nbsp;Opinion of Counsel to the Agents" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Opinion of Counsel to the Agents. </I>On the Commencement Date and, if called
for by any Terms Agreement, on the corresponding Settlement Date, the relevant
Agents shall have received from O&#146;Melveny &#038; Myers llp, counsel to the Agents,
such opinion or opinions, dated the date of its delivery, with respect to the
organization of each of the Company, the validity of the Indenture, the Notes,
the Registration Statement, the Prospectus and other related matters as the
Agents reasonably may request, and such counsel shall have received such
documents and information as they request to enable them to pass upon such
matters.

<!-- link2 "(d)&nbsp;Comfort Letter" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Comfort Letter. </I>On the Commencement Date and, if called for by any Terms
Agreement, on the corresponding Settlement Date, the relevant Agents shall have
received a letter from the Accountants, dated the date of its delivery,
containing information of the type ordinarily included in accountants&#146; &#147;comfort
letters&#148; delivered according to <I>Statement of Auditing Standards No.&nbsp;72 </I>(or any
successor bulletin) published by the American Institute of Certified Public
Accountants, including, without limitation, statements to the effect that:



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) They are independent public accountants with respect to the
Company and the Subsidiaries within the meaning of the Securities Act and
the Securities Act Rules and Regulations, and no information concerning
their relationship with or interest in either of the Company is required
by Item&nbsp;10 of the Registration Statement.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In their opinion, the financial statements and supporting
schedules examined by them and included or incorporated by reference in
the Registration Statement and Prospectus and audited by them and covered
by their opinions therein comply as to form in all material respects with
the applicable accounting requirements of the Securities Act and the
Securities Act Rules and Regulations with respect to registration
statements on Form S-3 and the Exchange Act and the Exchange Act Rules
and Regulations.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) They have performed limited procedures, not constituting an
audit, including a reading of the latest available unaudited interim
consolidated financial statements of the Company, a reading of the minute
books of the Company, inquiries of certain officials of the Company who
have responsibility for financial and accounting matters and such other
inquiries and procedures as may be specified in such letter, and on the
basis of such limited review and procedures nothing came to their
attention that caused them to believe that:


<P align="center" style="font-size: 10pt">21
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<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the unaudited financial statements of the Company included
in the Registration Statement, or incorporated by reference
therein, do not comply as to form in all material respects with the
applicable accounting requirements of the Securities Act and the
Securities Act Rules and Regulations and the Exchange Act and the
Exchange Act Rules and Regulations, or material modifications are
required for them to be presented in conformity with generally
accepted accounting principles;



<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the operating data and balance sheet data included or
incorporated by reference in the Prospectus were not determined on
a basis substantially consistent with that used in determining the
corresponding amounts in the audited financial statements included
or incorporated by reference in the Registration Statement;



<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the pro forma financial information included or
incorporated by reference in the Registration Statement was not
determined on a basis substantially consistent with that of the
audited financial statements included or incorporated by reference
in the Registration Statement; or



<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) at a specified date not more than five days prior to the
date hereof, there had been any change in the capital stock of the
Company or the Subsidiaries, or any increase in the debt of the
Company or the Subsidiaries or any decrease in the net assets of
the Company or the Subsidiaries, as compared with the amounts shown
in the most recent consolidated balance sheet of the Company and
the Subsidiaries, included in the Registration Statement or
incorporated by reference therein, or, during the period from the
date of the most recent consolidated statement of operations
included in the Registration Statement or incorporated by reference
therein to a specified date not more than five days prior to the
date hereof, there were any decreases, as compared with the
corresponding period in the preceding year, in revenues, net income
or funds from operations of the Company and the Subsidiaries,
except in all instances for changes, increases or decreases which
the Registration Statement and the Prospectus disclose have
occurred or may occur.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In addition to the examination referred to in their report
included in the Registration Statement and the Prospectus and the limited
procedures referred to in clause (iii)&nbsp;above, they have carried out
certain other specified procedures, not constituting an audit, with
respect to certain amounts, percentages and financial information which
are included in the Registration Statement and the Prospectus and which
are specified by the Agents, and have found such amounts, percentages and
financial information to be in agreement with the relevant accounting,
financial and other records of the Company and the Subsidiaries
identified in such letter.

<!-- link2 "(e) Officers&#146; Certificate" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Officers&#146; Certificate. </I>On the Commencement Date and, if called for by any
Terms Agreement, on the corresponding Settlement Date, the Agents shall have
received from the Company a certificate, dated the date of its delivery, signed
by each of the Chief


<P align="center" style="font-size: 10pt">22
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Executive Officer and the Chief Financial Officer of the
Company, in form and substance satisfactory to the Agents, to the effect that:



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No stop order suspending the effectiveness of the Registration
Statement has been issued and, to the best of such officers&#146; information
and belief, no proceeding for that purpose is pending or threatened by
the Commission;



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No order suspending the effectiveness of the Registration
Statement or the qualification or registration of the Notes under the
securities or Blue Sky laws of any jurisdiction is in effect and, to the
best of such officers&#146; information and belief, no proceeding for such
purpose is pending before or threatened or contemplated by the Commission
or the authorities of any such jurisdiction;



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any request for additional information on the part of the
staff of the Commission or any such authorities has been complied with to
the satisfaction of the staff of the Commission or such authorities;



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each signer of such certificate has carefully examined the
Registration Statement and the Prospectus (including any documents filed
under the Exchange Act and deemed to be incorporated by reference into
the Prospectus) and (A)&nbsp;as of the date of such certificate, such
documents, taken together, are true and correct in all material respects
and do not omit to state a material fact required to be stated therein or
necessary in order to make the statements therein not untrue or
misleading and (B)&nbsp;no event has occurred as a result of which it is
necessary to amend or supplement the Prospectus in order (1)&nbsp;to make the
statements therein not untrue or misleading in any material respect or
(2)&nbsp;to otherwise comply with the disclosure requirements of Form S-3.
There has been no document required to be filed under the Exchange Act
and the Exchange Act Rules and Regulations that upon such filing would be
deemed to be incorporated by reference into the Prospectus that has not
been so filed;



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each of the representations and warranties of the Company
contained in this Distribution Agreement was, when originally made, and
is, at the time such certificate is delivered, true and correct in all
material respects;



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each of the covenants required to be performed by the Company
herein on or prior to the delivery of such certificate has been duly,
timely and fully performed in all material respects, and each condition
herein required to be complied with by the Company on or prior to the
date of such certificate has been duly, timely and fully complied with,
in all material respects; and



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Subsequent to the latter of the execution and delivery of the
Distribution Agreement and the date of the most recent Terms Agreement
through the date of such certificate, there has not occurred any
downgrading in the rating accorded the Notes or any other debt securities
of the Company by any Rating Agency nor has any notice been given to the
Company of (A)&nbsp;any intended or potential downgrading by any
Rating Agency
in such securities, or (B)&nbsp;any review or possible change by any Rating


<P align="center" style="font-size: 10pt">23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:2%; font-size: 10pt">
Agency that does not indicate a stable, positive or improving rating
accorded such securities.

<!-- link2 "(f) No Stop Orders or Unmet Commission Requests" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>No Stop Orders or Unmet Commission Requests. </I>(i)&nbsp;No stop order suspending
the effectiveness of the Registration Statement shall have been issued and no
proceedings for that purpose shall be pending or threatened by the Commission,
(ii)&nbsp;no order suspending the effectiveness of the Registration Statement or the
qualification or
registration of the Notes under the securities or Blue Sky laws of any
jurisdiction shall be in effect and no proceeding for such purpose shall be
pending before or threatened or contemplated by the Commission or the
authorities of any such jurisdiction, (iii)&nbsp;any request for additional
information on the part of the staff of the Commission or any such authorities
shall have been complied with to the satisfaction of the staff of the
Commission or such authorities, and (iv)&nbsp;after the date hereof no amendment or
supplement to the Registration Statement or the Prospectus (other than any
document required to be filed under the Exchange Act that upon filing is deemed
to be incorporated by reference therein) shall have been filed unless a copy
thereof was first submitted to the Agents and the Agents did not object thereto
in good faith.
<!-- link2 "(g)&nbsp;No Material Adverse Change" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>No Material Adverse Change. </I>Since the respective dates as of which
information is given in the Registration Statement and the Prospectus, (i)
there shall not have been a material adverse change in the general affairs,
business, business prospects, properties, management, condition (financial or
otherwise) or results of operations of the Company and its subsidiaries, taken
as a whole, whether or not arising from transactions in the ordinary course of
business, in each case other than as set forth in or contemplated by the
Registration Statement and the Prospectus, (ii)&nbsp;there shall not have been any
material change on a consolidated basis, in the equity capitalization or
long-term debt of the Company, or any adverse change in the rating assigned to
any securities of the Company, in each case other than as set forth in or
contemplated by the Registration Statement and the Prospectus, and (iii)
neither the Company nor any of its subsidiaries shall have sustained any
material loss or interference with its business or properties from fire,
explosion, flood or other casualty, whether or not covered by insurance, or
from any labor dispute or any court or legislative or other governmental
action, order or decree, which is not set forth in the Registration Statement
and the Prospectus, if in the judgment of the Agents any such development makes
it impracticable or inadvisable to offer or deliver the Notes on the terms and
in the manner contemplated in the Prospectus.

<!-- link2 "(h)&nbsp;No Material Litigation Commenced" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>No Material Litigation Commenced. </I>Since the respective dates as of which
information is given in the Registration Statement and the Prospectus, there
shall have been no litigation or other proceeding instituted against the
Company or any of its subsidiaries or any of their respective officers or
directors in their capacities as such, before or by any Federal, state or local
court, commission, regulatory body, administrative agency or other governmental
body, domestic or foreign, in which litigation or proceeding an unfavorable
ruling, decision or finding would materially and adversely affect the business,
properties, business prospects, condition (financial or otherwise) or results
of operations of the Company and its subsidiaries taken as a whole.

<!-- link2 "(i)&nbsp;Accuracy of Representations and Warranties; Observance of Covenants" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>Accuracy of Representations and Warranties; Observance of Covenants. </I>At
each Delivery Date, each of the representations and warranties of the Company
contained herein shall be true and correct in all material respects, as if made
at such Delivery Date, and all


<P align="center" style="font-size: 10pt">24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">covenants and agreements contained herein to be
performed on the part of the Company and all conditions contained herein to be
fulfilled or complied with by the Company at or prior to such Delivery Date,
shall have been duly performed, fulfilled or complied with.

<!-- link2 "(j) Blue Sky Qualification" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Blue Sky Qualification. </I>The Notes shall be qualified for sale in the
jurisdictions designated pursuant to Section&nbsp;5(h), each such qualification
shall be in effect and not subject to any stop order or other proceeding.

<!-- link2 "(k)&nbsp;Other Documents" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>Other Documents. </I>On the Commencement Date and on each Delivery Date,
counsel to the Agents shall have been furnished with such other documents and
opinions as such counsel may reasonably require for the purpose of enabling
such counsel to pass upon the issuance and sale of Notes as herein contemplated
and related proceedings, or in order to evidence the accuracy and completeness
of any of the representations and warranties, or the fulfillment of any of the
conditions, herein contained; and all proceedings taken by the Company in
connection with the issuance and sale of Notes as herein contemplated shall be
satisfactory in form and substance to the Agents and to counsel to the Agents.

<!-- link2 "(l)&nbsp;Special Conditions for Agents&#146; Purchases as Principal" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>Special Conditions for Agents&#146; Purchases as Principal. </I>The obligations of
the Agents to purchase Notes as principal will be subject to the following
further conditions: (i)&nbsp;the rating assigned by each of the Rating Agencies, or
any other nationally recognized securities rating agency, to any debt
securities of the Company as of the date of the agreement to purchase Notes as
principal shall not have been lowered and no such rating agency shall have
publicly announced that it has under surveillance or review, with possible
negative implications, its ratings of any debt securities of the Company since
that date and (ii)&nbsp;there shall not have come to the attention of any Agent any
facts that would cause such Agent to believe that the Prospectus, at the time
it was required to be delivered to a purchaser of the Notes, contained an
untrue statement of a material fact or omitted to state a material fact
necessary in order to make the statements therein, in light of the
circumstances existing at such time, not misleading.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents required to be delivered by this Section&nbsp;6 as a condition
precedent to each Agent&#146;s obligation to begin soliciting offers to purchase
Notes as an agent of the Company were originally delivered to the Agents at the
San Francisco office of O&#146;Melveny &#038; Myers llp, counsel for the Agents, on
December&nbsp;21, 1998. The date of delivery of such documents is referred to
herein as the &#147;Commencement Date.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such opinions, certificates, letters and other documents will be in
compliance with the provisions hereof only if they are reasonably satisfactory
in form and substance to the Agents and their counsel. The Company will furnish
the Agents with such conformed copies of such opinions, certificates, letters
and other documents as the Agents shall reasonably request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any condition specified in this Section&nbsp;6 shall not have been fulfilled
when and as required to be fulfilled, this Distribution Agreement may be
terminated by any Agent in accordance with Section&nbsp;13 below (such termination
to be effective only with respect to such Agent) and any such termination shall
be without liability of any party to any other party, except that the covenant
regarding provision of an earnings statement set forth in Section 5(f) hereof,
the indemnity and contribution agreements set forth in Section&nbsp;9 hereof, the
provisions concerning payment of expenses under Section&nbsp;10 hereof, the
provisions concerning the


<P align="center" style="font-size: 10pt">25
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">representations, warranties and agreements to survive delivery of Section
11 hereof, the provisions relating to parties set forth in Section&nbsp;15 and the
provisions relating to governing law set forth in Section&nbsp;16 hereof shall
remain in effect.

<!-- link1 "7. Delivery of and Payment for Notes Sold through the Agents" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.&nbsp;Delivery of and Payment for Notes Sold through the Agents</B>. Delivery of
Notes sold through any Agent as agent shall be made by the Company to such
Agent for the account of any purchaser only against payment therefor in
immediately available funds. In the event that a purchaser shall fail either
to accept delivery of or to make payment for a Note on the date fixed for
settlement, such Agent shall promptly notify the Company and deliver such Note
to the Company and, if such Agent has theretofore paid the Company for such
Note, the Company will promptly return such funds to such Agent unless the
failure arose from the gross negligence or willful misconduct of such Agent or
from a default by such Agent in the performance of its obligations hereunder.
If such failure occurred for any reason other than the gross negligence or
willful misconduct of such Agent or from a default by such Agent in the
performance of its obligations hereunder, the Company will reimburse such Agent
on an equitable basis for its loss of the use of the funds for the period such
funds were credited to the Company&#146;s account.

<!-- link1 "8. Additional Covenants of the Company" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.&nbsp;Additional Covenants of the Company</B>. The Company covenants and agrees with
the Agents that:

<!-- link2 "(a) Reaffirmation of Representations and Warranties" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Reaffirmation of Representations and Warranties</I>. Each acceptance by the
Company of an offer for the purchase of Notes (whether to an Agent as principal
or through an Agent as agent), and each delivery of Notes (whether to an Agent
as principal or through an Agent as agent), shall be deemed to be an
affirmation that the representations and warranties of the Company contained in
this Distribution Agreement and in the most recent certificate (for each type
of certificate) theretofore delivered to any Agent pursuant hereto (and if the
applicable Agent has not received a copy of such certificate, one shall be
supplied) are true and correct in all material respects at the time of such
acceptance or sale, as the case may be, and an undertaking that such
representations and warranties will be true and correct at the time of delivery
to such Agent or to the purchaser, as the case may be, of the Note or Notes
relating to such acceptance or sale, as the case may be, as though made at and
as of each such time (and it is understood that such representations and
warranties shall relate to the Registration Statement and Prospectus as amended
and supplemented to each such time).

<!-- link2 "(b)&nbsp;Subsequent Delivery of Certificates" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Subsequent Delivery of Certificates</I>. Upon the written request of any Agent
within 45&nbsp;days of the Company&#146;s filing with the Commission of any Quarterly
Report on Form 10-Q or Annual Report on Form 10-K incorporated by reference
into the Prospectus, and otherwise only (i)&nbsp;as may be required in connection
with a sale pursuant to Section 4(a) or (ii)&nbsp;at such times as may be reasonably
requested by an Agent following the occurrence of any event that such Agent
reasonably considers to be a material adverse change to the business,
prospects, properties, financial position or results of operations of the
Company and its subsidiaries, taken as a whole, the Company shall furnish or
cause to be furnished to the Agents forthwith a certificate, dated the date of
filing with
the Commission of such document, the date of such sale or the date requested by
such Agent, as applicable, in form reasonably satisfactory to such Agent, to
the effect that the statements contained in the certificate referred to in
Section 6(e) hereof which were last furnished to the Agents are true and
correct at the time of such filing, as though


<P align="center" style="font-size: 10pt">26
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">made at and as of such time
(except that such statements shall be deemed to relate to the Registration
Statement and the Prospectus as amended and supplemented to such time) or, in
lieu of such certificate, a certificate substantially similar to the
certificate referred to in Section 6(e) hereof, modified as necessary to relate
to the Registration Statement and the Prospectus as amended and supplemented to
the time of delivery of such certificate.

<!-- link2 "(c) Subsequent Delivery of Legal Opinions" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Subsequent Delivery of Legal Opinions</I>. Upon the written request of any
Agent within 45&nbsp;days of the Company&#146;s filing with the Commission of any
Quarterly Report on Form 10-Q or Annual Report on Form 10-K incorporated by
reference into the Prospectus, and otherwise only (i)&nbsp;as may be required in
connection with a sale pursuant to Section 4(a) or (ii)&nbsp;at such times as may be
reasonably requested by an Agent following the occurrence of any event that
such Agent reasonably considers to be material adverse change to the business,
prospects, properties, financial position or results of operations of the
Company taken as a whole, the Company shall furnish or cause to be furnished
forthwith, and in any case promptly upon request, to the Agents and to counsel
to the Agents the written opinions of counsel to the Company, dated the date of
filing with the Commission of such document, the date of such sale or the date
requested by such Agent, as applicable, to the effect of the opinions and
statements referred to in Sections&nbsp;6(a)and 6(b) and in form and substance
reasonably satisfactory to the Agents, which opinions may include such
reductions or limitations as shall be reasonably satisfactory to the Agents,
and shall be modified, as necessary, to relate to the Registration Statement
and the Prospectus as amended and supplemented to the time of delivery of such
opinion or, in lieu of such opinion, counsel last furnishing such opinion to
the Agents may furnish the Agents with a letter substantially to the effect
that the Agents may rely on such last opinion to the same extent as though it
were dated the date of such letter authorizing reliance (except that statements
in such last opinion shall be deemed to relate to the Registration Statement
and the Prospectus as amended and supplemented to the time of delivery of such
letter authorizing reliance).

<!-- link2 "(d)&nbsp;Subsequent Delivery of Comfort Letters" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Subsequent Delivery of Comfort Letters</I>. Upon the written request of any
Agent within 45&nbsp;days of the Company&#146;s filing with the Commission of any
Quarterly Report on Form 10-Q or Annual Report on Form 10-K incorporated by
reference into the Prospectus, and otherwise only (i)&nbsp;as may be required in
connection with a sale pursuant to Section 4(a) or (ii)&nbsp;at such times as may be
reasonably requested by an Agent following the occurrence of any event that
such Agent reasonably believes may have caused a material adverse change to the
financial position or results of operations of the Company and its consolidated
subsidiaries, taken as a whole, the Company shall cause the Accountants
forthwith to furnish the Agents a letter, dated the date of the filing of such
document with the Commission, the date of such sale or the date requested by
such Agent, as applicable, in form and substance reasonably satisfactory to the
Agents, substantially similar to the portions of the letter referred to in
clauses (i)&nbsp;and (ii)&nbsp;of Section 6(d) hereof (but modified to relate to the
Registration Statement and Prospectus as amended and supplemented to the date
of such letter) and substantially similar to the portions of the letter
referred to in clauses (iii)&nbsp;and (iv)&nbsp;of said Section 6(d) with such changes as
may be necessary to reflect changes in the financial statements and other
information derived from the accounting records of the Company.


<P align="center" style="font-size: 10pt">27
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " 9. Indemnification and Contribution" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.&nbsp;Indemnification and Contribution</B>.

<!-- link2 "(a) Indemnification of the Agents by the Company" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Indemnification of the Agents by the Company. </I>The Company will indemnify
and hold harmless the Agents and their directors, officers, employees and
agents and each person, if any, who controls any Agent within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act from and
against any and all losses, claims, liabilities, expenses and damages
(including, but not limited to, any and all investigative, legal and other
expenses reasonably incurred in connection with, and any and all amounts paid
in settlement of, any action, suit or proceeding between any of the indemnified
parties and any indemnifying parties or between any indemnified party and any
third party, or otherwise, or any claim asserted), as and when incurred, to
which an Agent, or any such person, may become subject under the Securities
Act, the Exchange Act or other federal or state statutory law or regulation, at
common law or otherwise, insofar as such losses, claims, liabilities, expenses
or damages arise out of or are based on (i)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in any preliminary prospectus,
the Registration Statement or the Prospectus or any amendment or supplement to
the Registration Statement or the Prospectus or in any documents filed under
the Exchange Act and deemed to be incorporated by reference into the
Prospectus, or in any application or other document executed by or on behalf of
the Company or based on written information furnished by or on behalf of the
Company filed in any jurisdiction in order to qualify the Notes under the
securities laws thereof or filed with the Commission, (ii)&nbsp;the omission or
alleged omission to state in such document a material fact required to be
stated in it or necessary to make the statements in it not misleading or (iii)
any act or failure to act or any alleged act or failure to act by an Agent in
connection with, or relating in any manner to, the Notes or the offering
contemplated hereby, and which is included as part of or referred to in any
loss, claim, liability, expense or damage arising out of or based upon matters
covered by clause (i)&nbsp;or (ii)&nbsp;above (<I>provided </I>that the Company shall not be
liable under this clause (iii)&nbsp;to the extent it is finally judicially
determined by a court of competent jurisdiction that such loss, claim,
liability, expense or damage resulted directly from any such acts or failures
to act undertaken or omitted to be taken by an Agent through gross negligence
or willful misconduct); <I>provided </I>that the Company will not be liable to the
extent that such loss, claim, liability, expense or damage arises from the sale
of the Notes to any person by an Agent and is based on an untrue statement or
omission or alleged untrue statement or omission made in reliance on and in
conformity with information relating to an Agent furnished in writing to the
Company by such Agent expressly for inclusion in the Registration Statement,
any preliminary prospectus or the Prospectus.

<!-- link2 "(b)&nbsp;Indemnification of the Company and its Directors, Certain Officers and Control Persons by the Agents" -->
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Indemnification of the Company and its Directors, Certain Officers and
Control Persons by the Agents. </I>The Agents will indemnify and hold harmless the
Company and each person, if any, who controls the Company within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, each
director of the Company and each officer of the Company who signs the
Registration Statement to the same extent as the foregoing indemnity from the
Company to the each Agent, but only insofar as losses, claims, liabilities,
expenses or damages arise out of or are based on any untrue statement or
omission or alleged untrue statement or omission made in reliance on and in
conformity with information relating to an Agent furnished in writing to the
Company by such Agent expressly for use in the Registration Statement, any
preliminary prospectus or the Prospectus. This indemnity will be in addition
to any liability that an Agent might otherwise have; <I>provided, however</I>, that in
no case shall an Agent be liable or responsible for any amount in excess of the
total discount or


<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">commission received by such Agent in connection with the
offering of the Notes that were the subject of the claim for indemnification.

<!-- link2 "(c) Procedures" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Procedures. </I>Any party that proposes to assert the right to be indemnified
under this Section&nbsp;9 will, promptly after receipt of notice of commencement of
any action against such party in respect of which a claim is to be made against
an indemnifying party or parties under this Section&nbsp;9, notify each such
indemnifying party of the commencement of such action, enclosing a copy of all
papers served, but the omission so to notify such indemnifying party will not
relieve it from any liability that it may have to any indemnified party under
the foregoing provisions of this Section&nbsp;9 unless, and only to the extent that,
such omission results in the forfeiture of substantive rights or defenses by
the indemnifying party. If any such action is brought against any indemnified
party and it notifies the indemnifying party of its commencement, the
indemnifying party will be entitled to participate in and, to the extent that
it elects by delivering written notice to the indemnified party promptly after
receiving notice of the commencement of the action from the indemnified party,
jointly with any other indemnifying party similarly notified, to assume the
defense of the action, with counsel satisfactory to the indemnified party, and
after notice from the indemnifying party to the indemnified party of its
election to assume the defense, the indemnifying party will not be liable to
the indemnified party for any legal or other expenses except as provided below
and except for the reasonable costs of investigation subsequently incurred by
the indemnified party in connection with the defense. The indemnified party
will have the right to employ its own counsel in any such action, but the fees,
expenses and other charges of such counsel will be at the expense of such
indemnified party unless (i)&nbsp;the employment of counsel by the indemnified party
has been authorized in writing by the indemnifying party, (ii)&nbsp;the indemnified
party has reasonably concluded (based on advice of counsel) that there may be
legal defenses available to it or other indemnified parties that are different
from or in addition to those available to the indemnifying party, (iii)&nbsp;a
conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (iv)&nbsp;the indemnifying
party has not in fact employed counsel to assume the defense of such action
within a reasonable time after receiving notice of the commencement of the
action, in each of which cases the reasonable fees, disbursements and other
charges of counsel will be at the expense of the indemnifying party or parties.
It is understood that the indemnifying party or parties shall not, in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements and other charges of more than
one separate firm admitted to practice in such jurisdiction at any time for all
such indemnified party or parties. All such fees, disbursements and other
charges will be reimbursed by the indemnifying party promptly as they are
incurred. An indemnifying party will not be liable for any settlement of any
action or
claim effected without its written consent (which consent will not be
unreasonably withheld). No indemnifying party shall, without the prior written
consent of each indemnified party, settle or compromise or consent to the entry
of any judgment in any pending or threatened claim, action or proceeding
relating to the matters contemplated by this Section&nbsp;9 (whether or not any
indemnified party is a party thereto), unless such settlement, compromise or
consent includes a unconditional release of each indemnified party from all
liability arising or that may arise out of such claim, action or proceeding.


<P align="center" style="font-size: 10pt">29
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(d) Contribution" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Contribution. </I>In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section&nbsp;9 is applicable in accordance with its terms but for
any reason is held to be unavailable from the Company or the Agents, the
Company and any applicable Agent will contribute to the total losses, claims,
liabilities, expenses and damages (including any investigative, legal and other
expenses reasonably incurred in connection with, and any amount paid in
settlement of, any action, suit or proceeding or any claim asserted, but after
deducting any contribution received by the Company from persons other than an
Agent, such as persons who control the Company within the meaning of the
Securities Act and officers of the Company who signed the Registration
Statement, who also may be liable for contribution) to which the Company and
any applicable Agent may be subject in such proportion as shall be appropriate
to reflect the relative benefits received by the Company on the one hand and
any applicable Agent on the other. The relative benefits received by the
Company on the one hand and any applicable Agent on the other shall be deemed
to be in the same proportion as the total net proceeds from the offering of any
Notes (before deducting expenses) received by the Company bear to the total
commissions received by applicable Agent or Agents. If, but only if, the
allocation provided by the foregoing sentence is not permitted by applicable
law, the allocation of contribution shall be made in such proportion as is
appropriate to reflect not only the relative benefits referred to in the
foregoing sentence but also the relative fault of the Company, on the one hand,
and any applicable Agent, on the other, with respect to the statements or
omissions which resulted in such loss, claim, liability, expense or damage, or
action in respect thereof, as well as any other relevant equitable
considerations with respect to such offering. Such relative fault shall be
determined by reference to whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or an Agent, the intent of the parties
and their relative knowledge, access to information and opportunity to correct
or prevent such statement or omission. The amount paid or payable by an
indemnified party as a result of the loss, claim, liability, expense or damage,
or action in respect thereof, referred to above in this Section 9(d) shall be
deemed to include, for purpose of this Section&nbsp;9(d), any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section&nbsp;9(d), no Agent shall be required to contribute any
amount in excess of the commissions and other compensation received by such
Agent and no person found guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section&nbsp;9(d), any person who controls
a party to this Distribution Agreement within the meaning of the Securities Act
will have the same rights to contribution as that party, and each officer of
the Company who signed the Registration Statement will have the same rights to
contribution as the Company, subject in
each case to the provisions hereof. Any party entitled to contribution,
promptly after receipt of notice of commencement of any action against such
party in respect of which a claim for contribution may be made under this
Section&nbsp;9(d), will notify any such party or parties from whom contribution may
be sought but the omission so to notify will not relieve the party or parties
from whom contribution may be sought from any other obligation it or they may
have under this Section&nbsp;9(d). No party will be liable for contribution with
respect to any action or claim settled without its written consent (which
consent will not be unreasonably withheld).


<P align="center" style="font-size: 10pt">30
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "(e) Survival of Indemnity and Contribution Provisions" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Survival of Indemnity and Contribution Provisions. </I>The indemnity and
contribution agreements contained in this Section&nbsp;9 and the representations and
warranties of the Company contained in this Distribution Agreement shall remain
operative and in full force and effect regardless of (i)&nbsp;any investigation made
by an Agent or on its behalf, (ii)&nbsp;acceptance of any of the Notes and payment
therefore or (iii)&nbsp;any termination of this Distribution Agreement.

<!-- link1 "10. Reimbursement of Agents&#146; Expenses" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.&nbsp;Reimbursement of Agents&#146; Expenses</B>. If the Company shall fail to perform
any agreement on its part to be performed hereunder, or if any condition of the
Agents&#146; obligations hereunder required to be fulfilled by the Company is not
fulfilled, the Company will reimburse any applicable Agent for all reasonable
out-of-pocket expenses (including fees and disbursements of counsel) incurred
by such Agent in connection with this Distribution Agreement, and upon demand
the Company shall pay the full amount thereof to such Agent. If this
Distribution Agreement is terminated pursuant to Section&nbsp;13 by reason of the
default of any Agent, the Company shall not be obligated to reimburse such
Agent on account of those expenses.

<!-- link1 "11. Representations and Agreements to Survive Delivery" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.&nbsp;Representations and Agreements to Survive Delivery</B>. All representations,
warranties and agreements contained in this Distribution Agreement or in
certificates of officers of the Company submitted pursuant hereto shall remain
operative and in full force and effect, regardless of any investigation made by
or on behalf of any Agent or any con-trolling person of such Agent, or by or on
behalf of the Company or of any of its Subsidiaries, and shall survive each
delivery of and payment for any of the Notes.

<!-- link1 "12. Role of Agents" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.&nbsp;Role of Agents</B>. In acting under this Agreement and in connection with the
sale of any Notes by the Company (other than Notes sold to an Agent as
principal), each Agent is acting solely as agent of the Company and does not
assume any obligation towards or relationship of agency or trust with any
purchaser of Notes. An Agent shall make reasonable efforts to assist the
Company in obtaining performance by each purchaser whose offer to purchase
Notes has been solicited by such Agent and accepted by the Company, but such
Agent shall not have any liability to the Company in the event any such
purchase is not consummated for any reason. If the Company shall default in
its obligations to deliver Notes to a purchaser whose offer it has accepted,
the Company shall hold the relevant Agent harmless against any loss, claim,
damage or liability arising from or as a result of such default and shall, in
particular, pay to such Agent the commission it would have received had such
sale been consummated.

<!-- link1 "13. Termination" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.&nbsp;Termination</B>. The Company shall have the right to terminate this
Distribution Agreement with respect to any or all of the Agents at any time by
giving notice hereunder to the Agents as hereinafter specified. Each Agent
shall have the right by giving notice as hereinafter specified to terminate
this Distribution Agreement and/or any Terms Agreement hereunder at any time,
provided that if such termination would occur on or after the date of such
Terms Agreement and prior to the Settlement Date with respect to such Terms
Agreement, any Agent may terminate this Distribution Agreement and such Terms
Agreement only if (i)&nbsp;the Company shall have failed, refused or been unable, at
any time, to perform any agreement on its part to be performed hereunder, (ii)
any other condition of the Agents&#146; obligations hereunder is not fulfilled when
due, (iii)&nbsp;the rating assigned by either of the Rating Agencies to the Company
or the Notes as of or subsequent to the date of this Distribution Agreement
shall have been lowered since that date or if either of the Rating Agencies
shall have publicly announced that it has under


<P align="center" style="font-size: 10pt">31
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">surveillance or review for the
purpose of considering lowering such rating, its rating of the Company or the
Notes, (iv)&nbsp;trading in any of the equity securities of the Company shall have
been suspended by the Commission, the NASD, by an exchange that lists such
equity securities or by the Nasdaq Stock Market, (v)&nbsp;trading in securities
generally on the New York Stock Exchange or the Nasdaq Stock Market shall have
been suspended or limited or minimum or maximum prices shall have been
generally established on such exchange or over the counter market, or
additional material governmental restrictions, not in force on the date of this
Agreement, shall have been imposed upon trading in securities generally by such
exchange or by order of the Commission or the NASD or any court or other
governmental authority, (vi)&nbsp;a general banking moratorium shall have been
declared by either Federal or New York State authorities, (vii)&nbsp;any material
adverse change in the financial or securities markets in the United States or
in political, financial or economic conditions in the United States or any
outbreak or material escalation of hostilities or declaration by the United
States of a national emergency or war or other calamity or crisis shall have
occurred the effect of any of which is such as to make it, in the sole judgment
of the Agents, impracticable or inadvisable to market the Shares on the terms
and in the manner contemplated by the Prospectus, or (viii)&nbsp;if there shall have
come to the attention of the Agents any facts that would cause them to believe
that the Prospectus, at the time it was required to be delivered to a purchaser
of Notes, included an untrue statement of a material fact or omitted to state a
material fact necessary in order to make the statements therein, in light of
the circumstances existing at the time of such delivery, not misleading. Any
such termination notice shall be effective only with respect to such Agent. As
used in this Section&nbsp;13, the term &#147;Prospectus&#148; means the Prospectus in the form
first provided to the Agents for use in confirming sales of the related Notes.
In the event of any such termination, neither party will have any liability to
the other party hereto, except that (i)&nbsp;an Agent shall be entitled to any
commission earned in accordance with the third paragraph of Section 4(b)
hereof, (ii)&nbsp;if at the time of termination (a)&nbsp;such Agent shall own any Notes
purchased by it as principal with the intention of reselling them or (b)&nbsp;an
offer to purchase any of the Notes has been accepted by the Company but the
time of delivery to the purchaser or his agent of the Note or Notes relating
thereto has not occurred, the covenants set forth in Sections&nbsp;5 and 8 hereof
shall remain in effect until such Notes are so resold or delivered, as the case
may be, and (iii)&nbsp;the covenant set forth in Section 5(f) hereof, the provisions
of Section&nbsp;10 hereof, the indemnity and contribution agreements set forth in
Section&nbsp;9 hereof, and the provisions of Sections&nbsp;11, 15 and 16 hereof shall
remain in effect.

<!-- link1 "14. Notices" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>14.&nbsp;Notices</B>. All notices or communications hereunder shall be in writing and
shall be mailed, delivered or telecopied and confirmed (a)&nbsp;if to the Company,
to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AvalonBay Communities, Inc.<BR>
2900 Eisenhower Avenue, Suite&nbsp;300<BR>
Alexandria, Virginia 22314<BR>
Attention: Thomas J. Sargeant<BR>
Telephone: 703-317-4635 <BR>
Telecopy: 703-329-0060</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">32
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">with a copy to:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Goodwin Procter llp<BR>
Exchange Place<BR>
53 State Street<BR>
Boston, Massachusetts 02109-2881<BR>
Attention: Gilbert G. Menna, P.C.<BR>
Telephone: 617-570-1433<BR>
Telecopy: 617-523-1231</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">(b)&nbsp;and if to the Agents to:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banc of America Securities LLC<BR>
100 N. Tryon Street, 7<SUP>th</SUP> Floor<BR>
Charlotte, NC 28255<BR>
Mail Code: NC 1007-07-01<BR>
Telecopy: (704)&nbsp;388-9939<BR></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Citigroup Global Markets Inc.<BR>
Medium-Term Note Department<BR>
388 Greenwich Street<BR>
New York, NY 10013<BR>
Telephone: (212)&nbsp;816-5831<BR>
Telecopy: (212)&nbsp;816-0949</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fleet Securities, Inc.<BR>
100 Federal Street, MADE 10012H<BR>
Boston, MA 02110<BR>
Attention: John Crees<BR>
Telephone: (617)&nbsp;434-5983<BR>
Telecopy: (617)&nbsp;434-8702</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>J.P. Morgan Securities Inc.<BR>
270 Park Avenue, 7<SUP>th</SUP> Floor<BR>
New York, NY 10017<BR>
Attention: Transaction Execution Group<BR>
Telephone: (212)&nbsp;834-5710<BR>
Telecopy: (212)&nbsp;834-6702</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lehman Brothers Inc.<BR>
745 Seventh Avenue<BR>
New York, NY 10019<BR>
Attention: Fixed Income Syndicate/Medium Term Notes Desk<BR>
Telephone: (212)&nbsp;526-9664<BR>
Telecopy: (212)&nbsp;526-0943</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">33
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Morgan Stanley &#038; Co. Incorporated<BR>
1585 Broadway<BR>
New York, NY 10036<BR>
Attention: Legal Department<BR>
Telephone: (212)&nbsp;761-4000<BR>
Telecopy: (212)&nbsp;761-0783<BR></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Wachovia Capital Markets, LLC<BR>
301 So. College Street, DC-8<BR>
One Wachovia Center<BR>
Charlotte, NC 28288<BR>
Attention: Corporate Syndicate Desk<BR>
Telephone: (704)&nbsp;383-7727<BR>
Telecopy: (704)&nbsp;383-9165</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with a copy to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>O&#146;Melveny &#038; Myers llp<BR>
275 Battery Street, Suite&nbsp;2600<BR>
San Francisco, CA 94111-3305<BR>
Attention: Peter T. Healy, Esq.<BR>
Telephone: (415)&nbsp;984-8833<BR>
Telecopy: (415)&nbsp;984-8701</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Morgan Stanley &#038; Co. Incorporated<BR>
1585 Broadway<BR>
New York, NY 10036<BR>
Attention: Debt Syndicate Desk<BR>
Telephone: (212)&nbsp;761-2000</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Any party to this Distribution Agreement may change such address for notices by
sending to the other parties to this Distribution Agreement written notice of a
new address for such purpose.

<!-- link1 "15. Parties" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.&nbsp;Parties</B>. This Distribution Agreement shall inure to the benefit of and be
binding upon the Agents and the Company and their respective successors.
Nothing expressed or mentioned in this Distribution Agreement is intended, or
shall be construed, to give any person, firm or corporation, other than the
parties hereto and their respective successors and the controlling persons and
officers and directors referred to in Section&nbsp;9 hereof and their heirs and
legal representatives, any legal or equitable right, remedy or claim under or
in respect of this Distribution Agreement or any provision herein contained.
This Distribution Agreement and all conditions and provisions hereof are
intended to be for the sole and exclusive benefit of the parties hereto and
respective successors and said controlling persons and officers and directors
and their heirs and legal representatives, and for the benefit of no other
person, firm or corporation. No purchaser of Notes shall be deemed to be a
successor by reason merely of such purchase.


<P align="center" style="font-size: 10pt">34
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "16. Governing Law" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>16.&nbsp;Governing Law</B>. <B>THIS DISTRIBUTION AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE.</B>

<!-- link1 "17. Counterparts" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>17.&nbsp;Counterparts</B>. This Distribution Agreement may be executed in one or more
counterparts, signature pages may be detached from such separately executed
counterparts and reattached to other counterparts and, in each such case, the
executed counterparts hereof shall constitute a single instrument. Signature
pages may be delivered by telecopy.

<!-- link1 "18. Enforceability" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>18.&nbsp;Enforceability</B>. In case any provision of this Distribution Agreement shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

<!-- link1 "19. Waiver of Rights to Trial by Jury" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>19.&nbsp;Waiver of Rights to Trial by Jury</B>. The Company and the Agents each hereby
irrevocably waive any right they may have to a trial by jury in respect of any
claim based upon or arising out of this Distribution Agreement or the
transactions contemplated hereby.

<!-- link1 "20. Amendments and Modifications" -->

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>20.&nbsp;Amendments and Modifications</B>. This Distribution Agreement may not be
amended or otherwise modified or any provision hereof waived except by an
instrument in writing signed by the Agents and the Company.


<P align="center" style="font-size: 10pt"><B>&#091;Signature page follows&#093;</B>



<P align="center" style="font-size: 10pt">35
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth the understanding between the
Company and the several Agents, please so indicate in the space provided below
for that purpose, whereupon this letter shall constitute a binding agreement
between the Company and the several Agents.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AvalonBay Communities, Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Thomas J. Sargeant</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas J. Sargeant</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ACCEPTED as of the date first above written:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Banc of America Securities LLC</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Lily Chang</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lily Chang</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Citigroup Global Markets Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Douglas Sesler</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Douglas Sesler</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Fleet Securities, Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Crees</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Crees</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>J.P. Morgan Securities Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Carl J. Mehldau, Jr.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carl J. Mehldau, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Lehman Brothers Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Martin Goldberg</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martin Goldberg</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>MORGAN STANLEY &#038; CO. INCORPORATED</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael Fusco</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Fusco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Wachovia Capital Markets, LLC</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ William Ingram</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William Ingram</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt"><U><B>Terms of Notes</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms, if applicable, shall be agreed to
by an Agent or Agents and the Company in connection with each sale of Notes:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Principal Amount: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">Issue Price (Public Offering Price):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Proceeds to Issuer: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">Agents&#146; Discount Commission: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stated Maturity Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">Interest Rate:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Original Issue Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">CUSIP: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">First Interest Payment Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Redemption:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes cannot be redeemed prior to the Stated Maturity Date at the option of the issuer.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes may be redeemed prior to the Stated Maturity Date at the option of the issuer.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Initial Redemption Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Initial Redemption Percentage/Redemption Price:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Annual Redemption Percentage Reduction:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Optional Repayment:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes cannot be required to be repaid prior to the Stated Maturity Date at
the option of the Holder of the Notes.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes can be repaid prior to the Stated Maturity Date at the option of the Holder of the Notes.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Optional Repayment Dates:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Repayment Price: ____%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Currency:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Specified Currency:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">(If other than U.S. Dollars, see attached)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Minimum Denominations:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">(Applicable only if Specified Currency is other than U.S. Dollars)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Original Issue Discount (&#147;OID&#148;):</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Yes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> No</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Total Amount of OID:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Yield to Maturity:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Initial Accrual Period:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Book-Entry
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Certificated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Agent:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Banc of America Securities LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Brothers Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Citigroup Global Markets Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley &#038; Co. Incorporated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Fleet Securities, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachovia Capital Markets, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">J.P. Morgan Securities Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (names):</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit A &#150; Page 1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Agent acting in the capacity as indicated below:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agent
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Principal</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">If as Principal:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes are being offered at varying prices related to prevailing market
prices at the time of resale.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes are being offered at a fixed initial public offering price
of ____% of principal amount.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">If as Agent:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">The Notes are being offered at a fixed initial public offering price of __% of Principal Amount.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Exchange Rate Agent:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Additional/Other Terms:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">Also, in connection with the purchase of Notes by an Agent as principal,
agreement as to whether the following will be required:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Officers&#146; Certificate pursuant to Section&nbsp;8(b) of the Distribution Agreement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Legal Opinions of Company Counsel pursuant to Section&nbsp;8(c) of the Distribution Agreement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Legal Opinion of Agents Counsel pursuant to Section&nbsp;6(c) of the Distribution Agreement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Comfort Letter pursuant to Section&nbsp;8(d) of the Distribution Agreement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Stand-off Agreement pursuant to Section&nbsp;5(r) of the Distribution Agreement.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit A &#150; Page 2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>EXHIBIT B</B>



<P align="center" style="font-size: 10pt"><B><U>Administrative Procedures Agreement</U></B>



<P align="center" style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.<BR>
MEDIUM-TERM NOTE PROGRAM



<P align="center" style="font-size: 10pt">ADMINISTRATIVE PROCEDURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Medium-Term Notes Due Nine Months or More from Date of Issue (the
&#147;Notes&#148;) are to be offered on a continuous basis by AvalonBay Communities,
Inc., a Maryland corporation (the &#147;Issuer&#148;). Banc of America Securities LLC,
Citigroup Global Markets Inc., Fleet Securities, Inc., J.P. Morgan Securities
Inc., Lehman Brothers Inc., Morgan Stanley &#038; Co. Incorporated, and Wachovia
Capital Markets, LLC, (the &#147;Agents&#148;), have each agreed to use their best
efforts to solicit purchases of the Notes. The Issuer reserves the right to
sell Notes directly or indirectly on its own behalf to investors (other than
broker-dealers). The Agents will not be obligated to, but may from time to
time, purchase Notes as principal for their own account. The Notes are being
sold pursuant to a Distribution Agreement dated August&nbsp;6, 2003 (the &#147;Agency
Agreement&#148;), among the Issuer, and the Agents, and will be issued pursuant to
an indenture dated as of January&nbsp;16, 1998 and all indentures supplemental
thereto, including that certain First Supplemental Indenture, dated as of
January&nbsp;20, 1998, that certain Second Supplemental Indenture, dated as of July
7, 1998, and that certain Amended and Restated Third Supplemental Indenture,
dated as of July&nbsp;10, 2000 (collectively, the &#147;Indenture&#148;), between the Issuer
and US Bank, National Association (as successor to State Street Bank and Trust
Company), as Trustee (the &#147;Trustee&#148;). Capitalized terms used herein and not
defined herein shall have the meanings ascribed to such terms in the Agency
Agreement. The Notes have been registered under the Securities Act of 1933, as
amended (the &#147;Act&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Note will be represented by either a Global Security (as defined in
the Indenture), such Global Security, for purposes hereof either a global note
(a &#147;Global Note&#148;) or a master note (a &#147;Master Note&#148;), registered in the name of
a nominee of The Depository Trust Company, as Depositary (&#147;DTC&#148;) (a &#147;Book-Entry
Note&#148;), or a certificate issued in definitive form (a &#147;Certificated Note&#148;). It
is currently contemplated that both Notes that bear interest at a fixed rate (a
&#147;Fixed Rate Note&#148;) and Notes that bear interest at a variable rate (a &#147;Floating
Rate Note&#148;) and that are denominated and payable in U.S. dollars may be issued
as Book-Entry Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative procedures and specific terms of the offering are explained
below. The Issuer will advise the Agents in writing of those persons handling
administrative responsibilities with whom the Agents are to communicate
regarding offers to purchase Notes and the details of their delivery.
Administrative procedures may be modified from time to time as reflected in the
applicable Pricing Supplement (as defined below) or elsewhere.


<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 1
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>ADMINISTRATIVE PROCEDURES FOR CERTIFICATED NOTES<BR>
AND GENERALLY APPLICABLE ADMINISTRATIVE PROCEDURES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Issue/Authentication Date</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Note shall be dated as of the date of its authentication
by the Trustee or an agent designated by the Issuer for such
purpose (the &#147;Designated Agent&#148;). Each Note will also bear an
original issue date (the &#147;Issue Date&#148;) which, with respect to
any Note (or portion thereof), shall mean the date of its
original issuance (i.e., the settlement date) and shall be
specified therein. The issue date will remain the same for all
Notes subsequently issued upon transfer, exchange or
substitution of an original Note regardless of their dates of
authentication.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Maturities</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Note shall mature on a Business Day, selected by the
purchaser and agreed to by the Issuer, which shall be nine
months or more from the date of issue.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Price to Public</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Note shall be issued at 100% of principal amount unless
otherwise specified in a supplement to the Prospectus (a
&#147;Pricing Supplement&#148;).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Denominations</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The denominations of the Notes shall be $1,000 and integral
multiples of $1,000 in excess thereof. (Any Notes denominated
other than in U.S. dollars will be issuable in denominations as
set forth in such Notes.)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Registration</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notes shall be issued only in fully registered form.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Minimum Purchase</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The minimum aggregate amount of Notes denominated and payable
in U.S. dollars which may be offered to any purchaser will be
$1,000.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Interest</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General. Each Note shall bear interest in accordance with its
terms, as described in the Prospectus Supplement (as defined in
the Agency Agreement), as supplemented by the applicable
Pricing Supplement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Calculation of Interest</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest on Fixed Rate Notes and interest rates on Floating
Rate Notes will be determined as set forth in the form of
Notes. With respect to Floating Rate Notes, the Calculation
Agent shall determine the interest rate for each Interest Reset
Date and communicate such interest rate to the Issuer, and the
Issuer will promptly notify the Trustee, or the</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Designated
Agent, and the Paying Agent of each such determination.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Payments of Interest and Principal</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All interest payments (excluding interest payments made at
maturity) will be made by check mailed to the person entitled
thereto; <I>provided, however,</I> that if a holder of one or more
Notes of like tenor and terms with an aggregate principal
amount equal to or greater than U.S. $10,000,000 (or the
equivalent thereof in foreign currencies or currency units)
shall designate in writing to the Paying Agent at its corporate
trust office in The City of New York on or prior to the Regular
Record Date relating to the Interest Payment Date an
appropriate account with a bank, the Paying Agent will, subject
to applicable laws and regulations and until it receives notice
to the contrary, make such payment and all succeeding payments
to such person by wire transfer to the designated account. If
a payment cannot be made by wire transfer because the
information received by the Paying Agent is incomplete, a
notice will be mailed to the holder at its registered address
requesting such information. Upon presentation of the relevant
Note, the Trustee, or the Designated Agent, (or any duly
appointed Paying Agent) will pay in immediately available funds
the principal amount of such Note at maturity and accrued
interest, if any, due at maturity; <I>provided</I> that the Note is
presented to the Trustee, or the Designated Agent, (or any such
Paying Agent) to make payments in accordance with its normal
procedures. The Issuer will provide the Trustee, or the
Designated Agent, (and any such Paying Agent) with funds
available for such purpose. Notes presented to the Trustee, or
the Designated Agent, at maturity for payment will be canceled
and destroyed by the Trustee, or the Designated Agent, and a
certificate of destruction will be delivered to the Issuer. On
the fifth Business Day (as defined below) immediately preceding
each interest payment date, the Trustee, or the Designated
Agent, will furnish to the Issuer a statement showing the total
amount of the interest payments to be made on such interest
payment date. The Trustee, or the Designated Agent, will
provide monthly to the Issuer a list of the principal and
interest to be paid on Notes maturing in the next succeeding
six months. The Trustee, or the Designated Agent, will assume
required by law.</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Acceptance of Offers</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Agents will promptly advise the Issuer of each reasonable
offer to purchase Notes received by it, other than those
rejected by the Agents. The Agents may, in their discretion
reasonably exercised, without notice to the Issuer, reject any
offer received by it, in whole or in part. The Issuer will
have the right to withdraw, cancel or modify such offer without
notice and will have the sole right to accept offers to
purchase Notes and may reject any such offer, in whole or in
part. If the Issuer rejects an offer, the Issuer will promptly
notify the Agents.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Settlement</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All offers accepted by the Issuer will be settled on the third
Business Day next succeeding the date of acceptance unless
otherwise agreed by any purchaser, the Agents and the Issuer.
The settlement date shall be specified upon receipt of an
offer. Prior to 3:00 p.m., New York City time, on the business
day prior to the settlement date, the Issuer will instruct the
Trustee, or the Designated Agent, to authenticate and deliver
the Notes pursuant to the terms communicated by the Presenting
Agent (as defined below) pursuant to the next succeeding
section no later than 2:15 p.m., New York City time, on that
day.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Details for Settlement</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For each offer accepted by the Issuer, the Agent who presented
the offer (the &#147;Presenting Agent&#148;) shall communicate to the
Issuer, Attention: Thomas J. Sargeant, CFO (Fax No.: (703)
329-0060) who will provide a copy to the Trustee, Attention: Ward Spooner (Fax No.: (212)&nbsp;361-6153) and the Designated
Agent, if any, by facsimile transmission or other acceptable
means the following information (the &#147;Purchase Information&#148;):</TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exact name in which the Note or Notes are to be registered
(&#147;registered owner&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exact address of registered owner.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Taxpayer identification number of registered owner.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Principal amount of each Note to be delivered to the
registered owner.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specified Currency and, if other than U.S. dollar,
denominations.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of a Fixed Rate Note, the interest rate or, in
the case of a Floating Rate Note, the interest rate formula,
the Initial Interest Rate (if known at such time), Index
Maturity, Interest Reset Period, Interest Reset Dates, Spread
or Spread Multiplier (if any), minimum interest rate (if any)
and maximum interest rate (if any).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest Payment Period and Interest Payment Dates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maturity Date of Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue Price of Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Settlement date for Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Presenting Agent&#146;s commission (to be paid in the form of a
discount from the proceeds remitted to the Issuer upon
settlement).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption provisions, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repayment provisions, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Original issue discount provisions, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of Currency Indexed Notes, the above-listed
information, as applicable and the Base Exchange Rate(s), Base
Interest Rate and Indexed Currencies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="40%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of Dual Currency Notes, the above listed
information, as applicable, and the Optional Payment Currency,
Designated Exchange Rate and Option Election Dates.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:39%; font-size: 10pt">The issue date of, and the settlement date for, Notes will be
the same. Before accepting any offer to purchase Notes to be
settled in less than three days, the Issuer shall verify that
the Trustee, or the Designated Agent, will have adequate time
to prepare and authenticate the Notes. Prior to preparing the
Notes for delivery, the Trustee, or the Designated Agent, will
confirm the Purchase Information by telephone with the
Presenting Agent and the Issuer.



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 5
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Confirmation:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For each accepted offer, the Presenting Agent will issue a
confirmation, in writing, telephonically or through any other
commonly used method of communication to the purchaser and a
confirmation to the Issuer, Attention: Thomas J. Sargeant, CFO
(Fax No.: (703)&nbsp;329-0060).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Note Deliveries and
Cash Payment:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Upon the receipt of appropriate documentation and instructions
from the Issuer and verification thereof, the Trustee, or the
Designated Agent, will cause the Notes to be prepared and
authenticated and hold the Notes for delivery against payment.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Trustee, or the Designated Agent, will deliver the Notes,
in accordance with instructions from the Issuer, to the
Presenting Agent, as the Issuer&#146;s agent, for the benefit of the
purchaser only against payment in immediately available funds
in an amount equal to the face amount of the Notes less the
Presenting Agent&#146;s commission plus any premium or less any
discount; <I>provided, however</I>, that the Trustee, or the
Designated Agent, may deliver Notes to the Presenting Agent
against receipt therefor and, later the same day, receipt of
such funds in such amount. Upon receipt of such payment, the
Trustee, or the Designated Agent, shall pay promptly an amount
equal thereto to the Issuer in immediately available funds by
wire transfer to the following account of the Issuer<B>:</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of America</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Account Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AvalonBay Communities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Concentration Account</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Account Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3752291106</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ABA Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111000012</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Presenting Agent, as the Issuer&#146;s agent, will deliver the
Notes (with the written confirmation provided for above) to the
purchaser thereof against payment by such purchaser in
immediately available funds. Delivery of any confirmation or
Note will be made in compliance with &#147;Delivery of Prospectus&#148;
below.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Failure of Purchaser:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In the event that a purchaser shall fail to accept delivery of
and make payment for a Note on the settlement date, the
Presenting Agent will notify the Trustee or the Designated
Agent and the Issuer, by telephone, confirmed in writing. If
the Note has been delivered to the Presenting Agent, as the
Issuer&#146;s agent, the Presenting Agent shall return such Note</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to the Trustee, or the Designated Agent. If funds have been
advanced for the purchase of such Note, the Trustee, or the
Designated Agent, will, immediately upon receipt of such Note
contact the Issuer to the attention of Thomas J. Sargeant, CFO
(Fax No.: (703)&nbsp;329-0060) advising the Issuer of such failure.
At such time, the Issuer will refund the payment previously
made by the Presenting Agent in immediately available funds.
Such payments will be made on the settlement date, if possible,
and in any event not later than the business day following the
settlement date. If such failure shall have occurred for any
reason other than the failure of the Presenting Agent to
provide the Purchase Information to the Issuer or to provide a
confirmation to the purchaser, the Issuer will reimburse the
Presenting Agent on an equitable basis for its loss of the use
of funds during the period when they were credited to the
account of the Issuer.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Immediately upon receipt of the Note in respect of which the
failure occurred, the Trustee, or the Designated Agent, will
cause the Security Registrar to make appropriate entries to
reflect the fact that the Note was never issued and will
destroy the Note.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Procedure for Rate<BR>
Changes:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer and the Agents will discuss from time to time the
price of, and the rates to be borne by, the Notes that may be
sold as a result of the solicitation of offers by the Agent.
Once an Agent has recorded any indication of interest in Notes
upon certain terms, and communicated with the Issuer, if the
Issuer plans to accept an offer to purchase Notes upon such
terms, it will prepare a Pricing Supplement to the Prospectus,
as then amended or supplemented, reflecting the terms of such
Notes and will arrange to transmit such Pricing Supplement to
the Commission for filing in accordance with and within the
time prescribed by the applicable paragraph of Rule&nbsp;424(b)
under the Act. The Issuer will supply at least two copies of
the Prospectus as then amended or supplemented, and bearing
such Pricing Supplement, to the Presenting Agent. The Issuer
shall use its reasonable best efforts to send such Pricing
Supplement by telecopy or overnight express (for delivery by
the close of business on the applicable trade date, but in no
event later than 11:00&nbsp;a.m. New York City time, on the Business
Day following the applicable trade date) to the Presenting
Agent and the Trustee at the</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">following applicable address:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banc of America Securities LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to both:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continuously Offered Products</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 No.&nbsp;Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9939<SUP>1</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Syndicate Operations</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 North Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9212<SUP>2</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Annabelle Avila</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn Army Terminal</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">140 58<SUP>th</SUP> Street,
8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn, NY 11220</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (718)&nbsp;765-6725</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (718)&nbsp;765-6734</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fleet Securities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: John Crees</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Federal Street MADE 10012H</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02110</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;434-5983</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;434-8702</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Medium-Term Note Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">270 Park Avenue, 8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10017</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;834-4421</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;834-6081<SUP>3</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Fixed Income Syndicate/</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>1</SUP> Please send by telecopy rather than mail.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>2</SUP> Please send by telecopy rather than mail.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><SUP>3</SUP> Please send by telecopy with original to follow by mail.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 8
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Medium Term Notes Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">745 Seventh Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;526-9664</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;526-0943</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADP Prospectus Services</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Client Services Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1155 Long Island Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edgewood, NY 11717</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (631)&nbsp;254-7268</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Legal Department</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-4000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;761-0783</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Debt Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-2000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Capital Markets, LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Corporate Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">301 South College St., DC-8</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One Wachovia Center</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28288</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: 704-383-7727</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: 704-383-9165</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US Bank, National Association (the Trustee)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Ward Spooner</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Wall Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10005</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;361-6175</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;361-6153</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" width="60%" valign="top">and to: the Designated Agent, if any.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For record keeping purposes, one copy of such Pricing
Supplement shall also be mailed to:</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">O&#146;Melveny &#038; Myers LLP</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">275 Battery Street, Suite&nbsp;2600</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">San Francisco, CA 94111-3305</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Peter T. Healy, Esq.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telecopy Number: (415)&nbsp;984-8701</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Goodwin Procter LLp</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exchange Place</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">53 State Street</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Boston, MA 02109-2281</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Gilbert G. Menna, P.C.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telephone Number: (617)&nbsp;570-1433</DIV></TD>
</TR>

<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telecopy Number: (617)&nbsp;523-1231</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:35%; font-size: 10pt">In each instance that a Pricing Supplement is prepared, the
Presenting Agent will provide a copy of such Pricing Supplement
to each investor or purchaser of the relevant Notes or its
agent. Pursuant to Rule&nbsp;434 of the Securities Act of 1933, as
amended, the Pricing Supplement may be delivered separately
from the Prospectus. No settlements with respect to Notes upon
such terms may occur prior to such transmitting and such Agent
will not, prior to such transmitting, mail confirmations to
customers who have offered to purchase Notes upon such terms.
After such transmitting, sales, mailing of confirmations and
settlements may occur with respect to Notes upon such terms,
subject to the provisions of &#147;Delivery of Prospectus&#148; below.



<P align="left" style="margin-left:35%; font-size: 10pt">Outdated Pricing Supplements and copies of the Prospectus to
which they are attached (other than those retained for files),
will be destroyed.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Suspension of Solicitation; Amendment or Supplement</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As provided in the Agency Agreement, the Issuer may suspend
solicitation of purchases at any time and, upon receipt of
notice from the Issuer, the Agents will, as promptly as
practicable, but in no event later than one business day
following such notice, suspend solicitation until such time as
the Issuer has advised them that</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2"> solicitation of purchases may
be resumed. If the Agents receive the notice from the Issuer
contemplated by Section&nbsp;4(b) of the Agency Agreement, they will
promptly suspend solicitation and will only resume solicitation
as provided in the Agency Agreement. If the Issuer decides to
amend or supplement the Registration Statement or the
Prospectus relating to the Notes, it will promptly advise the
Agents and will furnish the Agents with the proposed amendment
or supplement in accordance with the terms of the Agency
Agreement. The Issuer will promptly file or mail to the
Commission for filing such amendment or supplement, provide the
Agents with copies of any such amendment or supplement, confirm
to the Agents that such amendment or supplement has been filed
with the Commission and advise the Agents that solicitation may
be resumed. Any such suspension shall not affect the Issuer&#146;s
obligations under the Agency Agreement; and in the event that
at the time the Issuer suspends solicitation of purchases there
shall be any offers already accepted by the Issuer outstanding
for settlement, the Issuer will have the sole responsibility
for fulfilling such obligations; the Agents will make
reasonable efforts to assist the Issuer to fulfill such
obligations, but the Agents will not be obligated to fulfill
such obligations. The Issuer will in addition promptly advise
the Agents and the Trustee, or the Designated Agent, if such
offers are not to be settled and if copies of the Prospectus as
in effect at the time of the suspension may not be delivered in
connection with the settlement of such offers.</FONT></TD>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Delivery of Prospectus</U>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A copy of the Prospectus, as most recently amended or
supplemented on the date of delivery thereof (except as
provided below), must be delivered to a purchaser prior to or
together with the earlier of delivery of (i)&nbsp;the written
confirmation provided for above, and (ii)&nbsp;any Note purchased by
such purchaser at the following address:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banc of America Securities LLC</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">to both:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continuously Offered Products</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 No.&nbsp;Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9939<SUP>4</SUP></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<HR noshade size="1" width="20%" align="left">
<P align="left" style="font-size: 10pt"><SUP>4</SUP> Please send by telecopy rather than mail.




<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 11
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Syndicate Operations</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 North Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9212<SUP>5</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Annabelle Avila</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn Army Terminal</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">140 58<SUP>th</SUP> Street, 8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn, NY 11220</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (718)&nbsp;765-6725</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (718)&nbsp;765-6734</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fleet Securities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: John Crees</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Federal Street MADE 10012H</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02110</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;434-5983</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;434-8702</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Medium-Term Note Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">270 Park Avenue, 8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10017</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;834-4421</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;834-6081<SUP>6</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Fixed Income Syndicate/</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Medium Term Notes Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">745 Seventh Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;526-9664</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;526-0943</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADP Prospectus Services</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For Lehman Brothers Inc.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">_____________________



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><SUP>5</SUP> Please send by telecopy rather than mail.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><SUP>6</SUP> Please send by telecopy with original to follow by mail.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Client Services Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1155 Long Island Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edgewood, NY 11717</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (631)&nbsp;254-7268</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Legal Department</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-4000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;761-0783</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Debt Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-2000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Capital Markets, LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Corporate Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">301 South College St., DC-8</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One Wachovia Center</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28288</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: 704-383-7727</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: 704-383-9165</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US Bank, National Association (the Trustee)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Ward Spooner</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Wall Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10005</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;361-6175</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;361-6153</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Designated Agent, if any.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:25%; font-size: 10pt">For record keeping purposes, one copy of such Pricing<BR>
Supplement shall also be mailed to:


<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 13
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O&#146;Melveny &#038; Myers LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">275 Battery Street, Suite&nbsp;2600</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA 94111-3305</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Peter T. Healy, Esq.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (415)&nbsp;984-8701</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Goodwin Procter llp</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exchange Place</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">53 State Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02109-2281</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Gilbert G. Menna, P.C.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;570-1433</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;523-1231</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer shall ensure that the Presenting Agent receives
copies of the Prospectus and each amendment or supplement
thereto (including appropriate Pricing Supplements) in such
quantities and within such time limits as will enable the
Presenting Agent to deliver such confirmation or Note to a
purchaser as contemplated by these procedures and in compliance
with the preceding sentence. If, since the date of acceptance
of a purchaser&#146;s offer, the Prospectus shall have been
supplemented solely to reflect any sale of Notes on terms
different from those agreed to between the Issuer and such
purchaser or a change in posted rates not applicable to such
purchaser, such purchaser shall not receive the Prospectus as
supplemented by such new supplement, but shall receive the
Prospectus as supplemented to reflect the terms of the Notes
being purchased by such purchaser and otherwise as most
recently amended or supplemented on the date of delivery of the
Prospectus.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Authenticity of
Signatures:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer will cause the Trustee, or the Designated Agent, to
furnish the Agent from time to time with the specimen
signatures of each of the officers, employees or agents of the
Trustee, or the Designated Agent, who have been authorized by
the Trustee, or the Designated Agent, respectively, to
authenticate Notes, but the Agent will have no obligation or
liability to the Issuer or the Trustee, or the Designated
Agent, in respect of the authenticity of the signature of any
officer, employee or agent of the Issuer or the Trustee, or the
Designated Agent, on any Note.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Advertising Cost:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer and the Company will determine with the Agent the
amount of advertising that may be appropriate in offering the
Notes.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Business Day:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Business Day&#148; means any day (other than a Saturday, Sunday or
legal holiday) on which banking institutions in The City of New
York are open for business (and, (i)&nbsp;with respect to LIBOR
Notes which is also a day on which dealings in the Specified
Currency, or if no currency is so specified, in deposits in
U.S. dollars, are transacted in the London interbank market,
and (ii)&nbsp;with respect to Notes denominated in a Specified
Currency other than U.S. dollars, on which banking institutions
in the principal financial center of the country of the
Specified Currency are open for business).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 15
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>ADMINISTRATIVE PROCEDURES FOR GLOBAL NOTE METHOD<BR>
OF BOOK-ENTRY NOTES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following explains the administrative procedures for the Global Note
method of the DTC book-entry system. Any reference to &#147;Book-Entry Notes&#148; in
this Part&nbsp;II refers to the Global Note method (for a discussion of the Master
Note method of the DTC book-entry system, see Part&nbsp;III below). Certain
generally applicable administrative procedures are set forth in Part&nbsp;I above
(See &#147;Issue/Authentication Date,&#148; &#147;Price to Public,&#148; &#147;Minimum Purchase,&#148;
&#147;Authenticity of Signatures,&#148; &#147;Advertising Cost,&#148; and &#147;Business Day&#148;). In
connection with the qualification of the Book-Entry Notes for eligibility in
the book-entry system maintained by DTC, the Trustee will perform the
custodial, document control and administrative functions described below, in
accordance with its respective obligations under a Letter of Representations
(the &#147;Letter&#148;) from the Issuer and the Trustee to DTC dated December&nbsp;21, 1998,
and a Medium-Term Note Certificate Agreement between the Trustee and DTC and
its obligations as a participant in DTC, including DTC&#146;s Same-Day Funds
Settlement System (&#147;SDFS&#148;). Both Fixed and Floating Rate Notes denominated and
payable in U.S. dollars may be issued in book-entry form. Single and
Multi-Indexed Notes may also be issued in book-entry form.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Issuance:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On any date of settlement (as defined under &#147;Settlement&#148;
below) for one or more Book-Entry Notes, the Issuer will
issue a single global security in fully registered form
without coupons (a &#147;Global Note&#148;) representing up to
$150,000,000 principal amount of all such Notes that have
the same Stated Maturity, redemption provisions, if any,
repayment provisions, if any, Interest Payment Dates,
Original Issue Date, original issue discount provisions,
if any, and, in the case of Fixed Rate Notes, interest
rate, or in the case of Floating Rate Notes, interest
rate formula, initial interest rate, Index Maturity,
Interest Reset Period, Interest Reset Dates, Spread or
Spread Multiplier (if any), minimum interest rate (if
any) and maximum interest rate (if any) and, in the case
of Fixed Rate Notes or Floating Rate Notes that are also
Currency Indexed Notes, Specified Currency, Indexed
Currency, Face Amount and Base Exchange Rate and the Base
Interest Rate, if any, or that are also other Indexed
Notes, the same terms (all of the foregoing are
collectively referred to as the &#147;Terms&#148;). Each Global
Note will be dated and issued as of the date of its
settlement date, which will be (i)&nbsp;with respect to an
original Global Note (or any portion thereof), its
original issue date, and (ii)&nbsp;following a consolidation
of Global Notes, the most recent Interest Payment Date to
which interest has been paid or duly provided for on the
predecessor Global Notes, regardless of the date of
authentication of such subsequently</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 16
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">issued Global Note.
Each Book-Entry Note will be deemed to have been dated
and issued as of the settlement date, which date shall be
the Original Issue Date. No Global Note will represent
any Certificated Note.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Identification<BR>
Numbers:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer has arranged with the CUSIP Service Bureau of
Standard &#038; Poor&#146;s Ratings Services (the &#147;CUSIP Service
Bureau&#148;) for the reservation of a series of CUSIP numbers
consisting of approximately 900 CUSIP numbers relating to
Book-Entry Notes. The Trustee, the Issuer and DTC have
obtained from the CUSIP Service Bureau a written list of
such reserved CUSIP numbers. The Trustee will assign
CUSIP numbers to Global Notes as described below under
Settlement Procedure &#147;B&#148;. DTC will notify the CUSIP
Service Bureau periodically of the CUSIP numbers that the
Trustee has assigned to Global Notes. The Trustee will
notify the Issuer at any time when fewer than 100 of the
reserved CUSIP numbers remain unassigned to Global Notes,
and, if it deems necessary, the Issuer will reserve
additional CUSIP numbers for assignment to Global Notes
representing Book Entry Notes. Upon obtaining such
additional CUSIP numbers, the Issuer shall deliver a list
of such additional CUSIP numbers to the Trustee and DTC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Registration:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Global Note will be issued only in fully registered
form without coupons. Each Global Note will be
registered in the name of Cede &#038; Co., as nominee for DTC,
on the Securities Register maintained under the
Indenture. The beneficial owner of a Book-Entry Note (or
one or more indirect participants in DTC designated by
such owner) will designate one or more participants in
DTC (with respect to such Note, the &#147;Participants&#148;) to
act as agent or agents for such owner in connection with
the book-entry system maintained by DTC, and DTC will
record in book-entry form, in accordance with
instructions provided by such Participants, a credit
balance with respect to such Note in the account of such
Participants. The ownership interest of such beneficial
owner in such Note will be recorded through the records
of such Participants or through the separate records of
such Participants and one or more indirect participants
in DTC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Transfers:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfers of a Book-Entry Note will be accomplished by
book entries made by DTC and, in turn, by Participants
(and, in certain cases, one or more indirect participants
in DTC acting on behalf of beneficial transferors and
transferees of such</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 17
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Note).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Exchanges:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Trustee may deliver to DTC and the CUSIP Service
Bureau at any time a written notice of consolidation (a
copy of which shall be attached to the Global Note
resulting from such consolidation) specifying (i)&nbsp;the
CUSIP numbers set forth on two or more outstanding Global
Notes that represent Book-Entry Notes having the same
Terms and for which interest has been paid to the same
date, (ii)&nbsp;a date, occurring at least thirty days after
such written notice is delivered and at least thirty days
before the next Interest Payment Date for such Book-Entry
Notes, on which such Global Notes shall be exchanged for
a single replacement Global Note and (iii)&nbsp;a new CUSIP
number to be assigned to such replacement Global Note.
Upon receipt of such a notice, DTC will send to its
Participants (including the Trustee) a written
reorganization notice to the effect that such exchange
will occur on such date. Prior to the specified exchange
date, the Trustee will deliver to the CUSIP Service
Bureau a written notice setting forth such exchange date
and the new CUSIP number and stating that, as of such
exchange date, the CUSIP numbers of the Global Notes to
be exchanged will no longer be valid. On the specified
exchange date, the Trustee will exchange such Global
Notes for a single Global Note bearing the new CUSIP
number and a new Original Issue Date and the CUSIP
numbers of the exchanged Global Notes will, in accordance
with CUSIP Service Bureau procedures, be canceled and not
immediately reassigned. Notwithstanding the foregoing,
if the Global Notes to be exchanged exceed $150,000,000
in aggregate principal amount, one Global Note will be
authenticated and issued to represent each $150,000,000
of principal amount of the exchanged Global Notes and an
additional Global Note will be authenticated and issued
to represent any remaining principal amount of such
Global Notes (see &#147;Denominations&#148; below).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<U>Maturities:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Book-Entry Note will mature on a Business Day nine
months or more from the settlement date for such Note.</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Notice of Repayment
Terms:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With respect to each Book-Entry Note that is repayable at
the option of the Holder, the Trustee will furnish DTC on
the settlement date pertaining to such Book-Entry Note a
notice setting forth the terms of such repayment option.
Such terms shall include the start date and end dates of
the first exercise period, the purchase date following
such exercise period, the frequency that such exercise
periods occur (<I>e.g.</I>, quarterly,</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 18
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">semiannually, annually,
etc.) and if the repayment option expires before
maturity, the same information (except frequency)
concerning the last exercise period. It is understood
that the exercise period shall be at least 15 calendar
days long and that the purchase date shall be at least
seven calendar days after the last day of the exercise
period.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Redemption and
Repayment:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Trustee will comply with the terms of the Letter with
regard to redemptions and repayments of the Notes. If a
Global Note is to be redeemed or repaid in part, the
Trustee will exchange such Global Note for two Global
Notes, one of which shall represent the portion of the
Global Note being redeemed or repaid and shall be
canceled immediately after issuance and the other of
which shall represent the remaining portion of such
Global Note and shall bear the CUSIP number of the
surrendered Global Note.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Denominations:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Book Entry Notes will be issued in principal amounts of
$1,000 or any amount in excess thereof that is an
integral multiple of $1,000. Global Notes will be
denominated in principal amounts not in excess of
$150,000,000. If one or more Book Entry Notes having an
aggregate principal amount in excess of $150,000,000
would, but for the preceding sentence, be represented by
a single Global Note, then one Global Note will be issued
to represent each $150,000,000 principal amount of such
Book-Entry Note or Notes and an additional Global Note
will be issued to represent any remaining principal
amount of such Book-Entry Note or Notes. In such a case,
each of the Global Notes representing such Book-Entry
Note or Notes shall be assigned the same CUSIP number.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Interest:<U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General. Interest on each Book-Entry Note will begin to
accrue from the Original Issue Date of the Global Note
representing such Note or from the most recent date to
which interest has been paid, as the case may be, in
accordance with the terms of the Note, as described in
the Prospectus Supplement (as defined in the Agency
Agreement), as supplemented by the applicable Pricing
Supplement. Standard &#038; Poor&#146;s Ratings Services will use
the information received in the pending deposit message
described under the Settlement Procedure &#147;C&#148; below in
order to include the amount of any interest payable and
certain other information regarding the related Global
Note in the appropriate weekly bond report published by
Standard &#038; Poor&#146;s Ratings Services.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B - Page 19
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Notice of Interest
Payment and Regular
Record Dates:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On the first Business Day of January, April, July and
October of each year, the Trustee will deliver to the
Issuer and DTC a written list of Regular Record Dates and
Interest Payment Dates that will occur with respect to
Book-Entry Notes during the six-month period beginning on
such first Business Day. Promptly after each Interest
Determination Date or Calculation Date, as applicable (as
defined in or pursuant to the applicable Note) for
Floating Rate Notes, the Issuer, upon receiving notice
thereof, will notify Standard &#038; Poor&#146;s Ratings Services
of the interest rate determined on such Interest
Determination Date or Calculation Date, as applicable.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Calculation of
Interest:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest on Fixed Rate Book-Entry Notes (including
interest for partial periods) and interest rates on
Floating Rate Book-Entry Notes will be determined as set
forth in the form of Notes. With respect to Floating
Rate Book-Entry Notes, the Calculation Agent shall
determine the interest for each Interest Reset Date and
communicate such interest rate to the Issuer and the
Issuer will promptly notify the Trustee and the Paying
Agent of each such determination.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Payments of
Principal and
Interest:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Promptly after each Regular Record Date, the Trustee will
deliver to the Issuer and DTC a written notice specifying
by CUSIP number the amount of interest to be paid on each
Global Note on the following Interest Payment Date (other
than an Interest Payment Date coinciding with maturity)
and the total of such amounts. The Issuer will confirm
with the Trustee the amount payable on each Global Note
on such Interest Payment Date. DTC will confirm the
amount payable on each Global Note on such Interest
Payment Date by reference to the daily or weekly bond
reports published by Standard &#038; Poor&#146;s Ratings Services.
The Issuer will pay to the Trustee, as paying agent, the
total amount of interest due on such Interest Payment
Date (other than at maturity), and the Trustee will pay
such amount to DTC at the times and in the manner set
forth below under &#147;Manner of Payment&#148;.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Payments at Maturity:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On or about the first Business Day of each month, the
Trustee will deliver to the Issuer and DTC a written list
of principal and interest to be paid on each Global Note
maturing either at Stated Maturity or on a Redemption or
Repayment Date in the following month. The Issuer, the
Trustee and DTC will confirm the amounts of such
principal and interest payments with respect to each such
Global Note on or about the fifth Business Day preceding
the maturity of such Global Note. The Issuer will pay to
the Trustee, as paying agent, the</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 20
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">principal amount of
such Global Note, together with interest due at such
maturity. The Trustee will pay such amounts to DTC at
the times and in the manner set forth below under &#147;Manner
of Payment.&#148; Promptly after payment to DTC of the
principal and interest due at the maturity of such Global
Note, the Trustee will cancel and destroy such Global
Note in accordance with the terms of the Indenture and
deliver a certificate of destruction to the Issuer.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Manner of Payment:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The total amount of any principal and interest due on
Global Notes on any Interest Payment Date or at maturity
shall be paid by the Issuer to the Trustee in funds
available for use by the Trustee as of 9:30 A.M. (New
York City time), or as soon as practicable thereafter on
such date. The Issuer will confirm instructions
regarding payment in writing to the Trustee. Prior to
10:00&nbsp;A.M. (New York City time) on each Maturity Date or
as soon as possible thereafter, following receipt of such
funds from the Issuer, the Trustee will pay by separate
wire transfer (using Fedwire message entry instructions
in a form previously specified by DTC) to an account at
the Federal Reserve Bank of New York previously specified
by DTC, in funds available for immediate use by DTC, each
payment of principal (together with interest thereon) due
on Global Notes on any Maturity Date. On each Interest
Payment Date, interest payments shall be made to DTC in
same-day funds in accordance with existing arrangements
between the Trustee and DTC. Thereafter, on each such
date, DTC will pay, in accordance with its SDFS operating
procedures then in effect, such amounts in funds
available for immediate use to the respective
Participants in whose names the Book-Entry Notes
represented by such Global Notes are recorded in the
book-entry system maintained by DTC. Neither the Issuer
nor the Trustee shall have any direct responsibility or
liability for the payment by DTC to such Participants of
the principal of and interest on the Book-Entry Notes.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Withholding Taxes:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The amount of any taxes required under applicable law to
be withheld from any interest payment on a Book-Entry
Note will be determined and withheld by the Participant,
indirect participant in DTC or other Person responsible
for forwarding payments and materials directly to the
beneficial owner of such Note.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Acceptance
of Offers:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Agent will promptly advise the Issuer of each
reasonable offer to purchase Notes received by it, other
than those rejected by such Agent. Each Agent may, in its
discretion</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 21
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">reasonably exercised, without notice to the
Issuer, reject any offer received by it, in whole or in
part. The Issuer will have the right to withdraw, cancel
or modify such offer without notice and will have the
sole right to accept offers to purchase Notes and may
reject any such offer, in whole or in part. If the
Issuer rejects an offer, the Issuer will promptly notify
such Agent.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Settlement:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The receipt by the Issuer of immediately available funds
in payment for a Book-Entry Note and the authentication
and issuance of the Global Note or Global Notes
representing such Note shall constitute &#147;settlement&#148; with
respect to such Note. All orders accepted by the Issuer
will be settled on the third Business Day from the date
of the sale pursuant to the timetable for settlement set
forth below unless the Issuer and the purchaser agree to
settlement on another day which shall be no earlier than
the next Business Day.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Settlement Procedures:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Settlement Procedures with regard to each Book-Entry Note
sold by the For Issuer through an Agent as agent, shall
be as follows:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For each offer accepted by the Issuer, the Presenting
Agent shall communicate to the Issuer, Attention: Thomas
J. Sargeant, CFO (Fax No.: (703)&nbsp;329-0060), who will
provide a copy to the Trustee, Attention: Ward Spooner
(Fax No.: (212)&nbsp;361-6153) and the Designated Agent, if
any, by facsimile transmission or other acceptable means,
the information set forth below:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Principal amount.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Maturity Date of Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>In the case of a Fixed Rate Book-Entry Note, the
interest rate or, in the case of a Floating Rate
Book-Entry Note, the Interest Rate Formula, the Initial
Interest Rate (if known at such time), Index Maturity,
Interest Reset Period, Interest Reset Dates, Spread or
Spread Multiplier (if any), Minimum Interest Rate (if
any) and Maximum Interest Rate (if any).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Interest Payment Period and Interest Payment Dates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Redemption provisions, if any.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 22
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Repayment provisions, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Settlement date (Original Issue Date).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Price to public of the Note (expressed as a percentage).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Agent&#146;s commission (to be paid in the form of a
discount from the proceeds remitted to the Issuer upon
settlement).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Original issue discount provisions if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>In the case of Currency Indexed Notes, the above-listed
information, as applicable, and the Base Exchange
Rate(s), Base Interest Rate and Indexed Currencies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>In the case of Dual Currency Notes, the above-listed
information, as applicable, and the Optional Payment
Currency, Designated Exchange Rate and Optional Election
Dates.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD>Net proceeds to the Issuer.</TD>
</TR>
</TABLE>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will confirm the information set forth in
Settlement Procedure &#147;A&#148; above by telephone with such
Agent and the Issuer.

</TD>
</TR>

</TABLE>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>
The Trustee will assign a CUSIP number to the Global Note
representing such Note and will telephone the Issuer and
advise the Issuer of such CUSIP number. The Trustee will
enter a pending deposit message through DTC&#146;s Participant
Terminal System, providing the following settlement
information to DTC (which shall route such information to
Standard &#038; Poor&#146;s Ratings Services) and the Presenting
Agent:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>The applicable information set forth in Settlement
Procedure &#147;A&#148;.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Identification as a Fixed Rate Book-Entry Note or a
Floating Rate Book-Entry Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Initial Interest Payment Date for such Note, number of
days by which such date succeeds the related DTC Record
Date (which, in the case of Floating Rate Notes which
reset daily or weekly shall be the date five</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B - Page 23
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>calendar
days immediately preceding the applicable Interest
Payment Date and in the case of all other Notes shall be
the Regular Record Date as defined in the Note), the
amount of interest payable on such Interest Payment Date
per $1,000 principal amount of Notes at Maturity, and
amount of interest payable per $1,000 principal amount of
Notes in the case of Fixed Rate Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSIP number of the Global Note representing such Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether such Global Note will represent any other
Book-Entry Note (to the extent known at such time).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent the Issuer has not already done so, the
Issuer will deliver to the Trustee a Pricing Supplement
in a form that has been approved by the Issuer and the
Agents. The Issuer will also deliver to the Trustee a
Global Note representing such Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will complete and authenticate the Global
Note representing such Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DTC will credit such Note to the Trustee&#146;s participant
account at DTC.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will enter an SDFS deliver order through
DTC&#146;s Participant Terminal System instructing DTC to (i)
debit such Note to the Trustee&#146;s participant account and
credit such Note to such Agent&#146;s participant account and
(ii)&nbsp;debit such Agent&#146;s settlement account and credit the
Trustee&#146;s settlement account for an amount equal to the
price of such Note less such Agent&#146;s commission. The
entry of such a deliver order shall constitute a
representation and warranty by the Trustee to DTC that
(i)&nbsp;the Global Note representing such Book-Entry Note has
been executed, delivered and authenticated and (ii)&nbsp;the
Trustee is holding such Global Note pursuant to the
relevant Medium-Term Note Certificate Agreement between
the Trustee and DTC.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Agent will enter an SDFS deliver order through DTC&#146;s
Participant Terminal System instructing DTC (i)&nbsp;to debit
such Note to such Agent&#146;s participant account and credit
such Note to the participant accounts of the Participants
with respect to such Note and (ii)&nbsp;to debit the
settlement accounts of such</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 24
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participants and credit the
settlement account of such Agent for an amount equal to
the price of such Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transfers of funds in accordance with SDFS deliver orders
described in Settlement Procedures &#147;G&#148; and &#147;H&#148; will be
settled in accordance with SDFS operating procedures in
effect on the settlement date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee, upon confirming receipt of such funds in
accordance with Settlement Procedure &#147;G,&#148; will wire
transfer to the following account of the Issuer:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of America</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Account Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AvalonBay Communities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Concentration Account</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Account Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3752291106</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ABA Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111000012</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in funds available for immediate use, the amount
transferred to the Trustee in accordance with Settlement
Procedure &#147;G.&#148;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Agent will confirm the purchase of such Note to the
purchaser either by transmitting to the Participants with
respect to such Note a confirmation order or orders
through DTC&#146;s institutional delivery system or by mailing
a written confirmation to such purchaser.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Settlement<BR>
Procedure Timetable:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For orders of Book-Entry Notes solicited by the Agent, as
agent, and accepted by the Issuer for settlement on the
first Business Day after the sale date, Settlement
Procedures &#147;A&#148; through &#147;K&#148; set forth above shall be
completed as soon as possible but not later than the
respective times (New York City time) set forth below:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Settlement</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Procedure Time</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11:00&nbsp;a.m. on the sale date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:00 noon on the sale date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2:00 p.m. on the sale date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3:00 p.m. on the day before settlement</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9:00 a.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10:00&nbsp;a.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">G-H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2:00 p.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4:45 p.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">J-K
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5:00 p.m. on settlement date</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If a sale is to be settled two Business Days after the
sale date,</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 25
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Settlement Procedures &#147;A,&#148; &#147;B&#148; and &#147;C&#148; shall
be completed as soon as practicable but not later than
11:00&nbsp;a.m., 12:00 noon and 2:00 p.m., as the case may be,
on the first Business Day after the sale date.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If a sale is to be settled more than two Business Days
after the sale date, Settlement Procedure &#147;A&#148; shall be
completed as soon as practicable but no later than 11:00
a.m. on the first Business Day after the sale date and
Settlement Procedures &#147;B&#148; and &#147;C&#148; shall be completed as
soon as practicable but no later than 12:00 noon and 2:00
p.m., as the case may be, on the second Business Day
before the settlement date. If the initial interest rate
for a Floating Rate Book-Entry Note has not been
determined at the time that Settlement Procedure &#147;A&#148; is
completed, Settlement Procedures &#147;B&#148; and &#147;C&#148; shall be
completed as soon as such rate has been determined but
not later than 12:00 noon and 2:00 p.m., respectively, on
the Business Day before the settlement date. Settlement
Procedure &#147;I&#148; is subject to extension in accordance with
any extension of Fedwire closing deadlines and in the
other events specified in the SDFS operating procedures
in effect on the settlement date.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If settlement of a Book-Entry Note is rescheduled or
canceled, the Trustee, upon receipt of notice from the
Issuer, will deliver to DTC, through DTC&#146;s Participant
Terminal System, a cancellation message to such effect by
no later than 2:00 p.m. on the Business Day immediately
preceding the scheduled settlement date.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Failure to Settle:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If an Agent or Trustee fails to enter an SDFS deliver
order with respect to a Book-Entry Note pursuant to
Settlement Procedure &#147;G,&#148; the Trustee may deliver to DTC,
through DTC&#146;s Participant Terminal System, as soon as
practicable, a withdrawal message instructing DTC to
debit such Note to the Trustee&#146;s participant account.
DTC will process the withdrawal message, provided that
the Trustee&#146;s participant account contains a principal
amount of the Global Note representing such Note that is
at least equal to the principal amount to be debited. If
a withdrawal message is processed with respect to all the
Book-Entry Notes represented by a Global Note, the
Trustee will mark such Global Note &#147;canceled&#148;, make
appropriate entries in its records and send such canceled
Global Note to the Issuer. The CUSIP number assigned to
such Global Note shall, in accordance with CUSIP Service
Bureau procedures, be canceled and not immediately</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 26
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">reassigned. If a withdrawal message is processed with
respect to one or more, but not all, of the Book-Entry
Notes represented by a Global Note, the Trustee will
exchange such Global Note for two Global Notes, one of
which shall represent such Book-Entry Note or Notes and
shall be canceled immediately after issuance and the
other of which shall represent the remaining Book-Entry
Notes previously represented by the surrendered Global
Note and shall bear the CUSIP number of the surrendered
Global Note.</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the purchase price for any Book-Entry Note is not
timely paid to the Participants with respect to such Note
by the beneficial purchaser thereof (or a person,
including an indirect participant in DTC, acting on
behalf of such purchaser), such Participants and, in
turn, the Presenting Agent may enter SDFS deliver orders
through DTC&#146;s Participant Terminal system reversing the
orders entered pursuant to Settlement Procedures &#147;G&#148; and
&#147;H,&#148; respectively. Thereafter, the Trustee will deliver
the withdrawal message and take the applicable related
actions described in the preceding paragraph. If such
failure shall have occurred for any reason other than the
failure of the Presenting Agent to provide the Purchase
Information to the Issuer or to provide a confirmation to
the purchaser, the Issuer will reimburse the Presenting
Agent on an equitable basis for its loss of the use of
funds during the period when they were credited to the
account of the Issuer.</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notwithstanding the foregoing, upon any failure to settle
with respect to a Book-Entry Note, DTC may take any
actions in accordance with its SDFS operating procedures
then in effect. In the event of a failure to settle with
respect to one or more, but not all, of the Book-Entry
Notes to have been represented by a Global Note, the
Trustee will provide, in accordance with Settlement
Procedures &#147;D&#148; and &#147;E,&#148; for the authentication and
issuance of a Global Note representing the other
Book-Entry Notes to have been represented by such Global
Note and will make appropriate entries in its records.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Procedure for Rate<BR>
Changes:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer and each Agent will discuss from time to time
the price of, and the rates to be borne by, the Notes
that may be sold as a result of the solicitation of
offers by any Agent. Once an Agent has recorded any
indication of interest in Notes upon certain terms, and
communicated with the Issuer, if the Issuer plans to
accept an offer to purchase Notes upon such terms, it
will prepare a Pricing Supplement to the Prospectus, as
then amended or supplemented, reflecting the terms of
such</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 27
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notes and will arrange to transmit such Pricing
Supplement to the Commission for filing in accordance
with and within the time prescribed by the applicable
paragraph of Rule&nbsp;424(b) under the Act. The Issuer will
supply at least two copies of the Prospectus as then
amended or supplemented, and bearing such Pricing
Supplement, to the Presenting Agent. The Issuer shall use
its reasonable best efforts to send such Pricing
Supplement by telecopy or overnight express (for delivery
by the close of business on the applicable trade date,
but in no event later than 11:00&nbsp;a.m. New York City time,
on the Business Day following the applicable trade date)
to the Presenting Agent and the Trustee at the following
applicable address:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banc of America Securities LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to both:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continuously Offered Products</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 No.&nbsp;Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9939<SUP>7</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Syndicate Operations</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 North Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9212<SUP>8</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Annabelle Avila</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn Army Terminal</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">140 58th Street, 8th Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn, NY 11220</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (718)&nbsp;765-6725</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (718)&nbsp;765-6734</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fleet Securities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: John Crees</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Federal Street MADE 10012H</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02110</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;434-5983</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">_________________



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><SUP>7</SUP> Please send by telecopy rather than mail.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><SUP>8</SUP> Please send by telecopy rather than mail.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 28
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;434-8702</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Medium-Term Note Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">270 Park Avenue, 8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10017</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;834-4421</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;834-6081<SUP>9</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Fixed Income Syndicate/</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Medium Term Notes Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">745 Seventh Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;526-9664</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;526-0943</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADP Prospectus Services</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Client Services Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1155 Long Island Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edgewood, NY 11717</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (631)&nbsp;254-7268</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Legal Department</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-4000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;761-0783</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Debt Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-2000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Capital Markets, LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Corporate Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">301 South College St., DC-8</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">____________________



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><SUP>9</SUP> Please send by telecopy with original to follow by mail.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 29
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One Wachovia Center</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28288</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: 704-383-7727</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: 704-383-9165</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US Bank, National Association (the Trustee)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Ward Spooner</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Wall Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10005</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;361-6175</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;361-6153</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Designated Agent, if any.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For record keeping purposes, one copy of such Pricing<BR>
Supplement shall also be mailed to:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O&#146;Melveny &#038; Myers LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">275 Battery Street, Suite&nbsp;2600</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA 94111-3305</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Peter T. Healy, Esq.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (415)&nbsp;984-8701</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Goodwin Procter llp</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exchange Place</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">53 State Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02109-2281</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Gilbert G. Menna, P.C.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;570-1433</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;523-1231</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In each instance that a Pricing Supplement is prepared,
the Presenting Agent will provide a copy of such Pricing
Supplement to each investor or purchaser of the relevant
Notes or its agent. Pursuant to Rule&nbsp;434 of the
Securities Act of 1933, as amended, the Pricing
Supplement may be delivered separately from the
Prospectus. No settlements with respect to Notes upon
such terms may occur prior to such transmitting and such
Agent will not, prior to such transmitting, mail
confirmations to customers who have offered to purchase
Notes upon such terms. After such transmitting, sales,
mailing of confirmations and settlements may occur with
respect to Notes upon such terms, subject to the
provisions of &#147;Delivery of Prospectus&#148; below. Outdated
Stickers, and copies of the</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 30
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prospectus to which they are
attached (other than those retained for files), will be
destroyed.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Suspension of
Solicitation;
Amendment or
Supplement:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As provided in the Agency Agreement, the Issuer may
suspend solicitation of purchase at any time, and, upon
receipt of notice from the Issuer, the Agents will as
promptly as practicable, but in no event later than one
Business Day following such notice, suspend solicitation
until such time as the Issuer has advised them that
solicitation of purchases may be resumed.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the Agents receive the notice from the Issuer
contemplated by Section&nbsp;4(b) of the Agency Agreement,
they will promptly suspend solicitation and will only
resume solicitation as provided in the Agency Agreement.
If the Issuer decides to amend or supplement the
Registration Statement or the Prospectus relating to the
Notes, it will promptly advise the Agents and will
furnish the Agents with the proposed amendment or
supplement in accordance with the terms of the Agency
Agreement. The Issuer will promptly file or mail to the
Commission for filing such amendment or supplement,
provide the Agents with copies of any such amendment or
supplement, confirm to the Agents that such amendment or
supplement has been filed with the Commission and advise
the Agents that solicitation may be resumed. Any such
suspension shall not affect the Issuer&#146;s obligations
under the Agency Agreement; and in the event that at the
time the Issuer suspends solicitation of purchases there
shall be any offers already accepted by the Issuer
outstanding for settlement, the Issuer will have the sole
responsibility for fulfilling such obligations; the
Agents will make reasonable efforts to assist the Issuer
to fulfill such obligations, but the Agents will not be
obligated to fulfill such obligations. The Issuer will
in addition promptly advise the Agents and the Trustee if
such offers are not to be settled and if copies of the
Prospectus as in effect at the time of the suspension may
not be delivered in connection with the settlement of
such offers.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Delivery of
Prospectus:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A copy of the Prospectus, as most recently amended or
supplemented on the date of delivery thereof (except as
provided below), must be delivered to a purchaser prior
to or together with the earlier of delivery of (i)&nbsp;the
written confirmation provided for above, and (ii)&nbsp;any
Note purchased by such purchaser at the following
address:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 31
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banc of America Securities LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to both:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continuously Offered Products</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 No.&nbsp;Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9939<SUP>10</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Syndicate Operations</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 North Tryon Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28255</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mail Code: NC 1007-07-01</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (704)&nbsp;388-9212<SUP>11</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Annabelle Avila</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn Army Terminal</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">140 58<SUP>th</SUP> Street, 8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn, NY 11220</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (718)&nbsp;765-6725</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (718)&nbsp;765-6734</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fleet Securities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: John Crees</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Federal Street MADE 10012H</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02110</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;434-5983</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;434-8702</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Medium-Term Note Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">270 Park Avenue, 8<SUP>th</SUP> Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10017</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;834-4421</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;834-6081<SUP>12</SUP></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Fixed Income Syndicate/</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Medium Term Notes Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">745 Seventh Avenue</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">___________________



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><SUP>10</SUP> Please send by telecopy rather than mail.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><SUP>11</SUP> Please send by telecopy rather than mail.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><SUP>12</SUP> Please send by telecopy with original to follow by mail.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 32
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;526-9664</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;526-0943</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADP Prospectus Services</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For Lehman Brothers Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Client Services Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1155 Long Island Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edgewood, NY 11717</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (631)&nbsp;254-7268</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Legal Department</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-4000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;761-0783</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Debt Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1585 Broadway</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;761-2000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Capital Markets, LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Corporate Syndicate Desk</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">301 South College St., DC-8</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One Wachovia Center</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, NC 28288</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: 704-383-7727</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: 704-383-9165</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US Bank, National Association (the Trustee)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Ward Spooner</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Wall Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10005</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (212)&nbsp;361-6175</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;361-6153</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Designated Agent, if any.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 33
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="margin-left:27%; font-size: 10pt">For record keeping purposes, one copy of such Pricing<BR>
Supplement shall also be mailed to:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O&#146;Melveny &#038; Myers LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">275 Battery Street, Suite&nbsp;2600</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA 94111-3305</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Peter T. Healy, Esq.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (415)&nbsp;984-8701</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Goodwin Procter llp</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exchange Place</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">53 State Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02109-2281</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Gilbert G. Menna, P.C.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone Number: (617)&nbsp;570-1433</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (617)&nbsp;523-1231</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:27%; font-size: 10pt">The Issuer shall ensure that the Presenting Agent
receives copies of the Prospectus and each amendment or
supplement thereto (including appropriate Pricing
Supplements) in such quantities and within such time
limits as will enable the Presenting Agent to deliver
such confirmation or Note to a purchaser as contemplated
by these procedures and in compliance with the preceding
sentence. If, since the date of acceptance of a
purchaser&#146;s offer, the Prospectus shall have been
supplemented solely to reflect any sale of Notes on terms
different from those agreed to between the Issuer and
such purchaser or a change in posted rates not applicable
to such purchaser, such purchaser shall not receive the
Prospectus as supplemented by such new supplement, but
shall receive the Prospectus as supplemented to reflect
the terms of the Notes being purchased by such purchaser
and otherwise as most recently amended or supplemented on
the date of delivery of the Prospectus.


<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 34
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PART III</B>



<P align="center" style="font-size: 10pt"><B>ADMINISTRATIVE PROCEDURES FOR MASTER NOTE<BR>
METHOD OF BOOK-ENTRY NOTES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following explains the administrative procedures for the Master Note
method of the DTC book-entry system. Any reference to &#147;Book-Entry Notes&#148; in
this Part&nbsp;III refers to the Master Note method (for a discussion of the Global
Note method of the book-entry system, see Part&nbsp;II above). (Certain generally
applicable administrative procedures are set forth in Part&nbsp;I above. See
&#147;Issue/Authentication Date,&#148; &#147;Price to Public,&#148; &#147;Minimum Purchase,&#148;
&#147;Authenticity of Signatures,&#148; &#147;Advertising Cost,&#148; and &#147;Business Day&#148;). In
connection with the qualification of the Book-Entry Notes for eligibility in
the book-entry system maintained by DTC, the Trustee will perform the
custodial, document control and administrative functions described below, in
accordance with its respective obligations under a Letter of Representations
(the &#147;Letter&#148;) from the Issuer and the Trustee to DTC dated as of December&nbsp;21,
1998, and a Medium-Term Note Certificate Agreement between the Trustee and DTC
and its obligations as a participant in DTC, including DTC&#146;s Same-Day Funds
Settlement System (&#147;SDFS&#148;). Both Fixed and Floating Rate Notes denominated and
payable in U.S. dollars may be issued in book-entry form. Single and
Multi-Indexed Notes may also be issued in book-entry form.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Issuance:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On or before any date of settlement (as defined under &#147;Settlement&#148;
below) for one or more Book-Entry Notes represented by one or more
Master Notes, the Issuer will deliver one or more Pricing Supplements
(with a Prospectus and a Prospectus Supplement attached thereto
unless previously delivered to the Trustee) to the Trustee
identifying each issue of Book-Entry Notes that have the same Stated
Maturity, redemption provisions, if any, Interest Payment Dates,
Original Issue Date, original issue discount provisions, if any, and,
in the case of Fixed Rate Notes, interest rate, or, in case of
Floating Rate Notes, interest rate formula, initial interest rate,
Index Maturity, Interest Reset Period, Interest Reset Dates, Spread
or Spread Multiplier (if any), minimum interest rate (if any) and
maximum interest rate (if any) and, in the case of Fixed Rate Notes
or Floating Rate Notes that are also Currency Indexed Notes,
Specified Currency, Indexed Currency, Face Amount and Base Exchange
Rate and the Base Interest Rate, if any, or that are also Other
Indexed Notes, the same terms (all of the foregoing are collectively
referred to as the &#147;Terms&#148;). Each Pricing Supplement shall be
accompanied by a letter from the</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 35
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuer (i)&nbsp;advising the Trustee that
as of the date of such letter, the Issuer has issued Notes pursuant
to the Indenture having the Terms specified in such Pricing
Supplement, (ii)&nbsp;confirming that such Notes are debt obligations of
the Issuer referred to and evidenced by the Master Note registered in
the name of Cede &#038; Co., as nominee for DTC and (iii)&nbsp;requesting the
Trustee to make an appropriate entry identifying such debt
obligations on the records of the Issuer maintained by the Trustee.
Each Book-Entry Note will be deemed to have been dated and issued as
of the settlement date, which date shall be the Original Issue Date.
No Master Note will represent any Certificated Note.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Identification Numbers:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Issuer has arranged with the CUSIP Service Bureau of Standard &#038;
Poor&#146;s Ratings Services (the &#147;CUSIP Service Bureau&#148;) for the
reservation of a series of CUSIP numbers, consisting of approximately
900 CUSIP numbers relating to Book-Entry Notes. The Trustee, the
Issuer and DTC have obtained from the CUSIP Service Bureau a written
list of such reserved CUSIP numbers. The Trustee will assign CUSIP
numbers to each issue of Book-Entry Notes identified by a Pricing
Supplement as described below under Settlement Procedure &#147;B.&#148; DTC
will notify the CUSIP Service Bureau periodically of the CUSIP
numbers that the Trustee has assigned to each issue of Book-Entry
Notes. The Trustee will notify the Issuer at any time when fewer
than 100 of the reserved CUSIP numbers remain unassigned to issue of
Book-Entry Notes, and, if it deems necessary, the Issuer will reserve
additional CUSIP numbers for assignment to issues of Book-Entry
Notes. Upon obtaining such additional CUSIP numbers, the Issuer
shall deliver a list of such additional CUSIP numbers to the Trustee
and DTC.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 36
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Registration:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Master Note representing the Book-Entry Notes will be issued only
in fully registered form without coupons. The Master Note will be
registered in the name of Cede &#038; Co., as nominee for DTC, on the
Securities Register maintained under the Indenture. The beneficial
owner of a Book-Entry Note (or one or more indirect participants in
DTC designated by such owner) will designate one or more direct
participants in DTC (with respect to such Book-Entry Note, the
&#147;Participants&#148;) to act as agent or agents for such owner in
connection with the book-entry system maintained by DTC, and DTC will
record in book-entry form, in accordance with instructions provided
by such Participants, a credit balance with respect to such Note in
the account of such Participants. The ownership interest of such
beneficial owner in such Book-Entry Note will be recorded through the
records of such Participants or through the separate records of such
Participants and one or more indirect participants in DTC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Transfers:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfers of a Book-Entry Note will be accomplished by book entries
made by DTC and, in turn, by Participants (and, in certain cases, one
or more indirect participants in DTC) acting on behalf of beneficial
transferors and transferees of such Note.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Exchanges:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Trustee may deliver to DTC and the CUSIP Service Bureau at any
time a written notice of consolidation specifying (i)&nbsp;the CUSIP
numbers set forth on two or more Pricing Supplements that identify
issues of Book-Entry Notes having the same Terms and for which
interest has been paid to the same date, (ii)&nbsp;a date, occurring at
least thirty days after such written notice is delivered and at least
thirty days before the next Interest Payment Date for such issues of
Book-Entry Notes, and (iii)&nbsp;a new CUSIP number to be assigned to such
issues of Book-Entry Notes having the same terms. Upon receipt of
such a notice, DTC will send to its Participants (including the
Trustee) a written reorganization notice to the effect that such
exchange will occur on such date. Prior to the specified exchange
date, the Trustee will deliver to the CUSIP Service Bureau a written
notice setting forth such exchange date and the new CUSIP number and</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 37
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">stating that, as of such exchange date, the CUSIP numbers of the
relevant issues of Book-Entry Notes will no longer be valid. On the
specified exchange date, the CUSIP numbers of the relevant issues of
Book-Entry Notes will, in accordance with CUSIP Service Bureau
procedures, be canceled and not immediately reassigned.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Maturities:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Issue of Book-Entry Notes will mature on a Business Day nine
months or more from the settlement date for such issue of Book-Entry
Notes.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Notice of Repayment:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With respect to each Book-Entry Note that is repayable at the option
of the Holder the Trustee will furnish DTC on the settlement date
pertaining to such Book-Entry Note a notice setting forth the terms
of such repayment option. Such terms shall include the start date
and end dates of the first exercise period, the purchase date
following such exercise period, the frequency that such exercise
periods occur (<I>e.g..</I>, quarterly, semiannually, annually, etc.) and if
the repayment option expires before maturity, the same information
(except frequency) concerning the last exercise period. It is
understood that the exercise period shall be at least 15 calendar
days long and that the purchase date shall be at least seven calendar
days after the last day of the exercise period.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Redemption and
Repayment:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Trustee will comply with the terms of the Letter with regard to
redemptions and repayments of the Notes. If an issue of Book-Entry
Notes is to be redeemed or repaid in part, the Trustee will make
appropriate entries in its records to reflect the remaining portion
of such issue of Book Entry Notes, which portion shall bear the same
CUSIP number as prior to the redemption or repayment, as the case may
be.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Denominations:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Book-Entry Notes will be issued in principal amounts of $1,000 or any
amount in excess thereof that is an integral multiple of $1,000.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 38
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Interest:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General. Interest on each Book-Entry Note will begin to accrue from
the Original Issue Date of an issue of Book-Entry Notes or from the
most recent date to which interest has been paid, as the case may be,
and will be calculated and paid in the manner described in the
Prospectus Supplement (as defined in the Agency Agreement), as
supplemented by the applicable Pricing Supplement. Standard &#038; Poor&#146;s
Ratings Services will use the information received in the pending
deposit message described under the Settlement Procedure &#147;C&#148; below in
order to include the amount of any interest payable and certain other
information regarding the related issue of Book-Entry Notes in the
appropriate weekly bond report published by Standard &#038; Poor&#146;s Ratings
Services.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Notice of Interest Payment
and Regular Record Dates:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On the first Business Day of January, April, July and October of each
year, the Trustee will deliver to the Issuer and DTC a written list
of Regular Record Dates and Interest Payment Dates that will occur
with respect to Book-Entry Notes during the six-month period
beginning on such first Business Day. Promptly after each Interest
Determination Date or Calculation Date, as applicable (as set forth
in the Prospectus Supplement, as supplemented by the applicable
Pricing Supplement and pursuant to the applicable Note) for Floating
Rate Notes, the Issuer, upon receiving notice thereof, will notify
Standard &#038; Poor&#146;s Ratings Services of the interest rate determined on
such Interest Determination Date or Calculation Date, as applicable.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Calculation of Interest:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest on Fixed Rate Book-Entry Notes (including interest for
partial periods) and interest rates on Floating Rate Book-Entry Notes
will be determined as set forth in the Prospectus Supplement, as
supplemented by the applicable Pricing Supplement, and pursuant to
the applicable form of Notes. With respect to Floating Rate
Book-Entry Notes, the Calculation Agent shall determine the interest
for each Interest Reset Date and communicate such interest rate to
the Issuer and the Issuer will promptly notify the Trustee and the
Paying Agent of each such determination.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 39
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Payments of Principal and
Payment of Interest Only
Interest:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Promptly after each Regular Record Date, the Trustee will deliver to
the Issuer and DTC a written notice specifying by CUSIP number the
amount of interest to be paid on each issue of Book-entry Notes on
the following Interest Payment Date (other than an Interest Payment
Date coinciding with maturity) and the total of such amounts. The
Issuer will confirm with the Trustee the amount payable on each issue
of Book-Entry Notes on such Interest Payment Date. DTC will confirm
the amount payable on each issue of Book-Entry Notes on such Interest
Payment Date by reference to the daily or weekly bond reports
published by Standard &#038; Poor&#146;s Ratings Services. The Issuer will pay
to the Trustee, as paying agent, the total amount of interest due on
such Interest Payment Date (other than the maturity), and the Trustee
will pay such amount to DTC at the times and in the manner set forth
below under &#147;Manner of Payment.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Payments at Maturity:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On or about the first Business Day of each month, the Trustee will
deliver to the Issuer and DTC a written list of principal and
interest to be paid on each issue of Book-Entry Notes represented by
a single CUSIP number maturing either at Stated Maturity or on a
Redemption or Repayment Date in the following month. The Issuer, the
Trustee and DTC will confirm the amounts of such principal and
interest payments with respect to each such issue of Book-Entry Notes
on or about the fifth Business Day preceding the maturity of such
issue of Book-Entry Notes. The Issuer will pay to the Trustee, as
paying agent, the principal amount of each issue of Book-Entry Notes
identified by a single CUSIP number, together with interest due at
such maturity. The Trustee will pay such amounts to DTC at the times
and in the manner set forth below under &#147;Manner of Payment&#148;.
Promptly after payment to DTC of the principal and interest due at
the maturity of each issue of Book-Entry Notes, the Trustee will
reduce the principal amount of the Master Note representing the issue
of Book-Entry Notes and so advise the Issuer.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 40
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Manner of Payment:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The total amount of any principal and interest due on each issue of
Book-Entry Notes identified by a single CUSIP number on any Interest
Payment Date or at maturity shall be paid by the Issuer to the
Trustee in funds available for use by the Trustee as of 9:30 A.M.
(New York City time), or as soon as practicable thereafter on such
date. The Issuer will confirm instructions regarding payment in
writing to the Trustee. Prior to 10:00&nbsp;A.M. (New York City time) on
each Maturity Date or as soon as possible thereafter, following
receipt of such funds from the Issuer, the Trustee will pay by
separate wire transfer (using Fedwire message entry instructions in a
form previously specified by DTC) to an account at the Federal
Reserve Bank of New York previously specified by DTC, in funds
available for immediate use by DTC, each payment of principal
(together with interest thereon) due on each issue of Book-Entry
Notes on any Maturity Date. On each Interest Payment Date, interest
payments shall be made to DTC in same-day funds in accordance with
existing arrangements between the Trustee and DTC. Thereafter, on
each such date, DTC will pay, in accordance with its SDFS operating
procedures then in effect, such amounts in funds available for
immediate use to the respective Participants in whose names the
Book-Entry represented by the Master Note are recorded in the
book-entry system maintained by DTC. Neither the Issuer nor the
Trustee shall have any direct responsibility or liability for the
payment by DTC to such Participants of the principal of and interest
on the Book-Entry Notes.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Withholding Taxes:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The amount of any taxes required under applicable law to be withheld
from any interest payment on a Book-Entry Note will be determined and
withheld by the Participant, indirect participant in DTC or other
Person responsible for forwarding payments and materials directly to
the beneficial owner of such Note.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 41
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Acceptance of Offers:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Agent will promptly advise the Issuer of each reasonable offer
to purchase Notes received by it, other than those rejected by the
Agent. Such Agent may, in its discretion reasonably exercised,
without notice to the Issuer, reject any offer received by it, in
whole or in part. The Issuer will have the sole right to accept
offers to purchase Notes and may reject any such offer, in whole or
in part. If the Issuer rejects an offer, the Issuer will promptly
notify such Agent.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Settlement:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The receipt by the Issuer of immediately available funds in payment
for a Book-Entry Note and receipt by the Trustee of a property
completed by the Trustee of a properly completed Pricing Supplement
shall constitute &#147;settlement&#148; with respect to such Book-Entry Note.
All orders accepted by the Issuer will be settled on the third
Business Day from the date of the sale pursuant to the timetable for
settlement set forth below unless the Issuer and the purchaser agree
to settlement on another day which shall be no earlier than the next
Business Day.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;Settlement
Procedures:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Settlement Procedures with regard to each Book-Entry Note sold by the
Issuer through an Agent as agent, shall be as follows:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For each offer accepted by the Issuer, the Presenting Agent shall
communicate to the Issuer, Attention: Thomas J. Sargeant, CFO (Fax
No.: (703)&nbsp;329-0060) who will provide a copy to the Trustee,
Attention: Ward Spooner (Fax No.: (212)&nbsp;361-6153) and the Designated
Agent, if any, by facsimile transmission or other acceptable means,
the information set forth below:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="24%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD>Principal amount.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD>Maturity Date of Notes.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 42
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>In the case of a Fixed Rate Book-Entry Note, the interest rate or,
in the case of a Floating Rate Book-Entry Note, the interest rate
formula, the Initial Interest Rate (if known at such time), Index
Maturity, Interest Reset Period, Interest Reset Dates, Spread or
Spread Multiplier (if any), minimum interest rate (if any) and
maximum interest rate (if any).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Interest Payment Period and Interest Payment Dates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Redemption provisions, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repayment provisions, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Settlement date (Original Issue Date).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Price to public of the Note (expressed as a percentage).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Agent&#146;s commission (to be paid in the form of a discount from the
proceeds remitted to the Issuer upon settlement).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Original issue discount provisions if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>In the case of Currency Indexed Notes, the above-listed
information, as applicable, and the Base Exchange Rate(s), Base
Interest Rate and Indexed Currencies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>In the case of Dual Currency Notes, the above-listed information,
as applicable, and the Optional Payment Currency, Designated Exchange
Rate and Optional Election Dates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Net proceeds to the Issuer.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will confirm the information set forth in Settlement
Procedure &#147;A&#148; above by telephone with such Agent and the Issuer.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 43
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will assign a CUSIP number to the issue of Book-Entry
Notes and will telephone the Issuer and notify the Issuer of such
CUSIP number. The Trustee will enter a pending deposit message
through DTC&#146;s Participant Terminal System, providing the following
settlement information to DTC (which shall route such information to
Standard &#038; Poor&#146;s Ratings Services) and the Presenting Agent:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="24%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>The applicable information set forth in Settlement Procedure &#147;A.&#148;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Identification as a Fixed Rate Book-Entry Note or a Floating Rate
Book-Entry Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Initial Interest Payment Date for each issue of Book-Entry Notes of
days by which such date succeeds the related DTC Record Date (which,
in the case of Floating Rate Notes which reset daily or weekly shall
be the date five calendar days immediately preceding the applicable
Interest Payment Date and in the case of all other Notes shall be the
Regular Record Date as defined in the Prospectus Supplement), the
amount of interest payable on such Interest Payment Date per $1,000
principal amount of Notes at Maturity, and amount of interest payable
per $1,000 principal amount of Notes in the case of Fixed Rate Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>CUSIP number of the such issue of Book-Entry Notes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Whether such CUSIP number will identify any other issue of
Book-Entry Notes (to the extent known at such time).
</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD colspan="2">To the extent the Issuer has not already done so, the Issuer will
deliver to the Trustee a Pricing Supplement in a form that has been
approved by the Issuer and the Agents and a letter advising of the
relevant Issuance.
</TD>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD colspan="2">DTC will credit such Book-Entry Notes to the Trustee&#146;s participant
account at DTC.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 44
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will enter an SDFS deliver order through DTC&#146;s
Participant Terminal System instructing DTC to (i)&nbsp;debit such
Book-Entry Notes to the Trustee&#146;s participant account and credit such
Book-Entry Notes to such Agent&#146;s participant account and (ii)&nbsp;debit
such Agent&#146;s settlement account and credit the Trustee&#146;s settlement
account for an amount equal to the price of such Book-Entry Notes
less such Agent&#146;s commission. The entry of such a deliver order
shall constitute a representation and warranty by the Trustee to DTC
that (i)&nbsp;such Book-Entry Notes have been executed, delivered and
authenticated and (ii)&nbsp;the Trustee is holding the Master Note
representing such Book-Entry Notes pursuant to the relevant
Medium-Term Note Certificate Agreement between the Trustee and DTC.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Agent will enter an SDFS deliver order through DTC&#146;s Participant
Terminal System instructing DTC (i)&nbsp;to debit such Note to such
Agent&#146;s participant account and credit such Note to the participant
accounts of the Participants with respect to such Note and (ii)&nbsp;to
debit the settlement accounts of such Participants and credit the
settlement account of such Agent for an amount equal to the price of
such Note.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transfers of funds in accordance with SDFS deliver orders described
in Settlement Procedures &#147;F&#148; and &#147;G&#148; will be settled in accordance
with SDFS operating procedures in effect on the settlement date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee, upon confirming receipt of such funds in accordance with
Settlement Procedure &#147;F,&#148; will wire transfer to the following account
of the Issuer:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of America</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Account Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AvalonBay Communities, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Account Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Concentration Account</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ABA Number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3752291106</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111000012</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in funds available for immediate use, the amount transferred to the
Trustee in accordance with Settlement Procedure &#147;F.&#148;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 45


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An Agent will confirm the purchase of such Note to the purchaser
either by transmitting to the Participants with respect to such Note
a confirmation order or orders through DTC&#146;s institutional delivery
system or by mailing a written confirmation to such purchaser.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Settlement Procedures<BR>
Timetable:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For orders of Book-Entry Notes solicited by an Agent, as agent, and
accepted by the Issuer for settlement on the first Business Day after
the sale date, Settlement Procedures &#147;A&#148; through &#147;J&#148; set forth above
shall be completed as soon as possible but not later than the
respective times (New York City time) set forth below:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Settlement</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Procedure</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11:00&nbsp;a.m. on the sale date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:00 noon on the sale date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2:00 p.m. on the sale date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3:00 p.m. on the day before settlement</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9:00 a.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">F-G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2:00 p.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4:45 p.m. on settlement date</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">I-J
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5:00 p.m. on settlement date</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If a sale is to be settled two Business Days after the sale date,
Settlement Procedure &#147;A,&#148; &#147;B&#148; and &#147;C&#148; shall be completed as soon as
practicable but not later than 11:00&nbsp;a.m., 12:00 noon and 2:00 p.m.,
as the case may be, on the first Business Day after the sale date.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 46
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If a sale is to be settled more than two Business Days after the sale
date, Settlement Procedure &#147;A&#148; shall be completed as soon as
practicable but no later than 11:00&nbsp;a.m. on the first Business Day
after the sale date and Settlement Procedures &#147;B&#148; and &#147;C&#148; shall be
completed as soon as practicable but no later than 12:00 noon and
2:00 p.m., as the case may be, on the second Business Day before the
settlement date. If the initial interest rate for a Floating Rate
Book-Entry Note has not been determined at the time that Settlement
Procedure &#147;A&#148; is completed, Settlement Procedures &#147;B&#148; and &#147;C&#148; shall
be completed as soon as such rate has been determined but not later
than 12:00 noon and 2:00 p.m., respectively, on the Business Day
before the settlement date. Settlement Procedure &#147;H&#148; is subject to
extension in accordance with any extension of Fedwire closing
deadlines and in the other events specified in the SDFS operating
procedures in effect on the settlement date.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If settlement of a Book-Entry Note is rescheduled or canceled, the
Trustee, upon receipt of notice from the Issuer, will deliver to DTC,
through DTC&#146;s Participant Terminal System, a cancellation message to
such effect by no later than 2:00 p.m. on the Business Day
immediately preceding the scheduled settlement date.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Failure to Settle:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If an Agent or Trustee fails to enter an SDFS deliver order with
respect to a Book-Entry Note pursuant to Settlement Procedure &#147;F,&#148;
the Trustee may deliver to DTC, through DTC&#146;s Participant Terminal
System, as soon as practicable, a withdrawal message instructing DTC
to debit such note to the Trustee&#146;s participant account. DTC will
process the withdrawal message, provided that the Trustee&#146;s
participant account contains a principal amount of Book-Entry Notes
represented by the Master Note that is at least equal to the
principal amount to be debited. If a withdrawal message is processed
with respect to all the Book-Entry Notes identified by a single CUSIP
number, the Trustee will advise the Issuer and will make appropriate
entries in its records. The CUSIP number assigned to such issue of
Book-Entry Notes shall, in accordance with CUSIP Service Bureau
procedures, be canceled and not immediately reassigned. If a</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">Exhibit B &#150; Page 47
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
withdrawal message is processed with respect to
one or more, but not all, of the issue of Book-Entry
Notes identified by a single CUSIP number, the Trustee
will advise the Issuer and will make appropriate
entries in its records.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
If the purchase price for any Book-Entry Note is not
timely paid to the Participants with respect to such
Note by the beneficial purchaser thereof (or a person,
including an indirect participant in DTC, acting on
behalf of such purchaser), such Participants and, in
turn, the Presenting Agent may enter SDFS deliver
orders through DTC&#146;s Participant Terminal system
reversing the orders entered pursuant to Settlement
Procedures &#147;F&#148; and &#147;G,&#148; respectively. Thereafter, the
Trustee will deliver the withdrawal message and take
the applicable related actions described in the
preceding paragraph. If such failure shall have
occurred for any reason other than the failure by the
Presenting Agent to provide the Purchase Information to
the Issuer or to provide a confirmation to the
purchaser, the Issuer will reimburse the Presenting
Agent on an equitable basis for its loss of the use of
the funds during the period when they were credited to
the account of the Issuer.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Notwithstanding the foregoing, upon any failure to
settle with respect to a Book-Entry Note, DTC may take
any actions in accordance with its SDFS operating
procedures then in effect.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><U>Periodic Statements<BR>
from the Trustee</U>:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Periodically, the Trustee will send to the Issuer a
statement setting forth the principal amount of
Book-Entry Notes outstanding as of that date and
setting forth a brief description of any sales of
Book-Entry Notes of which the Issuer has advised the
Trustee but which have not yet been settled.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Exhibit B &#150; Page 48</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><U>Procedure for Rate Changes</U>:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
The Issuer and each Agent will discuss from time to
time the price of, and the rates to be borne by, the
Notes that may be sold as a result of the solicitation
of offers by any Agent. Once an Agent has recorded any
indication of interest in Notes upon certain terms, and
communicated with the Issuer, if the Issuer plans to
accept an offer to purchase Notes upon such terms, it
will prepare a Pricing Supplement to the Prospectus, as
then amended or supplemented, reflecting the terms of
such Notes and will arrange to transmit such Pricing
Supplement to the Commission for filing in accordance
with and within the time prescribed by the applicable
paragraph of Rule&nbsp;424(b) under the Act. The Issuer
will supply at least two copies of the Prospectus as
then amended or supplemented, and bearing such Pricing
Supplement, to the Presenting Agent. No settlements
with respect to Notes upon such terms may occur prior
to such transmitting and such Agent will not, prior to
such transmitting, mail confirmations to customers who
have offered to purchase Notes upon such terms. After
such transmitting, sales and mailing of confirmations
and settlements may occur with respect to Notes upon
such terms, subject to the provisions of &#147;Delivery of
Prospectus&#148; below.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Outdated Stickers, and copies of the Prospectus to
which they are attached (other than those retained for
files), will be destroyed.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><U>Suspension of Solicitation;
Amendment or Supplement</U>:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
As provided in the Agency Agreement, the Issuer may
suspend solicitation of purchase at any time, and, upon
receipt of notice from the Issuer, the Agents will as
promptly as practicable, but in no event later than one
Business Day following such notice, suspend
solicitation until such time as the Issuer has advised
them that solicitation of purchases may be resumed.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Exhibit B &#150; Page 49</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
If the Agents receive the notice from the Issuer
contemplated by Section&nbsp;4(b) of the Agency Agreement,
they will promptly suspend solicitation and will only
resume solicitation as provided in the Agency
Agreement. If the Issuer decides to amend or
supplement the Registration Statement or the Prospectus
relating to the Notes, it will promptly advise the
Agents and will furnish the Agents with the proposed
amendment or supplement in accordance with the terms of
the Agency Agreement. The Issuer will promptly file or
mail to the Commission for filing such amendment or
supplement, provide the Agents with copies of any such
amendment or supplement, confirm to the Agents that
such amendment or supplement has been filed with the
Commission and advise the Agents that solicitation may
be resumed. Any such suspension shall not affect the
Issuer&#146;s obligations under the Agency Agreement; and in
the event that at the time the Issuer suspends
solicitation of purchases there shall be any offers
already accepted by the Issuer outstanding for
settlement, the Issuer will have the sole
responsibility for fulfilling such obligations; the
Agents will make reasonable efforts to assist the
Issuer to fulfill such obligations, but the Agents will
not be obligated to fulfill such obligations. The
Issuer will in addition promptly advise the Agents and
the Trustee if such offers are not to be settled and if
copies of the Prospectus as in effect at the time of
the suspension may not be delivered in connection with
the settlement of such offers.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><U>Delivery of
Prospectus</U>:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
A copy of the Prospectus, as most recently amended or
supplemented on the date of delivery thereof (except as
provided below), must be delivered to a purchaser prior
to or together with the earlier of delivery of (i)&nbsp;the
written confirmation provided for above, and (ii)&nbsp;any
Note purchased by such purchaser at the following
address:</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">If to:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Banc of America Securities LLC</FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD nowrap valign="top"><FONT size="2">to both:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Attn: Continuously Offered Products</FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
100 No.&nbsp;Tryon Street</FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Charlotte, NC 28255</FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Mail Code: NC 1007-07-01</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Exhibit B &#150; Page 50</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (704)&nbsp;388-9939<SUP>13</SUP></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">and</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Syndicate Operations</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">100 No.&nbsp;Tryon Street</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Charlotte, NC 28255</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Mail Code: NC 1007-07-01</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (704)&nbsp;388-92122<SUP>14</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Citigroup Global Markets Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Annabelle Avila</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Brooklyn Army Terminal</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">140 58<SUP>th</SUP> Street, 8<SUP>th</SUP> Floor</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Brooklyn, NY 11220</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (718)&nbsp;765-6725</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (718)&nbsp;765-6734</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Fleet Securities, Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: John Crees</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">100 Federal Street MADE 10012H</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Boston, MA 02110</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (617)&nbsp;434-5983</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (617)&nbsp;434-8702</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">J.P. Morgan Securities Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Medium-Term Note Desk</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">270 Park Avenue, 8<SUP>th</SUP> Floor</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">New York, NY 10017</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (212)&nbsp;834-4421</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (212)&nbsp;834-60813<SUP>15</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Lehman Brothers Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Fixed Income Syndicate/</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;Medium Term Notes Desk</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">745 Seventh Avenue</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">New York, NY 10019</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (212)&nbsp;526-9664</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (212)&nbsp;526-0943</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><SUP>13</SUP> Please send by telecopy rather than mail.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><SUP>14</SUP> Please send by telecopy rather than mail.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><SUP>15</SUP> Please send by telecopy with original to follow by mail.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Exhibit B &#150; Page 51</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">with a copy to:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">ADP Prospectus Services</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;For Lehman Brothers Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Client Services Desk</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">1155 Long Island Avenue</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Edgewood, NY 11717</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (631)&nbsp;254-7268</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Morgan Stanley &#038; Co. Incorporated</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Legal Department</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">1585 Broadway</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">New York, NY 10036</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (212)&nbsp;761-4000</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (212)&nbsp;761-0783</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">with a copy to:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Morgan Stanley &#038; Co. Incorporated</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Debt Syndicate Desk</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">1585 Broadway</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">New York, NY 10036</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (212)&nbsp;761-2000</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Wachovia Capital Markets, LLC</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Corporate Syndicate Desk</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">301 South College St., DC-8</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">One Wachovia Center</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Charlotte, NC 28288</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: 704-383-7727</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: 704-383-9165</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
if to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">US Bank, National Association (the Trustee)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
to:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Ward Spooner</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">100 Wall Street</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">New York, New York 10005</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (212)&nbsp;361-6175</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (212)&nbsp;361-6153</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
and to: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Designated Agent, if any.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD colspan="4" valign="top"><FONT size="2">For record keeping purposes, one copy of such Pricing Supplement shall also be mailed to:</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Exhibit B &#150; Page 52</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">O&#146;Melveny &#038; Myers LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">275 Battery Street, Suite&nbsp;2600</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">San Francisco, CA 94111-3305</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Peter T. Healy, Esq.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (415)&nbsp;984-8701</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Goodwin Procter LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Exchange Place</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">53 State Street</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Boston, MA 02109-2281</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: Gilbert G. Menna, P.C.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telephone Number: (617)&nbsp;570-1433</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Telecopy Number: (617)&nbsp;523-1231</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">The Issuer shall ensure that the Presenting Agent
receives copies of the Prospectus and each amendment or
supplement thereto (including appropriate Pricing
Supplements) in such quantities and within such time
limits as will enable the Presenting Agent to deliver
such confirmation or Note to a purchaser as
contemplated by these procedures and in compliance with
the preceding sentence. If, since the date of
acceptance of a purchaser&#146;s offer, the Prospectus shall
have been supplemented solely to reflect any sale of
Notes on terms different from those agreed to between
the Issuer and such purchaser or a change in posted
rates not applicable to such purchaser, such purchaser
shall not receive the Prospectus as supplemented by
such new supplement, but shall receive the Prospectus
as supplemented to reflect the terms of the Notes being
purchased by such purchaser and otherwise as most
recently amended or supplemented on the date of
delivery of the Prospectus.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Exhibit B &#150; Page 53</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>EXHIBIT C</B>
</FONT>

<P align="center"><FONT size="2"><B>Form of Opinion of</B><BR>
<U><B>Counsel to the Company</B></U>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the following opinion, counsel may rely, to the extent they
deem such reliance proper, on the opinions (in form and substance reasonably
satisfactory to counsel to the Agents) of other counsel reasonably acceptable
to counsel to the Agents as to matters governed by the laws of jurisdictions
other than the United States, and as to matters of fact, upon certificates of
officers of the Company and of government officials; <I>provided </I>that counsel to
the Company shall state that the opinion of any such other counsel is in form
satisfactory to counsel to the Company and, in the opinion of counsel to the
company, counsel to the Company and the Agents are justified in relying on such
opinions of other counsel. Copies of all such opinions and certificates shall
be furnished to counsel to the Agents.
</FONT>
<P align="center"><FONT size="2">* * * *
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement has been declared effective under the 1933
Act. The Prospectus Supplement has been filed with the Commission pursuant to
Rule&nbsp;424(b) under the 1933 Act. To our knowledge (based solely on an oral
confirmation of a member of the Commission&#146;s staff), no stop order suspending
the effectiveness of the Registration Statement has been issued under the 1933
Act and no proceeding for that purpose has been instituted or threatened by the
Commission.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each part of the Registration Statement, when such part became
effective, and the Prospectus, on the date of filing thereof with the
Commission and as of the date hereof, complied as to form in all material
respects with the requirements of the 1933 Act and the rules and regulations
thereunder (other than (i)&nbsp;the financial statements and supporting schedules
and other financial and statistical information and data included therein or
omitted therefrom, and (ii)&nbsp;any documents incorporated by reference into the
Registration Statement, as to which we express no opinion) it being understood
that, in passing upon compliance as to the form of the Registration Statement,
we assume that the statements made therein are correct and complete.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The descriptions in the Registration Statement (other than the
documents incorporated by reference) and the Prospectus of statutes are
accurate in all material respects and fairly present the information required
to be disclosed therein. We do not know of any statutes or legal or
governmental proceedings required to be described in the Prospectus that are
not described as required, or of any contracts or documents of a character
required to be described in the Registration Statement or Prospectus or to be
filed as exhibits to the Registration Statement that are not so described or
filed.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not and, after giving effect to the offering and sale of
the Notes and the application of the proceeds therefrom as described in the
Prospectus, will
</FONT>
<P align="center"><FONT size="2">Exhibit C &#150; Page 1</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">not be an &#147;investment company&#148; as such term is defined in the Investment
Company Act of 1940, as amended.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a corporation validly existing and in good standing
under the laws of the State of Maryland with corporate power under its
organizational documents and the applicable statutory law necessary to conduct
its business as described in the Registration Statement and the Prospectus.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Subsidiaries that owns a Current Community or Development
Community (as such terms are defined in the Company&#146;s Quarterly Report on Form
10-Q for the quarterly period ended &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, filed with the
Commission on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) is a corporation, limited partnership, or
limited liability company, as the case may be, that has corporate or other
power under its organizational documents and the applicable statutory law
necessary to conduct its business as described in the Registration Statement
and the Prospectus.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the completion of the exchange of the common stock of Avalon
Properties, Inc. (&#147;Avalon&#148;) for the Common Stock of the Company in connection
with the merger of Avalon with and into the Company as of June&nbsp;4, 1998 (the
&#147;Merger&#148;), all of the outstanding shares of Common Stock and Preferred Stock
identified in the Prospectus that were issued in (a)&nbsp;the Merger and (b)
offerings for cash registered under the 1933 Act and sold to underwriters or
through agents in transactions in which we acted as counsel for the Company,
have been duly authorized and are validly issued, fully paid and nonassessable
and conform to the description thereof in the Prospectus.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are in substantially the forms annexed to the Amended and
Restated Third Supplemental Indenture as Exhibit&nbsp;A or Exhibit&nbsp;B thereto. The
issuance of the Notes has been duly authorized by the Company and, assuming (i)
the due execution of the Notes on behalf of the Company, (ii)&nbsp;the due
authentication of the Notes by the Trustee in accordance with the terms of the
Indenture, and (iii)&nbsp;the delivery of the Notes and payment therefor in full by
the purchasers of the Notes, (A)&nbsp;the Notes will be valid and binding
obligations of the Company entitled to the benefits provided by the Indenture
and enforceable against the Company in accordance with their terms, subject, as
to enforcement, to (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors&#146; rights and remedies generally,
(ii)&nbsp;general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or law), (iii)&nbsp;the discretion of the court before
which any proceeding therefor may be brought, (iv)&nbsp;requirements that a claim
with respect to any Notes payable in a foreign or composite currency (or a
foreign or composite currency judgment in respect of such claim) be converted
into U.S. dollars at a rate of exchange prevailing on a date determined
pursuant to applicable law and (v)&nbsp;governmental authority to limit, delay or
prohibit the making of payments outside the United States (collectively, the
&#147;Enforceability Limitations&#148;), and (B)&nbsp;the Indenture and the Notes conform in
all material respects to the descriptions thereof in the Registration Statement
and the Prospectus.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has full corporate power and authority to enter into the
Indenture. The Indenture has been duly authorized, executed and delivered by
the
</FONT>
<P align="center"><FONT size="2">Exhibit C &#150; Page 2</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">Company and constitutes a valid and binding agreement of the Company
enforceable against the Company in accordance with its terms, subject to the
Enforceability Limitations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture has been duly qualified under the Trust Indenture Act of
1939, as amended (the &#147;TIA&#148;).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has full corporate power and authority to enter into the
Distribution Agreement, the Terms Agreement and each Appointment Agreement, and
each of the Distribution Agreement, the Terms Agreement and each Appointment
Agreement has been duly authorized, executed and delivered by the Company. The
execution, delivery and performance of the Indenture, the Distribution
Agreement, the Terms Agreement and the Appointment Agreements and the issuance
and sale of the Notes on the terms contemplated in the Distribution Agreement
and the Terms Agreement will not (alone or with the giving of notice or the
passage of time or both) (A)&nbsp;to our knowledge, result in the creation or
imposition of any lien, charge or encumbrance upon any of the assets of the
Company or any of the Subsidiaries, pursuant to the terms or provisions of any
Contract (i)&nbsp;which we have prepared or negotiated on behalf of the Company and
(ii)&nbsp;to which any of the Subsidiaries is a party or by or pursuant to which any
of them or their respective properties is bound, affected or financed or (B)
result in a breach or violation of any of the terms or provisions of, or
constitute a default or result in the acceleration of any obligation under, (i)
the Charter or Bylaws of the Company, (ii)&nbsp;the articles or certificate of
incorporation, bylaws, limited partnership agreements or other organizational
documents of any of the Subsidiaries, (iii)&nbsp;to our knowledge, any Contract to
which the Company or any of the Subsidiaries is a party or by or pursuant to
which any of them or their respective properties is bound, affected or financed
or (iv)&nbsp;any statute, rule or regulation or judgment, ruling, decree or order,
known to us, of any court or other governmental agency or body applicable to
the business or properties of the Company or any of the Subsidiaries (except
that we express no opinion as to the securities or &#147;Blue Sky&#148; laws of any
jurisdiction other than the United States), in each case where such violation
or default, individually or in the aggregate, might have a material adverse
effect on the business, properties, business prospects, condition (financial or
otherwise) or results of operations of the Company and the Subsidiaries taken
as a whole.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, no consent, approval, authorization or order of, or
filing with, any court or governmental agency or body is required in connection
with the issuance or sale of the Notes by the Company, except (i)&nbsp;such as have
been obtained under the 1933 Act, the Securities Exchange Act of 1934, as
amended, or the TIA, or (ii)&nbsp;such as may be required under state securities
laws or the bylaws or rules of the NASD in connection with the purchase and
distribution of the Notes through or by the Agents.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The limitations inherent in the independent verification of factual
matters and the character of determinations involved in the registration
process are such that we are not passing upon and do not assume any
responsibility for the accuracy, completeness or fairness of the statements
contained in or incorporated by reference into the Registration Statement or
the Prospectus and we make no representation that we have
</FONT>


<P align="center"><FONT size="2">Exhibit C &#150; Page 3</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2">independently verified the accuracy, completeness or fairness of such
statements. Without limiting the foregoing, we assume no responsibility for,
and have not independently verified, the accuracy, completeness or fairness of
the financial statements or notes thereto, financial schedules and other
financial and statistical data contained in or incorporated by reference into
the Registration Statement, and we have not examined the accounting, financial
or statistical records from which such statements and notes, schedules and data
are derived. However, in the course of our acting as counsel to the Company in
connection with the preparation of the Registration Statement and the
Prospectus and the public offering of the Notes, we have conferred with
representatives of the Company, independent accountants for the Company, your
representatives and representatives of O&#146;Melveny &#038; Myers LLP, your counsel,
during which conferences and conversations the contents of the Registration
Statement and the Prospectus and related matters were discussed. In addition,
we reviewed certain documents made available to us by the Company or otherwise
in our possession.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on our participation in the above-mentioned conferences and
conversations, our review of the documents described above and our
understanding of applicable law, we advise you that:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; No facts have come to our attention which cause us to believe that the

Registration Statement (excluding the financial statements and notes thereto,
financial schedules and other financial or statistical information and data
included therein or omitted therefrom and the Trustee&#146;s Statement of
Eligibility and Qualification on Form&nbsp;T-1 (the &#147;Form&nbsp;T-1&#148;), as to which we
express no opinion), at the time it became effective, contained an untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; No facts have come to our attention which cause us to believe that the
Prospectus (excluding the financial statements and notes thereto, financial
schedules and other financial or statistical information and data included
therein or omitted therefrom and the Form&nbsp;T-1, as to which we express no
opinion), as of its date or the date hereof, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact
necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such opinion shall also state that it is being rendered to the agents at
the request of the Company and shall authorize the reliance of O&#146;Melveny &#038;
Myers LLP with respect to matters governed by the MGCL for the sole purpose of
rendering their opinion to the Agents under the Distribution Agreement.
</FONT>
<P align="center"><FONT size="2">Exhibit C &#150; Page 4</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B>SCHEDULE I</B>
</FONT>

<P align="center"><FONT size="2"><B>Information in the Prospectus</B>
</FONT>

<DIV align="center"><FONT size="2"><B><U>Furnished by any Agent</U></B>
</FONT></DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information appearing in the prospectus supplement relating
to the Notes, if any, and the Prospectus has been furnished by the Agents in
writing specifically for use in the preparation of such preliminary prospectus
and the Prospectus:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names of the Agents on the front and back covers.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information under the caption &#147;Supplemental Plan of
Distribution:&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the names of the Agents;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the information regarding transactions among the Company and the Agents
and/or affiliates of the Agents (it being understood that each Agent has
supplied only the information relating to such Agent and its affiliates); and
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the information concerning stabilization and other syndicate activities
in which the Agents may engage.
</FONT>


<P align="center"><FONT size="2">Schedule I &#150; Page 1</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>SCHEDULE III</B>
</FONT>

<P align="center"><FONT size="2"><B><U>Commissions</U></B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As compensation for the services of an Agent hereunder, the Company shall
pay such Agent, on a discount basis, a commission for the sale of each Note
equal to the principal amount of such Note multiplied by the appropriate
percentage set forth below:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>PERCENT OF</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>MATURITY RANGES</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>PRINCIPAL AMOUNT</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 9&nbsp;months to less than 1&nbsp;year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.125</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 1&nbsp;year to less than 18&nbsp;months</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.150</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 18&nbsp;months to less than 2&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.200</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 2&nbsp;years to less than 3&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.250</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 3&nbsp;years to less than 4&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.350</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 4&nbsp;years to less than 5&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.450</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 5&nbsp;years to less than 6&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.500</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 6&nbsp;years to less than 7&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.550</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 7&nbsp;years to less than 10&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.600</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 10&nbsp;years to less than 15&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.625</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 15&nbsp;years to less than 20&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.700</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 20&nbsp;years to 30&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.750</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Greater than 30&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">As agreed to by the Company and such Agent at the time of sale.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">Schedule III &#150; Page 1</FONT>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>w94643exv12w1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2"><B>Exhibit&nbsp;12.1</B>
</FONT>

<P align="center"><FONT size="2"><B>AVALONBAY COMMUNITIES, INC.<BR>
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2003</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1999</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income before gain on sale of communities and extraordinary item</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">100,471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">103,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">163,146</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">149,502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">110,575</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Plus) Minority interest in consolidated partnerships</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,086</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="1"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before fixed charges</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">101,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">104,739</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">164,143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">150,588</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">111,806</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Plus) Fixed charges:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portion of rents representative of the interest factor</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">503</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">527</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">472</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">134,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">119,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">101,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">81,071</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">72,461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest capitalized</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27,635</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred dividend</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40,035</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total fixed charges (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">170,867</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">168,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">169,312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">139,639</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">134,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Less):</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest capitalized</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred dividend</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">32,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">236,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">224,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">273,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">232,120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">184,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ratio (2 divided by 1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Exhibit&nbsp;12.1 (continued)</B>
</FONT>

<P align="center"><FONT size="2"><B>AVALONBAY COMMUNITIES, INC.<BR>
RATIOS OF EARNINGS TO FIXED CHARGES</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2003</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1999</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income before gain on sale of communities and
extraordinary item</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">100,471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">103,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">163,146</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">149,502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">110,575</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Plus) Minority interest in consolidated partnerships</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,086</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before fixed charges</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">101,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">104,739</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">164,143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">150,588</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">111,806</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Plus) Fixed charges:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portion of rents representative
of the interest factor</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">503</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">527</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">472</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">134,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">119,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">101,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">81,071</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">72,461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest capitalized</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total fixed charges (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">160,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">150,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">129,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">99,860</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">94,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Less):</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest capitalized</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">236,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">224,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">265,785</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">232,120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">184,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ratio (2 divided by 1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"></FONT>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>5
<FILENAME>w94643exv21w1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv21w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2">Exhibit&nbsp;21.1</FONT>

<P align="center"><FONT size="2"><B>SUBSIDIARY LIST (BY JURISDICTION)</B>
</FONT>

<P align="left"><FONT size="2"><B>California</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">230 Bay Place, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay Rincon, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foxchase Drive San Jose Partners II, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">San Francisco Bay Partners II, Ltd.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">San Francisco Bay Partners III, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Toyon Road San Jose Partners, L.P.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Connecticut</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bronxville West, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forestbroad LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hollow Tree Road Development, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smithtown Galleria Associates Limited Partnership</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Town Close Associates Limited Partnership</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Town Grove, LLC</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Delaware</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AVB Class&nbsp;A Holdings LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AVB Realeum Employee LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Ballston II, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon DownREIT V, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Grosvenor, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Park Tower, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Riverview I, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Riverview II, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Riverview III, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Terrace LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Upper Falls Limited Partnership</FONT></DIV></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Upper Falls, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Redevelopment LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay Countrybrook L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay Pacific Northwest, L.P.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CVP Development, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CVP I, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chrystie Venture Partners, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Downtown Manhattan Residential LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Falkland Partners, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Glen Cove Development LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Glen Cove II Development LLC</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>District of Columbia</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">4100 Massachusetts Avenue Associates, L.P.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Maryland</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AVB Service Provider, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AVB Trillium Holdings, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon 4100 Massachusetts Avenue, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon BFG, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Ballston II, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Chase Glen, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Chase Grove, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Chase Heritage, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Chestnut Hill, Inc.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Page 1</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2"><B>Maryland (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Cohasset, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Collateral, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Commons, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Decoverly, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Development Services, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon DownREIT V, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Fairway Hills I Associates</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Fairway Hills II Associates</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Fairway II, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Grosvenor LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Mills, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Oaks West, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Oaks, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Promenade, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Rock Spring Associates, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Sharon, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Town Green II, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Town Meadows, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Town View, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon University Station I, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon University Station II, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Upper Falls Limited Dividend Corporation</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Village North, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Village South, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Wilson Blvd, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon at Great Meadow, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon at St. Clare, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Arna Valley, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Cable I, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Communities, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Construction Services, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Grosvenor, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Ledges, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay NYC Development, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Orchards, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Parking, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Services I, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Services II, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Traville, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay Asset Group, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay Development Partners, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay GP, Inc.</FONT></DIV></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bay Waterford, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">JP Construction in Milford, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Lexington Ridge-Avalon, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shady Grove Road Development, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shady Grove Road Property, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Traville Senior Living, LLC</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Massachusetts</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay BFG Limited Partnership</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Minnesota</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Devonshire L.L.C.</FONT></DIV></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AvalonBay Edinburgh L.L.C.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Page 2</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2"><B>New Jersey</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Quakerbridge Road Development, LLC</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Town Cove II Jersey City Urban Renewal, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Town Cove Jersey City Urban Renewal, Inc.</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Town Run Associates</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Virginia</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Arna Valley View Limited Partnership</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Avalon Decoverly Associates Limited Partnership</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">Page 3</FONT>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>w94643exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Exhibit&nbsp;23.1</B>



<P align="center" style="font-size: 10pt"><B>Consent of Independent Auditors</B>


<P align="left" style="font-size: 10pt">We consent to the
incorporation by reference in the Registration Statements on
Form S-8 No.&nbsp;333-16837, Form S-8 No.&nbsp;333-56089, Form S-3 No.&nbsp;333-87063,
Form S-3 No.&nbsp;333-15407, Form S-3 No.&nbsp;333-62855, Form S-3 No.
333-87219, Form S-3 No.&nbsp;333-103755 and Form S-3 No.&nbsp;333-107413 of
AvalonBay Communities, Inc. and in the related Prospectuses of our report dated
January&nbsp;23, 2004, (except for Note 14, as to which the date is February&nbsp;27,
2004) with respect to the consolidated financial statements and schedule of
AvalonBay Communities, Inc. included in this Annual Report (Form 10-K) for the
year ended December&nbsp;31, 2003.

<P align="left" style="font-size: 10pt">&nbsp;
<P align="right" style="font-size: 10pt">/s/ Ernst &amp; Young LLP
<P align="left" style="font-size: 10pt">&nbsp;

<P align="left" style="font-size: 10pt">McLean, Virginia<BR>
March&nbsp;4, 2004



<P align="center" style="font-size: 10pt">
</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>7
<FILENAME>w94643exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B><U>Exhibit&nbsp;31.1</U></B></FONT>

<P align="left"><FONT size="2"><B>CERTIFICATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Bryce Blair, certify that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">I have reviewed this annual report on Form&nbsp;10-K of
AvalonBay Communities, Inc.;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, the financial statements, and
other financial information included in this report, fairly
present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for,
the periods presented in this report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) for the registrant and have:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="89%"><FONT size="2">Designed such disclosure controls and
procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to
ensure that material information relating to the
registrant, including its consolidated subsidiaries, is
made known to us by others within those entities,
particularly during the period in which this report is
being prepared;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the
effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this
report based on such evaluation; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Disclosed in this report any change in
the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most
recent fiscal quarter (the registrant&#146;s fourth fiscal
quarter in the case of an annual report) that has
materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control
over financial reporting; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I have
disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant&#146;s auditors
and the audit committee of the registrant&#146;s board of directors
(or persons performing the equivalent functions):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="89%"><FONT size="2">All significant deficiencies and material
weaknesses in the design or operation of internal
control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to
record, process, summarize and report financial
information; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Date: March 5, 2004
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">/s/ Bryce Blair</FONT></TD>
</TR>
<TR>
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">Bryce Blair</FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">Chief Executive Officer and President</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>w94643exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<HEAD>
<TITLE>exv31w2</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B><U>Exhibit&nbsp;31.2</U></B></FONT>

<P align="left"><FONT size="2"><B>CERTIFICATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Thomas J. Sargeant, certify that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">I have reviewed this annual report on Form&nbsp;10-K of AvalonBay
Communities, Inc.;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, the financial statements, and
other financial information included in this report, fairly
present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for,
the periods presented in this report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) for the registrant and have:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="89%"><FONT size="2">Designed such disclosure controls and
procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to
ensure that material information relating to the
registrant, including its consolidated subsidiaries, is
made known to us by others within those entities,
particularly during the period in which this report is
being prepared;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the
effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this
report based on such evaluation; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Disclosed in this report any change in
the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most
recent fiscal quarter (the registrant&#146;s fourth fiscal
quarter in the case of an annual report) that has
materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control
over financial reporting; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I have
disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant&#146;s auditors
and the audit committee of the registrant&#146;s board of directors
(or persons performing the equivalent functions):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="89%"><FONT size="2">All significant deficiencies and
material weaknesses in the design or operation of
internal control over financial reporting which are
reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize and report
financial information; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Any fraud, whether or not material,
that involves management or other employees who have a
significant role in the registrant&#146;s internal control
over financial reporting.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Date: March 5, 2004
</FONT>

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    <TD width="70%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">/s/ Thomas J. Sargeant</FONT></TD>
</TR>

<TR>
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">Thomas J. Sargeant</FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
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<P align="center"><FONT size="2">&nbsp;</FONT>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>9
<FILENAME>w94643exv32.htm
<DESCRIPTION>EXHIBIT 32
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B><U>Exhibit&nbsp;32</U></B></FONT>

<P align="center"><FONT size="2"><B>CERTIFICATION</B>
</FONT>

<P align="left"><FONT size="2">The undersigned officers of AvalonBay Communities, Inc. (the &#147;Company&#148;) hereby
certify that the Company&#146;s annual report on Form&nbsp;10-K to which this
certification is attached (the &#147;Report&#148;), as filed with the Securities and
Exchange Commission on the date hereof, fully complies with the requirements of
Section&nbsp;13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), and that the information contained in the
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Bryce Blair</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: March 5, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Bryce Blair</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chief Executive Officer and President</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Thomas J. Sargeant</FONT></TD>
</TR>

<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Thomas J. Sargeant</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">This certification is being furnished and not filed, and shall not be
incorporated into any document for any purpose, under the Securities Exchange
Act of 1934 or the Securities Act of 1933.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>



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