<SEC-DOCUMENT>0001615774-17-000078.txt : 20170106
<SEC-HEADER>0001615774-17-000078.hdr.sgml : 20170106
<ACCEPTANCE-DATETIME>20170106172349
ACCESSION NUMBER:		0001615774-17-000078
CONFORMED SUBMISSION TYPE:	S-11/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20170106
DATE AS OF CHANGE:		20170106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clipper Realty Inc.
		CENTRAL INDEX KEY:			0001649096
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474579660
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-11/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214021
		FILM NUMBER:		17515157

	BUSINESS ADDRESS:	
		STREET 1:		4611 12TH AVENUE, SUITE 1L
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11219
		BUSINESS PHONE:		718-438-2804

	MAIL ADDRESS:	
		STREET 1:		4611 12TH AVENUE, SUITE 1L
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11219
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-11/A
<SEQUENCE>1
<FILENAME>s105092_s11a.htm
<DESCRIPTION>S-11/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 1pt solid"> <B>Registration
No. 333-214021</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>AMENDMENT NO. 2  TO</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR REGISTRATION UNDER THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES ACT OF 1933 OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF CERTAIN REAL ESTATE COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Clipper Realty Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of Registrant as specified
in governing instruments)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4611 12th Avenue, Suite 1L</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Brooklyn, New York 11219</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(718) 438-2804</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>David Bistricer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Co-Chairman and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Clipper Realty Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4611 12th Avenue, Suite 1L</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brooklyn, New York 11219</B><BR>
&nbsp;<B>(718) 438-2804&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, Address, Including Zip Code, and
Telephone Number, Including Area Code, of Agent for Service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 50%; text-align: center">Robert W. Downes</td>
    <td style="vertical-align: bottom; width: 50%; text-align: center">Daniel M. LeBey</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">Sullivan &amp; Cromwell LLP</td>
    <td style="vertical-align: bottom; text-align: center">Vinson &amp; Elkins LLP</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">125 Broad Street</td>
    <td style="vertical-align: bottom; text-align: center">Riverfront Plaza, West Tower</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">New York, NY 10004</td>
    <td style="vertical-align: bottom; text-align: center">901 East Byrd Street, Suite 1500</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">(212) 558-4000</td>
    <td style="vertical-align: bottom; text-align: center">Richmond, VA 23219</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">(212) 558-3588 (Facsimile)</td>
    <td style="vertical-align: bottom; text-align: center">(804) 327-6310</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">(804) 479-8286 (Facsimile)</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Approximate date
of commencement of proposed sale to the public: </B>As soon as practicable after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act,
check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is filed
to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If delivery of the
prospectus is expected to be made pursuant to Rule 434, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 23%; text-align: center">Large accelerated filer <font style="font-family: Wingdings">&uml;</font></td>
    <td style="width: 17%; text-align: center">Accelerated filer <font style="font-family: Wingdings">&uml;</font></td>
    <td style="width: 25%; text-align: center">Non-accelerated filer <font style="font-family: Wingdings">x</font></td>
    <td style="width: 35%; text-align: center">Smaller reporting company <font style="font-family: Wingdings">&uml;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.1in">&nbsp;</td>
    <td style="padding-left: 0.1in">&nbsp;</td>
    <td style="text-align: center">(Do not check if a smaller reporting company)</td>
    <td style="padding-left: 0.1in">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The registrant
hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date
or dates as the Commission, acting pursuant to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information set forth in this preliminary
prospectus is not complete and may be changed. We may not distribute these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Subject to Completion, Dated
January 6, 2017</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Clipper Realty Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo_s11a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Common Stock</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is the initial public offering
of Clipper Realty Inc. We are a self-administered and self-managed real estate company that acquires, owns, manages, operates
and repositions multi-family residential and commercial properties in the New York metropolitan area, with an initial portfolio
in Manhattan and Brooklyn. We are selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of our common stock, $0.01 par value per share, and the selling stockholders named in this prospectus are selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of our common stock. We will not receive any proceeds from the sale of our common stock by the selling stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect the public offering price
to be between $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share. Currently, no public market exists for the shares. We will apply to list our common stock on the New York Stock Exchange
(&ldquo;NYSE&rdquo;) under the symbol &ldquo;CLPR&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We are an &ldquo;emerging growth company&rdquo;
as defined in the Jumpstart Our Business Startups Act of 2012, and will be subject to reduced public company reporting requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have been organized and operate in
conformity with the requirements for qualification and taxation as a real estate investment trust (&ldquo;REIT&rdquo;) under the
U.S. federal income tax laws. We have elected to be treated as a REIT commencing with our taxable year ended December&nbsp;31,
2015, and we expect to satisfy the requirements for qualification and taxation as a REIT for subsequent taxable years. To assist
us in qualifying as a REIT, among other reasons, our charter generally limits beneficial ownership by any person to no more than
9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our common
stock or 9.8% of the aggregate value of all our outstanding stock. In addition, our charter contains various other restrictions
on the ownership and transfer of shares of our stock. See &ldquo;Description of Capital Stock&mdash;Restrictions on Ownership
and Transfer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B>Investing in the common stock involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page 25 of this prospectus.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Share</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -12pt; padding-left: 12pt">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Underwriting discount<sup>(1)</sup></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds, before expenses, to us</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds, before expenses, to the selling stockholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: left">See &ldquo;Underwriting&rdquo; for additional disclosure
regarding the underwriting discount and expenses payable to the underwriters by us and the selling stockholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have granted the underwriters an
option to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares from us at the public offering price set forth in the table above, less the underwriting discount, within 30 days after
the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Delivery of the shares of common stock
is expected to be made in book-entry form on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FBR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
,2017. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90%; text-align: right"> &nbsp; </td>
    <td style="width: 10%; border-bottom: black 1pt solid; text-align: right"> <B>Page</B> </td></tr>
<tr style="vertical-align: top">
    <td style="text-align: right"> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_001">SUMMARY</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 1 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_002">THE OFFERING</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 19 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_003">RISK FACTORS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 25 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_004">CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 55 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_005">USE OF PROCEEDS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 57 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_006">DISTRIBUTION POLICY</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 58 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_007">CAPITALIZATION</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 60 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_008">DILUTION</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 61 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_009">SELECTED HISTORICAL FINANCIAL DATA</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 62 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_010">PRO FORMA FINANCIAL INFORMATION</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 66 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_011">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
    RESULTS OF OPERATIONS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 73 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_012">OUR BUSINESS AND PROPERTIES</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 92 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_013">MANAGEMENT</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 110 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_014">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 119 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_015">INVESTMENT POLICY AND POLICIES WITH RESPECT TO CERTAIN ACTIVITIES</A> </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp;124 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_016">SELLING STOCKHOLDERS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 125 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_017">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 126 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_018">DESCRIPTION OF CAPITAL STOCK</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 130 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_019">CERTAIN PROVISIONS OF MARYLAND LAW AND CLIPPER REALTY&rsquo;S CHARTER
    AND BYLAWS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 140 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_020">DESCRIPTION OF THE LIMITED PARTNERSHIP AGREEMENT OF OUR OPERATING PARTNERSHIP</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 146 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_021">DESCRIPTION OF THE LIMITED LIABILITY COMPANY AGREEMENTS OF OUR LLC
    SUBSIDIARIES</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 151 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_022">SHARES ELIGIBLE FOR FUTURE SALE</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 156 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_023">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 158 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_024">UNDERWRITING</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 175 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_025">VALIDITY OF COMMON STOCK</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 182 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_026">EXPERTS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 182 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_027">WHERE YOU CAN FIND MORE INFORMATION</A> </td>
    <td style="vertical-align: bottom; text-align: right"> 183 </td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top"> <A HREF="#main_028">INDEX TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS</A> </td>
    <td style="vertical-align: bottom; text-align: right"> F-1 </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>None of us, the selling stockholders
or the underwriters have authorized anyone to provide any information or to make any representation other than as contained in
this prospectus or any free writing prospectus prepared by, or on behalf of, us. We, the selling stockholders and the underwriters
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you.
This prospectus is an offer to sell the shares of common stock offered hereby, but only under circumstances and in jurisdictions
where it is lawful to do so. The information contained in this prospectus is current only as of its date or as of another date
specified herein. Our business, financial condition, results of operations and prospects may have changed since those dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOSSARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this prospectus, unless the context otherwise
requires or indicates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to &ldquo;50/53 JV&rdquo; are to 50/53 JV LLC, a Delaware limited liability company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;Aspen acquisition&rdquo; are to the acquisition on June 27, 2016 of the
                                         building located at 1955 First Avenue, New York, NY;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to &ldquo;Berkshire&rdquo; are to Berkshire Equity LLC, a Delaware limited liability company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> references
                                         to &ldquo;class A LLC units&rdquo; and &ldquo;class B LLC units&rdquo; are to class A
                                         LLC units and class B LLC units in our predecessor entities, respectively, which have
                                         the terms described under &ldquo;Description of the Limited Liability Company Agreements
                                         of Our LLC Subsidiaries&rdquo;; </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to &ldquo;Clipper Equity&rdquo; are to the real estate business of David Bistricer in which our company did not
invest in connection with the formation transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to &ldquo;Clipper Realty&rdquo; are to Clipper Realty Inc., a Maryland corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to &ldquo;Clipper TRS&rdquo; are to Clipper TRS, LLC, a Delaware limited liability company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to the &ldquo;Code&rdquo; are to the Internal Revenue Code of 1986, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to the &ldquo;Company,&rdquo; &ldquo;our company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;
are to Clipper Realty and its consolidated subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to the &ldquo;continuing investors&rdquo; are to holders of interests in the predecessor entities who received class
B LLC units or shares of our common stock upon consummation of the formation transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to &ldquo;continuing investors registration rights agreement&rdquo; are to that certain registration rights agreement,
dated as of August 3, 2015, by and among Clipper Realty and each of the Holders (as defined therein) from time to time party thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references to the &ldquo;Exchange Act&rdquo; are to the Securities Exchange Act of 1934, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;formation transactions&rdquo; are to the series of investment and other
                                         transactions described in this prospectus that were consummated prior to and in connection
                                         with the private offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to &ldquo;GLA&rdquo; are to gross leasable area;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to &ldquo;Gunki&rdquo; are to Gunki Holdings LLC, a Delaware limited liability company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;JOBS Act&rdquo; are to the Jumpstart Our Business Startups Act of 2012;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;non-contributed properties and businesses&rdquo; are to properties and
                                         businesses that are controlled by our continuing investors but that are not part of our
                                         predecessor entities and were not contributed to us in the formation transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;offering&rdquo; are to the initial public offering of our common stock
                                         as described in this prospectus;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;OP units&rdquo; are to units of limited partnership in our operating partnership,
                                         which have the terms described under &ldquo;Description of the Limited Partnership Agreement
                                         of Our Operating Partnership&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;operating partnership&rdquo; are to Clipper Realty L.P., a Delaware limited
                                         partnership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;predecessor entities&rdquo; or &ldquo;LLC subsidiaries&rdquo; are to 50/53
                                         JV, Berkshire, Gunki and Renaissance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;Predecessor&rdquo; are to our Predecessor, which consists of the predecessor
                                         entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;private offering&rdquo; are to the private offering of 10,666,667 shares
                                         of our common stock, which closed on August 3, 2015;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;registration rights agreement&rdquo; are to that certain registration rights
                                         agreement, dated as of August 3, 2015, between Clipper Realty and FBR Capital Markets
                                         &amp; Co., as the initial purchaser/placement agent for the benefit of the investors
                                         in the private offering, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to &ldquo;Renaissance&rdquo; are to Renaissance Equity Holdings LLC, a New York limited
                                         liability company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;SEC&rdquo; are to the United States Securities and Exchange Commission;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;Securities Act&rdquo; are to the Securities Act of 1933, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to the &ldquo;selling stockholders&rdquo; are to our stockholders named in the &ldquo;Selling
                                         Stockholders&rdquo; section in this prospectus; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>references
                                         to &ldquo;series A preferred stock&rdquo; are to shares of 12.5% Series A Cumulative
                                         Non-Voting Preferred Stock issued by the Company on January 28, 2016 in a private offering
                                         pursuant to Regulation D under the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MARKET DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Market data used in this prospectus
have been obtained from independent industry sources and publications as well as from research reports prepared for other purposes.
While we are not aware of any misstatements regarding any market data presented herein, such data involve uncertainties and are
subject to change based on various factors, including those discussed under &ldquo;Cautionary Note Concerning Forward-Looking
Statements&rdquo; and &ldquo;Risk Factors&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BASIS OF PRESENTATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In this prospectus, unless the context
otherwise requires or indicates: (i) information regarding occupancy levels and rental rates is presented as of November&nbsp;1,
2016; (ii) average rental rates per square foot are presented on an annual basis; (iii) references to square feet refer to leasable
square feet; (iv) information assumes no exercise by the underwriters of their option to purchase additional shares of common
stock; and (v) references to percentages on a &ldquo;fully diluted basis&rdquo; as of any date assume that the LTIP units and
class B LLC units outstanding on such date are exchanged for shares of our common stock and that any restricted stock units outstanding
on such date are vested and settled in exchange for shares of common stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="main_001"></A><B>SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This summary highlights information contained
elsewhere in this prospectus, but it does not contain all of the information that you may consider important in making your investment
decision. Before investing in our common stock, you should read the entire prospectus carefully, including the sections entitled
&ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
and our consolidated financial statements and the related notes included elsewhere herein.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>See &ldquo;Glossary&rdquo; for certain
defined terms used, and &ldquo;Basis of Presentation&rdquo; for certain explanations with respect to the information presented,
in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a self-administered and self-managed
real estate company that acquires, owns, manages, operates and repositions multi-family residential and commercial properties in
the New York metropolitan area, with an initial portfolio in Manhattan and Brooklyn. The Company was formed to continue and expand
the commercial real estate business of the Predecessor. Our primary focus is to continue to own, manage and operate our initial
portfolio and to acquire and reposition additional multi-family residential and commercial properties in the New York metropolitan
area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Clipper Realty was incorporated on July
7, 2015. On August 3, 2015, we closed a private offering of shares of our common stock, in which we raised net proceeds of approximately
$130.2 million. In connection with the private offering, we consummated a series of investment and other formation transactions
that were designed, among other things, to enable us to qualify as a REIT for U.S. federal income tax purposes and we have elected
to be treated as a REIT commencing with the taxable year ended December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company owns:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>two neighboring
                                         residential/retail rental properties at 50&nbsp;Murray Street and 53 Park Place in the
                                         Tribeca neighborhood of Manhattan, which we collectively refer to as the Tribeca House properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>one residential
                                         property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings,
                                         which we refer to as the Flatbush Gardens properties or complex;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>two primarily
                                         commercial properties in Downtown Brooklyn (one of which includes 36 residential apartment
                                         units), which we refer to as the 141 Livingston Street property and the 250 Livingston
                                         Street property; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>one residential/retail
                                         rental property at 1955 1<SUP>st</SUP> Avenue in Manhattan, which we refer to as the Aspen property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These properties are located in the most
densely populated major city in the United States, each with immediate access to mass transportation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s ownership interest
in its initial portfolio of properties, which includes the Tribeca House, Flatbush Gardens and Livingston Street properties, was
acquired in the formation transactions in connection with the private offering. These properties are owned by the LLC subsidiaries,
which are managed by the Company through the operating partnership. The operating partnership&rsquo;s interest in the LLC subsidiaries
generally entitles the operating partnership to all cash distributions from, and the profits and losses of, the LLC subsidiaries
other than the preferred distribution to the continuing investors who hold class B LLC units in these LLC subsidiaries described
below. The continuing investors own an aggregate amount of 26,317,396 class B LLC units, representing 68.8% of the Company&rsquo;s
common stock on a fully diluted basis ( % immediately following this offering). Accordingly, the operating partnership&rsquo;s
interests in the LLC subsidiaries entitle the operating partnership to receive approximately 31.2% of the aggregate distributions
from the LLC subsidiaries ( % immediately following this offering). The Company, through the operating partnership, owns all of
the ownership interests in the Aspen property. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"> The table below presents an overview of the Company&rsquo;s
portfolio as of November 1, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Address </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Submarket </TD>
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Built/<BR> Renovated </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Leasable<BR> Sq. Ft. </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <SUP>&nbsp;</SUP> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> # Units </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Percent<BR> Leased </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 Base<BR> Rental<BR>
    Revenue<BR> (in millions) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Net Effective<BR>
    Rent Per<BR> Square Foot </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Multifamily </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; text-align: left"> 50&nbsp;Murray Street </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%"> Manhattan </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 1964 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 395,848 </TD><TD STYLE="width: 1%; text-align: left"> <SUP>&nbsp;</SUP> </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 389 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 87.8 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 7%; text-align: right"> 23.7 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 0%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 3%; text-align: right"> 68.11 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 53 Park Place </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Manhattan </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1921 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 85,423 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 116 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 96.1 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5.4 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 66.26 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Flatbush Gardens complex </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Brooklyn </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1950 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,734,885 </TD><TD STYLE="text-align: left"> <SUP>(1)</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 97.2 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 35.8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 21.22 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 250 Livingston Street </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Brooklyn </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1920 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 26,819 </TD><TD STYLE="text-align: left"> <SUP>(2)</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 87.6 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 51.07 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> Aspen </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Manhattan </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 2004 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 165,542 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> <SUP>&nbsp;</SUP> </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 232 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 96.6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5.3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 33.14 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,408,517 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,269 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95.5 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 71.4 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 31.04 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Commercial </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 141 Livingston Street </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Brooklyn </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1959 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 206,084 </TD><TD STYLE="text-align: left"> <SUP>(3)</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 8.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 40.00 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> 250 Livingston Street </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Brooklyn </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 1920 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 266,569 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> <SUP>(4)</SUP> </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5.6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 20.92 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 472,653 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 13.8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 29.24 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Retail </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 50&nbsp;Murray Street (retail) </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Manhattan </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44,436 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 2.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 51.07 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 50&nbsp;Murray Street (parking) </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Manhattan </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24,200 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1.1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 44.06 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 53 Park Place (retail) </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Manhattan </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,600 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 39.19 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 141 Livingston Street (parking/other) </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Brooklyn </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,989 </TD><TD STYLE="text-align: left"> <SUP>(3)</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> <SUP>(5)</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 32.68 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 250 Livingston Street (retail) </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Brooklyn </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 990 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 83.45 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 250 Livingston Street (parking) </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Brooklyn </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Aspen (retail) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Manhattan </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 21,060 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> <SUP>&nbsp;</SUP> </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 0.9 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 42.60 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Aspen (parking) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Manhattan </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> <SUP>&nbsp;</SUP> </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 0.3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109,275 </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5.5 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 50.39 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> <SUP>&nbsp;</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> Total </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 2,990,445 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> <SUP>&nbsp;</SUP> </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 3,285 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 96.4 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> % </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 90.7 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 31.48 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Comprises 59 buildings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Conversion of floors 9-12 into residential units occurred in
                                         2003-2005, 2008-2009 and 2013, with renovation of residential units on the 12<SUP>th
                                         </SUP>floor from 2014 to the present.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Measured according to Real Estate Board of New York (&ldquo;REBNY&rdquo;)
                                         standards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Has been remeasured to 353,895 square feet according to REBNY
                                         standards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Month-to-month.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="pg11img1_s11a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>The Tribeca House properties</B>,
purchased in December 2014, consist of two nearly adjacent properties in the Tribeca neighborhood of Manhattan. The Company manages
the two related properties as a single unit and the residents of both properties share all services and amenities. They comprise
approximately 480,000 square feet of leasable area with 505 residential apartment units and approximately 77,200 square feet of
retail space (comprising approximately 53,000 square feet of street-level and mezzanine-level retail space and an externally managed
garage).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">The residential apartment units, featuring ceilings as high as
    11 feet and extensive amenities, are approximately 93% occupied at an average rental rate of approximately $68 per square
    foot, up from $61 per square foot at acquisition. The retail space, which includes a premium fitness club, is fully occupied
    at an average rental rate of approximately $49 per square foot, up from approximately $43 per square foot at acquisition.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">The Company&rsquo;s primary goals for the residential portion
    of the Tribeca House properties are to improve service levels and quality of finishes in the buildings commensurate with those
    expected by residents in the Tribeca neighborhood. We believe that accomplishing this, as well as managing the re-leasing
    process more efficiently than the prior owner, will position us to achieve comparable rents in excess of $80 per square foot
    in the Tribeca neighborhood as of December 6, 2016, according to StreetEasy listings.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">We believe that our average rental rate of approximately $49
    per square foot under in-place leases for the retail portion of the Tribeca House properties is significantly below market
    for comparable retail properties, based on current leasing activity in the surrounding Tribeca submarket. For example, on
    July 1, 2015, we signed a lease for a 3,186 square foot street-level retail unit at our Tribeca House properties providing
    for a rental rate of $140 per square foot, which is a 237% increase over the average rental rate under our existing retail
    leases. Similarly, according to a report by REBNY, the average asking retail rental rate in downtown Manhattan, which includes
    the Tribeca neighborhood, was $142 per square foot as of November 2016. Accordingly, we believe we will be able to significantly
    increase retail rental revenue from our Tribeca House properties as in-place leases (which have a current average lease term
    of 9.1 years) expire over time and are re-leased at higher market rates.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> <FONT STYLE="font-size: 10pt">In addition, we have the opportunity to monetize apartment units
    through conversion to for-sale condominium or cooperative units, which we believe would have a potential market value in excess
    of $2,100 per square foot based on StreetEasy listings for comparable buildings in the Tribeca neighborhood as of December
    6, 2016. This value compares favorably to the December 2014 purchase price of approximately $998 per rentable square foot.
    Any sales of condominium or cooperative units would be conducted by a taxable REIT subsidiary (a &ldquo;TRS&rdquo;), which
    would be subject to U.S. federal, state and local income tax on any gain from, and transfer tax from, the sale of the units.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>The Flatbush Gardens property
complex</B>, purchased in September 2005, extends over 21.4 acres and consists of 59 primarily six-story buildings containing a
total of approximately 1.7 million rentable square feet and 2,496 residential apartment units, and space for approximately 240
vehicles in parking structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The property
                                         is approximately 97% occupied at an average rental rate of approximately $21 per square
                                         foot. The property is subject to rent stabilization, a form of New York City rent regulation
                                         that limits the amount of legally allowable rent increases. Current in-place rents are,
                                         on average, 18% lower than the legal maximum rent that may be charged pursuant to rent
                                         regulation. We believe this provides an opportunity to increase rents with increasing
                                         market rates before being limited by rent regulation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Since acquisition in 2005, our management team has undertaken
    a renovation and repositioning strategy that has included upgrades to both the exterior and interior of the buildings. These
    have included replacements or upgrades to building systems and components, including elevators, basements, boilers, roofs,
    parapets, facades, sidewalks and landscaping, as well as a refurbishing of apartment interiors on turnover of residents. As
    a result of our effort in managing the complex, including these upgrades, we have reduced outstanding New York City violations
    from over 8,000 at the time of the acquisition to approximately 359 currently, and substantially improved resident safety.
    In addition, our management team proactively attempts to remedy potential violations that are reported by residents. We have
    been able to consistently increase rents as a result of these efforts, as well as external market factors. Average rent per
    square foot increased from $18.88 (94.4% occupancy) at December&nbsp;31, 2013 to $19.69 (95.6% occupancy) at December&nbsp;31,
    2014 to $20.63 (97.0% occupancy) at December&nbsp;31, 2015 and $21.22 at November 1, 2016 (97.2% occupancy). Since acquisition
    in 2005, the average rent per square foot has risen from approximately $13.25 to approximately $21.22, a 60% increase.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We estimate
                                         that approximately $18 million will be required to complete a comprehensive renovation
                                         and modernization program through the end of 2017, which may include enhanced landscaping
                                         on a renovated terrace area; restored, renovated, upgraded or new lobbies; elevator modernization;
                                         renovated public areas and bathrooms; refurbished or new windows; fa&ccedil;ade restorations;
                                         installation of revenue generating laundry and storage areas in restored basement areas;
                                         and modernization of building-wide systems, including security cameras and lighting.
                                         These improvements are designed to increase the overall value and attractiveness of the
                                         Flatbush Gardens complex and contribute to tenant repositioning efforts, which seek to
                                         increase occupancy, raise rental rates, increase aggregate rental revenue and improve
                                         tenant credit quality. We believe we will be able to continue to increase rents as leases
                                         expire and units are re-leased.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Flatbush                                          Gardens is currently not built to its maximum floor-area ratio
                                                                                                                     (&ldquo;FAR&rdquo;) and                                          therefore, subject to various regulations and approvals,
                                                                                                                     may
                                                                                                                     have
                                                                                                                     expansion potential.                                          In this regard, we are reviewing the regulatory,
                                                                                                                     architectural and financial issues                                          regarding building approximately 500,000
                                                                                                                     additional square feet by adding four floors                                          above certain of our 59 buildings at
                                                                                                                     Flatbush Gardens. However, there can be no assurance that we will be                                          able to pursue
                                                                                                                     this FAR expansion project or that if we are able to expand Flatbush Gardens, that the expanded buildings will provide
                                                                                                                     a return to recover our investment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>The 141 Livingston Street
property</B> in the Downtown Brooklyn neighborhood, purchased in 2002 along with the below-mentioned 250 Livingston Street property,
is a 15-story, 206,084 square foot GLA office building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In December
                                         2015, the property&rsquo;s main commercial tenant, the City of New York, executed a new
                                         10-year lease at $40.00 per square foot, with effect as of June 2014. Under the lease,
                                         the tenant has an option to terminate the lease after five years; however, if it decides
                                         to continue to occupy the building at that time, the annual rent will increase by 25%,
                                         or $2.1 million, to $50.00 per square foot beginning the sixth year of the lease.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The lease
                                         requires us to refurbish the building&rsquo;s air-conditioning system and perform other
                                         upgrades, which we estimate will cost a total of approximately $5.2 million. Additionally,
                                         we intend to spend a total of approximately $2.6 million through 2017 to make other improvements,
                                         including elevator replacement, boiler and roof replacement and building systems upgrades.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>The 250 Livingston Street property</B>,
purchased in 2002 along with the 141 Livingston Street property, is a 12-story commercial and residential building. It has 266,569
square feet GLA of office space and 36 residential apartment units totaling 26,815 square feet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The leasable
                                         office space recently has been remeasured according to REBNY standards to approximately
                                         353,000 square feet, an increase of approximately 33%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD><P STYLE="margin: 0pt 0"> The
                                         property&rsquo;s sole commercial tenant, the City of New York, has two leases expiring
                                         in August 2020, with current lease rates that are approximately 50% of the rate recently
                                         negotiated at the 141 Livingston Street property with the same tenant. We recently entered
                                         into a lease renewal and amendment agreement with the City of New York for renewal of
                                         a lease that expired at the end of 2016 at $40.00 per square foot for increased square
                                         feet measured according to REBNY standards that increased annual rent by approximately
                                         $2.6 million. </P>


</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> <FONT STYLE="font-size: 10pt">To more fully optimize available space, from 2003 through 2013,
    we converted the top four floors of the building into 36 apartment units, which are 88% occupied at an average rental rate
    of approximately $51 per square foot.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The Aspen property</B>,<B> </B>purchased
on June 27, 2016, is located at 1955&nbsp;1<SUP>st </SUP>Avenue, New York, NY in Manhattan.
The property is a seven-story building which comprises 186,602 square feet, 232 residential rental units, three retail units and
a parking garage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">The residential units are subject to regulations established
    by the New York City Housing Development Corporation (&ldquo;HDC&rdquo;) under which there are no rental restrictions on approximately
    55% of the units and low and middle income restrictions on approximately 45% of the units. The residential apartment units
    are approximately 97% occupied at an average rental rate of approximately $33 per square foot. The retail space is fully occupied
    at an average rental rate of approximately $43 per square foot.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> While the
                                         building is relatively new, the Company believes there is an opportunity to increase
                                         rents by improving certain of the finishes of the property. We believe there is an opportunity
                                         to increase rents over one to three years for the units with no rental restrictions (approximately
                                         55% of the units) from the existing $38 per square foot closer to comparable rentals
                                         in the immediate neighborhood which on average are in excess of $48 per square foot,
                                         as measured by StreetEasy listings as of December 6, 2016 for doorman rentals eight blocks
                                         north, four blocks south and three blocks west of the Aspen property. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is led by David Bistricer,
its Co-Chairman and Chief Executive Officer, who has over 30 years of real estate experience specifically in acquiring, expanding,
renovating, repositioning and managing properties in our line of business. Mr. Bistricer, who has a strong reputation within the
New York metropolitan area for real estate acquisitions, management, repositioning and marketing expertise, together with our
senior management team, has developed our strategy with a focus on broker relationships and the cultivation of our track record
of execution. Our senior management team averages approximately 21 years of experience covering all aspects of real estate, including
asset and property management, leasing, marketing, acquisitions, construction, development, legal and finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Competitive Strengths</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We believe that the following competitive
strengths distinguish our company from other owners and operators of commercial and multi-family residential properties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>Diverse Portfolio
of Properties in New York Metropolitan Area</B>. Our current portfolio of commercial and multi-family residential properties
in Manhattan and Brooklyn is located in one of the most prized real estate markets in the world. The combination of
supply constraints, high barriers to entry, near-term and long-term prospects for job creation, vacancy absorption and rental
rate growth make New York City an extremely attractive place to own real property. Our management believes that, in light of
the land and construction costs, our current portfolio could not be replaced today on a cost-competitive basis. As
described above, we own two primarily commercial properties in the Downtown Brooklyn neighborhood, one multi-family
residential property complex in the East Flatbush neighborhood of Brooklyn, one primarily multi-family residential property
group in the Tribeca neighborhood of Manhattan and one primarily multi-family residential property in a transitional
neighborhood located just north of the Yorkville neighborhood of Manhattan. We believe that we are one of the only REITs with
a portfolio solely composed of multi-family residential, commercial and retail properties in the New York metropolitan area.
Further, our multi-family residential portfolio is diversified by tenant demographics (both luxury and work-force
units).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"> <B>Expertise in Repositioning
and Managing Multi-family Residential Properties.</B> Our management team has substantial expertise in renovating and repositioning
multi-family residential properties. At the Flatbush Gardens property, beginning in 2006, we have engaged in a property renovation
program that includes replacement or upgrades to building systems and components as well as the refurbishment of apartment interiors.
As a result of our effort in managing the property, including these upgrades, we have reduced outstanding New York City violations
from over 8,000 at the time of the acquisition to approximately 359 currently, and substantially improved resident safety. At
the 250 Livingston Street property, from 2003 through 2013, we converted the top four floors into 36 residential apartment units
(presently approximately 88% occupied) to more fully optimize available space. We believe that the post-renovation high quality
of our buildings and the services we provide also attract higher income and credit-quality tenants and allow for increased cash
flow. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>Attractive Commercial and
Residential Properties in Densely Populated Metropolitan Communities. </B>Our commercial properties in Downtown Brooklyn are located
in a premier commercial corridor that features convenient access to mass transportation, a diverse tenant base and high pedestrian
traffic. The commercial portfolio consists of approximately 474,000 square feet (remeasured to approximately 560,000 square feet)
leased to the City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Our residential
properties in Tribeca are located in a neighborhood that has one of the highest average market rents in Manhattan and one of
the lowest vacancy rates in Manhattan (based on a CitiHabitats market report as of July 2016 combining Tribeca with the
adjacent SoHo neighborhood) as well as convenient access to mass transit. We believe that these favorable market
characteristics, coupled with our plans to reposition the Tribeca House properties to provide better service levels and
finishes, will allow for improved rents and financial results for the Tribeca House properties over the next two to three
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"> Our newly acquired Aspen residential
property in Manhattan is a relatively new building occupying a full city block in a transitional neighborhood located just north
of the Yorkville neighborhood, which, according to StreetEasy, as of December&nbsp;6, 2016, has average asking rents per square
foot in excess of $48, as compared to the average existing rent in the Aspen property of approximately $33 per square foot. Additionally,
according to New York City projections, the new Second Avenue subway line, the first phase of which is currently scheduled for
completion in late 2016, will extend to within two blocks of the Aspen property. We believe these transitional activities and
our plans to upgrade the finishes of the property will allow for improved rents and financial results for the Aspen property over
the next two to three years. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Our residential property complex
in the East Flatbush neighborhood is located in an entry-level, low-cost area that provides more reasonably priced housing than
that in Manhattan and more upscale Brooklyn neighborhoods. The complex has convenient access to public transportation, including
the Newkirk Avenue and Flatbush Avenue &ndash; Brooklyn College subway stations. Brooklyn College, Beth Israel Hospital and SUNY
Downstate Medical Center are all within approximately one mile of the complex and a higher-priced condominium development has begun
in East Flatbush. Additionally, surrounding neighborhoods are experiencing higher rents. We believe that these nearby improvements
to the residential market, coupled with our ongoing renovation and repositioning strategy, will steadily allow higher rents, improved
tenant credit quality and improved financial results for the Flatbush Gardens property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>Experienced and Committed
Management Team with Proven Track Record over Generations.</B> Our senior management team is highly regarded in the real estate
community and has extensive relationships with a broad range of brokers, owners, tenants and lenders. We have substantial in-house
expertise and resources in asset and property management, leasing, marketing, acquisitions, construction, development and financing,
and have a platform that is highly scalable. Members of our senior management team have worked in the real estate industry an
average of approximately 21 years, and David Bistricer and Sam Levinson, Co-Chairmen of our board of directors, have worked together
for approximately 17 years. Our senior management and their immediate family members own shares of our common stock and LLC units
of our predecessor entities that are exchangeable into shares of our common stock on a one-for-one basis, which will in the aggregate
represent about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our common stock on a fully diluted basis immediately following this offering. As a result, we believe the
interests of management are aligned with those of our stockholders, creating an incentive to maximize returns for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <B>Balance Sheet Well Positioned for
Future Growth</B>. We have established a target leverage ratio in the range of 45% to 55%. We define our leverage ratio as the
ratio of our net debt (defined as total debt less cash) to the fair market value of our properties. We will seek to use the net
proceeds of this offering, together with our cash on hand, which at September 30, 2016 was $41.6 million, pro forma for the refinancing
of Tribeca House debt on November 9, 2016 and refund of an acquisition deposit on November 14, 2016 (actual amount as of that
date was $82.1 million), to fund approximately $31 million of certain capital improvements to reposition and modernize our properties
through 2018 and fund acquisitions of properties consistent with our strategy of acquiring multi-family or commercial properties
in the New York metropolitan area. In addition, we expect to benefit from organic deleveraging through ongoing cash flow generation
and increases in property values over time. As of September 30, 2016, we had total net debt outstanding, pro forma for the refinancing
of Tribeca House debt on November 9, 2016 and refund of an acquisition deposit on November 14, 2016, of approximately $723.1 million
(actual amount as of that date was $732.6 million), before debt issuance costs, all of which is property-level debt, indicating
a leverage ratio of approximately 49.3%, which is within our target range. We are not obligated to maintain any specific leverage
ratio and our leverage ratio may from time to time be higher or lower than our target level, which may be changed by our board
of directors. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of September 30, 2016, pro forma
for the refinancing of Tribeca House debt on November 9, 2016, our debt had a weighted average interest rate of 4.3%, a weighted
average maturity of 5.5 years, and 46.4% of the debt was fixed-rate indebtedness. For the nine months ended September 30, 2016
and the year ended December&nbsp;31, 2015, our pro forma adjusted earnings before interest, income tax, depreciation, amortization
and stock based compensation (&ldquo;Adjusted EBITDA&rdquo;) was $34.5 million and $45.9 million respectively; and pro forma net
loss available to common stockholders was approximately $1.5 million and $1.5 million, respectively. Following the refinancing
of the Tribeca House debt on November 9, 2016, we have no debt maturing  until November 2018. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <B>Strong Internal Growth Prospects.
</B>We have substantial rent growth potential within our current portfolio as a result of the strong historical and projected
future rental rate growth within our submarkets, contractual fixed rental rate increases included in our leases, incremental rent
potential from the lease-up of our portfolio and anticipated rent increases resulting from our ongoing property repositioning
efforts. For the 141 Livingston Street property, the main commercial tenant, the City of New York, entered in December 2015 into
a new 10-year lease, resulting in an overall increase in annual rental revenue of approximately 149% as compared to the prior
lease. For the 250 Livingston Street property, a property featuring a similar class of office space as the nearby 141 Livingston
Street property, the same tenant has two leases expiring in August 2020. We recently entered into a lease renewal and amendment
agreement to renew a lease covering approximately 30% of total office space that terminated in December 2016 on annual terms that
increased rent by approximately $2.6 million. Should new leases for the leases expiring in August 2020 be entered into on the
same annual terms (adjusted for the increase of rent under the 141 Livingston Street lease to $50.00 per square foot beginning
the sixth year of that lease), the implied increase in annualized rent for that lease would be $9.9 million beginning in September
2020. For the residential Tribeca House properties, we believe we can achieve substantial increases in rents based on comparable
rents in the Tribeca neighborhood and our intention to improve service levels and quality of finishes in the buildings commensurate
with standards at comparable buildings in the neighborhood. Currently, residential rents in our Tribeca House properties average
approximately $68 per square foot, whereas comparable residential rents in the Tribeca neighborhood average in excess of $80 per
square foot (based on StreetEasy listings as of December 6, 2016), indicating an opportunity to increase our total 2016 rental
revenue as of November 1, 2016 by approximately $7.1 million per year ($5.8 million predicated on attainment of market rents and
$1.3 million on attainment of higher occupancy). As of November 1, 2016, 1.3% of the apartments in our Tribeca House properties
rented below $50 per square foot, 14.8% rented between $50 and $60 per square foot, 38.3% rented between $60 and $70 per square
foot, 30.1% rented between $70 and $80 per square foot, 12.8% rented between $80 and $90 per square foot, and 2.7% rented above
$90 per square foot. (We also expect that real estate tax expense will increase by approximately $4.7 million as a result of cessation
of certain exemptions and abatements and increased assessments). At the newly acquired Aspen property, we believe there is an
opportunity to increase rents over one to three years for the units with no rental restrictions (approximately 55% of the units)
from the existing $38 per square foot closer to comparable rentals in the immediate neighborhood which on average are in excess
of $48 per square foot, as measured by StreetEasy listings as of December&nbsp;6, 2016 for doorman rentals eight blocks north,
four blocks south and three blocks west of the Aspen property. For the Flatbush Gardens residential complex, we believe we can
achieve steady increases in rent approximating $1 to $2 million total per year as a result of our property renovation programs
and increases in market rents already experienced in surrounding neighborhoods. Average rent per square foot increased from $18.88
(94.4% occupancy) at December&nbsp;31, 2013 to $19.69 (95.6% occupancy) at December&nbsp;31, 2014 to $20.63 (97.0% occupancy)
at December&nbsp;31, 2015 and $21.22 at November 1, 2016 (97.2% occupancy). Since acquisition in 2005, the average rent per square
foot has risen from approximately $13.25 to approximately $21.22, a 60% increase. As a result of the rent stabilization laws and
regulations of New York City (including, in particular, a determination of the New York City Rent Guidelines Board in June 2016),
effective for at least one year beginning October 1, 2016, increases for rent stabilized apartments, comprising approximately
46% of our apartments at our Flatbush Gardens property, will be limited to no increase for one-year leases and 2% for two-year
leases. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;<B>&nbsp;</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Business and Growth Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Our primary business objective
is to enhance stockholder value by increasing cash flow from operations and total return to stockholders. The strategies we intend
to execute to achieve this goal include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <B>Increase Existing Below-Market Rents.
</B>We believe we can capitalize on the successful repositioning of our portfolio and improving market fundamentals to increase
rents at several of our properties. At the 250 Livingston Street property, we have 266,569 square feet of leases with the City
of New York that expire in August 2020, which have been remeasured according to REBNY standards to approximately 353,000 square
feet and for which we believe we can achieve increases in rent similar to the increase achieved recently at nearby 141 Livingston
Street, featuring a similar class of office space. We recently entered into a lease renewal and amendment agreement with the City
of New York for a portion that expired on December 31, 2016, increasing GLA from the current 79,424 square feet at $21.50 per
square foot to approximately 107,000 square feet at $40.00 per square foot, generating additional annual revenue of approximately
$2.6 million. This lease terminates with the other lease expiring August 2020 presently covering 187,145 square feet at $18.49
per square foot. Should new leases be entered into at that time to the remeasured square feet of approximately 353,000 and rent
of $50.00 per square foot (as indicated in the lease with the City of New York at our neighboring 141 Livingston Street property),
we would realize additional aggregate annual rental revenue of approximately $9.9 million. We also believe that the significant
growth in Downtown Brooklyn as a residential location offers a potential alternative to convert 250 Livingston Street and/or 141
Livingston Street to residential apartments, an activity for which management has demonstrated expertise. Our management will
continue to evaluate alternative strategies for these buildings to maximize risk-adjusted returns to stockholders. At the Tribeca
House properties, the buildings&rsquo; average rent of $68 per square foot is significantly below the average rent for other comparable
Tribeca rentals in excess of $80 per square foot based on StreetEasy listings as of December 6, 2016. We believe we can achieve
significant growth in rents over the next two to three years by improving service levels and quality of finishes in the buildings,
and more efficiently managing the re-leasing process. We also believe that the average rental rate of approximately $49 per square
foot under in-place leases for the retail portion of the Tribeca House properties is significantly below market, as evidenced
by a lease we signed in July 2015 to rent our only then-vacant street-front retail space at the Tribeca House properties for $140
per square foot, a space that had been vacant since 2001. Two other leases comprising approximately 4,600 square feet expire in
2019. At the Flatbush Gardens complex, as a result of our renovation and repositioning strategy since 2006 and our intention to
continue refurbishing the property, as well as improvements in the residential rental market in surrounding neighborhoods, we
believe we can continue to improve tenant quality and increase rents, as demonstrated by the above-mentioned steady increase in
aggregate rents per square foot and continued high occupancy levels. At the newly acquired Aspen property, we believe there is
an opportunity to increase rents over one to three years for the units with no rental restrictions (approximately 55% of the units)
from the existing $38 per square foot closer to comparable rentals in the immediate neighborhood which on average are in excess
of $48 per square foot, as measured by StreetEasy listings as of December 6, 2016 for doorman rentals eight blocks north, four
blocks south and three blocks west of the Aspen property. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp;<B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>Disciplined Acquisition
Strategy Focused on Premier Submarkets and Assets. </B>Since 1979, David Bistricer has overseen the acquisition of multi-family
residential and commercial properties, including our current portfolio, primarily in our targeted submarkets of New York City.
We intend to continue our core strategy of acquiring, owning and operating multi-family residential rental and commercial properties
within submarkets that have high barriers to entry, are supply-constrained, exhibit strong economic characteristics and have a
pool of prospective tenants in various industries that have a strong demand for high-quality commercial space. We believe that
owning assets within New York City, one of the best residential and commercial markets in the United States, will allow us to
generate strong cash flow growth and attractive long-term returns. We will opportunistically pursue attractive opportunities to
acquire multi-family residential and commercial properties, focusing our acquisition strategy primarily on multi-family residential
properties in densely populated communities in the New York metropolitan area (primarily in Brooklyn and Manhattan) and, to a
lesser extent, on commercial properties, where we will maintain a disciplined approach to ensure that our acquisitions meet our
core strategy. Our strong balance sheet, access to capital and ability to offer operating partnership units in tax deferred acquisition
transactions should give us significant flexibility in structuring and consummating acquisitions. We seek to acquire properties
that will command premium rental rates and maintain higher occupancy levels than other properties in our markets. We are a highly
active market participant that reviews numerous acquisition opportunities annually; however, we are highly selective in the properties
that we ultimately acquire. We intend to strategically increase our market share in our existing submarkets and selectively enter
into other submarkets in the New York City metropolitan area with similar characteristics. Our acquisition strategy will focus
primarily on long-term growth and total return potential rather than short-term cash returns. We believe we can utilize our deep
industry relationships and our expertise in redeveloping and repositioning both residential and commercial properties to identify
acquisition opportunities where we believe we can increase occupancy and rental rates. Many of our Predecessor&rsquo;s acquisitions
were sourced on an off-market basis. As long-term owners and operators in our submarkets, we have a reputation among the broker
community for moving expeditiously and for being a reliable counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>Proactive Asset and Property
Management. </B>We believe our proactive, service-intensive approach to asset and property management helps increase occupancy
and rental rates, manage operating expenses and maximize Adjusted EBITDA. We provide our own fully integrated asset and property
management platform, which includes in-house legal, marketing, accounting, finance and leasing departments for our portfolio, and
our own tenant improvement construction services. The development and retention of top-performing property management personnel
have been critical to our success. We utilize our comprehensive building management services and our strong commitment to tenant
relationships to negotiate attractive leasing deals and to attract and retain high credit-quality tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <B>Capital Program to Reposition Assets.
</B>We believe we can reposition our properties through a capital program to achieve rent growth in an expedited fashion. Together
with the proceeds of this offering and our cash on hand, which at September 30, 2016 was $41.6 million, pro forma for the refinancing
of Tribeca House debt on November 9, 2016 and refund of an acquisition deposit on November 14, 2016 (actual amount on that
date was $82.1 million), we intend to set aside approximately $31 million to cover this program
through 2018 (as well as to fund acquisitions of properties consistent with our strategy). </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our Tribeca House properties will undergo
an upgrade to common areas (media/conference room, game room, children&rsquo;s room, basketball court and roof) and a redesign
of our lobbies at a cost of approximately $5.0 million in 2016 and 2017&mdash;all with the goal of enhancing the experience of
our renters as they first enter the building and utilize the common areas. To date, we have spent approximately $2.1 million on
the common areas and lobbies project. Concurrently, we intend to redesign and replace floors, kitchens, lighting and appliances
on the interior of apartments as new renters move in at a cost of approximately $4.8 million in 2017 and 2018 and approximately
$1.5&ndash;$2.0 million per year thereafter. To date, we have spent approximately $4.9 million on apartment renovations. We expect
the improved experience in common areas will support higher rents consistent with the rent levels in the neighborhood. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> At our Flatbush Gardens apartment complex,
which consists of 2,496 apartments in 59 buildings clustered around seven courtyards spread over 21.4 acres, we expect to undertake
a significant modernization program. We have undertaken and expect to continue projects to landscape and waterproof a significant
terrace area and refurbish a number of lobbies, stairwells and windows for tenant enjoyment, to upgrade outdoor lighting and install
a comprehensive security camera network for enhanced security and to refurbish basement areas for installation of revenue generating
laundry facilities and storage units at a cost of approximately $12.4 million in 2016 and 2017. Supported by these improvements
to common areas, we then may perform substantial upgrades to an increasing number of apartments (floors, windows and appliances),
which may cost approximately $3.8 million for up to 125 units in 2016 and 2017 in addition to more routine refurbishments of $1.7
million to up to 335 units. To date, we have spent approximately $10.9 million on the terrace and common areas improvements, and
approximately $2.0 million on apartment renovations. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our 141 Livingston Street property
will have approximately $4.1 million of improvements in accordance with the new lease with the City of New York described above
that has increased our rent from approximately $3.3 million per annum to approximately $8.2 million per annum. In addition, we
expect to spend approximately $2.6 million to modernize elevators, replace a boiler and roof and install a modern building management
system. To date, we have spent approximately $500,000 on improvements required in accordance with the new lease with the City
of New York, and approximately $701,000 on elevator, boiler and roof upgrades. At our 250 Livingston Street property we expect
to renovate the facade and entrance and build new penthouses at a cost of approximately $3.1 million. Lastly, at our Aspen property,
while the building is relatively new, the Company presently expects to spend a minimum of $1 million to improve certain finishes
of the property. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Private Offering and Formation Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">In August 2015, we issued and
sold 10,666,667 shares of our common stock, $0.01 par value per share, at an offering price of $13.50 per share, to various institutional
investors, accredited investors and offshore investors, in reliance upon exemptions from registration provided by Rule 144A and
Regulation S and pursuant to Regulation D under the Securities Act. 1,000,000 of the shares in the private offering were sold
directly by us to members of our management and board of directors, and their friends, family members and affiliates. We received
approximately $130.2 million of net proceeds from the private offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">In connection with the private
offering, we consummated the following formation transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We formed our operating partnership as a Delaware limited partnership, of which we are the sole general partner. The holders
of LTIP units, discussed below, are the initial limited partners of our operating partnership.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We invested the net proceeds from the private offering in our operating partnership and our operating partnership invested
such proceeds in the predecessor entities in consideration for class A LLC units in each predecessor entity. Our operating partnership
became the managing member of each of our predecessor entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.9pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.9pt"> As a result, we acquired an indirect ownership
interest in the Company&rsquo;s initial portfolio of properties (which continue to be owned by the predecessor entities) and have
the exclusive power under our predecessor entities&rsquo; limited liability company agreements to manage and conduct the business
and affairs of those entities and their properties through our operating partnership, subject to certain limited approval and
voting rights of the other members, which are described more fully below in &ldquo;Description of the Limited Liability Company
Agreements of Our LLC Subsidiaries.&rdquo; Our operating partnership&rsquo;s interest in our predecessor entities generally entitles
the operating partnership to all cash distributions from, and the profits and losses of, our predecessor entities other than the
preferred distribution to class B LLC unit holders described below. Accordingly, our share of any distribution from any particular
predecessor entity may differ from our share of distributions from other predecessor entities and from one distribution to another,
based on the amount distributed by each predecessor entity. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Prior to the contribution by our operating partnership described above, our predecessor entities distributed approximately
$15 million of available unrestricted cash to the continuing investors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The continuing
                                         investors had their LLC interests in the predecessor entities converted into class B
                                         LLC units in the predecessor entities. The class B LLC units entitle the holders to a
                                         preferred distribution equal to the lesser of (i) the per OP unit distribution paid by
                                         our operating partnership or (ii) a pro rata share (determined for this purpose without
                                         regard to any class A LLC units held by our operating partnership) of all of the cash
                                         flow of the applicable predecessor entity. The operating partnership, as the holder of
                                         class A LLC units in each of the predecessor entities, is entitled to the entire remaining
                                         distribution from each predecessor entity. The class B LLC units are exchangeable, together
                                         with one share of our special voting stock, for an amount of cash equal to the fair market
                                         value of a share of our common stock or, at our election, one share of our common stock,
                                         subject to certain adjustments and restrictions. In addition, we issued to one continuing
                                         investor 755,939 shares of our common stock. See &ldquo;Description of the Limited Liability
                                         Company Agreements of Our LLC Subsidiaries.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.9pt">The following table sets forth the number of
shares of common stock and class B LLC units issued to our continuing investors attributable to the respective properties, debt
attributable to the contributed properties as of August 3, 2015, and implied contribution value as of that date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Shares of<BR>
    Common Stock and<BR> Class&nbsp;B LLC Units</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value of Shares of<BR>
    Common Stock and<BR> LLC Units at the<BR> Offering Price<BR> ($13.50/share)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plus: Debt<BR> Assumed</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Implied<BR> Contribution
    Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; text-align: left">Tribeca House</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,393,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">99,809,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">460,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">559,809,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Flatbush Gardens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,753,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118,170,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">288,170,023</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>141 Livingston</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,540,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,290,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,290,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">250 Livingston</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,386,667</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,220,005</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,000,808</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95,220,813</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Contributed Properties</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27,073,335</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">365,490,024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">721,000,808</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,086,490,832</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We issued
                                         a number of shares of our special voting stock to our continuing investors equal to the
                                         number of class B LLC units issued to them. Our special voting stock is a series of voting
                                         stock that does not share in any distributions to our stockholders, including distributions
                                         upon our liquidation, dissolution or winding up, but gives the holder thereof one vote
                                         per share on all matters on which our common stockholders vote (other than certain matters
                                         relating to special election meetings, as described in this prospectus). The special
                                         voting stock permits our continuing investors to vote in accordance with their economic
                                         interests, as if they had exchanged their class B LLC units for shares of our common
                                         stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our operating partnership formed Clipper TRS. We jointly elected with Clipper TRS for Clipper TRS to be treated as a taxable
REIT subsidiary under the Code for U.S. federal income tax purposes. Clipper TRS and/or its wholly owned subsidiaries may provide
certain services to the tenants of our properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">We granted to members of our senior management team a total of
    290,002 LTIP units, and to our non-employee directors a total of 105,001 LTIP units, all of which are subject to certain vesting
    requirements. The LTIP units represent profits interests in our operating partnership, which are exchangeable for OP units
    in our operating partnership upon reaching capital account parity with OP units.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We granted
                                         a total of 16,666 LTIP units to two Clipper employees (who are not members of our senior
                                         management team), all of which are subject to certain vesting requirements and represent
                                         less than a 0.1% ownership interest in our company on a fully diluted basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We entered
                                         into a tax protection agreement with our continuing investors pursuant to which we agreed
                                         to indemnify the continuing investors against certain tax liabilities incurred during
                                         the 8-year period following the private offering (or with respect to item (iv) below,
                                         certain tax liabilities resulting from certain transfers occurring during the 8-year
                                         period following the private offering) if those tax liabilities result from (i) the sale,
                                         transfer, conveyance or other taxable disposition of any of the properties of our LLC
                                         subsidiaries, (ii) any of Renaissance, Berkshire or Gunki failing to maintain a level
                                         of indebtedness allocable for U.S. federal income tax purposes to any of the continuing
                                         investors such that any of the continuing investors is allocated less than a specified
                                         minimum indebtedness in each such LLC subsidiary (in order to comply with this requirement,
                                         (1) Renaissance needs to maintain approximately $101.3 million of indebtedness, (2) Berkshire
                                         needs to maintain approximately $125.8 million of indebtedness and (3) Gunki needs to
                                         maintain approximately $34.4 million of indebtedness), (iii) in a case that such level
                                         of indebtedness cannot be maintained by the applicable LLC subsidiary, failing to make
                                         available to such a continuing investor the opportunity to execute a guarantee of indebtedness
                                         of the LLC subsidiary meeting certain requirements that would enable the continuing investor
                                         to continue to defer certain tax liabilities, or (iv) the imposition of New York City
                                         or New York State real estate transfer tax liability upon a continuing investor as a
                                         result of the formation transactions, private offering, this offering and/or certain
                                         subsequent transactions (including subsequent issuances of additional LLC units or interests,
                                         issuances of OP units by the operating partnership, issuances of common stock by Clipper
                                         Realty, issuances of common stock in exchange for class B LLC units or dispositions of
                                         property by any LLC subsidiary), or as a result of any of those transfers being aggregated.
                                         See &ldquo;Risk Factors&mdash;Risks Related to Real Estate.&rdquo; We estimate that had
                                         all of their assets subject to the tax protection agreement been sold in a taxable transaction
                                         immediately after the private offering, the amount of our LLC subsidiaries&rsquo; indemnification
                                         obligations under the tax protection agreement (based on then current tax rates and the
                                         valuations of our assets based on the private offering price of $13.50 per share, and
                                         including additional payments to compensate the indemnified continuing investors for
                                         additional tax liabilities resulting from the indemnification payments) would have been
                                         approximately $364.9 million. In addition, we estimate that if New York City or New York
                                         State real estate transfer taxes had been imposed on our continuing investors, the maximum
                                         amount of our LLC subsidiaries&rsquo; indemnification obligations pursuant to the tax
                                         protection agreement in respect of New York City or New York State real estate transfer
                                         tax liability (based on then current tax rates and the valuations of our assets based
                                         on the private offering price of $13.50 per share, and including additional payments
                                         to compensate the indemnified continuing investors for additional tax liabilities resulting
                                         from the indemnification payments) would have been approximately $74.9 million (although
                                         the amount may have been significantly less). We do not presently intend to sell or take
                                         any other action that would result in a tax protection payment with respect to the properties
                                         covered by the tax protection agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>All of the
                                         previous employees of our Predecessor&rsquo;s management companies who spent a majority
                                         of their time on matters related to the properties in our portfolio became our employees.
                                         We entered into two services agreements with entities that own interests in the non-contributed
                                         properties and businesses. One of these agreements is a services agreement under which
                                         the non-contributed properties and businesses continue to provide us with the services
                                         they previously provided to the properties in our portfolio and one is a services agreement
                                         with the non-contributed properties and businesses pursuant to which our employees continue
                                         to provide the services they previously provided for those non-contributed properties
                                         and businesses. We expect that the net amount paid by or to us under these agreements
                                         will not exceed $120,000 per year. See &ldquo;Certain Relationships and Related Party
                                         Transactions&mdash;Non-Contributed Properties and Businesses.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">As a result of the formation transactions and the private offering,
    as of September&nbsp;30, 2016, we had approximately $732.6 million (or $723.1 million on a pro forma basis, giving effect
    to the refinancing of Tribeca House debt on November 9, 2016 and the refund of an acquisition deposit on November 14, 2016)
    of total net debt, before debt issuance costs.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">The completion of the private
offering and the formation transactions resulted in material benefits to our senior management team, our directors and our continuing
investors, including the following (all amounts are based on an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         per
share, which is the midpoint of the price range set forth on the front cover of this prospectus):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>David Bistricer,
                                         our Co-Chairman and Chief Executive Officer, beneficially owns 12.5% of our common stock
                                         on a fully diluted basis and 12.2% of the voting power in our company (&nbsp;&nbsp;&nbsp; % and &nbsp;&nbsp;&nbsp;%, respectively,
                                         immediately following completion of this offering, or &nbsp;&nbsp;&nbsp;% and &nbsp;&nbsp;&nbsp;&nbsp;%, respectively, if the underwriters
                                         exercise their option to purchase additional shares in full), with a total value of approximately
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , represented by 4,278,058 class B LLC units, 4,278,058 shares of special voting stock,
                                         and 185,186 LTIP units (including LTIP units awarded in 2016) and 318,262 shares of our
                                         common stock purchased in the private offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> Sam Levinson,
                                         our Co-Chairman and the Head of our Investment Committee, beneficially owns 22.3% of
                                         our common stock on a fully diluted basis and 22.3% of the voting power in our company
                                         ( &nbsp;&nbsp;&nbsp;% and &nbsp;&nbsp;&nbsp;&nbsp;%, respectively, immediately following
                                         completion of this offering, or &nbsp;&nbsp;&nbsp;&nbsp;% and &nbsp;&nbsp;&nbsp;%, respectively,
                                         if the underwriters exercise their option to purchase additional shares in full), with
                                         a total value of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , represented by 1,119,415 shares of our common stock, 7,296,279 class B LLC units, 7,296,279
                                         shares of special voting stock and 115,742 LTIP units (including LTIP units awarded in
                                         2016). This amount includes shares of our common stock, class B LLC units and shares
                                         of special voting stock held by entities in which Mr. Levinson is the managing member. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Lawrence
                                         E. Kreider, our Chief Financial Officer, beneficially owns 0.2% of our common stock on
                                         a fully diluted basis ( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% immediately following completion of this offering, or &nbsp;&nbsp;&nbsp;&nbsp;% if
                                         the underwriters exercise their option to purchase additional shares in full), with a
                                         total value of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , represented by 57,779 LTIP units (including LTIP units
                                         awarded in 2016).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>JJ Bistricer,
                                         our Chief Operating Officer, beneficially owns 0.2% of our common stock on a fully diluted
                                         basis (  &nbsp;&nbsp;&nbsp;&nbsp;% immediately following completion of this offering, or  &nbsp;&nbsp;&nbsp;&nbsp;% if the underwriters
                                         exercise their option to purchase additional shares in full), with a total value of approximately
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , represented by 63,334 LTIP units (including LTIP units awarded in 2016).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> Jacob Schwimmer,
                                         our Chief Property Management Officer, beneficially owns 6% of our common stock on a
                                         fully diluted basis and 5.8% of the voting power in our company ( &nbsp;&nbsp;&nbsp;&nbsp;%
                                         and &nbsp;&nbsp;&nbsp;&nbsp; %, respectively, immediately following completion of this
                                         offering, or &nbsp;&nbsp;&nbsp;&nbsp;% and &nbsp;&nbsp;&nbsp;&nbsp;%, respectively, if
                                         the underwriters exercise their option to purchase additional shares in full), with a
                                         total value of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , represented by 2,188,334 class B LLC units, 2,188,334 shares of special voting stock,
                                         57,779 LTIP units and 35,000 shares of our common stock. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We entered
                                         into employment agreements with David Bistricer, Lawrence Kreider, JJ Bistricer and Jacob
                                         Schwimmer providing for salary, bonus and other benefits, including certain payments
                                         and benefits upon a termination of employment under certain circumstances and the issuance
                                         of equity awards. Under those employment agreements, each of David Bistricer, JJ Bistricer
                                         and Jacob Schwimmer is required to spend such time on matters relating to our company
                                         as is appropriate and Lawrence Kreider is required to spend all of his working time on
                                         matters relating to our company. See &ldquo;Management&mdash;Employment Agreements.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We entered into indemnification agreements with our directors and executive officers providing for the indemnification by us
for certain liabilities and expenses incurred as a result of actions brought, or threatened to be brought, against such persons
in their capacities with us and our subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We entered into the tax protection agreement and the services agreements described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>David Bistricer
                                         and entities controlled by Sam Levinson were released from and otherwise indemnified
                                         for liabilities arising under certain guarantees and indemnities with respect to approximately
                                         $721.1 million of mortgage loans on our properties, which were assumed by us upon closing
                                         of the formation transactions in respect of obligations arising after the closing of
                                         the private offering. The guarantees and indemnities with respect to all of the indebtedness
                                         are, in most instances, limited to losses incurred by the applicable lender arising from
                                         acts such as fraud, misappropriation of funds, intentional breach, bankruptcy and certain
                                         environmental matters. In connection with our assumption of these mortgage loans, we
                                         have sought to have the guarantors and indemnitors released from these guarantees and
                                         indemnities and to have our operating partnership assume any such guarantee and indemnity
                                         obligations as replacement guarantor or indemnitor. To the extent lenders did not consent
                                         to the release of these guarantors and indemnitors, and they remain guarantors or indemnitors
                                         on assumed indebtedness following the private offering, our operating partnership entered
                                         into indemnification agreements with the guarantors and indemnitors pursuant to which
                                         our operating partnership is obligated to indemnify such guarantors and indemnitors for
                                         any amounts paid by them under guarantees and indemnities with respect to the assumed
                                         indebtedness. We believe that since we control the properties, it is appropriate, and
                                         consistent with market practice, for Mr. Bistricer and entities controlled by Mr. Levinson
                                         to be indemnified by our operating partnership to the extent the lenders did not consent
                                         to the release of these guarantors and indemnitors. In addition, in connection with future
                                         mortgage loans that we would enter into in connection with future property acquisitions
                                         or refinancing of our properties, we intend to enter into any necessary guarantees directly
                                         and neither Mr. Bistricer and entities controlled by Mr. Levinson nor any of our other
                                         directors, executive officers or stockholders would be expected to enter into such guarantees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We entered into a continuing investors registration rights agreement with certain persons receiving shares of our common stock
and class B LLC units in the formation transactions, including certain members of our senior management team and the other continuing
investors. The continuing investors registration rights agreement provides for the registration of such shares of common stock
and shares of common stock that are issuable upon the exchange of class B LLC units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.5in">The following diagram depicts
our ownership structure following the formation transactions, the private offering and the recent Aspen acquisition and prior
to the completion of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="pg28img1_s11a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Purchasers of shares of our common stock in the private
                                         offering (including the selling stockholders) currently own 84.3% of our outstanding
                                         common stock. Continuing investors currently own the remaining 15.7% of our outstanding
                                         common stock. Immediately following this offering, the purchasers in the private offering
                                         (excluding continuing investors) and the public stockholders will collectively own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
                                         of our outstanding common stock ( &nbsp;&nbsp;&nbsp;&nbsp;% if the underwriters exercise
                                         their option to purchase additional shares in full). </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> Continuing investors own 74.4% of our common stock
on a fully diluted basis. Immediately following this offering, the continuing investors will own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of our common stock on a fully diluted basis ( &nbsp;&nbsp;&nbsp;&nbsp;% if the underwriters exercise their option to purchase
additional shares in full). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> Continuing investors currently own shares of our
special voting stock giving them one vote per share on all matters on which our stockholders vote (other than certain matters
relating to special election meetings, as described in this prospectus) for each class B LLC unit held by them, subject to certain
adjustments and restrictions, meaning that such continuing investors currently generally have 74.8% of the voting power in our
company. Immediately following this offering, the continuing investors generally will have &nbsp;&nbsp;&nbsp;&nbsp;% of the voting
power in the company ( &nbsp;&nbsp;&nbsp;&nbsp;% if the underwriters exercise their option to purchase additional shares in full). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For additional information, see &ldquo;Security Ownership
of Certain Beneficial Owners and Management.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>We also have 132 shares of series A preferred stock issued
                                         and outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">The operating partnership&rsquo;s interests in the predecessor
    entities entitle the operating partnership to receive approximately 31.2% of the aggregate distributions from our predecessor
    entities. The continuing investors own an aggregate amount of 26,317,396 class B LLC units, representing 68.8% of our common
    stock on a fully diluted basis.&nbsp;&nbsp;Our share and any continuing investor&rsquo;s share of any distribution from any
    particular predecessor entity may differ from our share and that continuing investor&rsquo;s share (if any) of distributions
    from other predecessor entities and from one distribution to another, based on the amount distributed by each predecessor
    entity.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Indirectly held through Aspen 2016 LLC, of which Clipper
                                         Realty L.P. is the sole member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Private Offering
of Series A Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">On January 28, 2016, we completed
an offering of 132 shares of 12.5% Series A Cumulative Non-Voting Preferred Stock in a private offering pursuant to Regulation
D under the Securities Act. Each share of series A preferred stock was sold for $1,000 and our net proceeds from this private
offering were $109,500, which will be used for general corporate purposes. We sold the series A preferred stock in order to assist
us in qualifying as a REIT by satisfying the 100 holder requirement under the REIT rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Refinancing of Tribeca House Debt</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> On November 9, 2016, the Company
refinanced $460 million of loans due November 2016 secured by the Tribeca House property with a loan package comprising a
$335 million mortgage and a $75 million mezzanine note agreement. The loans bear a combined interest rate of one-month LIBOR
plus 3.75%, mature on November 9, 2018 and are subject to three one-year extension options. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Summary Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">An investment in our common stock
involves various risks, and prospective investors are urged to carefully consider the matters discussed under &ldquo;Risk Factors&rdquo;
prior to making an investment in our common stock. The following is a list of some of these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Unfavorable market and economic conditions in the United States, globally, and in the New York metropolitan area could adversely
affect occupancy levels, rental rates, rent collections, operating expenses and the overall market value of our assets, impair
our ability to sell, recapitalize or refinance our assets and have an adverse effect on our results of operations, financial condition
and our ability to make distributions to our stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>All of our properties are located in New York City and adverse economic or regulatory developments in this area could negatively
affect our results of operations, financial condition and ability to make distributions to our stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We may be unable to renew leases or lease currently vacant space or vacating space on favorable terms or at all as leases expire,
which could adversely affect our financial condition, results of operations and cash flow.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Competition could limit our ability to acquire attractive investment opportunities and increase the costs of those opportunities,
which may adversely affect us, including our profitability, and impede our growth.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We may from
                                         time to time be subject to litigation, which could have an adverse effect on our financial
                                         condition, results of operations, cash flow and the market value of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Present or future rent stabilization regulations may limit our ability to raise rents above specified maximum amounts and could
give rise to claims by tenants that their rents exceed such specified maximum amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We depend
                                         on key personnel, including David Bistricer, our Co-Chairman and Chief Executive Officer,
                                         and the loss of services of one or more members of our senior management team, or our
                                         inability to attract and retain highly qualified personnel, could adversely affect our
                                         business and diminish our investment opportunities, which could negatively affect our
                                         financial condition, results of operations, cash flow and the market value of our common
                                         stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> Our continuing
                                         investors (who include David Bistricer, our Co-Chairman and Chief Executive Officer,
                                         Sam Levinson, our Co-Chairman and the Head of our Investment Committee and Jacob Schwimmer,
                                         our Chief Property Management Officer) generally have the ability to exercise 74.8% of
                                         the voting power in our company prior to this offering, which means the continuing investors
                                         are able to significantly influence the composition of our board of directors, the approval
                                         of actions requiring stockholder approval, and our management, business plan and policies. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our stockholders&rsquo;
                                         ability to control our policies and effect a change of control of our company is limited
                                         by certain provisions of our charter and bylaws and by Maryland law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have a substantial amount of indebtedness that may limit our financial and operating activities and may adversely affect
our ability to incur additional debt to fund future needs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Failure to qualify or to maintain our qualification as a REIT would have significant adverse consequences to the value of our
common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>REIT distribution requirements could adversely affect our liquidity and ability to execute our business plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Investment Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We will generally target wholly-owned
multi-family and commercial properties located in the New York metropolitan area; however, we may also make majority or minority
investments alongside partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Clipper Equity owns interests in
and controls and manages entities that own interests in multi-family and commercial properties in the New York metropolitan area.
Each of David Bistricer, our Co-Chairman and Chief Executive Officer, and JJ Bistricer, our Chief Operating Officer, is an officer
of Clipper Equity and will continue to be involved in such capacity with Clipper Equity. Each of Sam Levinson, our Co-Chairman
and the Head of our Investment Committee, and Jacob Schwimmer, our Chief Property Management Officer, have ownership interests
in Clipper Equity and will continue to be involved in such capacity with Clipper Equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We have adopted an Investment
Policy that provides that our directors and officers, including officers involved with Clipper Equity, will not invest in any
multi-family or commercial property (other than excluded assets) located in the metropolitan New York City area, unless the investment
opportunity is first offered to our company and our board of directors (or an independent committee of our board of directors)
determines that our company will not pursue the investment opportunity. Our officers and directors, including each of David Bistricer,
Sam Levinson, JJ Bistricer and Jacob Schwimmer, can pursue investment opportunities related to excluded assets which include (i)
for-sale condominium or cooperative conversion or development projects, (ii) projects that would require us to obtain guarantees
from third parties or to backstop obligations of other parties, or (iii) land acquisitions, without first offering them to our
company. Our charter provides that we renounce any interest or expectancy in, or right to be offered or to participate in, any
business opportunity identified in any investment policy (including the Investment Policy) or agreement with any of our directors
or officers unless the policy or agreement contemplates that the director or officer must present, communicate or offer such business
opportunity to us. See &ldquo;Certain Provisions of Maryland Law and Clipper Realty&rsquo;s Charter and Bylaws&mdash;Competing
Interests and Activities of our Directors and Officers.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><B>Our Tax Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We have elected to be treated
and to qualify as a REIT for U.S. federal income tax purposes beginning with our first taxable year ended December&nbsp;31, 2015.
We have been organized and operate in conformity with the requirements for qualification and taxation as a REIT under the Code,
and our manner of operation has enabled us to meet the requirements for qualification and taxation as a REIT commencing with our
taxable year ended December&nbsp;31, 2015 and thereafter. To qualify as a REIT, we must meet a number of organizational and operational
requirements, including a requirement that we annually distribute at least 90% of our taxable income to our stockholders, computed
without regard to the dividends paid deduction and excluding our net capital gain, plus 90% of our net income after tax from foreclosure
property (if any), minus the sum of various items of excess non-cash income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">In any year in which we qualify
as a REIT, we generally will not be subject to U.S. federal income tax on that portion of our taxable income or capital gain that
is distributed to stockholders. If we lose our REIT status, and the statutory relief provisions of the Code do not apply, we will
be subject to entity-level income tax, including any applicable alternative minimum tax, on our taxable income at regular U.S.
corporate tax rates. Even if we qualify as a REIT, we will be subject to certain U.S. federal, state and local taxes on our income
and property and on taxable income that we do not distribute to our stockholders. In addition, Clipper TRS will be subject to U.S.
federal, state and local income tax on its taxable income. See &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><B>Restrictions on Ownership of
Our Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Due to limitations on the concentration
of ownership of REIT stock imposed by the Code, among other reasons, our charter generally prohibits any person from actually,
beneficially or constructively owning more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding
shares of any class or series of our common stock or 9.8% of the aggregate value of all our outstanding stock. We refer to these
restrictions as the &ldquo;ownership limit.&rdquo; Our charter permits our board of directors, in its sole and absolute discretion,
to exempt a person, prospectively or retroactively, from the ownership limit if, among other conditions, the person&rsquo;s ownership
of our stock in excess of the ownership limit could not cause us to fail to qualify as a REIT. Our charter contains certain other
limits on beneficial and constructive ownership and transfer of our stock. See &ldquo;Description of Capital Stock&mdash;Restrictions
on Ownership and Transfer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><B>Distribution Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">To qualify as a REIT, we must
distribute annually to our stockholders an amount at least equal to 90% of our REIT taxable income, determined without regard
to the deduction for dividends paid and excluding any net capital gain. We will be subject to income tax on our taxable income
that is not distributed and to an excise tax to the extent that certain percentages of our taxable income are not distributed
by specified dates. See &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo; Income as computed for purposes of the foregoing
tax rules will not necessarily correspond to our income as determined for financial reporting purposes. Accordingly, we generally
expect to distribute a significant percentage of our available cash to holders of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="border: Black 1pt solid; width: 99%; padding-right: 3pt; padding-left: 3pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> On December 4, 2015, we paid a cash
dividend of $0.043333 per share (totaling $494,976) and on each of March 11, June&nbsp;3, September&nbsp;2 and December&nbsp;2, 2016, we paid
a cash dividend of $0.065 per share (each totaling $742,469). Any future distributions we make will be at the discretion of our
board of directors and will depend on a number of factors, including prohibitions or restrictions under financing agreements or
applicable law and other factors described below. See &ldquo;Distribution Policy.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We cannot assure you that our
board of directors will not change our distribution policy in the future. Any distributions we pay in the future will depend upon
our actual results of operations, liquidity, cash flows, financial condition, economic conditions, debt service requirements and
other factors that could differ materially from our current expectations. Our actual results of operations, liquidity, cash flows
and financial condition will be affected by a number of factors, including the revenue we receive from our properties, our operating
expenses, interest expense, the ability of our tenants to meet their obligations and unanticipated expenditures. For more information
regarding risk factors that could materially adversely affect our ability to pay dividends and make other distributions to our
stockholders, see &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><B>Registration Rights Agreement
and Selling Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Pursuant to the registration rights
agreement entered into in connection with the private offering, as amended, we are required, among other things, to use our commercially
reasonable efforts to cause a shelf registration statement registering for resale the registrable shares (as defined in the registration
rights agreement) that are not sold by the selling stockholders in this offering, to be declared effective by the SEC as soon
as practicable (but in no event later than the earlier of (i) January 31, 2017 and (ii) 60 days after the closing of this offering;
provided that if this offering occurs within the 60 days prior to January 31, 2017, such date shall be 60 days after the closing
of the initial public offering of our common stock). See &ldquo;Description of Capital Stock&mdash;Registration Rights.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Pursuant to, and subject to the
terms and conditions of, the registration rights agreement, persons who purchased shares of our common stock in the private offering
and their transferees have the right to sell their shares of our common stock in this offering, subject to customary terms and
conditions including underwriter cutback rights. We are including &#8199;&#8199;&#8199;&#8199;&#8199;&#8199; shares of our common
stock in this offering to be sold by the selling stockholders identified in this prospectus under &ldquo;Selling Stockholders.&rdquo;
We will not receive any proceeds from the sale of shares of our common stock by the selling stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: center"><B>Implications of Being an Emerging
Growth Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We qualify as an &ldquo;emerging
growth company,&rdquo; as defined in the JOBS Act. An emerging growth company may take advantage of specified reduced reporting
requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies.
As an emerging growth company, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are exempt from the auditor attestation requirement in the assessment of our internal control over financial reporting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are permitted to provide less extensive disclosure about our executive compensation arrangements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are not required to give our stockholders non-binding advisory votes on executive compensation or golden parachute arrangements;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have elected to use an extended transition period for complying with new or revised accounting standards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">We may take advantage of some
or all of the reduced regulatory and reporting requirements that will be available to us as long as we qualify as an &ldquo;emerging
growth company.&rdquo; We will, in general, qualify as an &ldquo;emerging growth company&rdquo; until the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common stock pursuant
to an effective registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the last day of our fiscal year in which we have annual gross revenue of $1.0 billion or more;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date
                                         on which we are deemed to be a &ldquo;large accelerated filer,&rdquo; which will occur
                                         after we first meet the following conditions as of the end of our fiscal year: (1) we
                                         have an aggregate worldwide market value of common equity securities held by non-affiliates
                                         of $700 million or more as of the last business day of our most recently completed second
                                         fiscal quarter, (2) we have been required to file annual and quarterly reports under
                                         the Exchange Act for a period of at least 12 months and (3) we have filed at least one
                                         annual report pursuant to the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Company Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of November 25, 2016, we had approximately
180 employees. Our principal executive offices are located at 4611 12<SUP>th</SUP> Avenue, Brooklyn, New York 11219. Our telephone
number is (718) 438-2804. Our website address is www.clipperrealty.com. The information on, or otherwise accessible through, our
website does not constitute a part of this prospectus. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_002"></A><FONT STYLE="text-transform: uppercase"><B>THE
OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 48%; padding-left: 0.2in; text-indent: -0.2in">Common stock offered by us</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 51%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">Common stock offered by the selling stockholders</td>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in"> Common stock outstanding immediately after this offering </td>
    <td> &nbsp; </td>
    <td><P STYLE="margin: 0pt 0; text-indent: 0.5in"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares ( shares if the
        underwriters exercise their option to purchase additional shares in full)<SUP> (1)</SUP> </P>


</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">Offering price</td>
    <td>&nbsp;</td>
    <td>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share of common stock</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in"> Use of proceeds </td>
    <td>&nbsp;</td>
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> We estimate that the net proceeds to us from this offering,
after deducting underwriting discounts and commissions and other estimated offering expenses payable by us, will be approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, based on the mid-point of the price range set forth on the front cover page of
this prospectus ($ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million if the underwriters exercise their option to purchase additional
shares in full). We intend to use all or a portion of the net proceeds of this offering, together with cash on hand, which was
$41.6 million at September 30, 2016, pro forma for the refinancing of Tribeca House debt on November 9, 2016 and refund of an
acquisition deposit on November 14, 2016 (actual amount as of that date was $82.1 million), to (i) fund approximately $31 million
of certain capital improvements to reposition and modernize our properties and (ii) fund acquisitions of properties consistent
with our strategy of acquiring multi-family or commercial properties in the New York metropolitan area. We have not identified
any particular properties to acquire using the net proceeds of this offering. Pending application of the net proceeds, we will
invest the net proceeds in short-term, interest-bearing securities that are consistent with our election to be taxed as a REIT
for U.S. federal income tax purposes. Such investments may include obligations of the Government National Mortgage Association,
other government agency securities, certificates of deposit, and interest-bearing bank deposits. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not receive any of the proceeds from the
        sale of shares of our common stock by the selling stockholders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Use of Proceeds.&rdquo;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Excludes (i) an aggregate of 26,317,396 shares of our common
    stock that we may issue in exchange for class B LLC units outstanding, (ii) an aggregate of 380,744 shares of our common stock
    underlying LTIP units we have granted to our executive officers and certain of our employees pursuant to our 2015 Omnibus
    Plan, (iii) an aggregate of 120,743 shares of our common stock underlying LTIP units we have granted to our non-employee directors
    pursuant to our 2015 Director Plan, (iv) 619,256 shares of our common stock reserved for future issuance under our 2015 Omnibus
    Plan, and (v) 229,257 of our common stock reserved for future issuance under our 2015 Director Plan.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 48%; padding-left: 0.2in; text-indent: -0.2in">Proposed NYSE symbol</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 51%">&ldquo;CLPR&rdquo;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">Ownership and transfer restrictions</td>
    <td>&nbsp;</td>
    <td>To assist us in qualifying as a REIT, among other purposes, our charter generally limits beneficial ownership by any
    person to no more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of any
    class or series of our common stock or 9.8% of the aggregate value of all our outstanding stock. In addition, our charter
    contains various other restrictions on the ownership and transfer of shares of our stock. See &ldquo;Description of Capital
    Stock&mdash;Restrictions on Ownership and Transfer.&rdquo;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.2in; text-indent: -0.2in"> Risk factors </td>
    <td> &nbsp; </td>
    <td> Investing in our common stock involves a high degree of risk. For a discussion of factors you should consider in making
    an investment, see &ldquo;Risk Factors&rdquo; beginning on page 25. </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Summary Selected Historical and Pro Forma
Financial Data</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Clipper Realty Inc. (the &ldquo;Company&rdquo;
or &ldquo;We&rdquo;) was incorporated under the laws of the state of Maryland on July 7, 2015. On August 3, 2015, we completed
certain formation transactions and the sale of shares of our common stock in a private offering. We contributed the net proceeds
of the private offering to Clipper Realty L.P., our operating partnership subsidiary (the &ldquo;Operating Partnership&rdquo;),
in exchange for units in the Operating Partnership. The Operating Partnership in turn contributed such net proceeds to the limited
liability companies (&ldquo;LLCs&rdquo;) that comprise the Predecessor, as described below, in exchange for class A LLC units
in such LLCs and became the managing member of each LLC. The owners of the LLCs exchanged their interests for class B LLC units
and an equal number of shares of our non-economic, special voting stock of the Company. The class B LLC units (together with the
shares of our special voting stock) are convertible into shares of our common stock and are entitled to distributions pursuant
to the limited liability company agreements of the LLCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">The Predecessor was a
combination of the four LLCs, including one formed in 2014 in connection with the acquisition of the Tribeca House properties
on December 15, 2014. The Predecessor did not represent a legal entity. The LLCs that comprised the Predecessor and the
Company at formation were under common control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As more fully described elsewhere in
this prospectus, on June 27, 2016, we acquired the Aspen property. As a result, as of September&nbsp;30, 2016, our properties
included the following five properties: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tribeca
                                          House properties in Manhattan, comprising two buildings, one with 21 stories and one with 12
                                         stories, containing residential and retail space with an aggregate of approximately 480,000
                                         square feet of residential rental GLA and 77,236 of rental retail and parking GLA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Flatbush
                                         Gardens in Brooklyn, a 59-building multi-family housing complex with 2,496 rentable units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>141 Livingston
                                         Street in Brooklyn, a 15-story office building with approximately 216,073 square feet
                                         of GLA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>250 Livingston
                                         Street in Brooklyn, a 12-story office and residential building with approximately 294,378
                                         square feet of GLA; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Aspen
                                         property located at 1955&nbsp;1<SUP>st</SUP> Avenue, New York, NY, a 7 story residential
                                         and retail rental building with 186,602 square feet of GLA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">Following completion of the
private offering and the formation transactions, the operations of the Company have been carried on primarily through the Operating
Partnership. The Company is the sole general partner of the Operating Partnership and the Operating Partnership is the sole managing
member of the LLCs that comprise the Predecessor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">The Company has elected to
be treated, commencing with its 2015 tax year, and intends to continue to qualify as, a REIT for U.S. federal income tax purposes.
The following table shows the summary selected consolidated historical and pro forma financial data for the Predecessor and the
Company for the periods indicated. You should read the summary selected historical and pro forma financial data in conjunction
with the more detailed information contained in the financial statements and related notes and &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations&rdquo; included in this prospectus. As disclosed in &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&mdash;Significant Accounting Policies,&rdquo; real estate
assets held for investment are carried at historical cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Company&rsquo;s and the Predecessor&rsquo;s
historical consolidated and combined balance sheet data as of December&nbsp;31, 2015 and 2014 and consolidated and combined statements
of operations data for the years ended December&nbsp;31, 2015 and 2014 have been derived from historical financial statements
audited by our independent auditors, whose report with respect thereto is included elsewhere in this prospectus. The Company&rsquo;s
and the Predecessor&rsquo;s consolidated and combined balance sheet data as of September 30, 2016 and 2015 and consolidated and
combined statements of operations data for the nine months ended September 30, 2016 and 2015 have been derived from unaudited
financial statements. The unaudited consolidated and combined financial statements have been prepared on a basis consistent with
the annual audited consolidated and combined financial statements. In the opinion of management, the unaudited financial data
reflect all adjustments, consisting of only normal and recurring adjustments considered necessary for a fair presentation of the
operating results for those interim periods. The operating results for the nine months ended September 30, 2016 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The summary selected pro forma consolidated
and combined results of operations data for the nine months ended September 30, 2016 and the year ended December&nbsp;31, 2015
give effect to this offering, the formation transactions and the private offering of August 3, 2015, the acquisition of the Aspen
property and additional borrowings and repayments as if each had occurred at the beginning of the respective periods for the operating
data and as of the stated date for the balance sheet data. The pro forma data is not necessarily indicative of what our actual
financial position and results of operations would have been as of September 30, 2016 and December&nbsp;31, 2015 or for the nine
months ended September 30, 2016 and the year ended December&nbsp;31, 2015, nor does it purport to represent our future financial
position or results of operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="22" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>(Dollars,
    share and Class&nbsp;B LLC units</B><BR>
    <B>in thousands)</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Nine&nbsp;months
    ended September&nbsp;30,</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Years
    ended December&nbsp;31,</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Consolidated Statement
    of Operations</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Pro
    Forma</B><BR>
    <B>2016</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>2016</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Pro
    Forma</B><BR>
    <B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>2014</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="width: 40%; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Residential
    rental income</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="width: 7%; background-color: #CCECFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="width: 7%; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">49,405</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="width: 7%; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">45,596</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="width: 7%; background-color: #CCECFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="width: 7%; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">60,784</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="width: 7%; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">31,413</FONT> </TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Commercial
    rental income</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">13,843</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">13,042</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">17,256</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">12,382</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Tenant
    recoveries</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,969</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,651</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,477</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,415</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Garage
    and other income</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,550</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,315</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,087</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,562</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total
    revenues</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">68,767</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">63,604</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">84,604</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">47,772</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Operating
    Expenses</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Property
    operating expenses</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">18,885</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">17,691</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">23,283</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">19,673</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Real
    estate taxes and insurance</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">13,023</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">10,904</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">14,926</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,560</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">General
    and administrative</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,317</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,266</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,296</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,358</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Acquisition
    costs</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">407</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">75</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">326</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Depreciation
    and amortization</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">10,646</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">9,656</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">12,521</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">4,472</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-bottom: 1pt; padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total
    operating expenses</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">49,278</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">41,517</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">56,101</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">33,389</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Income
    from operations</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">19,489</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">22,087</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">28,503</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">14,383</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: white; padding-bottom: 1pt; padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Interest
    expense, net</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(28,749</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(27,728</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(36,703</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(9,145</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="background-color: #CCEEFF; padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net
    (loss) income</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(9,260</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(5,641</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(8,200</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,238</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net loss attributable to
    Predecessor and non-controlling interests</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,457</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,051</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,835</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Dividends
    attributable to preferred shares</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(11</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net
    loss attributable to common stockholders</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(2,814</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(590</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(1,365</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Basic and diluted loss per
    share</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(0.25</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(0.05</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(0.12</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Weighted average per share
    / Class B LLC unit information:</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Common shares outstanding</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">11,423</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">11,423</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">11,423</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Class
    B LLC units outstanding</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">26,317</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">26,317</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">26,317</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37,740</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37,740</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37,740</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Cash flow data</B></FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Operating activities</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,253</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,722</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">9,440</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">7,472</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Investing activities</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(130,833</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(6,360</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(9,025</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(226,822</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Financing activities</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">82,349</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">118,446</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">115,760</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">224,707</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Non-GAAP measures</B></FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">FFO (1)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,386</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">4,015</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">4,321</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">9,710</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">AFFO (1)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,773</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">7,352</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">9,247</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">8,266</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Adjusted EBITDA (2)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">32,202</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">31,792</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">41,531</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">18,482</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Balance sheet data</B></FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Investment in real estate,
    net</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">821,466</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">726,107</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">728,744</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Cash and cash equivalents</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">82,101</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">125,332</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">9,157</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Restricted cash</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">14,196</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">9,962</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,876</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total assets</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">963,109</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">881,118</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">766,856</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Notes payable, net of unamortized
    debt costs</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">807,893</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">713,440</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">708,228</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total liabilities</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">831,952</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">734,741</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">729,659</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Stockholders&rsquo; equity</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">39,696</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">44,303</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total equity</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">131,157</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">146,377</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37,197</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt"><B>Property related data
    (unaudited)</B></FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Residential property rentable
    square feet</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Flatbush Gardens</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,734</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,734</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,734</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 0.5in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">% occupied</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">96.6</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">96.2</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">94.4</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Tribeca House properties</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">481</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">479</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">479</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 0.5in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">% occupied</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">90.7</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">83.5</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">94.5</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">250 Livingston Street</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">36</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">36</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">36</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 0.5in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">% occupied</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">85.2</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">94.4</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">90.0</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 0.25in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Commercial and retail
    property rentable square feet</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">141 Livingston Street (2015
    data remeasured)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">208</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">216</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">159</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 0.5in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">% occupied</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">100</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">100.0</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">100.0</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">250 Livingston Street (2015
    data remeasured)</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">353</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">353</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">353</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 0.5in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">% occupied</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">100</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">99.7</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">99.7</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Tribeca House properties</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">77</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">77</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">77</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-size: 8pt">
    <TD STYLE="padding-left: 0.5in; text-indent: -9pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">% occupied</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">100</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">95.9</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">95.9</FONT> </TD>
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">%</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">FFO is defined
                                         by the National Association of Real Estate Investment Trusts (&ldquo;NAREIT&rdquo;) as
                                         net income (computed in accordance with GAAP), excluding gains (losses) from sales of
                                         property (and impairment adjustments), plus depreciation and amortization, and after
                                         adjustments for unconsolidated partnerships and joint ventures. Our calculation of FFO
                                         is consistent with FFO as defined by NAREIT.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">AFFO is defined by us as FFO excluding amortization
of identifiable intangibles incurred in property acquisitions, straight line rent adjustments to revenue from long-term leases
and amortization of costs incurred in originating debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Historical cost accounting for real estate assets
implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values have historically
risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes
historical cost depreciation and valuation adjustments from net income. We consider FFO to be useful in evaluating potential property
acquisitions and measuring operating performance. We further consider AFFO to be useful in determining funds available for payment
of distributions. FFO and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider
FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and
AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">FFO and AFFO do not measure whether cash flow is
sufficient to fund all of our cash needs, including principal amortization, capital improvements and distributions to stockholders.
FFO and AFFO do not represent cash flows from operating, investing or financing activities as defined by GAAP. Further, FFO and
AFFO as disclosed by other REITs might not be comparable to our calculations of FFO and AFFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The following table sets forth a reconciliation
of FFO and AFFO for the periods presented to net (loss) income before allocation to non-controlling interests, as computed in
accordance with GAAP (amounts in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Nine
    months ended September 30,</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Years
    ended December 31,</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Pro
    Forma </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>2016</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2016</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Pro
    Forma </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2014</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; width: 40%"> <FONT STYLE="font-size: 10pt"><B>FFO</B></FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; width: 7%; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 7%; background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 7%; background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; width: 7%; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 7%; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 7%; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 9pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Net (loss) income
    before allocation to non-controlling interests</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(9,260</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(5,641</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(8,200</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">5,238</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Real
    estate depreciation and amortization&#9;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">10,646</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">9,656</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">12,521</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">4,472</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-bottom: 2.5pt; padding-left: 27pt"> <FONT STYLE="font-size: 10pt">FFO&#9;</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">1,386</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">4,015</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">4,321</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">9,710</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt"><B>AFFO</B></FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 9pt"> <FONT STYLE="font-size: 10pt">FFO&#9;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">1,386</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">4,015</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">4,321</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">9,710</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Real estate
    tax intangible amortization&#9;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">1,186</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">996</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">1,328</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">238</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Amortization
    of above and below-market leases</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(1,357</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(1,286</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(1,714</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(1,450</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Straight-line
    rent adjustment&#9;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">(60</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">55</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">109</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">513</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Amortization
    of debt origination costs</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">4,253</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">4,496</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">6,036</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">704</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Interest rate
    cap mark-to-market</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">9</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">511</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">522</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">49</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Amortization
    of LTIP awards</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">1,891</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">284</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">709</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Acquisition
    costs</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">75</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">326</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Recurring
    capital spending</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(535</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(1,719</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(2,139</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(1,824</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt; padding-left: 27pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">AFFO</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">6,773</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">7,352</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">9,247</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">8,266</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 2.5pt"> &nbsp; </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 3pt; padding-left: 3pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>We believe that Adjusted EBITDA is a useful measure of our
                                         operating performance. We define Adjusted EBITDA as net (loss) income before allocation
                                         to non-controlling interests plus real estate depreciation and amortization, amortization
                                         of identifiable intangibles, interest expense, net, acquisition costs and stock based
                                         compensation. Other REITs may use different methodologies for calculating Adjusted EBITDA,
                                         and accordingly, our Adjusted EBITDA may not be comparable to other REITs. We believe
                                         that this measure provides an operating perspective not immediately apparent from GAAP
                                         operating income or net income. We use Adjusted EBITDA to evaluate our performance because
                                         Adjusted EBITDA allows us to evaluate the operating performance of our company by measuring
                                         the core operations of property performance and administrative expenses available for
                                         debt service and capturing trends in rental housing and property operating expenses.
                                         However, Adjusted EBITDA should only be used as an alternative measure of our financial
                                         performance. For a further discussion about our use of Adjusted EBITDA as a non-GAAP
                                         financial measure, see &ldquo;Management&rsquo;s Discussion and Analysis of Financial
                                         Condition and Results of Operations&mdash;Non-GAAP Financial Measures&mdash;Adjusted
                                         earnings before interest, income taxes, depreciation, amortization and stock based compensation.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table reconciles Adjusted
EBITDA to net (loss) income before allocation to non-controlling interests (amounts in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Nine
    months ended September 30,</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Years
    ended December 31,</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Pro
    Forma</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>2016</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2016</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Pro
    Forma</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2015</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2014</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt"><B>Adjusted EBITDA</B></FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; background-color: white; padding-left: 9pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Net
    (loss) income before allocation to non-controlling interest&#9;</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 8%"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 8%; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(9,260</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 8%; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(5,641</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 8%"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 8%; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(8,200</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD>
    <TD STYLE="width: 1%; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 8%; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">5,238</FONT> </TD>
    <TD STYLE="width: 1%; background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Depreciation
    and amortization</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">10,646</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">9,656</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">12,521</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">4,472</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Amortization
    of real estate tax intangible&#9;</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">1,186</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">996</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">1,328</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">238</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Amortization
    of above and below-market leases</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">(1,357</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">(1,286</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">(1,714</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">(1,450</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> <FONT STYLE="font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Straight-line
    rent adjustment&#9;</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">(60</FONT> </TD>
    <TD STYLE="background-color: white"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">55</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">109</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">513</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Amortization
    of LTIP awards</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">1,891</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">284</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCECFF; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">709</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Interest expense,
    net&#9;</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">28,749</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">27,728</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">36,703</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD>
    <TD STYLE="background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">9,145</FONT> </TD>
    <TD STYLE="background-color: white"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Acquisition
    costs&#9;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; padding-bottom: 1pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">407</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCECFF; padding-bottom: 1pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">75</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"> <FONT STYLE="font-size: 10pt">326</FONT> </TD>
    <TD STYLE="background-color: #CCEEFF; padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-bottom: 2.5pt; padding-left: 0.5in; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Adjusted
    EBITDA</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">32,202</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">31,792</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">41,531</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: white; text-align: right"> <FONT STYLE="font-size: 10pt">18,482</FONT> </TD>
    <TD STYLE="background-color: white; padding-bottom: 2.5pt"> &nbsp; </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="main_003"></A><B>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>An investment in our common stock
involves a high degree of risk. You should carefully consider the following material risks, as well as the other information contained
in this prospectus, before making an investment in our company. If any of the following risks actually occur, our business, prospects,
financial condition, results of operations and/or cash flow could be materially and adversely affected. In such an event, the
market value of our common stock could decline and you could lose part or all of your investment. Some statements in this prospectus,
including statements in the following risk factors, constitute forward-looking statements. Please refer to the section of this
prospectus entitled &ldquo;Cautionary Note Concerning Forward-Looking Statements.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Real Estate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Unfavorable market and economic conditions in the United
States and globally and in the specific markets or submarkets where our properties are located could adversely affect occupancy
levels, rental rates, rent collections, operating expenses, and the overall market value of our assets, impair our ability to sell,
recapitalize or refinance our assets and have an adverse effect on our results of operations, financial condition, cash flow and
our ability to make distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unfavorable market conditions in
the areas in which we operate and unfavorable economic conditions in the United States and/or globally may significantly
affect our occupancy levels, rental rates, rent collections, operating expenses, the market value of our assets and our
ability to strategically acquire, dispose, recapitalize or refinance our properties on economically favorable terms or at
all. Our ability to lease our properties at favorable rates may be adversely affected by increases in supply of commercial,
retail and/or residential space in our markets and is dependent upon overall economic conditions, which are adversely
affected by, among other things, job losses and increased unemployment levels, recession, stock market volatility and
uncertainty about the future. Some of our major expenses, including mortgage payments and real estate taxes,
generally do not decline when related rents decline. We expect that any declines in our occupancy levels, rental revenues
and/or the values of our buildings would cause us to have less cash available to pay our indebtedness, fund necessary capital
expenditures and to make distributions to our stockholders, which could negatively affect our financial condition and the
market value of our common stock. Our business may be affected by volatility and illiquidity in the financial and credit
markets, a general global economic recession and other market or economic challenges experienced by the real estate industry
or the U.S. economy as a whole. Our business may also be adversely affected by local economic conditions, as all of our
revenues are currently derived from properties located in New York City, with all of our current portfolio being in Manhattan
and Brooklyn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Factors that may affect our occupancy levels,
our rental revenues, our income from operations, our funds from operations (&ldquo;FFO&rdquo;) and adjusted FFO (&ldquo;AFFO&rdquo;),
our earnings before interest, income tax, depreciation, amortization (&ldquo;EBITDA&rdquo;), our cash flow and/or the value of
our properties include the following, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>downturns in global, national, regional and local economic and demographic conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>declines in the financial condition of our tenants, which may result in tenant defaults under leases due to bankruptcy, lack
of liquidity, operational failures or other reasons, and declines in the financial condition of buyers and sellers of properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>declines in local, state and/or federal government budgets and/or increases in local, state and/or federal government budget
deficits, which among other things could have an adverse effect on the financial condition of our only commercial tenant, the City
of New York, and may result in tenant defaults under leases and/or cause such tenant to seek alternative office space arrangements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the inability
                                         or unwillingness of our tenants to pay rent increases, or our inability to collect rents
                                         and other amounts due from our tenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>significant job losses in the industries in which our commercial and/or retail tenants operate, and/or from which our residential
tenants derive their incomes, which may decrease demand for our commercial, retail and/or residential space, causing market rental
rates and property values to be affected negatively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an oversupply of, or a reduced demand for, commercial and/or retail space and/or apartment homes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>declines in household formation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>favorable residential mortgage rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in market rental rates in our markets and/or the attractiveness of our properties to tenants, particularly as our buildings
continue to age, and our ability to fund repair and maintenance costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competition
                                         from other available commercial and/or retail lessors and other available apartments
                                         and housing alternatives, and from other real estate investors with significant capital,
                                         such as other real estate operating companies, other REITs and institutional investment
                                         funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>economic conditions that could cause an increase in our operating expenses, such as increases in property taxes (particularly
as a result of increased local, state and national government budget deficits and debt and potentially reduced federal aid to state
and local governments), utilities, insurance, compensation of on-site personnel and routine maintenance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>opposition from local community or political groups with respect to the development and/or operations at a property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>investigation, removal or remediation of hazardous materials or toxic substances at a property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in, and changes in enforcement of, laws, regulations and governmental policies, including without limitation, health,
safety, environmental and zoning laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>rent control or stabilization laws, or other laws regulating rental housing, which could prevent us from raising rents to offset
increases in operating costs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in rental housing subsidies provided by the government and/or other government programs that favor single-family rental
housing or owner-occupied housing over multi-family rental housing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>All of our properties are located in New York City, and
adverse economic or regulatory developments in New York City or parts thereof, including the boroughs of Brooklyn and Manhattan,
could negatively affect our results of operations, financial condition, cash flow, and ability to make distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of our properties are located in
New York City, with all of our current portfolio being in the boroughs of Manhattan and Brooklyn. As a result, our business is
dependent on the condition of the economy in New York City and the views of potential tenants regarding living and working in
New York City, which may expose us to greater economic risks than if we owned a more geographically diverse portfolio. We are
susceptible to adverse developments in New York City (such as business layoffs or downsizing, industry slowdowns, relocations
of businesses, terror attacks, increases in real estate and other taxes, costs of complying with governmental regulations or increased
regulation). Such adverse developments could materially reduce the value of our real estate portfolio and our rental revenues,
and thus adversely affect our ability to meet our debt obligations and to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on a single government tenant in our office
buildings, which could cause an adverse effect on us, including our results of operations and cash flow, if the City of New York
were to suffer financial difficulty.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our rental revenue depends on entering
into leases with and collecting rents from tenants. As of November 1, 2016, Kings County Court, the Human Resources Administration,
and the Department of Environmental Protection, all of which are agencies of the City of New York, leased an aggregate of 472,653
rentable square feet of commercial space at our commercial office properties at 141 Livingston Street and 250 Livingston Street,
representing approximately 16% of the total rentable square feet in our portfolio and approximately 16% of our total portfolio&rsquo;s
annualized rent. General and regional economic conditions may adversely affect the City of New York and potential tenants in our
markets. The City of New York may experience a material business downturn or suffer negative effects from declines in local, state
and/or federal government budgets and/or increases in local, state and/or federal government budget debt and deficits, which could
potentially result in a failure to make timely rental payments and/or a default under its leases. In many cases, through tenant
improvement allowances and other concessions, we have made substantial upfront investments in the applicable leases that we may
not be able to recover. In the event of a tenant default, we may experience delays in enforcing our rights and may also incur
substantial costs to protect our investments. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The bankruptcy or insolvency of a major
tenant may adversely affect the income produced by our properties and may delay our efforts to collect past due balances under
the relevant leases and could ultimately preclude collection of these sums altogether. If a lease is rejected by a tenant in bankruptcy,
we would have only a general unsecured claim for damages that is limited in amount and which may only be paid to the extent that
funds are available and in the same percentage as is paid to all other holders of unsecured claims. If any of our significant tenants
were to become bankrupt or insolvent, suffer a downturn in their business or a reduction in funds available to them, default under
their leases, fail to renew their leases or renew on terms less favorable to us than their current terms, our results of operations
and cash flow could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The leases for the Human Resources
Administration and the Department of Environmental Protection, which comprise 56% of the rentable square feet rented by the City
of New York, will each expire in 2020. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our portfolio&rsquo;s rent is generated from five
properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of November 1, 2016, our portfolio
consisted of five properties, our Tribeca House properties, the Flatbush Gardens complex, the 141 Livingston Street property,
the 250 Livingston Street property, and the Aspen property, which accounted for 36%, 37.8%, 11.2%, 8.8%, and 6.2%, respectively,
of our portfolio&rsquo;s rent in the third quarter of 2016. Our results of operations and cash available for distribution to our
stockholders would be adversely affected if any of these properties were materially damaged or destroyed. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be unable to renew leases or lease currently
vacant space or vacating space on favorable terms or at all as leases expire, which could adversely affect our financial condition,
results of operations and cash flow.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of November 1, 2016, we had approximately
103,000 rentable square feet of vacant residential space (excluding leases signed but not yet commenced) and leases representing
approximately 71% of the square footage of residential space at properties in our portfolio will expire in the twelve months between
November 2016 and October 2017 (including month-to-month leases). As of November 1, 2016, we had no vacant commercial and retail
space. One lease representing approximately 14% of the square footage of commercial and retail space at properties in our portfolio
will expire in 2016 (excluding month-to-month parking leases). We cannot assure you that expiring leases will be renewed or that
our properties will be re-leased at net effective rental rates equal to or above the current average net effective rental rates.
If the rental rates for our commercial and/or residential space decrease, our existing commercial tenants do not renew their leases
or we do not re-lease a significant portion of our available and soon-to-be-available commercial and/or residential space, our
financial condition, results of operations, cash flow, the market value of our common stock and our ability to satisfy our debt
obligations and to make distributions to our stockholders would be adversely affected. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The actual rents we receive for the properties in our
portfolio may be less than market rents, and we may experience a decline in realized rental rates, which could adversely affect
our financial condition, results of operations and cash flow. Short-term leases with respect to our residential tenants expose
us to the effects of declining market rents.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Throughout this prospectus, we make
certain comparisons between our in-place rents and estimates of market rents for the commercial, retail and residential space
in our portfolio used for budgeting purposes. As a result of potential factors, including competitive pricing pressure in our
markets, a general economic downturn and the desirability of our properties compared to other properties in our markets, we may
be unable to realize market rents across the properties in our portfolio. In addition, depending on market rental rates at any
given time as compared to expiring leases in our portfolio, from time to time rental rates for expiring leases may be higher than
starting rental rates for new leases. A majority of our apartment leases are for a term of one year. Because these leases generally
permit the residents to leave at the end of the lease term without penalty, our rental revenues for residential space in our properties
are affected by declines in market rents more quickly than if those leases were for longer terms. If we are unable to obtain sufficient
rental rates across our portfolio, then our ability to generate cash flow growth will be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may engage in development, redevelopment or repositioning
activities, which could expose us to different risks that could adversely affect us, including our financial condition, cash flow
and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may engage in development, redevelopment
or repositioning activities with respect to our properties as we believe market conditions dictate. For example, we plan to spend
approximately $18 million to complete a comprehensive renovation and modernization program at our Flatbush Gardens property through
the end of 2017, which will include improvements to the common areas of the complex and upgrades to individual apartments. In
addition, our lease at 141 Livingston Street requires us to refurbish the air-conditioning system and perform other upgrades at
an estimated cost of approximately $5.2 million. Additionally, we intend to spend a total of approximately $2.6 million through
2017 to make other improvements at our 141 Livingston Street property. We are also reviewing the regulatory, architectural and
financial issues regarding building approximately 500,000 additional square feet by adding four floors above certain of our 59
buildings at Flatbush Gardens. Further development at Flatbush Gardens will require a significant capital investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we engage in these activities, we will
be subject to certain risks, which could adversely affect us, including our financial condition, cash flow and results of operations.
These risks include, without limitation,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the availability and pricing of financing on favorable terms or at all;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the availability and timely receipt of zoning and other regulatory approvals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the potential for the fluctuation of occupancy rates and rents at development and redeveloped properties, which may result
in our investment not being profitable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>start up, development, repositioning and redevelopment costs may be higher than anticipated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cost overruns and untimely completion of construction (including risks beyond our control, such as weather or labor conditions
or material shortages); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in the pricing and availability of buyers and sellers of such properties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These risks could result in substantial
unanticipated delays or expenses and could prevent the initiation or the completion of development and redevelopment activities,
any of which could have an adverse effect on our financial condition, results of operations, cash flow, the market value of our
common stock and our ability to satisfy our debt obligations and to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be required to make rent or other concessions and/or
significant capital expenditures to improve our properties in order to retain and attract tenants, generate positive cash flows
or to make real estate properties suitable for sale, which could adversely affect us, including our financial condition, results
of operations and cash flow.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that there are adverse economic
conditions in the real estate market and demand for commercial, retail and/or residential space decreases with respect to our current
vacant space and as leases at our properties expire, we may be required to increase tenant improvement allowances or concessions
to tenants, accommodate increased requests for renovations, build-to-suit remodeling (with respect to our commercial and retail
space) and other improvements or provide additional services to our tenants, all of which could negatively affect our cash flow.
If the necessary capital is unavailable, we may be unable to make these potentially-significant capital expenditures. This could
result in non-renewals by tenants upon expiration of their leases and our vacant space remaining untenanted, which could adversely
affect our financial condition, results of operations, cash flow and the market value of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our dependence on rental revenue may adversely affect
us, including our profitability, our ability to meet our debt obligations and our ability to make distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our income is derived from rental revenue
from real property. See &ldquo;Our Business and Properties&mdash;Overview.&rdquo; As a result, our performance depends on our
ability to collect rent from tenants. Our income and funds for distribution would be adversely affected if a significant number
of our tenants, or any of our major tenants,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>delay lease commencements,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decline to extend or renew leases upon expiration,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fail to make rental payments when due, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>declare bankruptcy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of these actions could result in
the termination of such tenants&rsquo; leases with us and the loss of rental revenue attributable to the terminated leases. In
these events, we cannot assure you that such tenants will renew those leases or that we will be able to re-lease spaces on economically
advantageous terms or at all. The loss of rental revenues from our tenants and our inability to replace such tenants may adversely
affect us, including our profitability, our ability to meet our debt and other financial obligations and our ability to make distributions
to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Real estate investments are relatively illiquid and may
limit our flexibility.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Equity real estate investments are
relatively illiquid, which may tend to limit our ability to react promptly to changes in economic or other market conditions.
Our ability to dispose of assets in the future will depend on prevailing economic and market conditions. Our inability to sell
our properties on favorable terms or at all could have an adverse effect on our sources of working capital and our ability to
satisfy our debt obligations. In addition, real estate can at times be difficult to sell quickly at prices we find acceptable.
The Code also imposes restrictions on REITs, which are not applicable to other types of real estate companies, on the disposal
of properties. These potential difficulties in selling real estate in our markets may limit our ability to change, or reduce our
exposure to, the properties in our portfolio promptly in response to changes in economic or other conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competition could limit our ability to acquire attractive
investment opportunities and increase the costs of those opportunities, which may adversely affect us, including our profitability,
and impede our growth.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We compete with numerous commercial
developers, real estate companies and other owners and operators of real estate for properties for acquisition and pursuing buyers
for dispositions. We expect that other real estate investors, including insurance companies, private equity funds, sovereign wealth
funds, pension funds, other REITs and other well-capitalized investors will compete with us to acquire existing properties and
to develop new properties. Our markets are each generally characterized by high barriers-to-entry to construction and limited
land on which to build new commercial, retail and residential space, which contributes to the competition we face to acquire existing
properties and to develop new properties in these markets. This competition could increase prices for properties of the type we
may pursue and adversely affect our profitability and impede our growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competition may impede our ability to attract or retain
tenants or re-lease space, which could adversely affect our results of operations and cash flow.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The leasing of real estate in our markets
is highly competitive. The principal means of competition are rent charged, location, services provided and the nature and condition
of the premises to be leased. The number of competitive properties in our markets, which may be newer or better located than our
properties, could have an adverse effect on our ability to lease space at our properties and on the effective rents that we are
able to charge. If other lessors and developers of similar spaces in our markets offer leases at prices comparable to or less than
the prices we offer, we may be unable to attract or retain tenants or re-lease space in our properties, which could adversely affect
our results of operations and cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to potential losses that are either
uninsurable, not economically insurable or that are in excess of our insurance coverage.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our properties are located in areas that
could be subject to, among other things, flood and windstorm losses. Insurance coverage for flood and windstorms can be costly
because of limited industry capacity. As a result, we may experience shortages in desired coverage levels if market conditions
are such that insurance is not available or the cost of insurance makes it, in our belief, economically impractical to maintain
such coverage. In addition, our properties may be subject to a heightened risk of terrorist attacks. We carry commercial general
liability insurance, property insurance and terrorism insurance with respect to our properties with limits and on terms we consider
commercially reasonable. We cannot assure you, however, that our insurance coverage will be sufficient or that any uninsured loss
or liability will not have an adverse effect on our business and our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to risks from natural disasters such as
severe weather.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Natural disasters and severe weather such
as hurricanes or floods may result in significant damage to our properties. The extent of our casualty losses and loss in operating
income in connection with such events is a function of the severity of the event and the total amount of exposure in the affected
area. When we have geographic concentration of exposures, a single catastrophe or destructive weather event (such as a hurricane)
affecting New York City may have a significant negative effect on our financial condition, results of operations and cash flows.
As a result, our operating and financial results may vary significantly from one period to the next. Our financial results may
be adversely affected by our exposure to losses arising from natural disasters or severe weather. We also are exposed to risks
associated with inclement winter weather, including increased need for maintenance and repair of our buildings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Climate change may adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that climate change does
occur, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage
or a decrease in demand for our properties located in the areas affected by these conditions. Should the impact of climate change
be material in nature or occur for lengthy periods of time, our financial condition or results of operations would be adversely
affected. In addition, changes in federal and state legislation and regulation on climate change could result in increased capital
expenditures to improve the energy efficiency of our existing properties in order to comply with such regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Actual or threatened terrorist attacks may adversely affect
our ability to generate revenues and the value of our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of our properties are located in
New York City, which has been and may in the future be the target of actual or threatened terrorist attacks. As a result, some
tenants in these markets may choose to relocate their businesses or homes to other markets or buildings within New York City that
may be perceived to be less likely to be affected by future terrorist activity. This could result in an overall decrease in the
demand for commercial, retail and/or residential space in these markets generally or in our properties in particular, which could
increase vacancies in our properties or necessitate that we lease our properties on less favorable terms or both. In addition,
future terrorist attacks in these markets could directly or indirectly damage our properties, both physically and financially,
or cause losses that materially exceed our insurance coverage. As a result of the foregoing, our ability to generate revenues
and the value of our properties could decline materially. See also &ldquo;&mdash;We are subject to potential losses that are either
uninsurable, not economically insurable or that are in excess of our insurance coverage.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may become subject to liability relating to environmental
and health and safety matters, which could have an adverse effect on us, including our financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under various federal, state and/or local
laws, ordinances and regulations, as a current or former owner or operator of real property, we may be liable for costs and damages
resulting from the presence or release of hazardous substances (such as lead, asbestos and polychlorinated biphenyls), waste, petroleum
products and other miscellaneous products (including but not limited to natural products such as methane and radon gas) at, on,
in, under or from such property, including costs for investigation or remediation, natural resource damages, or third-party liability
for personal injury or property damage. These laws often impose liability without regard to whether the owner or operator knew
of, or was responsible for, the presence or release of such materials, and the liability may be joint and several. Some of our
properties may be affected by contamination arising from current or prior uses of the property or from adjacent properties used
for commercial, industrial or other purposes. Such contamination may arise from spills of petroleum or hazardous substances or
releases from tanks used to store such materials. We also may be liable for the costs of remediating contamination at off-site
disposal or treatment facilities when we arrange for disposal or treatment of hazardous substances at such facilities, without
regard to whether we comply with environmental laws in doing so. The presence of contamination or the failure to remediate contamination
on our properties may adversely affect our ability to attract and/or retain tenants and our ability to develop or sell or borrow
against those properties. In addition to potential liability for cleanup costs, private plaintiffs may bring claims for personal
injury, property damage or for similar reasons. Environmental laws also may create liens on contaminated sites in favor of the
government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties,
environmental laws may impose restrictions on the manner in which that property may be used or how businesses may be operated on
that property. See &ldquo;Our Business and Properties&mdash;Regulation&mdash;Environmental and Related Matters.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our properties are subject
to various federal, state and local environmental and health and safety laws and regulations. Noncompliance with these environmental
and health and safety laws and regulations could subject us or our tenants to liability. These liabilities could affect a tenant&rsquo;s
ability to make rental payments to us. Moreover, changes in laws could increase the potential costs of compliance with such laws
and regulations or increase liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise
adversely affect our operations and/or cash flow, or those of our tenants, which could in turn have an adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of our properties have only temporary
certificates of occupancy or are awaiting a certificate of occupancy which, if not granted, would require us to stop using the
property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As the owner or operator of real property,
we may also incur liability based on various building conditions. For example, buildings and other structures on properties that
we currently own or those we acquire or operate in the future contain, may contain, or may have contained, asbestos-containing
material (&ldquo;ACM&rdquo;). Environmental and health and safety laws require that ACM be properly managed and maintained and
may impose fines or penalties on owners, operators or employers for non-compliance with those requirements. These requirements
include special precautions, such as removal, abatement or air monitoring, if ACM would be disturbed during maintenance, renovation
or demolition of a building, potentially resulting in substantial costs. In addition, we may be subject to liability for personal
injury or property damage sustained as a result of exposure to ACM or releases of ACM into the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our properties may contain
or develop harmful mold or suffer from other indoor air quality issues. Indoor air quality issues also can stem from inadequate
ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and
bacteria. Indoor exposure to airborne toxins or irritants can be alleged to cause a variety of adverse health effects and symptoms,
including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our
properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants
or to increase ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability
from our tenants or others if property damage or personal injury occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot assure you that costs or liabilities
incurred as a result of environmental issues will not affect our ability to make distributions to our stockholders or that such
costs, liabilities, or other remedial measures will not have an adverse effect on our financial condition, results of operations
and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may incur significant costs complying with the
Americans with Disabilities Act of 1990 (&ldquo;ADA&rdquo;) and similar laws (including but not limited to the Fair Housing Amendments
Act of 1988 (&ldquo;FHAA&rdquo;) and the Rehabilitation Act of 1973), which could adversely affect us, including our future results
of operations and cash flows.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the ADA, all public accommodations
must meet federal requirements related to access and use by disabled persons. The FHAA requires apartment communities first occupied
after March 13, 1991, to comply with design and construction requirements for disabled access. For projects receiving federal
funds, the Rehabilitation Act of 1973 also has requirements regarding disabled access. We have not conducted a recent audit or
investigation of all of our properties to determine our compliance with these or other federal, state or local laws. If one or
more of our properties were not in compliance with such laws, then we could be required to incur additional costs to bring the
property into compliance. We cannot predict the ultimate amount of the cost of compliance with such laws. Noncompliance with these
laws could also result in the imposition of fines or an award of damages to private litigants. Substantial costs incurred to comply
with such laws, as well as fines or damages resulting from actual or alleged noncompliance with such laws, could adversely affect
us, including our future results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Multi-family residential properties are subject to rent
stabilization regulations, which limit our ability to raise rents above specified maximum amounts and could give rise to claims
by tenants that their rents exceed such specified maximum amounts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Numerous municipalities, including
New York City where our multi-family residential properties are located, impose rent control or rent stabilization on apartment
buildings. The rent stabilization regulations applicable to our multi-family residential properties set maximum rates for annual
rent increases, entitle our tenants to receive required services from us and entitle our tenants to have their leases renewed.
The rent stabilization regulations applicable to our multi-family residential properties permit luxury deregulation of rent-stabilized
apartments, generally providing that apartments that became vacant before June 24, 2011 with a legal regulated rent of $2,000
or more per month are made permanently exempt from rent stabilization. That amount was increased to $2,500 or more per month where
an apartment becomes vacant on or after June 24, 2011. In 2015, New York City&rsquo;s Mayor de Blasio released a series of proposals
that, if enacted, would alter the rent stabilization guidelines and make it harder for property owners, such as us, to implement
luxury deregulation of rent-stabilized apartments, including eliminating vacancy decontrol and eliminating vacancy allowance.
These proposals were not enacted when the New York State legislature extended the current rent stabilization guidelines in June
2015, although subsequently the New York City Rent Guidelines Board determined that the maximum rent for expiring leases would
be frozen for the next year. Although Mayor de Blasio&rsquo;s proposals were not enacted for 2016, there can be no assurances
that they will not be pursued in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The limitations established by
present or future rent stabilization regulations may impair our ability to maintain rents at market levels. For example, our
Flatbush Gardens property is subject to rent stabilization and currently in-place rents are generally about 18% below the
maximum rent that could be charged under rent stabilization. However, we have been able to consistently increase rents as a
result of our comprehensive renovation and repositioning strategy, allowing us to realize an increase  of approximately 22%
in rent per square foot on new leases in 2016 and a 14.5% increase in rent per square foot on new leases in 2015, compared
to expiring leases. If our current and planned renovation and modernization program at Flatbush Gardens is successful,
certain apartments may reach the maximum rents permitted under rent stabilization, which could happen even sooner if rent
increases continue to be frozen in subsequent years. Therefore our future ability to attain market rents would be limited
until such apartments are eligible for luxury deregulation, which generally requires both a legal maximum rent of $2,500 or
more per month and a vacancy (although we can apply to destabilize an apartment where the legal maximum rent is $2,500 or
more per month without a vacancy if the tenant&rsquo;s income exceeds certain levels). However, if Mayor de Blasio&rsquo;s
rent stabilization proposals are enacted in future years, luxury deregulation may no longer be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we are subject to claims
from tenants that the rent charged by us exceeds the amount permitted by rent stabilization. Although we believe that all of our
rents are compliant with applicable rent stabilization regulation, tenants have in the past made claims that their rents exceed
the maximum rent that could be charged under rent stabilization. These claims include claims that the annual increases in the
maximum rent have in the past been inapplicable as a result of a failure to provide essential services by us or the prior owners.
The number of these claims may increase as our rents approach the maximum rent that could be charged under rent stabilization.
Tenants could also claim that our determination that luxury deregulation was applicable to their apartment was incorrect and seek
a reduction in rent and/or return of rents paid in excess of the maximum legal rent. Finally, a tenant in an apartment eligible
for tax benefits, such as Section 421-g of the Real Property Tax Law, could claim that rent stabilization applies to the tenant&rsquo;s
apartment while those tax benefits are available, even if the apartment is eligible for luxury deregulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The application of rent stabilization
to apartments in our multi-family residential properties could limit the amount of rent we are able to collect, which could have
a material adverse effect on our adjusted EBITDA and our ability to fully take advantage of the investments that we are making
in our properties. In addition, there can be no assurances that changes to rent stabilization laws, such as those proposed by
New York City&rsquo;s Mayor de Blasio, will not have a similar or greater negative impact on our ability to collect rents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As we increase rents and improve our properties, we could
become the target of public scrutiny and investigations similar to the public scrutiny and investigations that other apartment
landlords in Brooklyn and other neighborhoods in the New York metropolitan area have experienced, which could lead to negative
publicity and require that we expend significant resources to defend ourselves, all of which could adversely affect our operating
results and our ability to pay distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other apartment landlords in gentrifying
neighborhoods in Brooklyn and other parts of the New York metropolitan area have come under public scrutiny, and in a few cases
have been the subject of civil and criminal investigations, for their alleged treatment of tenants who cannot afford the rent increases
that often result from neighborhood gentrification and landlord improvements to properties. It is possible that we or members of
our management team could come under similar public scrutiny or become the target of similar investigations regardless of whether
we have done anything wrong, which could lead to negative publicity and require that we expend significant resources to defend
ourselves, all of which could adversely affect our operating results and our ability to pay distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be unable to identify and successfully complete
acquisitions and, even if acquisitions are identified and completed, we may fail to successfully operate acquired properties, which
could adversely affect us and impede our growth.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to identify and acquire properties
on favorable terms and successfully develop, redevelop and/or operate them may be exposed to significant risks. Agreements for
the acquisition of properties are subject to customary conditions to closing, including completion of due diligence investigations
and other conditions that are not within our control, which may not be satisfied. In this event, we may be unable to complete an
acquisition after incurring certain acquisition-related costs. In addition, if mortgage debt is unavailable at reasonable rates,
we may be unable to finance the acquisition on favorable terms in the time period we desire, or at all. We may spend more than
budgeted to make necessary improvements or renovations to acquired properties and may not be able to obtain adequate insurance
coverage for new properties. Further, acquired properties may be located in new markets where we may face risks associated with
a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity
with local governmental and permitting procedures. We may also be unable to integrate new acquisitions into our existing operations
quickly and efficiently, and as a result, our results of operations and financial condition could be adversely affected. Any delay
or failure on our part to identify, negotiate, finance and consummate such acquisitions in a timely manner and on favorable terms,
or operate acquired properties to meet our financial expectations, could impede our growth and have an adverse effect on us, including
our financial condition, results of operations, cash flow and the market value of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Should we decide at some point in the future to expand
into new markets, we may not be successful, which could adversely affect our financial condition, results of operations, cash
flow and the market value of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If opportunities arise, we may explore
acquisitions of properties in new markets. Each of the risks applicable to our ability to acquire and integrate successfully and
operate properties in our current markets is also applicable in new markets. In addition, we will not possess the same level of
familiarity with the dynamics and market conditions of the new markets we may enter, which could adversely affect the results
of our expansion into those markets, and we may be unable to build a significant market share or achieve our desired return on
our investments in new markets. If we are unsuccessful in expanding into new markets, it could adversely affect our financial
condition, results of operations, cash flow, the market value of our common stock and ability to satisfy our debt obligations
and to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may acquire properties or portfolios of properties
through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the future we may acquire properties
or portfolios of properties through tax-deferred contribution transactions in exchange for partnership interests in our operating
partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing
the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to protect
the contributors&rsquo; ability to defer recognition of taxable gain through restrictions on our ability to dispose of the acquired
properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions could
limit our ability to sell an asset at a time, or on terms, that would be favorable absent such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may experience a decline in the fair value of our assets,
which may have a material impact on our financial condition, liquidity and results of operations and adversely impact the market
value of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A decline in the fair market value
of our assets may require us to recognize an other-than-temporary impairment against such assets under GAAP if we were to determine
that we do not have the ability and intent to hold any assets in unrealized loss positions to maturity or for a period of time
sufficient to allow for recovery to the amortized cost of such assets. In such event, we would recognize unrealized losses through
earnings and write down the amortized cost of such assets to a new cost basis, based on the fair value of such assets on the date
they are considered to be other-than-temporarily impaired. Such impairment charges will reflect non-cash losses at the time of
recognition. Subsequent disposition or sale of such assets could further affect our future losses or gains, as they will be based
on the difference between the sale price received and adjusted amortized cost of such assets at the time of sale, which may adversely
affect our financial condition, liquidity and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>From time to time, we may enter into joint venture relationships
or other arrangements regarding the joint ownership of property. Our investments in and through such arrangements could be adversely
affected by our lack of sole decision-making authority regarding major decisions, our reliance on our joint venture partners&rsquo;
financial condition, any disputes that may arise between us and our joint venture partners and our exposure to potential losses
from the actions of our joint venture partners. Risks associated with joint venture arrangements may include but are not limited
to the following:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our joint
                                         venture partners might experience financial distress, become bankrupt or fail to fund
                                         their share of required capital contributions, which may delay construction or development
                                         of a property or increase our financial commitment to the joint venture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may be
                                         responsible to our partners for indemnifiable losses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our joint
                                         venture partners may have business interests or goals with respect to a property that
                                         conflict with our business interests and goals, which could increase the likelihood of
                                         disputes regarding the ownership, management or disposition of the property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may be
                                         unable to take actions that are opposed by our joint venture partners under arrangements
                                         that require us to share decision-making authority over major decisions affecting the
                                         ownership or operation of the joint venture and any property owned by the joint venture,
                                         such as the sale or financing of the property or the making of additional capital contributions
                                         for the benefit of the property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our joint
                                         venture partners may take actions that we oppose;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability
                                         to sell or transfer our interest in a joint venture to a third party without prior consent
                                         of our joint venture partners may be restricted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may disagree
                                         with our joint venture partners about decisions affecting a property or a joint venture,
                                         which could result in litigation or arbitration that increases our expenses, distracts
                                         our officers and directors and disrupts the day-to-day operations of the property, including
                                         by delaying important decisions until the dispute is resolved;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may suffer
                                         losses as a result of actions taken by our joint venture partners with respect to our
                                         joint venture investments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event
                                         that we obtain a minority position in a joint venture, we may not have significant influence
                                         or control over such joint venture or the performance of our investment therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If there is a transfer of a controlling interest in any
of our properties (or in the entities through which we hold our properties), including as a result of the private offering, this
offering, issuances of our common stock in exchange for class B LLC units pursuant to the exchange right granted to holders of
class B LLC units, sales of class B LLC units by the holders thereof or the issuance of LLC interests to our operating partnership
in connection with the private offering or a subsequent offering of our stock, or as a result of any of those transfers being aggregated,
we may be obligated to pay New York City and New York State transfer tax based on the fair market value of the New York City and/or
New York State real property transferred.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to certain exceptions, New
York City and New York State impose a tax on the transfer of New York City and/or New York State real property or the transfer
of a controlling interest in New York City and/or New York State real property, generally at a current combined rate of 3.025%
of the fair market value of the New York City and/or New York State real property. A direct or indirect transfer of a 50% or greater
interest in any of our properties (or in the entities that own our properties) generally would constitute a transfer of a controlling
interest in real property. Certain aggregation rules apply in determining whether a transfer of a controlling interest has occurred.
For example, transfers made within a three year period generally are presumed to be aggregated. Therefore, a transfer of a controlling
interest could occur as a result of the combination of one or more of the private offering, this offering, other offerings of
common stock by us resulting of an increase in our investment in the entities that own our properties, issuances of our common
stock to our continuing investors in exchange for class B LLC units pursuant to the exchange right granted to holders of class
B LLC units, sales of class B LLC units by the holders thereof, the issuance of LLC interests to our operating partnership in
connection with the private offering or a subsequent offering of our stock, or as a result of any combination of such transfers
being aggregated. In addition to any transfer tax that may be imposed upon us, we have agreed with our continuing investors to
pay any such transfer taxes imposed upon a continuing investor as a result of the private offering and the related formation transactions
(including subsequent issuances of additional LLC units or interests, issuances of OP units by the operating partnership or issuances
of our common stock by the Company), issuances of our common stock in exchange for class B LLC units, dispositions of property
by any LLC subsidiary, the issuance of LLC interests to our operating partnership in connection with this or a subsequent offering
of our stock, or as a result of any combination of such transfers being aggregated. If a transfer of a controlling interest in
an entity owning our properties occurs, New York City and/or New York State transfer tax could be payable based on the fair market
value of the New York City and/or New York State property at the time of each such transfer (including any transfers that are
treated as a part of the transfer of the controlling interest that occur prior to the transfer that caused the 50% threshold to
be met). For example, if exchanges of class B LLC units resulted in our ownership of the entities that own our properties increasing
to greater than 50%, we could be subject to New York City and New York State transfer tax at a current combined rate of 3.025%
of the fair market value of such New York City and/or New York State properties. In addition, we may or may not be eligible to
take advantage of the 50% reduction to the New York City and New York State transfer tax rates that could apply with respect to
transfers of real property to certain REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Business and Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Capital and credit market conditions may adversely affect
our access to various sources of capital or financing and/or the cost of capital, which could affect our business activities, dividends,
earnings and common stock price, among other things.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> In periods when the capital and
credit markets experience significant volatility, the amounts, sources and cost of capital available to us may be adversely
affected. We primarily use third-party financing to fund acquisitions of properties and to refinance indebtedness as it
matures. As of September&nbsp;30, 2016, we had no corporate debt and $814.7 million in property-level debt. On November 9,
2016, the Company refinanced $460.0 million of loans due November 2016 secured by the Tribeca House property with a loan
package comprising a $335 million mortgage and a $75 million mezzanine note agreement. If sufficient sources of external
financing are not available to us on cost effective terms, we could be forced to limit our acquisition, development and
redevelopment activities and/or take other actions to fund our business activities and repayment of debt, such as selling
assets, reducing our cash dividend or paying out less than 100% of our taxable income. To the extent that we are able and/or
choose to access capital at a higher cost than we have experienced in recent years (reflected in higher interest rates for
debt financing or a lower stock price for equity financing) our earnings per share and cash flow could be adversely affected.
In addition, the price of our common stock may fluctuate significantly and/or decline in a high interest rate or volatile
economic environment. If economic conditions deteriorate, the ability of lenders to fulfill their obligations under working
capital or other credit facilities that we may have in the future may be adversely affected. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The form, timing and amount of dividend distributions
in future periods may vary and be affected by economic and other considerations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The form, timing and amount of dividend
distributions will be authorized at the discretion of our board of directors and will depend on actual cash from operations, our
financial condition, capital requirements, the annual distribution requirements applicable to REITs under the Code and other factors
as our board of directors may consider relevant. See &ldquo;Distribution Policy.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may from time to time be subject to litigation
that could have an adverse effect on our financial condition, results of operations, cash flow and the market value of our common
stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a party to various claims and
routine litigation arising in the ordinary course of business. Some of these claims or others to which we may be subject from
time to time may result in defense costs, settlements, fines or judgments against us, some of which are not, or cannot be, covered
by insurance. Payment of any such costs, settlements, fines or judgments that are not insured could have an adverse effect on
our financial position and results of operations. In addition, certain litigation or the resolution of certain litigation may
affect the availability or cost of some of our insurance coverage, which could adversely affect our results of operations and
cash flow, expose us to increased risks that would be uninsured, and/or adversely affect our ability to attract officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be subject to unknown or contingent liabilities
related to properties or businesses that we acquire for which we may have limited or no recourse against the sellers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assets and entities that we have acquired
or may acquire in the future may be subject to unknown or contingent liabilities for which we may have limited or no recourse against
the sellers. Unknown or contingent liabilities might include liabilities for clean-up or remediation of environmental conditions,
claims of tenants, vendors or other persons dealing with the acquired entities, tax liabilities and other liabilities whether incurred
in the ordinary course of business or otherwise. In the future we may enter into transactions with limited representations and
warranties or with representations and warranties that do not survive the closing of the transactions or that only survive for
a limited period, in which event we would have no or limited recourse against the sellers of such properties. While we usually
require the sellers to indemnify us with respect to breaches of representations and warranties that survive, such indemnification
is often limited and subject to various materiality thresholds, a significant deductible or an aggregate cap on losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, there is no guarantee that
we will recover any amounts with respect to losses due to breaches by the sellers of their representations and warranties. In addition,
the total amount of costs and expenses that we may incur with respect to liabilities associated with acquired properties and entities
may exceed our expectations, which may adversely affect our business, financial condition, results of operations and cash flow.
Finally, indemnification agreements between us and the sellers typically provide that the sellers will retain certain specified
liabilities relating to the assets and entities acquired by us. While the sellers are generally contractually obligated to pay
all losses and other expenses relating to such retained liabilities, there can be no guarantee that such arrangements will not
require us to incur losses or other expenses as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on key personnel, including David Bistricer,
our Chief Executive Officer, Lawrence Kreider, our Chief Financial Officer, JJ Bistricer, our Chief Operating Officer, and Jacob
Schwimmer, our Chief Property Management Officer, and the loss of services of one or more members of our senior management team,
or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment
opportunities and weaken our relationships with lenders, business partners and existing and prospective industry participants,
which could negatively affect our financial condition, results of operations, cash flow and the market value of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is substantial competition for qualified
personnel in the real estate industry and the loss of our key personnel could have an adverse effect on us. Our continued success
and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel, particularly David
Bistricer, our Chief Executive Officer, who has extensive market knowledge and relationships and exercises substantial influence
over our acquisition, development, redevelopment, financing, operational and disposition activities. Among the reasons that David
Bistricer is important to our success is that he has a reputation that attracts business and investment opportunities and assists
us in negotiations with financing sources and industry personnel. If we lose his services, our business and investment opportunities
and our relationships with such financing sources and industry personnel would diminish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our other senior executives, Lawrence
Kreider, our Chief Financial Officer, JJ Bistricer, our Chief Operating Officer, and Jacob Schwimmer, our Chief Property Management
Officer, also have extensive experience and strong reputations in the real estate industry, which aid us in identifying or attracting
investment opportunities and negotiating with sellers of properties. The loss of services of one or more members of our senior
management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish
our investment opportunities and weaken our relationships with lenders, business partners and industry participants, which could
negatively affect our financial condition, results of operations, cash flow and the market value of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Breaches of our data security could adversely affect our
business, including our financial performance and reputation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We collect and retain certain personal
information provided by our tenants and employees. While we have implemented a variety of security measures to protect the confidentiality
of this information and periodically review and improve our security measures, we can provide no assurance that we will be able
to prevent unauthorized access to this information. Any breach of our data security measures and/or loss of this information may
result in legal liability and costs (including damages and penalties) that could adversely affect our business, including our financial
performance and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our subsidiaries may be prohibited from making distributions
and other payments to us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of our properties are owned indirectly
by subsidiaries, in particular our LLC subsidiaries, and substantially all of our operations are conducted by our operating partnership.
As a result, we depend on distributions and other payments from our operating partnership and subsidiaries in order to satisfy
our financial obligations and make payments to our investors. The ability of our subsidiaries to make such distributions and other
payments depends on their earnings and cash flow and may be subject to statutory or contractual limitations. See &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&mdash;Liquidity and Capital Resources&mdash;Property-Level
Debt.&rdquo; As an equity investor in our subsidiaries, our right to receive assets upon their liquidation or reorganization will
be effectively subordinated to the claims of their creditors. To the extent that we are recognized as a creditor of such subsidiaries,
our claims may still be subordinate to any security interest in, or other lien on, their assets and to any of such subsidiaries&rsquo;
debt or other obligations that are senior to our claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Organization and Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our continuing investors hold shares of our special
voting stock that entitle them to vote together with holders of our common stock on an as-exchanged basis, based on their ownership
of class B LLC units in our predecessor entities, and are generally able to significantly influence the composition of our board
of directors, our management and the conduct of our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our continuing investors hold shares
of our special voting stock, which generally allows them to vote together as a single class with holders of our common stock on
all matters (other than matters considered at a special election meeting, the removal or reelection of directors initially elected
at a special election meeting, the expansion of the size of the board of directors and amendments to certain provisions of our
charter and bylaws relating to any special election meeting or the vote required to amend such provisions) brought before our
common stockholders, including the election of directors, on an as-exchanged basis, as if our continuing investors had exchanged
their class B LLC units in our predecessor entities and shares of our special voting stock for shares of our common stock. In
addition, several continuing investors own shares of our common stock. See &ldquo;Security Ownership of Certain Beneficial Owners
and Management.&rdquo; As a result, our continuing investors are generally entitled to exercise 74.8% of the voting power in our
company ( &nbsp;&nbsp;&nbsp;&nbsp;% immediately following this offering, or &nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise
their option to purchase additional shares in full). In particular, immediately following this offering, David Bistricer will
be entitled to exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power in
our company, Jacob Schwimmer will be entitled to exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the
voting power in our company and Sam Levinson will be entitled to exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
% of the voting power in our company ( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, respectively, if the underwriters exercise their option to
purchase additional shares in full). Even though none of our continuing investors is, by himself or together with his affiliates,
entitled to exercise a majority of the total voting power in our company, for so long as any continuing investor continues to
be entitled to exercise a significant percentage of our voting power, our continuing investors are generally able to significantly
influence the composition of our board of directors and the approval of actions requiring stockholder approval, and have significant
influence with respect to our management, business plans and policies, including appointing and removing our officers, issuing
additional shares of our common stock and other equity securities, paying dividends, incurring additional debt, making acquisitions,
selling properties or other assets, acquiring or merging with other companies and undertaking other extraordinary transactions.
In any of these matters, any of our continuing investors may have interests that differ or conflict with the interests of our
other stockholders, and they may exercise their voting power in a manner that is not consistent with the interests of other stockholders.
For so long as our continuing investors continue to own shares of our stock entitling them to exercise a significant percentage
of our voting power, the concentration of voting power in our continuing investors may discourage unsolicited acquisition proposals
and may delay, defer or prevent any change of control of our company that might involve a premium price for holders of our common
stock or otherwise be in their best interest. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The ability of stockholders to control our policies and
effect a change of control of our company is limited by certain provisions of our charter and bylaws and by Maryland law.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain provisions in our charter and bylaws
may discourage a third party from making a proposal to acquire us, even if some of our stockholders might consider the proposal
to be in their best interests. These provisions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> Our continuing
                                         investors hold shares of our special voting stock and shares of our common stock that
                                         generally entitle them to exercise 74.8% of the voting power in our company (&nbsp;&nbsp;&nbsp;
                                         % immediately following this offering, or &nbsp;&nbsp;&nbsp;&nbsp;% if the underwriters
                                         exercise their option to purchase additional shares in full), including in connection
                                         with a merger or other acquisition of our company or a change in the composition of our
                                         board of directors. As a result, our continuing investors as a group or individually
                                         could delay, defer or prevent any change of control of our company and, as a result,
                                         adversely affect our stockholders&rsquo; ability to realize a premium for their shares
                                         of common stock. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our charter
                                         authorizes our board of directors to, without common stockholder approval, amend our
                                         charter to increase or decrease the aggregate number of our authorized shares of stock
                                         or the authorized number of shares of any class or series of our stock, authorize us
                                         to issue additional shares of our common stock or preferred stock and classify or reclassify
                                         unissued shares of our common stock or preferred stock and thereafter authorize us to
                                         issue such classified or reclassified shares of stock. We believe these charter provisions
                                         provide us with increased flexibility in structuring possible future financings and acquisitions
                                         and in meeting other needs that might arise. The additional classes or series, as well
                                         as the additional authorized shares of our common stock, will be available for issuance
                                         without further action by our common stockholders, unless such action is required by
                                         applicable law or the rules of any stock exchange or automated quotation system on which
                                         our securities may be listed or traded. Although our board of directors does not currently
                                         intend to do so, it could authorize us to issue a class or series of stock that could,
                                         depending upon the terms of the particular class or series, delay, defer or prevent a
                                         transaction or a change of control of our company that might involve a premium price
                                         for holders of our common stock or that our common stockholders otherwise believe to
                                         be in their best interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In order
                                         to qualify as a REIT, not more than 50% in value of our outstanding stock may be owned,
                                         directly or indirectly, by or for five or fewer individuals (as defined in the Code to
                                         include certain entities such as private foundations) at any time during the last half
                                         of any taxable year (beginning with our second taxable year as a REIT). In order to help
                                         us qualify as a REIT, among other reasons, our charter generally prohibits any person
                                         or entity from owning or being deemed to own by virtue of the applicable constructive
                                         ownership provisions, more than 9.8% in value or number of shares, whichever is more
                                         restrictive, of the outstanding shares of any class or series of our common stock or
                                         9.8% of the aggregate value of all our outstanding stock. We refer to these restrictions
                                         as the &ldquo;ownership limit.&rdquo; The ownership limit may prevent or delay a change
                                         in control and, as a result, could adversely affect our stockholders&rsquo; ability to
                                         realize a premium for their shares of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The provisions in our charter regarding the removal of directors and the advance notice provisions of our bylaws, among others,
could delay, defer or prevent a transaction or a change of control of our company that might involve a premium price for holders
of our common stock or otherwise be in their best interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, certain provisions of
the Maryland General Corporation Law (&ldquo;MGCL&rdquo;) may have the effect of deterring a third party from making a proposal
to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our
common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including the Maryland
business combination and control share provisions. See &ldquo;Certain Provisions of Maryland Law and Clipper Realty&rsquo;s Charter
and Bylaws.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The &ldquo;business combination&rdquo; provisions of the MGCL, subject to limitations, prohibit certain business combinations
between us and an &ldquo;interested stockholder&rdquo; (defined generally as any person who beneficially owns 10% or more of our
then-outstanding voting shares or an affiliate or associate of ours who, at any time within the two-year period prior to the date
in question, was the beneficial owner of 10% or more of our then-outstanding voting shares) or an affiliate of an interested stockholder
for five years after the most recent date on which the stockholder becomes an interested stockholder and, thereafter, imposes special
appraisal rights and supermajority stockholder approval requirements on these combinations. As permitted by the MGCL, our board
of directors has adopted a resolution exempting any business combinations between us and any other person or entity from the business
combination provisions of the MGCL, if such business combination is approved by our board of directors, including a majority of
our directors who are not affiliated or associated with the interested stockholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The &ldquo;control share&rdquo; provisions of the MGCL provide that &ldquo;control shares&rdquo; of a Maryland corporation
(defined as shares which, when aggregated with all other shares controlled by the stockholder (except solely by virtue of a revocable
proxy), entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a
&ldquo;control share acquisition&rdquo; (or the direct or indirect acquisition of ownership or control of control shares) have
no voting rights unless approved by a supermajority vote our stockholders excluding the acquirer of control shares, our officers
and our directors who are also our employees. As permitted by the MGCL, our bylaws contain a provision exempting from the control
share acquisition provisions of the MGCL any and all acquisitions by any person of shares of our stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Title 3,
                                         Subtitle 8 of the MGCL permits our board of directors, without stockholder approval and
                                         regardless of what is currently provided in our charter or bylaws, to implement certain
                                         takeover defenses, including adopting a classified board. Such takeover defenses may
                                         have the effect of deterring a third party from making an acquisition proposal for us
                                         or of delaying, deferring or preventing a change in control of us under circumstances
                                         that otherwise could provide our common stockholders with the opportunity to realize
                                         a premium over the then-current market price.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each item discussed above may delay, deter
or prevent a change in control of our company, even if a proposed transaction is at a premium over the then-current market price
for our common stock. Further, these provisions may apply in instances where some stockholders consider a transaction beneficial
to them. As a result, our stock price may be negatively affected by these provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our board of directors may change our policies without
stockholder approval.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our policies, including any policies
with respect to investments, leverage, financing, growth, debt and capitalization, will be determined by our board of directors
or those committees or officers to whom our board of directors may delegate such authority. Our board of directors will also establish
the amount of any dividends or other distributions that we may pay to our stockholders. Our board of directors or the committees
or officers to which such decisions are delegated have the ability to amend or revise these and our other policies at any time
without stockholder approval. For example, we have established a policy for our target leverage ratio in a range of 45% to 55%.
Under the policy, our leverage ratio may be greater than or less than the target range from time to time and our board of directors
may amend our target leverage ratio range at any time without stockholder approval. Accordingly, while not intending to do so,
we may adopt policies that may have an adverse effect on our financial condition, results of operations our ability to pay dividends
or make other distributions to our stockholders and the market value of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our rights and the rights of our stockholders to take
action against our directors and officers are limited, which could limit your recourse in the event of actions that you do not
believe are in your best interests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Maryland law generally provides that a
director has no liability in that capacity if he or she satisfies his or her duties to us. As permitted by the MGCL, our charter
eliminates the liability of our directors and officers to us and our stockholders for money damages to the maximum extent permitted
by Maryland law. Under current Maryland law and our charter, our directors and officers do not have any liability to us or our
stockholders for money damages, except for liability resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>actual receipt of an improper benefit or profit in money, property or services; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a final judgment based upon a finding of active and deliberate dishonesty by the director or officer that was material to the
cause of action adjudicated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our charter authorizes
us to agree to indemnify our present and former directors and officers for liability and expenses arising from actions taken by
them in those and other capacities to the maximum extent permitted by Maryland law. Our bylaws require us to indemnify each present
and former director or officer, to the maximum extent permitted by Maryland law, in any proceeding to which he or she is made,
or threatened to be made, a party or witness by reason of his or her service to us in those and other capacities. We are obligated
to pay or reimburse the defense costs incurred by our present and former directors and officers without requiring a preliminary
determination of their ultimate entitlement to indemnification. Indemnification agreements that we have entered into with our
directors and executive officers also require us to indemnify such directors and executive officers for actions taken by them
in those and certain other capacities to the maximum extent permitted by Maryland law. As a result, we and our stockholders may
have more limited rights against our directors and officers than might otherwise exist. Accordingly, in the event that actions
taken by any of our directors or officers impede the performance of our company, your ability to recover damages from such director
or officer will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Conflicts of interest may exist or could arise in the
future between the interests of our stockholders and the interests of holders of OP units and of LLC units in our predecessor entities,
which may impede business decisions that could benefit our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Conflicts of interest may exist or could
arise in the future as a result of the relationships between us and our affiliates, on the one hand, and our operating partnership
or any of its partners or our predecessor entities and their members, on the other. Our directors and officers have duties to our
company under Maryland law in connection with their management of our company. At the same time, we, as the general partner of
our operating partnership, and our operating partnership, as managing member of our predecessor entities, have fiduciary duties
and obligations to our operating partnership and its limited partners and our predecessor entities and their members under Delaware
and New York law, the partnership agreement of our operating partnership in connection with the management of our operating partnership,
and the limited liability company agreements of our predecessor entities in connection with the management of those entities. Our
fiduciary duties and obligations as the general partner of our operating partnership and managing member of our predecessor entities
may come into conflict with the duties of our directors and officers to our company. We have adopted policies that are designed
to eliminate or minimize certain potential conflicts of interest, and the members of our predecessor entities have agreed that,
in the event of a conflict in the duties owed by us to our stockholders and the fiduciary duties owed by our operating partnership,
in its capacity as managing member of our predecessor entities, to such members, we may give priority to the separate interests
of our company or our stockholders, including with respect to tax consequences to limited partners, LLC members, assignees or our
stockholders. Nevertheless, the duties and obligations of the general partner of our operating partnership and the duties and obligations
of the managing member of our predecessor entities may come into conflict with the duties of our directors and officers to our
company and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our charter contains a provision that expressly permits
certain of our directors and officers to compete with us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our directors and officers have outside
business interests and may compete with us for investments in properties and for tenants. There is no assurance that any conflicts
of interest created by such competition will be resolved in our favor. Our charter provides that we renounce any interest or expectancy
in, or right to be offered or to participate in, any business opportunity identified in any investment policy or agreement with
any of our directors or officers unless the policy or agreement contemplates that the director or officer must present, communicate
or offer such business opportunity to us. We have adopted an Investment Policy that provides that our directors and officers,
including David Bistricer, Sam Levinson, JJ Bistricer and Jacob Schwimmer, are not required to present certain identified investment
opportunities to us, including assets located outside the New York metropolitan area, for-sale condominium or cooperative conversions,
development projects, projects that would require us to obtain guarantees from third parties or to backstop obligations of other
parties, and land acquisitions. As a result, except to the extent that our officers and directors must present certain identified
business opportunities to us, our officers and directors have no duty to refrain from engaging, directly or indirectly, in the
same business activities or similar business activities or lines of business in which we or our subsidiaries engage or propose
to engage or to refrain from otherwise competing with us. These individuals also may pursue acquisition opportunities that may
be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. These provisions
may limit our ability to pursue business or investment opportunities that we might otherwise have had the opportunity to pursue,
which could have an adverse effect on our financial condition, our results of operations, our cash flow, the market value of our
common stock and our ability to meet our debt obligations and to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The consideration given by us in exchange for our interests
in the predecessor entities in connection with the formation transactions may have exceeded their fair market value.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We did not obtain any third-party appraisals
of the properties in which we have invested in connection with the formation transactions. As a result, the value that forms the
basis for the consideration given by us for our interest in the predecessor entities may have exceeded the fair market value of
those properties owned by such entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may have assumed unknown liabilities in connection
with the formation transactions, which, if significant, could adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As part of the formation transactions,
we acquired indirect interests in the properties and assets of our predecessor entities, subject to existing liabilities, some
of which may have been unknown at the time the private offering was consummated. As part of the formation transactions, each of
the predecessor entities made limited representations, warranties and covenants to us regarding the predecessor entities and their
assets. Because many liabilities, including tax liabilities, may not have been identified, we may have no recourse for such liabilities.
Any unknown or unquantifiable liabilities to which the properties and assets previously owned by our predecessor entities are subject
could adversely affect the value of those properties and as a result adversely affect us. See &ldquo;&mdash;Risks Related to Real
Estate &mdash;We may become subject to liability relating to environmental and health and safety matters, which could have an adverse
effect on us, including our financial condition and results of operations&rdquo; as to the possibility of undisclosed environmental
conditions potentially affecting the value of the properties in our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The terms of the formation transactions may not have been
as favorable to us as if all of the terms were negotiated at arm&rsquo;s length.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of our directors and executive
officers, including David Bistricer, our Co-Chairman and Chief Executive Officer and Sam Levinson, our Co-Chairman and the head
of our Investment Committee, own interests, directly or indirectly, in our predecessor entities that own properties included in
the Company&rsquo;s initial portfolio of properties and as such had interests in the formation transactions. As a result, the terms
of the formation transactions may not have been as favorable to us as if all of the terms were negotiated at arm&rsquo;s length.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may pursue less vigorous enforcement of terms of employment
agreements with certain of our executive officers which could negatively impact our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon completion of the private offering,
certain of our executive officers, including David Bistricer, Lawrence Kreider, JJ Bistricer and Jacob Schwimmer, entered into
employment agreements with us. We may choose not to enforce, or to enforce less vigorously, our rights under these agreements because
of our desire to maintain our ongoing relationships with members of our senior management or our board of directors and their affiliates,
with possible negative impact on stockholders. Moreover, these agreements were not negotiated at arm&rsquo;s length and in the
course of structuring the formation transactions, certain of our executive officers had the ability to influence the types and
level of benefits that they receive from us under these agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>David Bistricer, our Co-Chairman and Chief Executive Officer,
and Sam Levinson, our Co-Chairman and the Head of the Investment Committee, have outside business interests that will take their
time and attention away from us, which could materially and adversely affect us. In addition, notwithstanding the Investment Policy,
members of our senior management may in certain circumstances engage in activities that compete with our activities or in which
their business interests and ours may be in conflict.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Co-Chairman and Chief Executive
Officer, David Bistricer, our Co-Chairman and the Head of the Investment Committee, Sam Levinson, and other members of our senior
management team continue to own interests in properties and businesses that were not contributed to us in the formation transactions.
For instance, each of David Bistricer, our Co-Chairman and Chief Executive Officer, and JJ Bistricer, our Chief Operating Officer,
is an officer of Clipper Equity and each of Sam Levinson, our Co-Chairman and the Head of our Investment Committee, and Jacob
Schwimmer, our Chief Property Management Officer, has ownership interests in Clipper Equity. Clipper Equity owns interests in
and controls and manages entities that own interests in multi-family and commercial properties in the New York metropolitan area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted an Investment Policy
that provides that our directors and officers, including David Bistricer, Sam Levinson, JJ Bistricer and Jacob Schwimmer, are
not required to present certain identified investment opportunities to us, including assets located outside the New York metropolitan
area, for-sale condominium or cooperative conversions, development projects, projects that would require us to obtain guarantees
from third parties or to backstop obligations of other parties, and land acquisitions. As a result, except to the extent that
our officers and directors must present certain identified business opportunities to us, our officers and directors have no duty
to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business
in which we or our subsidiaries engage or propose to engage or to refrain from otherwise competing with us, and therefore may
compete with us for investments in properties and for tenants. These individuals also may pursue acquisition opportunities that
may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and members of our senior management
may also determine to enter into joint ventures or co-investment relationships with respect to one or more properties. As a result
of the foregoing, there may at times be a conflict between the interests of members of our senior management and our business interests.
Further, although David Bistricer, JJ Bistricer and Jacob Schwimmer will devote such portion of their business time and attention
to our business as is appropriate and will be compensated on that basis, under their employment agreements, they will also devote
substantial time to other business and investment activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may experience conflicts of interest with certain of
our directors and officers and significant stockholders as a result of their tax positions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into a tax protection
agreement with our continuing investors pursuant to which we have agreed to indemnify the continuing investors against certain
tax liabilities incurred during the 8-year period following the private offering (or with respect to item (iv) below, certain
tax liabilities resulting from certain transfers occurring during the 8-year period following the private offering) if those tax
liabilities result from (i) the sale, transfer, conveyance or other taxable disposition of any of the properties of our LLC subsidiaries,
(ii) any of Renaissance, Berkshire or Gunki LLC failing to maintain a level of indebtedness allocable for U.S. federal income
tax purposes to any of the continuing investors such that any of the continuing investors is allocated less than a specified minimum
indebtedness in each such LLC subsidiary (in order to comply with this requirement, (1) Renaissance needs to maintain approximately
$101.3 million of indebtedness, (2) Berkshire needs to maintain approximately $125.8 million of indebtedness and (3) Gunki needs
to maintain approximately $34.4 million of indebtedness), (iii) in a case that such level of indebtedness cannot be maintained,
failing to make available to such a continuing investor the opportunity to execute a guarantee of indebtedness of the LLC subsidiary
meeting certain requirements that would enable the continuing investor to continue to defer certain tax liabilities, or (iv) the
imposition of New York City or New York State real estate transfer tax liability upon a continuing investor as a result of the
formation transactions, private offering, this offering and/or certain subsequent transactions (including subsequent issuances
of additional LLC units or interests, issuances of OP units by the operating partnership, issuances of common stock by Clipper
Realty, issuances of common stock in exchange for class B LLC units or dispositions of property by any LLC subsidiary), or as
a result of any of those transfers being aggregated. We estimate that had all of their assets subject to the tax protection agreement
been sold in a taxable transaction immediately after the private offering, the amount of our LLC subsidiaries&rsquo; indemnification
obligations (based on then current tax rates and the valuations of our assets based on the private offering price of $13.50 per
share, and including additional payments to compensate the indemnified continuing investors for additional tax liabilities resulting
from the indemnification payments) would have been approximately $364.9 million. In addition, we estimate that if New York City
or New York State real estate transfer taxes had been imposed on our continuing investors, the maximum amount of our LLC subsidiaries&rsquo;
indemnification obligations pursuant to the tax protection agreement in respect of New York City or New York State real estate
transfer tax liability (based on then current tax rates and the valuations of our assets based on the private offering price of
$13.50 per share, and including additional payments to compensate the indemnified continuing investors for additional tax liabilities
resulting from the indemnification payments) would have been approximately $74.9 million (although the amount may be significantly
less). We do not presently intend to sell or take any other action that would result in a tax protection payment with respect
to the properties covered by the tax protection agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, David Bistricer and Sam
Levinson may be subject to tax on a disproportionately large amount of the built-in gain that would be realized upon the sale
or refinancing of certain properties. David Bistricer and Sam Levinson may therefore influence us to not sell or refinance certain
properties, even if such sale or refinancing might be financially advantageous to our stockholders, or to enter into tax deferred
exchanges with the proceeds of such sales when such a reinvestment might not otherwise be in our best interest, as they may wish
to avoid realization of their share of the built-in gains in those properties. Alternatively, to avoid realizing such built-in
gains they may have to agree to additional reimbursements or guarantees involving additional financial risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our tax protection agreement could limit our ability to
sell or otherwise dispose of certain properties including through condominium or cooperative conversions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the formation transactions,
we entered into a tax protection agreement pursuant to which we agreed to indemnify the continuing investors against certain tax
liabilities incurred during the 8-year period following the private offering (or with respect to certain transfers occurring during
the 8-year period following the private offering) if those tax liabilities result from the sale, transfer, conveyance or other
taxable disposition of any of the properties of our LLC subsidiaries. Therefore, although it may be in our stockholders&rsquo;
best interests that we sell one of these properties or convert all or a portion of the property into a condominium or cooperative
and sell condominium or cooperative units, it may be economically prohibitive for us to do so because of these obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Deficiencies in our internal control over financial reporting
could adversely affect our ability to present accurately our financial statements and could materially and adversely affect us,
including our business, reputation, results of operations, financial condition or liquidity.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Effective internal control is necessary
for us to accurately report our financial results. There can be no guarantee that our internal control over financial reporting
will be effective in accomplishing all control objectives all of the time. In connection with the audit of our Predecessor&rsquo;s
historical financial statements, our registered independent public accounting firm identified certain significant deficiencies
in our internal control over financial reporting and we are taking steps to remediate them. As we grow our business, our internal
control will become more complex, and we may require significantly more resources to ensure our internal control remains effective.
Deficiencies, including any material weakness, in our internal control over financial reporting which may occur in the future
could result in misstatements of our results of operations that could require a restatement, failing to meet our reporting obligations
and causing investors to lose confidence in our reported financial information. These events could materially and adversely affect
us, including our business, reputation, results of operations, financial condition or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Indebtedness and Financing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a substantial amount of indebtedness that may
limit our financial and operating activities and may adversely affect our ability to incur additional debt to fund future needs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of September&nbsp;30, 2016, we
had approximately $814.7 million of total indebtedness, all of which was property-level debt. On November&nbsp;9, 2016, the
Company refinanced $460 million of loans due November 2016 secured by the Tribeca House property with a loan package
comprising a $335 million mortgage and a $75 million mezzanine note agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of principal and interest on borrowings
may leave us with insufficient cash resources to operate our properties, fully implement our capital expenditure, acquisition and
redevelopment activities, or meet the REIT distribution requirements imposed by the Code. Our level of debt and the limitations
imposed on us by our debt agreements could have significant adverse consequences, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>require us to dedicate a substantial portion of cash flow from operations to the payment of principal, and interest on, indebtedness,
thereby reducing the funds available for other purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make it more difficult for us to borrow additional funds as needed or on favorable terms, which could, among other things,
adversely affect our ability to meet operational needs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>force us to dispose of one or more of our properties, possibly on unfavorable terms (including the possible application of
the 100% tax on income from prohibited transactions, discussed below in &ldquo;Material U.S. Federal Income Tax Consequences&rdquo;)
or in violation of certain covenants to which we may be subject;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subject us to increased sensitivity to interest rate increases;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make us more vulnerable to economic downturns, adverse industry conditions or catastrophic external events;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>limit our ability to withstand competitive pressures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>limit our
                                         ability to refinance our indebtedness at maturity or result in refinancing terms that are less
                                         favorable than the terms of our original indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce our flexibility in planning for or responding to changing business, industry and economic conditions; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>place us at a competitive disadvantage to competitors that have relatively less debt than we have.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any one of these events were to
occur, our financial condition, results of operations, cash flow and the market value of our common stock could be adversely affected.
Furthermore, foreclosures could create taxable income without accompanying cash proceeds, which could hurt our ability to meet
the REIT distribution requirements imposed by the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our tax protection agreement requires our operating partnership
to maintain certain debt levels that otherwise would not be required to operate our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our tax protection
agreement, we undertake that our LLC subsidiaries will maintain a certain level of indebtedness and, in the case that level
of indebtedness cannot be maintained, we are required to provide our continuing investors the opportunity to guarantee debt.
If we fail to maintain such debt levels, or fail to make such opportunities available, we will be required to deliver to each
applicable continuing investor a cash payment intended to approximate the continuing investor&rsquo;s tax liability resulting
from our failure and the tax liabilities incurred as a result of such tax protection payment. We agreed to these provisions
in order to assist our continuing investors in deferring the recognition of taxable gain as a result of and after the
formation transactions. These obligations require us to maintain more or different indebtedness than we would otherwise
require for our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be unable to refinance current or future indebtedness
on favorable terms, if at all.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not be able to refinance existing
debt on terms as favorable as the terms of existing indebtedness, or at all, including as a result of increases in interest rates
or a decline in the value of our portfolio or portions thereof. If principal payments due at maturity cannot be refinanced, extended
or paid with proceeds from other capital transactions, such as new equity capital, our operating cash flow will not be sufficient
in all years to repay all maturing debt. As a result, certain of our other debt may cross default, we may be forced to postpone
capital expenditures necessary for the maintenance of our properties, we may have to dispose of one or more properties on terms
that would otherwise be unacceptable to us or we may be forced to allow the mortgage holder to foreclose on a property. See &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&mdash;Liquidity and Capital Resources&mdash;Property-Level
Debt.&rdquo; We also may be forced to limit distributions and may be unable to meet the REIT distribution requirements imposed
by the Code. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would likely have a negative
impact on our financial condition and results of operations and could adversely affect our ability to make distributions to our
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not have sufficient cash flow to meet the required
payments of principal and interest on our debt or to pay distributions on our common stock at expected levels.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the future, our cash flow could be insufficient
to meet required payments of principal and interest or to pay distributions on our shares at expected levels. In this regard, we
note that in order for us to qualify as a REIT, we are required to make annual distributions generally equal to at least 90% of
our taxable income, computed without regard to the dividends paid deduction and excluding net capital gain. In addition, as a REIT,
we will be subject to U.S. federal income tax to the extent that we distribute less than 100% of our taxable income (including
capital gains) and will be subject to a 4% nondeductible excise tax on the amount by which our distributions in any calendar year
are less than a minimum amount specified by the Code. These requirements and considerations may limit the amount of our cash flow
available to meet required principal and interest payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are unable to make required payments
on indebtedness that is secured by a mortgage on our property, the asset may be transferred to the lender resulting in the loss
of income and value to us, including adverse tax consequences related to such a transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Mortgage debt obligations expose us to the possibility
of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Incurring mortgage and other secured
debt obligations increases our risk of property losses because defaults on indebtedness secured by property may result in foreclosure
actions initiated by lenders and ultimately our loss of the property securing any loans for which we are in default. Any foreclosure
on a mortgaged property or group of properties could adversely affect the overall value of our portfolio of properties. For tax
purposes, a foreclosure of any of our properties that is subject to a nonrecourse mortgage loan would be treated as a sale of
the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance
of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but
would not receive any cash proceeds, which could hurt our ability to meet the distribution requirements applicable to REITs under
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our debt agreements include restrictive covenants and
default provisions which could limit our flexibility, our ability to make distributions and require us to repay the indebtedness
prior to its maturity.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The mortgages on our
properties contain customary negative covenants that, among other things, limit our ability, without the prior consent of the
lender, to further mortgage the property and to reduce or change insurance coverage. As of September&nbsp;30, 2016, we had
$814.7 million of combined property mortgages and other secured debt. On November 9, 2016, the Company refinanced $460.0
million of loans due November 2016 secured by the Tribeca House property with a loan package comprising a $335 million
mortgage and a $75 million mezzanine note agreement. The loans bear a combined interest rate of one-month LIBOR plus 3.75%,
mature on November 9, 2018 and are subject to three one-year extension options. Additionally, our debt agreements contain
customary covenants that, among other things, restrict our ability to incur additional indebtedness and, in certain
instances, restrict our ability to engage in material asset sales, mergers, consolidations and acquisitions, and restrict our
ability to make capital expenditures. These debt agreements, in some cases, also subject us to guarantor and liquidity
covenants. Some of our debt agreements contain certain cash flow sweep requirements and mandatory escrows, and our property
mortgages generally require certain mandatory prepayments upon disposition of underlying collateral. In addition, early
repayment of certain mortgages may be subject to prepayment penalties. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Variable rate debt is subject to interest rate risk that
could increase our interest expense, increase the cost to refinance and increase the cost of issuing new debt.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of September&nbsp;30, 2016, approximately
$460.0 million of our outstanding consolidated debt was subject to instruments which bear interest at variable rates, and we may
also borrow additional money at variable interest rates in the future. On November 9, 2016, the Company refinanced $460.0 million
of loans due November 2016 secured by the Tribeca House property with a loan package comprising a $335 million and $75 million
mezzanine note agreement. The loans bear a combined interest rate of one-month LIBOR plus 3.75%, mature on November 9, 2018 and
are subject to three one-year extension options. Unless we have made arrangements that hedge against the risk of rising interest
rates, increases in interest rates would increase our interest expense under these instruments, increase the cost of refinancing
these instruments or issuing new debt, and adversely affect cash flow and our ability to service our indebtedness and make distributions
to our stockholders, which could adversely affect the market price of our common stock. Based on our aggregate variable rate debt
outstanding as of September&nbsp;30, 2016 (pro forma for the refinancing of Tribeca House debt on November 9, 2016), an increase
of 100 basis points in interest rates would result in a hypothetical increase of approximately $4.1 million in interest expense
on an annual basis. The amount of this change includes the benefit of swaps and caps we currently have in place. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Hedging activity may expose us to risks, including the
risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which could adversely
affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may, in a manner consistent with
our qualification as a REIT, seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements
that involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that
these arrangements may not be effective in reducing our exposure to interest rate changes. Moreover, there can be no assurance
that our hedging arrangements will qualify for hedge accounting or that our hedging activities will have the desired beneficial
impact on our results of operations. Should we desire to terminate a hedging agreement, there could be significant costs and cash
requirements involved to fulfill our obligations under the hedging agreement. Generally, failure to hedge effectively against
interest rate changes may adversely affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When a hedging agreement is required under
the terms of a mortgage loan, it is often a condition that the hedge counterparty maintains a specified credit rating. With the
current volatility in the financial markets, there is an increased risk that hedge counterparties could have their credit rating
downgraded to a level that would not be acceptable under the loan provisions. If we were unable to renegotiate the credit rating
condition with the lender or find an alternative counterparty with an acceptable credit rating, we could be in default under the
loan and the lender could seize that property through foreclosure, which could adversely affect us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Complying with REIT requirements may limit our ability
to hedge effectively and may cause us to incur tax liabilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The REIT provisions of the Code limit our
ability to hedge our liabilities. Generally, income from a hedging transaction we enter into either to manage risk of interest
rate changes with respect to borrowings incurred or to be incurred to acquire or carry real estate assets, or to manage the risk
of currency fluctuations with respect to any item of income or gain (or any property which generates such income or gain) that
constitutes &ldquo;qualifying income&rdquo; for purposes of the 75% or 95% gross income tests applicable to REITs, does not constitute
&ldquo;gross income&rdquo; for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction
pursuant to the applicable sections of the Code and Treasury regulations. To the extent that we enter into other types of hedging
transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of both gross income
tests. As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those
hedges through a TRS. The use of a TRS could increase the cost of our hedging activities (because our TRS would be subject to tax
on income or gain resulting from hedges entered into by it) or expose us to greater risks than we would otherwise want to bear.
In addition, net losses in any of our TRSs will generally not provide any tax benefit except for being carried forward for use
against future taxable income in the TRSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A portion of our distributions may be treated as a return
of capital for U.S. federal income tax purposes, which could reduce the basis of a stockholder&rsquo;s investment in shares of
our common stock and may trigger taxable gain.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A portion of our distributions may be treated
as a return of capital for U.S. federal income tax purposes. As a general matter, a portion of our distributions will be treated
as a return of capital for U.S. federal income tax purposes if the aggregate amount of our distributions for a year exceeds our
current and accumulated earnings and profits for that year. To the extent that a distribution is treated as a return of capital
for U.S. federal income tax purposes, it will reduce a holder&rsquo;s adjusted tax basis in the holder&rsquo;s shares, and to the
extent that it exceeds the holder&rsquo;s adjusted tax basis will be treated as gain resulting from a sale or exchange of such
shares. See &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Status as a REIT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although provisions of the Code generally
relevant to an investment in shares of our common stock are described in &ldquo;Material U.S. Federal Income Tax Consequences,&rdquo;
you should consult your tax advisor concerning the effects of U.S. federal, state, local and foreign tax laws to you with regard
to an investment in shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to qualify or to maintain our qualification as
a REIT would have significant adverse consequences to the value of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We elected to qualify to be treated
as a REIT commencing with our first taxable year ended December&nbsp;31, 2015. The Code generally requires that a REIT distribute
at least 90% of its taxable income (without regard to the dividends paid deduction and excluding net capital gains) to stockholders
annually, and a REIT must pay tax at regular corporate rates to the extent that the REIT distributes less than 100% of its taxable
income (including capital gains) in a given year. In addition, a REIT is required to pay a 4% nondeductible excise tax on the
amount, if any, by which the distributions the REIT makes in a calendar year are less than the sum of 85% of the REIT&rsquo;s
ordinary income, 95% of the REIT&rsquo;s capital gain net income and 100% of the REIT&rsquo;s undistributed income from prior
years. To avoid entity-level U.S. federal income and excise taxes, we anticipate distributing at least 100% of our taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that we are organized, have
operated and will continue to operate in a manner that will allow us to qualify as a REIT commencing with our first taxable year
ended December&nbsp;31, 2015. However, we cannot assure you that we are organized, have operated and will continue to operate
as such. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code
as to which there may only be limited judicial and administrative interpretations and involves the determination of facts and
circumstances not entirely within our control. We have not requested and do not intend to request a ruling from the Internal Revenue
Service (&ldquo;IRS&rdquo;) that we qualify as a REIT. Moreover, in order to qualify as a REIT, we must meet, on an ongoing basis,
various tests regarding the nature and diversification of our assets and our income, the ownership of our outstanding stock and
the amount of our distributions. Our ability to satisfy the asset tests depends upon our analysis of the characterization and
fair market values of our assets, some of which are not susceptible to a precise determination, and for which we will not obtain
independent appraisals. Our compliance with the REIT gross income and quarterly asset requirements also depends upon our ability
to manage successfully the composition of our gross income and assets on an ongoing basis. Future legislation, new regulations,
administrative interpretations or court decisions may significantly change the tax laws or the application of the tax laws with
respect to qualification as a REIT for U.S. federal income tax purposes or the U.S. federal income tax consequences of such qualification.
Accordingly, it is possible that we may not meet the requirements for qualification as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If, with respect to any taxable year, we
fail to maintain our qualification as a REIT, we would not be allowed to deduct distributions to stockholders in computing our
taxable income. If we were not entitled to relief under the relevant statutory provisions, we would also be disqualified from treatment
as a REIT for the four subsequent taxable years. If we fail to qualify as a REIT, we would be subject to entity-level income tax,
including any applicable alternative minimum tax, on our taxable income at regular corporate tax rates. As a result, the amount
available for distribution to holders of our common stock would be reduced for the year or years involved, and we would no longer
be required to make distributions. In addition, our failure to qualify as a REIT could impair our ability to expand our business
and raise capital, and adversely affect the value of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our special voting stock and the class B LLC units
are treated as a single stock interest in the Company, we could fail to qualify as a REIT.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that the special voting stock
and class B LLC units will be treated as separate interests in the Company and its predecessor entities, respectively. However,
no assurance can be given that the IRS will not argue, or that a court would not find or hold, that the special voting stock and
the class B LLC units should be treated as a single stock interest in the Company for U.S. federal income tax purposes. If the
special voting stock and class B LLC units were treated as a single stock interest in the Company, it is possible that more than
50% in value of the outstanding stock of the Company could be treated as held by five or fewer individuals. In such a case, we
could be treated as &ldquo;closely held&rdquo; and we could therefore fail to qualify as a REIT. Such failure would have significant
adverse consequences. See &ldquo;&mdash;Failure to qualify or to maintain our qualification as a REIT would have significant adverse
consequences to the value of our common stock&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may owe certain taxes notwithstanding our qualification
as a REIT.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we qualify as a REIT, we will
be subject to certain U.S. federal, state and local taxes on our income and property, on taxable income that we do not distribute
to our stockholders, on net income from certain &ldquo;prohibited transactions,&rdquo; and on income from certain activities conducted
as a result of foreclosure. We may, in certain circumstances, be required to pay an excise or penalty tax (which could be significant
in amount) in order to utilize one or more relief provisions under the Code to maintain our qualification as a REIT. In addition,
we may provide services that are not customarily provided by a landlord, hold properties for sale and engage in other activities
through TRSs (as defined under &ldquo;Material U.S. Federal Income Tax Consequences&mdash;Taxation of the Company as a REIT&mdash;Requirements
for Qualification&mdash;Taxable REIT Subsidiaries&rdquo;) and the income of those subsidiaries will be subject to U.S. federal
income tax at regular corporate rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dividends payable by REITs generally do not qualify for
reduced tax rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The maximum U.S. federal income tax rate
for certain qualified dividends payable to U.S. stockholders that are individuals, trusts and estates generally is 20% (plus a
3.8% Medicare tax discussed below under &ldquo;Material U.S. Federal Income Tax Consequences&rdquo;). Dividends payable by REITs,
however, are generally not eligible for the reduced rates and therefore may be subject to a 39.6% (plus 3.8% Medicare tax) maximum
U.S. federal income tax rate on ordinary income when paid to such stockholders. Although the reduced U.S. federal income tax rate
applicable to dividend income from regular corporate dividends does not adversely affect the taxation of REITs or dividends paid
by REITs, the more favorable rates applicable to regular corporate dividends could cause investors who are individuals, trusts
and estates or are otherwise sensitive to these lower rates to perceive investments in REITs to be relatively less attractive than
investments in the stock of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs,
including our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Complying with the REIT requirements may cause us to forego
otherwise attractive opportunities or liquidate certain of our investments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To qualify as a REIT for U.S. federal income
tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the nature and diversification
of our assets, the amounts we distribute to our stockholders and the ownership of our stock. We may be required to make distributions
to our stockholders at disadvantageous times or when we do not have funds readily available for distribution. Thus, compliance
with the REIT requirements may, for instance, hinder our ability to make certain otherwise attractive investments or undertake
other activities that might otherwise be beneficial to us and our stockholders, or may require us to borrow or liquidate investments
in unfavorable market conditions and, therefore, may hinder our investment performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a REIT, at the end of each calendar
quarter, at least 75% of the value of our assets must consist of cash, cash items, government securities and qualified real estate
assets. The remainder of our investments in securities (other than cash, cash items, government securities, securities issued
by a TRS and qualified real estate assets) generally cannot include more than 10% of the outstanding voting securities of any
one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more
than 5% of the value of our total assets (other than cash, cash items, government securities, securities issued by a TRS and qualified
real estate assets) can consist of the securities of any one issuer, no more than 20% of the value of our total securities can
be represented by securities of one or more TRSs (25% for taxable years ending on or before December&nbsp;31, 2017), and no more
than 25% of the value of our total assets may consist of &ldquo;nonqualified&rdquo; debt instruments issued by publicly offered
REITs. After meeting these requirements at the close of a calendar quarter, if we fail to comply with these requirements at the
end of any subsequent calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify
for certain statutory relief provisions to avoid losing our REIT qualification. As a result, we may be required to liquidate from
our portfolio otherwise attractive investments. These actions could have the effect of reducing our income and amounts available
for distribution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be subject to a 100% penalty tax on any prohibited
transactions that we enter into, or may be required to forego certain otherwise beneficial opportunities in order to avoid the
penalty tax on prohibited transactions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are found to have held, acquired
or developed property primarily for sale to customers in the ordinary course of business, we may be subject to a 100% &ldquo;prohibited
transactions&rdquo; tax under U.S. federal tax laws on the gain from disposition of the property unless the disposition qualifies
for one or more safe harbor exceptions for properties that have been held by us for at least two years and satisfy certain additional
requirements (or the disposition is made through a TRS and, therefore, is subject to corporate U.S. federal income tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under existing law, whether property is
held primarily for sale to customers in the ordinary course of a trade or business is a question of fact that depends on all the
facts and circumstances. We intend to hold, and, to the extent within our control, to have any joint venture to which our operating
partnership is a partner hold, properties for investment with a view to long-term appreciation, to engage in the business of acquiring,
owning, operating and developing the properties, and to make sales of our properties and other properties acquired subsequent to
the date hereof as are consistent with our investment objectives. Based upon our investment objectives, we believe that overall,
our properties should not be considered property held primarily for sale to customers in the ordinary course of business. However,
it may not always be practical for us to comply with one of the safe harbors, and, therefore, we may be subject to the 100% penalty
tax on the gain from dispositions of property if we otherwise are deemed to have held the property primarily for sale to customers
in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The potential application of the prohibited
transactions tax could cause us to forego potential dispositions of other property or to forego other opportunities that might
otherwise be attractive to us, or to hold investments or undertake such dispositions or other opportunities through a TRS, which
would generally result in corporate income taxes being incurred. For example, we anticipate that we would have to conduct any
condominium or cooperative conversion of our Tribeca House properties and 141 Livingston Street property through a TRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>REIT distribution requirements could adversely affect
our liquidity and adversely affect our ability to execute our business plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to maintain our qualification
as a REIT and to meet the REIT distribution requirements, we may need to modify our business plans. Our cash flow from operations
may be insufficient to fund required distributions, for example, as a result of differences in timing between our cash flow, the
receipt of income for GAAP purposes and the recognition of income for U.S. federal income tax purposes, the effect of non-deductible
capital expenditures, the creation of reserves, payment of required debt service or amortization payments, or the need to make
additional investments in qualifying real estate assets. The insufficiency of our cash flow to cover our distribution requirements
could require us to (i) sell assets in adverse market conditions, (ii) borrow on unfavorable terms, (iii) distribute amounts that
would otherwise be invested in future acquisitions or capital expenditures or used for the repayment of debt, (iv) pay dividends
in the form of &ldquo;taxable stock dividends&rdquo; or (v) use cash reserves, in order to comply with the REIT distribution requirements.
As a result, compliance with the REIT distribution requirements could adversely affect the market value of our common stock. The
inability of our cash flow to cover our distribution requirements could have an adverse impact on our ability to raise short- and
long-term debt or sell equity securities. In addition, if we are compelled to liquidate our assets to repay obligations to our
lenders or make distributions to our stockholders, we may be subject to a 100% tax on any resultant gain if we sell assets that
are treated as property held primarily for sale to customers in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The ability of our board of directors to revoke our REIT
qualification without stockholder approval may cause adverse consequences to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter provides that our board of
directors may revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that
it is no longer in our best interest to continue to qualify as a REIT. If we cease to be a REIT, we will not be allowed a deduction
for dividends paid to stockholders in computing our taxable income and will be subject to U.S. federal income tax at regular corporate
rates and state and local taxes, which may have adverse consequences on our total return to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to provide certain services to our tenants
may be limited by the REIT rules, or may have to be provided through a TRS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a REIT, we generally cannot provide
services to our tenants other than those that are customarily provided by landlords, nor can we derive income from a third party
that provides such services. If we forego providing such services to our tenants, we may be at a disadvantage to competitors who
are not subject to the same restrictions. However, we can provide such non-customary services to tenants or share in the revenue
from such services if we do so through a TRS, though income earned through the TRS will be subject to corporate income taxes. Clipper
TRS will provide certain services at our properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Although our use of TRSs may partially mitigate the impact
of meeting certain requirements necessary to maintain our qualification as a REIT, there are limits on our ability to own TRSs,
and a failure to comply with the limits would jeopardize our REIT qualification and may result in the application of a 100% excise
tax.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A REIT may own up to 100% of the stock
of one or more TRSs. A TRS may hold assets and earn income that would not be qualifying assets or income if held or earned directly
by a REIT. Both the subsidiary and the REIT must jointly elect to treat the subsidiary as a TRS. A corporation of which a TRS
directly or indirectly owns more than 35% of the voting power or value of the stock will automatically be treated as a TRS. Overall,
no more than 20% of the value of a REIT&rsquo;s assets may consist of securities of one or more TRSs (25% for taxable years ending
on or before December&nbsp;31, 2017). In addition, rules limit the deductibility of interest paid or accrued by a TRS to its parent
REIT to assure that the TRS is subject to an appropriate level of corporate taxation. Rules also impose a 100% excise tax on certain
transactions between a TRS and its parent REIT that are treated as not being conducted on an arm&rsquo;s-length basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clipper TRS and any other TRSs that we
form will pay U.S. federal, state and local income tax on the TRSs&rsquo; taxable income, and the TRSs&rsquo; after-tax net income
will be available for distribution to us but is not required to be distributed to us unless necessary to maintain our REIT qualification.
Although we will monitor the aggregate value of the securities of such TRSs and intend to conduct our affairs so that such securities
will represent less than 20% of the value of our total assets, there can be no assurance that we will be able to comply with the
TRS limitation in all market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Possible legislative, regulatory or other actions could
adversely affect our stockholders and us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The rules dealing with U.S. federal, state
and local income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S.
Treasury Department. Changes to tax laws (which changes may have retroactive application) could adversely affect our stockholders
or us. In recent years, many such changes have been made and changes are likely to continue to occur in the future. We cannot predict
whether, when, in what form, or with what effective dates, tax laws, regulations and rulings may be enacted, promulgated or decided,
which could result in an increase in our, or our stockholders&rsquo;, tax liability or require changes in the manner in which we
operate in order to minimize increases in our tax liability. A shortfall in tax revenues for states and municipalities in which
we operate may lead to an increase in the frequency and size of such changes. If such changes occur, we may be required to pay
additional taxes on our assets or income and/or be subject to additional restrictions. These increased tax costs could, among other
things, adversely affect our financial condition, the results of operations and the amount of cash available for the payment of
dividends. Stockholders are urged to consult with their own tax advisors with respect to the impact that recent legislation may
have on their investment and the status of legislative, regulatory or administrative developments and proposals and their potential
effect on their investment in our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our property taxes could increase due to property tax
rate changes or reassessment, which could impact our cash flow.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we qualify as a REIT for U.S.
federal income tax purposes, we will be required to pay state and local taxes on our properties. The real property taxes on our
properties may increase as property tax rates change or as our properties are assessed or reassessed by taxing authorities. In
particular, our portfolio of properties may be reassessed as a result of this offering. In particular, our portfolio of properties
may be reassessed as a result of this offering. Therefore, the amount of property taxes we pay in the future may increase substantially
from what we have paid in the past and such increases may not be covered by tenants pursuant to our lease agreements. If the property
taxes we pay increase, our financial condition, results of operations, cash flow, per share trading price of our common stock
and our ability to satisfy our principal and interest obligations and to make distributions to our stockholders could be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to this Offering and Ownership of Our Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A trading market for our common stock may never develop
or be sustained.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we intend to apply to list our
common stock on the NYSE, even if such application is approved, an active trading market for our common stock may not develop on
that exchange or elsewhere, or, if developed, that market may not be sustained. Accordingly, if an active trading market for our
common stock does not develop or is not sustained, the liquidity of our common stock, your ability to sell your shares of common
stock when desired and the prices that you may obtain for your shares of common stock will be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The market price and trading volume of our common stock
may be volatile, which could result in rapid and substantial losses for our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if an active trading market develops
for our common stock, the market price of our common stock may be highly volatile and subject to wide fluctuations. In addition,
the trading volume in our common stock may fluctuate and cause significant price variations to occur. The initial public offering
price of our common stock will be determined by negotiation between us and the representatives of the underwriters based on a number
of factors and may not be indicative of prices that will prevail in the open market following completion of this offering. If the
market price of our common stock declines significantly, you may be unable to resell your shares at or above your purchase price,
if at all. The market price of our common stock may fluctuate or decline significantly in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our financial performance, government regulatory
action, tax laws, interest rates and market conditions in general could have a significant impact on the future market price of
our common stock. Some of the factors that could negatively affect or result in fluctuations in the market price of our common
stock include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>actual or anticipated variations in our quarterly or annual operating results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increases in market interest rates that lead purchasers of our shares to demand a higher yield;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in market valuations of similar companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adverse market reaction to any increased indebtedness we incur in the future;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>additions or departures of key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>actions by stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>speculation in the press or investment community;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general market, economic and political conditions, including an economic slowdown or dislocation in the global credit markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our operating performance and the performance of other similar companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>negative publicity regarding us specifically or our business lines generally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in accounting principles; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>passage of legislation or other regulatory developments that adversely affect us or our industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Broad market and industry factors may decrease
the market price of our common stock, regardless of our actual operating performance. The stock market in general has from time
to time experienced extreme price and volume fluctuations, including in recent months. In addition, in the past, following periods
of volatility in the overall market and the market price of a company&rsquo;s securities, securities class action litigation has
often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and
a diversion of our management&rsquo;s attention and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The initial public offering price per share of common
stock in this offering may not accurately reflect the value of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Immediately prior to this offering,
there was no market for our common stock. The initial public offering price per share of common stock offered in this offering
was determined by negotiations between us and the representatives of the underwriters. Factors considered in determining the price
of our common stock may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the history and prospects of companies whose principal business is commercial and multi-family real estate ownership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prior offerings of those companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our capital structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an assessment of our management and its experience;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general conditions of the securities markets at the time of this offering; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other factors
                                         we deem relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There are restrictions on ownership and transfer of our
common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To assist us in qualifying as a REIT,
among other purposes, our charter generally limits beneficial ownership by any person to no more than 9.8% in value or number
of shares, whichever is more restrictive, of the outstanding shares of any class or series of our common stock or 9.8% of the
aggregate value of all our outstanding stock. In addition, our charter contains various other restrictions on the ownership and
transfer of shares of our stock. See &ldquo;Description of Capital Stock&mdash; Restrictions on Ownership and Transfer.&rdquo;
As a result, an investor that purchases shares of our common stock in this offering may not be able to readily resell such common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investors in this offering will suffer immediate and substantial
dilution.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The initial public offering price of
our common stock will be substantially higher than the as adjusted net tangible book value per share issued and outstanding immediately
after this offering. Our net tangible book value as of&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; , 2016 was approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, or approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share based on the shares of common stock issued and outstanding as of
such date. After giving effect to our sale of common stock in this offering at the initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share (the midpoint of the initial public offering price range set forth on the front cover page of this prospectus), and after
deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as
adjusted net tangible book value as of&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; , 2016 would have been $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, or $ &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;per share. Therefore, if you purchase shares of our common stock in this offering, you will
experience immediate and substantial dilution of $ &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;in the net tangible book value per share, based
upon the initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share. Investors that purchase common stock in this
offering will have purchased &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the shares issued and outstanding immediately after the offering,
but will have paid &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total consideration for those shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales of our common stock or other securities convertible
into our common stock could cause the market value of our common stock to decline and could result in dilution of your shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our board of directors is authorized, without
approval of our common stockholders, to cause us to issue additional shares of our stock or to raise capital through the issuance
of preferred stock, options, warrants and other rights on terms and for consideration as our board of directors in its sole discretion
may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Pursuant to the registration rights
agreement entered into in connection with the private offering, as amended, we are required, among other things, to use our commercially
reasonable efforts to cause a shelf registration statement registering for resale the registrable shares (as defined in the registration
rights agreement) that are not sold by the selling stockholders in this offering, to be declared effective by the SEC as soon
as practicable (but in no event later than the earlier of (i) January 31, 2017 and (ii) 60 days after the closing of this offering;
provided that if this offering occurs within the 60 days prior to January 31, 2017, such date shall be 60 days after the closing
of the initial public offering of our common stock). See &ldquo;Description of Capital Stock&mdash;Registration Rights.&rdquo;
Once we register the registrable shares, they can be freely sold in the public market, subject to any applicable lock-up agreements.
See &ldquo;Shares Eligible for Future Sale.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, we
intend to file a registration statement on Form S-8 to register 1,350,000 shares of our common stock for issuance to our employees,
consultants and non-employee directors pursuant to the Clipper Realty Inc. 2015 Omnibus Incentive Plan and the Clipper Realty
Inc. 2015 Non-Employee Director Plan. We may increase the number of shares registered for this purpose from time to time. Once
we register these shares, they generally will be able to be sold to the public market upon issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sales of substantial amounts of our common
stock could dilute your ownership and could cause the market price of our common stock to decrease significantly. We cannot predict
the effect, if any, of future sales of our common stock, or the availability of our common stock for future sales, on the value
of our common stock. Sales of substantial amounts of our common stock, or the perception that such sales could occur, may adversely
affect the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our operating partnership
may issue additional OP units and our LLC subsidiaries may issue additional LLC units to third parties without the consent of
our stockholders, which would reduce our ownership percentage in our operating partnership or LLC subsidiaries, as applicable,
and would have a dilutive effect on the amount of distributions made to us by our operating partnership and, if applicable, to
our operating partnership by our LLC subsidiaries and, therefore, the amount of distributions we can make to our stockholders.
Any such issuances, or the perception of such issuances, could materially and adversely affect the market price of our common
stock.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future offerings of debt securities or preferred stock,
which would rank senior to our common stock upon our bankruptcy liquidation, and future offerings of equity securities that may
be senior to our common stock for the purposes of dividend and liquidating distributions, may adversely affect the market price
of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the future, we may attempt to raise
additional capital by making offerings of debt securities or additional offerings of equity securities, including preferred stock.
Upon bankruptcy or liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other
borrowings will receive a distribution of our available assets prior to the holders of our common stock. Our preferred stock, if
issued, could have a preference on liquidating distributions or a preference on dividend payments or both that could limit our
ability to pay a dividend or other distribution to the holders of our common stock. Our decision to issue securities in any future
offering will depend on market conditions and other factors beyond our control. As a result, we cannot predict or estimate the
amount, timing or nature of our future offerings, and purchasers of our common stock in this offering bear the risk of our future
offerings reducing the market price of our common stock and diluting their ownership interest in our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &ldquo;emerging growth company&rdquo; and as
a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common stock may be
less attractive to investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are
applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, an extended transition period for complying with new or revised accounting standards
and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval
of any golden parachute payments not previously approved. We cannot predict if investors will find our common stock less attractive
because we will rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a
less active trading market for our common stock and our stock price may be more volatile. We may take advantage of these reporting
exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earlier of (1)
the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total
annual gross revenue of at least $1 billion, or (c) in which we are deemed to be a large accelerated filer, which means, among
other things, the market value of our common stock that is held by non-affiliates exceeds $700 million as of the prior June 30th,
and (2) the date on which we have issued more than $1 billion in non-convertible debt during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a public company, we will incur additional costs and
face increased demands on our management.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a public company with shares listed
on a U.S. exchange, we will need to comply with an extensive body of regulations that did not apply to us previously, including
provisions of the Sarbanes-Oxley Act, regulations of the SEC and requirements of the NYSE. We expect these rules and regulations
to increase our legal and financial compliance costs and to make some activities more time-consuming and costly, particularly after
we are no longer an emerging growth company. In addition, these rules and regulations may make it more difficult and more expensive
for us to obtain director and officer liability insurance coverage. We cannot predict or estimate the amount of additional costs
we may incur as a result of these requirements or the timing of such costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_004"></A><FONT STYLE="text-transform: uppercase"><B>CAUTIONARY
NOTE CONCERNING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Various statements contained in this prospectus,
including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are
forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success
of specific projects and our future production, revenues, income and capital spending. Our forward-looking statements are generally
accompanied by words such as &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;predict,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;potential,&rdquo; &ldquo;plan,&rdquo; &ldquo;goal&rdquo; or other words
that convey the uncertainty of future events or outcomes. The forward-looking statements in this prospectus speak only as of the
date of this prospectus; we disclaim any obligation to update these statements unless required by law, and we caution you not to
rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events.
While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict
and many of which are beyond our control. These and other important factors, including those discussed under &ldquo;Risk Factors&rdquo;
may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements
expressed or implied by these forward-looking statements. These risks, contingencies and uncertainties include, but are not limited
to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>market and economic conditions affecting occupancy levels, rental rates, the overall market value of our properties, our access
to capital and the cost of capital and our ability to refinance indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>economic or regulatory developments in New York City;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the single government tenant in our commercial buildings may suffer financial difficulty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to control operating costs to the degree anticipated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the risk of damage to our properties, including from severe weather, natural disasters, climate change, and terrorist attacks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>risks related                                          to financing, cost overruns, and fluctuations in occupancy
                                                                                                                     rates and rents resulting                                          from development or redevelopment activities and the risk
                                                                                                                     that we may not be able to                                          pursue or complete development or redevelopment
                                                                                                                     activities or that such development or redevelopment activities will be profitable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>concessions or significant capital expenditures that may be required to attract and retain tenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the relative illiquidity of real estate investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competition affecting our ability to engage in investment and development opportunities or attract or retain tenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unknown or contingent liabilities in properties acquired in formative and future transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in rent stabilization regulations or claims by tenants in rent-stabilized units that their rents exceed specified maximum
amounts under current regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the possible effects of departure of key personnel in our management team on our investment opportunities and relationships
with lenders and prospective business partners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>conflicts of interest faced by members of management relating to the acquisition of assets and the development of properties,
which may not be resolved in our favor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a transfer of a controlling interest in any of our properties may obligate us to pay transfer tax based on the fair market
value of the real property transferred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trading market for our common stock may never develop
or be sustained;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the market price and trading volume of our common stock may be volatile, which could result in rapid and substantial losses for our stockholders;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the initial public offering price per share of common stock in this offering may not accurately reflect the value of your investment;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>investors in this offering will suffer immediate and substantial dilution;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>future sales of our common stock or other securities convertible into our common stock could cause the market value of our common stock to decline and could result in dilution;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>failure to qualify or remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of cash available for distribution to holders of our stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our common stock may be less attractive to investors given that we have reduced disclosure and governance requirements
    as an &ldquo;emerging growth company&rdquo;; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>as a public company, we will incur additional costs and face increased demands on our management.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="main_005"></A>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We estimate that the net proceeds to us
from the sale of the shares of our common stock offered by us will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share,
the midpoint of the price range set forth on the front cover page of this prospectus, and after deducting underwriting discounts
and commissions and estimated offering expenses payable by us. If the underwriters&rsquo; option to purchase additional shares
in this offering is exercised in full, we estimate that our net proceeds will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, after deducting underwriting discounts and commissions and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A $1.00 increase (decrease) in the assumed
initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share would increase (decrease) the
net proceeds to us from this offering by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming
the number of shares offered by us, as set forth on the front cover page of this prospectus, remains the same and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of one
million shares in the number of shares of common stock offered by us would increase (decrease) the net proceeds to us from this
offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming the assumed initial public
offering price remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable
by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We intend to use all or a portion of
the net proceeds of this offering, together with cash on hand, which was $41.6 million at September 30, 2016, pro forma for the
refinancing of Tribeca House debt on November 9, 2016 and refund of an acquisition deposit on November 14, 2016 (actual amount
as of that date was $82.1 million), to (i) fund approximately $31 million of certain capital improvements to reposition and modernize
our properties and (ii) fund acquisitions of properties consistent with our strategy of acquiring multi-family or commercial properties
in the New York metropolitan area. We have not identified any particular properties to acquire using the net proceeds of this
offering. Pending application of the net proceeds, we will invest the net proceeds in short-term, interest-bearing securities
that are consistent with our election to be taxed as a REIT for U.S. federal income tax purposes. Such investments may include
obligations of the Government National Mortgage Association, other government agency securities, certificates of deposit, and
interest-bearing bank deposits. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will not receive any of the proceeds
from the sale of shares of our common stock by the selling stockholders. However, we have agreed to pay all expenses relating
to the registration of the shares sold by the selling stockholders, other than any brokers&rsquo; or underwriters&rsquo; discounts
and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="main_006"></A><FONT STYLE="text-transform: uppercase"><B>DISTRIBUTION
POLICY</B></FONT><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is no guarantee that we will make quarterly
cash distributions to holders of our common stock. We may make distributions only when, as and if authorized by our board of directors
from funds legally available for distribution. Our cash distribution policy may be changed at any time and is subject to certain
restrictions, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may lack sufficient cash to pay distributions on shares of our common stock for a number of reasons, including as a result of increases in our operating or general and administrative expenses, principal and interest payments on our debt, working capital requirements or cash needs;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our ability to make cash distributions to holders of our common stock depends on the performance of our subsidiaries and their ability to distribute cash to us and on the performance of our properties and tenants; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the ability of our subsidiaries to make distributions to us may be restricted by, among other things, covenants in
    the instruments governing current or future debt of these subsidiaries.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As described below, U.S. federal income
tax law requires that we distribute annually at least 90% of our taxable income (without regard to the dividends paid deduction
and excluding net capital gains). As a result, we expect to generally distribute a significant percentage of our available cash
to holders of our common stock. Therefore, our growth may not be as fast as businesses that reinvest their available cash to expand
ongoing operations. We expect that we will rely primarily upon external financing sources, including commercial bank borrowings
and the issuance of debt and equity securities to fund our acquisitions and capital expenditures. As a result, to the extent we
are unable to finance growth externally, our cash distribution policy will significantly impair our ability to grow. To the extent
we issue additional shares of common stock, our operating partnership issues OP units or our existing or new LLC subsidiaries
issue LLC units in connection with any acquisitions or other transactions, the payment of distributions on those additional securities
may increase the risk that we will be unable to maintain or increase our distributions to stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On December 4, 2015, we paid a cash
dividend of $0.043333 per share (totaling $494,976) and on March 11, June 3, September 2 and December 2, 2016, we paid a cash
dividend of $0.065 per share (each totaling $742,469). Any future distributions we make will be at the discretion of our board
of directors and will depend on a number of factors, including prohibitions or restrictions under financing agreements, our charter
or applicable law and other factors described below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot assure you that our board of directors
will not change our distribution policy in the future. Any distributions we pay in the future will depend upon our actual results
of operations, liquidity, cash flows, financial condition, economic conditions, debt service requirements and other factors that
could differ materially from our current expectations. Our actual results of operations, liquidity, cash flows and financial condition
will be affected by a number of factors, including the revenue we receive from our properties, our operating expenses, interest
expense, the ability of our tenants to meet their obligations and unanticipated expenditures. For more information regarding risk
factors that could materially adversely affect our ability to pay dividends and make other distributions to our stockholders,
see &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">U.S. federal income tax law requires that
a REIT distribute annually at least 90% of its taxable income (without regard to the dividends paid deduction and excluding net
capital gains) and that it pay U.S. federal income tax at regular corporate rates to the extent that it distributes annually less
than 100% of its taxable income (including capital gains). In addition, a REIT is required to pay a 4% nondeductible excise tax
on the amount, if any, by which the distributions it makes in a calendar year are less than the sum of 85% of its ordinary income,
95% of its capital gain net income and 100% of its undistributed income from prior years. For more information, see &ldquo;Material
U.S. Federal Income Tax Consequences.&rdquo; We anticipate that our cash available for distribution will be sufficient to enable
us to meet the annual distribution requirements applicable to REITs and to avoid or minimize the imposition of U.S. federal income
and excise taxes. However, under some circumstances, we may be required to pay distributions in excess of cash available for distribution
in order to meet these distribution requirements or to avoid or minimize the imposition of tax, and we may need to borrow funds
or dispose of assets to make such distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is possible that, at least initially,
our distributions will exceed our then current and accumulated earnings and profits as determined for U.S. federal income tax
purposes. Therefore, a portion of our distributions may represent a return of capital for U.S. federal income tax purposes. That
portion of our distributions in excess of our current and accumulated earnings and profits will not be taxable to a taxable U.S.
stockholder under current U.S. federal income tax law to the extent that portion of our distributions does not exceed the stockholder&rsquo;s
adjusted tax basis in the stockholder&rsquo;s common stock, but instead will reduce the adjusted basis of the common stock. As
a result, the gain recognized on a subsequent sale of that common stock or upon our liquidation will be increased (or a loss decreased)
accordingly. To the extent those distributions exceed a taxable U.S. stockholder&rsquo;s adjusted tax basis in his or her shares
of common stock, they generally will be treated as a capital gain realized from the taxable disposition of those shares. The percentage
of our stockholder distributions that exceeds our current and accumulated earnings and profits may vary substantially from year
to year. For a more complete discussion of the tax treatment of distributions to holders of our common stock, see &ldquo;Material
U.S. Federal Income Tax Consequences.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="main_007"></A><B>CAPITALIZATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table sets forth
our capitalization as of September 30, 2016, on an actual basis, on an as adjusted basis to give effect to the refinancing  of
Tribeca House debt on November&nbsp;9, 2016 and on an as adjusted basis to give effect to the sale by us of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock in this offering at an initial public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the price range set forth on the
front cover page of this prospectus, less underwriting discounts and commissions and other estimated offering expenses
payable by us. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should read the following table in conjunction
with the more detailed information contained in the financial statements and related notes and &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations&rdquo; included in this prospectus. As disclosed therein under &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&mdash;Significant Accounting Policies,&rdquo; real estate
assets held for investment are carried at historical cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Clipper Realty Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Actual and As Adjusted</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As of September 30, 2016</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(unaudited, in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> September 30, 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Historical </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> As Adjusted Subtotal<SUP>(1)</SUP> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> As Adjusted </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; text-indent: -0.2in; padding-left: 0.2in"> Notes payable, net of unamortized loan
    costs </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 807,893 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD>
    <TD STYLE="width: 15%; text-align: right"> 752,861 </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.2in; padding-left: 0.2in"> Stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 39,696 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> 39,554 </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.2in; padding-left: 0.2in"> Non-controlling interests </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 91,461 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 91,135 </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.2in; padding-left: 0.2in"> Total capitalization </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 939,050 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 883,550 </TD>
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"> (1) Reflects
the incurrence of $410,000 of mortgage indebtedness on November 9, 2016, bearing interest of one-month LIBOR plus 3.75%, net
of cost of $5,500  and repayment of $100,000 and $360,000 of indebtedness, net of unamortized debt issuance costs of
$468, together with cash on hand, as if all occurred on September 30, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <A NAME="main_008"></A><FONT STYLE="text-transform: uppercase"><B>DILUTION</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> If you invest in our common stock, your
ownership interest will be diluted to the extent of the difference between the initial public offering price in this offering
per share of our common stock and the net tangible book value per share of our common stock upon consummation of this offering.
Net tangible book value per share represents the book value of our total tangible assets less the book value of our total liabilities
divided by the number of shares of common stock outstanding, assuming all class B LLC units are exchanged for shares of common
stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our net tangible book value as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;was approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , or approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share based on the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;class B LLC units issued and outstanding
as of such date. After giving effect to our sale of common stock in this offering at the initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share (the midpoint of the price range set forth on the cover page of this prospectus), and after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book
value as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;would have been $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
or $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share (assuming no exercise of the underwriters&rsquo; option to purchase
additional shares of common stock). This represents an immediate dilution of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share to investors purchasing common stock in this offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following table illustrates this dilution
per share assuming the underwriters do not exercise their option to purchase additional shares of common stock: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; padding-left: 12.25pt; text-indent: -12.25pt"> Assumed initial public offering price per share </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 10%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> $ </TD>
    <TD STYLE="width: 10%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12.25pt"><P STYLE="margin: 0pt 0"> Net tangible book value per share as
                                         of&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , before giving effect to this offering </P>


</TD>
    <TD> &nbsp; </TD>
    <TD> $ </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 12.25pt; text-indent: -12.25pt"> Increase in net tangible book offering per
    share attributable to this offering </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 12.25pt; text-indent: -12.25pt"> Net tangible book value per share, after
    this offering </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 12.25pt; text-indent: -12.25pt"> Dilution in net tangible book value per
    share to investors purchasing shares in this offering </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> $ </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> A $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) our net tangible
book value by $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the net tangible book value per share after this offering
by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share and the dilution to investors in this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share, assuming the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains
the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following table summarizes, as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the differences between the number of shares of common stock purchased from us, the total price and the average price per share
paid by existing stockholders and by the new investors in this offering, before deducting the underwriting discounts and commissions
and estimated offering expenses payable by us, at an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share (the midpoint of the price range set forth on the cover page of this prospectus). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Shares of Common Stock Purchased</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Total Consideration</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 1pt"> <B>Average Price Per Share of</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Number</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Percent</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Amount</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Percent</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Common Stock</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> <B>&nbsp;</B> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%"> Existing stockholders </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> % </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> $ </TD>
    <TD STYLE="width: 8%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> % </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> $ </TD>
    <TD STYLE="width: 21%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"> Investors in this offering </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"> Total </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> 100.0 </TD>
    <TD STYLE="padding-bottom: 2.5pt"> % </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> 100.0 </TD>
    <TD STYLE="padding-bottom: 2.5pt"> % </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> If the underwriters&rsquo; option to purchase
additional shares of common stock is fully exercised, the net tangible book value per share after this offering as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;would
be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share and the dilution to investors in
this offering per share after this offering would be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <A NAME="main_009"></A><FONT STYLE="text-transform: uppercase"><B>SELECTED
HISTORICAL FINANCIAL DATA</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in"> Clipper
Realty Inc. was incorporated under the laws of the state of Maryland on July 7, 2015. On August 3, 2015, we completed certain
formation transactions and the sale of shares of our common stock in a private offering. We contributed the net proceeds of the
private offering to Clipper Realty L.P., our operating partnership subsidiary (the &ldquo;Operating Partnership&rdquo;), in exchange
for units in the Operating Partnership. The Operating Partnership in turn contributed such net proceeds to the limited liability
companies that comprise the Predecessor, as described below, in exchange for class A LLC units in such LLCs and became the managing
member of each LLC. The owners of the LLCs exchanged their interests for class B LLC units and an equal number of shares of our
non-economic, special, voting stock. The class B LLC units (together with the shares of our special voting stock) are convertible
into shares of our common stock and are entitled to distributions pursuant to the limited liability company agreements of the
LLCs. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in"> The
Predecessor was a combination of the four LLCs, including one formed in 2014 in connection with the acquisition of the Tribeca
House properties on December 15, 2014. The Predecessor did not represent a legal entity. The LLCs that comprised the Predecessor
and the Company at formation were under common control.<BR> <BR> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As more fully described elsewhere in
this prospectus, on June 27, 2016, we acquired the Aspen property. As a result, as of September&nbsp;30, 2016, our properties
included the following five properties: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> Tribeca
                                         House properties in Manhattan, comprising two buildings, one with 21 stories and one
                                         with 12 stories, containing residential and retail space with an aggregate of approximately
                                         480,000 square feet of residential rental GLA and 77,236 of rental retail and parking
                                         GLA; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> Flatbush Gardens in Brooklyn, a 59-building multi-family housing complex with 2,496 rentable units; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> 141 Livingston Street in Brooklyn, a 15-story office building with approximately 216,073 square feet of GLA; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> 250 Livingston Street in Brooklyn, a 12-story office and residential building with approximately 294,378 square feet
    of GLA; and </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> the Aspen property located at 1955&nbsp;1<SUP>st</SUP> Avenue, New York, NY, a 7-story residential and retail rental
    building with 186,602 square feet of GLA. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Following completion of the private offering
and the formation transactions, the operations of the Company have been carried on primarily through the Operating Partnership.
The Company is the sole general partner of the Operating Partnership and the Operating Partnership is the sole managing member
of the LLCs that comprise the Predecessor. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Company has elected to be treated, commencing
with its 2015 tax year, and intends to continue to qualify as, a REIT for U.S. federal income tax purposes. The following table
shows selected consolidated financial data for the Predecessor and the Company for the periods indicated. You should read the
selected historical financial data in conjunction with the more detailed information contained in the financial statements and
related notes and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; included
in this prospectus. As disclosed in &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&ndash;Significant
Accounting Policies,&rdquo; real estate assets held for investment are carried at historical cost. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s and the Predecessor&rsquo;s
historical consolidated and combined balance sheet data as of December&nbsp;31, 2015 and 2014 and consolidated and combined statements
of operations data for the years ended December&nbsp;31, 2015 and 2014 have been derived from historical financial statements
audited by our independent auditors, whose report with respect thereto is included elsewhere in this prospectus. The Company&rsquo;s
and the Predecessor&rsquo;s consolidated and combined balance sheet data as of September 30, 2016 and 2015 and consolidated and
combined statements of operations data for the nine months ended September 30, 2016 and 2015 have been derived from unaudited
financial statements. The unaudited consolidated and combined financial statements have been prepared on a basis consistent with
the annual audited consolidated and combined financial statements. In the opinion of management, the unaudited financial data
reflect all adjustments, consisting of only normal and recurring adjustments considered necessary for a fair presentation of the
operating results for those interim periods. The operating results for the nine months ended September 30, 2016 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2016. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"> &nbsp; </P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center"> (Dollars, share and Class&nbsp;B LLC units <BR> in
    thousands) </TD><TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine months ended
    September&nbsp;30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year ended December&nbsp;31, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Consolidated Statement of Operations </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Residential rental revenue </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 49,405 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 45,596 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 60,784 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 31,413 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Commercial rental revenue </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,843 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,042 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,256 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,382 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,651 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,477 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Garage and other income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,550 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,315 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,087 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,562 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 68,767 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 63,604 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 84,604 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 47,772 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Operating Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,885 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,691 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 23,283 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,673 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,023 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,904 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,926 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,560 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,317 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,266 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,296 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,358 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 407 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 326 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,646 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,656 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 12,521 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 49,278 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 41,517 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 56,101 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 33,389 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Income from operations </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,489 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 22,087 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 28,503 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,383 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> Interest expense, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (28,749 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (27,728 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (36,703 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (9,145 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,260 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (5,641 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (8,200 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,238 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net loss attributable to Predecessor and non-controlling
    interests </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,457 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,051 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,835 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Dividends attributable to preferred shares </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (11 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net loss attributable to common&nbsp;stockholders </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (2,814 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (590 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (1,365 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Basic and diluted loss per share </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.25 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.05 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.12 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> Weighted average per share / Class&nbsp;B LLC unit information: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> Common shares outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Class&nbsp;B LLC units outstanding </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 26,317 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 26,317 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 26,317 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 37,740 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 37,740 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 37,740 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Cash flow data </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Operating activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,253 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,722 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 9,440 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 7,472 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Investing activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (130,833 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,360 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,025 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (226,822 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Financing activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 82,349 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 118,446 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 115,760 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 224,707 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Non-GAAP measures </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 26.65pt"> FFO (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,386 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4,015 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4,321 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 9,710 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 26.65pt"> AFFO (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,773 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,352 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,247 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,266 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Adjusted EBITDA (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 32,202 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 31,792 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 41,531 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 18,482 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Balance sheet data </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Investment in real estate, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 821,466 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 726,107 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 728,744 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Cash and cash equivalents </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 82,101 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 125,332 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,157 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Restricted cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,196 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,962 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,876 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Total assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 963,109 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 881,118 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 766,856 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Notes payable, net of unamortized debt costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 807,893 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 713,440 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 708,228 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Total liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 831,952 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 734,741 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 729,659 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 39,696 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44,303 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Total equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 131,157 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 146,377 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 37,197 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Property related data (unaudited) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Residential property rentable square feet </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Flatbush Gardens </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,734 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,734 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,734 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 35.3pt"> % occupied </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 96.6 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 96.2 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 94.4 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Tribeca House&nbsp;properties </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 481 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 479 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 479 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 35.3pt"> % occupied </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 90.7 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 83.5 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 94.5 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> 250 Livingston Street </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 35.3pt"> % occupied </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 85.2 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 94.4 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 90.0 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Commercial and retail property rentable square
    feet </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> 141 Livingston Street (2015 data remeasured) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 208 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 216 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 159 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 35.3pt"> % occupied </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> 250 Livingston Street (2015 data remeasured) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 353 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 353 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 353 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 35.3pt"> % occupied </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 99.7 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 99.7 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Tribeca House properties </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 77 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 77 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 77 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 35.3pt"> % occupied </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95.9 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95.9 </TD><TD STYLE="text-align: left"> % </TD></TR>
</TABLE>



<P STYLE="margin: 0"> &nbsp; </P>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> &nbsp; </DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (1) </TD><TD STYLE="text-align: justify"> FFO and AFFO
                                         do not measure whether cash flow is sufficient to fund all of our cash needs, including
                                         principal amortization, capital improvements and distributions to stockholders. FFO and
                                         AFFO do not represent cash flows from operating, investing or financing activities as
                                         defined by GAAP. Further, FFO and AFFO as disclosed by other REITs might not be comparable
                                         to our calculation of FFO.&nbsp;&nbsp;For a further discussion about our use of FFO as
                                         a non-GAAP financial measure, see &ldquo;Management&rsquo;s Discussion and Analysis of
                                         Financial Condition and Results of Operations&mdash;Non-GAAP Financial Measures&mdash;Funds
                                         from Operations and Adjusted Funds from Operations.&rdquo; </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following table sets forth a reconciliation
of FFO for the periods presented to net loss before allocation to non-controlling interests, as computed in accordance with GAAP
(amounts in thousands): </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine months ended
    September 30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Years ended December&nbsp;31, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt"> FFO </TD><TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income before allocation
    to non-controlling interests </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (9,260 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (5,641 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (8,200 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,238 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Real estate depreciation
    and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,646 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,656 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 12,521 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 26.65pt"> FFO </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,386 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 4,015 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 4,321 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,710 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt"> AFFO </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> FFO </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,386 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4,015 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4,321 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 9,710 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Real estate tax intangible amortization </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,186 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 996 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,328 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 238 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of above and below-market leases </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,357 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,286 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,714 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Straight-line rent adjustment </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (60 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 55 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 513 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of debt origination costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,253 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,036 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 704 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Interest rate cap mark-to-market </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 511 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 522 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 49 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of LTIP awards </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 284 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 326 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Recurring capital spending </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (535 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,719 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (2,139 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,824 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 26.65pt"> AFFO </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,773 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 7,352 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,247 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 8,266 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (2) </TD><TD STYLE="text-align: justify"> We believe
                                         that Adjusted EBITDA is a useful measure of our operating performance. We define Adjusted
                                         EBITDA as net (loss) income before allocation to non-controlling interests plus real
                                         estate depreciation and amortization, amortization of identifiable intangibles, interest
                                         expense, net, acquisition costs and stock based compensation. Other REITs may use different
                                         methodologies for calculating Adjusted EBITDA, and accordingly, our Adjusted EBITDA may
                                         not be comparable to other REITs.&nbsp;&nbsp;We believe that this measure provides an
                                         operating perspective not immediately apparent from GAAP operating income or net income.
                                         We use Adjusted EBITDA to evaluate our performance because Adjusted EBITDA allows us
                                         to evaluate the operating performance of our company by measuring the core operations
                                         of property performance and administrative expenses available for debt service and capturing
                                         trends in rental housing and property operating expenses. However, Adjusted EBITDA should
                                         only be used as an alternative measure of our financial performance. For a further discussion
                                         about our use of Adjusted EBITDA as a non-GAAP financial measure, see &ldquo;Management&rsquo;s
                                         Discussion and Analysis of Financial Condition and Results of Operations&mdash;Non-GAAP
                                         Financial Measures&mdash;Adjusted earnings before interest, income taxes, depreciation,
                                         amortization and stock based compensation.&rdquo; </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following table reconciles Adjusted
EBITDA to net (loss) income before allocation to non-controlling interests (amounts in thousands): </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine months ended
    September 30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Years ended December&nbsp;31, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Adjusted EBITDA </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income before allocation
    to non-controlling interests </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (9,260 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (5,641 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (8,200 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,238 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Depreciation and amortization </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,646 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,656 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,521 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,472 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of real estate tax intangible </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,186 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 996 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,328 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 238 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of above and below-market leases </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,357 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,286 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,714 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Straight-line rent adjustment </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (60 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 55 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 513 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of LTIP awards </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 284 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Interest expense, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 28,749 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 27,728 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36,703 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,145 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Acquisition costs </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 407 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 75 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 326 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 35.3pt"> Adjusted EBITDA </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 32,202 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 31,792 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 41,531 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 18,482 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <A NAME="main_010"></A><FONT STYLE="text-transform: uppercase"><B>PRO
FORMA FINANCIAL INFORMATION</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following unaudited pro forma condensed
consolidated and combined financial information of Clipper Realty Inc. as of and for the nine months ended September 30, 2016
and for the year ended December&nbsp;31, 2015 has been derived from the historical financial statements of the Company and our
Predecessor included in this prospectus. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our pro forma condensed consolidated/combined
statements of operations reflect, for the nine months ended September 30, 2016 and for the year ended December&nbsp;31, 2015,
adjustments to our historical financial data to give effect to this offering, the formation transactions and the private offering
of August 3, 2015, the acquisition of the Aspen property and additional borrowings and repayments as if each had occurred at the
beginning of the respective periods. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We have based our unaudited pro forma
adjustments upon available information and assumptions that we consider reasonable. Our unaudited pro forma condensed combined
financial information is not necessarily indicative of what our actual financial position or results of operations would have
been as of and for the nine months ended September 30, 2016 and for the year ended December&nbsp;31, 2015, nor does it purport
to represent our future financial position or results of operations. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> You should read our unaudited pro forma
condensed consolidated and combined financial information, together with the notes thereto, in conjunction with the more detailed
information contained in our consolidated and combined audited historical financial statements and related notes and &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; included in this prospectus. As disclosed herein
under &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&ndash;Significant Accounting
Policies,&rdquo; real estate assets held for investment are carried at historical cost. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> Clipper Realty
Inc.<BR>
Unaudited Pro Forma Condensed Consolidated Balance Sheet </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> As of September&nbsp;30,
2016 </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> (in thousands) </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> &nbsp; </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Historical </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Debt<BR>
    Repayment </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Subtotal </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Offering </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Pro Forma </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt"> Assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Investment in real estate </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Land and improvements </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 434,097 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 434,097 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Building and improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 430,008 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 430,008 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Tenant improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,986 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,986 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Furniture, fixtures and equipment </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,892 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,892 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Total Investment in real estate </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 875,983 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 875,983 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Accumulated depreciation </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (54,517 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (54,517 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Investment in real estate, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 821,466 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 821,466 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Cash and cash equivalents </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 82,101 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (55,500 </TD><TD NOWRAP STYLE="text-align: left"> )(1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 41,601 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> (3) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15,000 </TD><TD NOWRAP STYLE="text-align: left"> (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Restricted cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,196 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,196 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Accounts receivable </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,927 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,927 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Deferred rent receivable </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Deferred costs and intangible assets, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,879 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,879 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> Prepaid expense and other
    assets </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 22,599 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (15,000 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> )(2) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,559 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt"> Total assets </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 963,109 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (55,500 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 907,609 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Liabilities and Stockholders&rsquo; Equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Mortgage notes payable </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 807,893 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 404,500 </TD><TD NOWRAP STYLE="text-align: left"> (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 752,861 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (359,695 </TD><TD NOWRAP STYLE="text-align: left"> )(1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (99,837 </TD><TD NOWRAP STYLE="text-align: left"> )(1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Accounts payable and accrued liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,593 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,593 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Security deposits </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,267 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,267 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Below-market leases </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,269 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,269 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 17.3pt"> Other Liabilities </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 2,930 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 2,930 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Total liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 831,952 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (55,032 </TD><TD NOWRAP STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 776,920 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Preferred stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Common stock and additional paid in capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 46,597 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 46,597 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 17.3pt"> Accumulated deficit </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (6,901 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (142 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (7,043 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 26.65pt"> Total stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 39,696 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (142 </TD><TD NOWRAP STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 39,554 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 17.3pt"> Non-controlling interests </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 91,461 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (326 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 91,135 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 26.65pt"> Total equity </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 131,157 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (468 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> )(1) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 130,689 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> (1) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> (3) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt"> Total liabilities and stockholders&rsquo;
    equity </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 963,109 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (55,500 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 907,609 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Incurrence
                                         of $410,000 of mortgage indebtedness on November 9, 2016, bearing interest of one-month
                                         LIBOR plus 3.75%, net of cost of $5,500, and repayment of $100,000 and $360,000 of indebtedness,
                                         net of unamortized debt issuance costs of $468, together with cash on hand, as if all
                                         occurred on September 30, 2016.</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(2)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Repayment
                                         of acquisition deposit on November 14, 2016 as if it occurred on September 30, 2016.</FONT> </TD>
</TR></TABLE>

<P STYLE="margin: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Issuance
                                         of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares
                                         of our common stock at $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
                                         share for $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of proceeds, net of underwriting
                                         and offering-related costs of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Clipper Realty Inc.<BR>
Unaudited Pro Forma Condensed Consolidated Statement of Operations<BR> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>for the nine months ended September
30, 2016</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>(in thousands)</B> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Historical </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Aspen <BR> Acquisition
    (1) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Refinancing <BR> and
    Preferred<BR> Stock </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Subtotal </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Offerings </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Pro Forma </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> (Unaudited) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> Revenues </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Residential rental income </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 8%; text-align: right"> 49,405 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 8%; text-align: right"> 2,488 </TD><TD NOWRAP STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 8%; text-align: right"> 51,901 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 8%; text-align: right"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8 </TD><TD NOWRAP STYLE="text-align: left"> (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Commercial rental income </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,843 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 599 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,444 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2 </TD><TD NOWRAP STYLE="text-align: left"> (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,988 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Garage and other income </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,550 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,594 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 68,767 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,159 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 71,927 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Operating Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,885 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 744 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,659 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,023 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 106 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,372 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 243 </TD><TD NOWRAP STYLE="text-align: left"> (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,317 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,317 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 407 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (407 </TD><TD NOWRAP STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Depreciation and amortization </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,646 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,449 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,095 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 49,278 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,165 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 51,443 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Income from operations </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,489 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 995 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20,484 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Interest expense </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (28,749 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,420 </TD><TD NOWRAP STYLE="text-align: left"> )(3) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 526 </TD><TD NOWRAP STYLE="text-align: left"> (4) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (25,461 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,182 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> (5) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income before allocation to non-controlling
    interests </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,260 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (426 </TD><TD NOWRAP STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,709 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (4,977 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income attributable to non-controlling
    interests </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,457 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 297 </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (3,283 </TD><TD NOWRAP STYLE="text-align: left"> )(6) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,471 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> (8) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> Dividends attributable to
    preferred shares </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (11 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> )(7) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (12 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income attributable
    to common stockholders </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (2,814 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (128 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,424 </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (1,518 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Basic and fully diluted loss per </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.25 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.14 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"> Weighted average per share / OP unit information: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> Common shares outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left"> (6) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 17.3pt"> OP units outstanding </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 26,317 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 26,317 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 17.3pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 37,740 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 37,740 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Clipper Realty Inc.</B><BR>
<B>Unaudited Pro Forma Condensed Consolidated Statement of Operations</B><BR>
<B>for the nine months ended September 30, 2016&nbsp;</B> </P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> (in thousands) </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Notes: </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Represents pro forma results of the Aspen acquisition as if
                                         made at the beginning of 2016. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD> Represents pro forma amortization of preliminary allocation
                                         of purchase price to identifiable assets and liabilities as follows: </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Amortization <BR>
    Period in <BR>
    Years </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Amortization </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Included in: </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-indent: -9pt; padding-left: 9pt"> Building </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 43.7 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 42,226 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 483 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 32%; text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Site improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 91 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 25 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Tenant improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 26 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Furniture, fixtures and equipment </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 304 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 38 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Above market leases &ndash; retail </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 448 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 22 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Commercial rental income </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Below market leases &ndash; retail </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (493 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (24 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Commercial rental income </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Below market leases &ndash; residential </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18.5 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (297 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (8 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Residential rental income </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Leases in place &ndash; residential </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 826 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 826 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Leases in place &ndash; retail </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 276 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Lease origination costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 800 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 63 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Real estate tax abatements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,223 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 243 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Real estate taxes and insurance </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Pro
                                         forma interest and debt cost amortization on mortgage debt incurred in the acquisition
                                         of Aspen:</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Rate </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Expense </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 49%; text-align: left"> Mortgage debt </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 3.68 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 20%; text-align: right"> 70,000 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 1,288 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Amortization of debt costs </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,221 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 134 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 66,779 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 1,422 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> <FONT STYLE="font-size: 10pt">Less
                                         4 days recorded</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (2 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,420 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Pro
                                         forma interest and debt cost amortization adjustments due to refinancing the $55 million
                                         mortgage loan secured by the 141 Livingston Street property with a $79.5 million mortgage
                                         loan in May 2016.</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-style: normal; font-weight: normal">
    <TD STYLE="font-style: normal; font-weight: normal"> &nbsp; </TD><TD STYLE="font-weight: normal; padding-bottom: 1pt; font-style: normal"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1pt solid; font-style: normal"> Rate </TD><TD STYLE="padding-bottom: 1pt; font-weight: normal; font-style: normal"> &nbsp; </TD><TD STYLE="font-weight: normal; padding-bottom: 1pt; font-style: normal"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1pt solid; font-style: normal"> Balance </TD><TD STYLE="padding-bottom: 1pt; font-weight: normal; font-style: normal"> &nbsp; </TD><TD STYLE="font-weight: normal; padding-bottom: 1pt; font-style: normal"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1pt solid; font-style: normal"> Expense </TD><TD STYLE="padding-bottom: 1pt; font-weight: normal; font-style: normal"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 47%; text-align: left; text-indent: -9pt; padding-left: 9pt"> New mortgage debt </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 16%; text-align: right"> 3.88 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 14%; text-align: right"> 79,500 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 14%; text-align: right"> 1,104 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in"> Amortization of debt costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,350 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 41 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Retired mortgage debt </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">Libor + 3.25</FONT> </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (55,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (720 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in"> Amortization of debt costs </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 951 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (951 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: none; padding-bottom: 2.5pt; padding-left: 5.4pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 24,101 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (526 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(5)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Pro
                                         forma interest and debt cost amortization adjustments due to refinancing $460 million
                                         of loans due November 2016 secured by the Tribeca House property with a $410 million
                                         mortgage loan in November 2018.</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> Rate </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> Expense </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 47%; text-align: left; text-indent: -9pt; padding-left: 9pt"> Mortgage loan issued </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 16%; text-align: right"> 4.25 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> <SUP>(a)</SUP>&nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 14%; text-align: right"> 410,000 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 14%; text-align: right"> 13,069 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in"> Amortization of debt costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (5,500 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,063 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Mortgage loan repaid </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.80 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (360,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (10,530 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.1pt"> Amortization of debt costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,137 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (1,831 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 8.1pt"> Interest rate caps </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (7 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"> Mezzanine loan repaid </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7.78 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (100,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (5,966 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 8.1pt"> Amortization of debt costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,140 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (977 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 8.1pt"> Interest rate caps </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (2 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (98,860 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (4,182 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> (a) </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         on our aggregate variable interest rate, an increase (decrease) of 12.5 basis points
                                         in interest rates would result in a hypothetical increase (decrease) of approximately
                                         $512,000 in interest expense on an annual basis.</FONT> </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(6)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents
                                         the reallocation of net (loss) income to noncontrolling interest.</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(7)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents
                                         dividends on preferred shares issued in January 2016 as if issued at the beginning of
                                         2015.</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(8)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents
                                         the effect of issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our
                                         common stock at $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share for
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of gross proceeds, as if
                                         it occurred at the beginning of the year.</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Clipper Realty Inc.</B><BR>
<B>Unaudited Pro Forma Condensed Consolidated Statement of Operations</B><BR>
<B>for the year ended December 31, 2015</B><BR>
<B>(in thousands)</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Historical</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Aspen</FONT><BR>
    <FONT STYLE="font-size: 8pt">Acquisition</FONT><BR><FONT STYLE="font-size: 8pt"> (1)</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Private</FONT><BR>
    <FONT STYLE="font-size: 8pt">Offering</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Refinancings</FONT><BR><FONT STYLE="font-size: 8pt">and</FONT><BR><FONT STYLE="font-size: 8pt">Preferred</FONT><BR><FONT STYLE="font-size: 8pt">Stock</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Subtotal</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Offering</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Pro
    Forma</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Revenues</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="width: 29%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Residential
    rental income</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="width: 7%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">60,784</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="width: 7%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,107</FONT> </TD><TD NOWRAP STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 8%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="width: 7%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">65,907</FONT> </TD><TD NOWRAP STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 7%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="width: 7%; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">16</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(2)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Commercial
    rental income</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">17,256</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,228</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">18,489</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(2)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Tenant
    recoveries</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,477</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,514</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Garage
    and other income</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,087</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">88</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,175</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total
    revenues</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">84,604</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,481</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">91,085</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Operating
    Expenses</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> &nbsp; </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Property
    operating expenses</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">23,283</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,572</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">24,855</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Real
    estate taxes and insurance</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">14,926</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">234</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">15,645</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">485</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(2)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">General
    and administrative</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,296</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,324</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(4)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">6,870</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">250</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(5)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Acquisition
    costs</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">75</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(75</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">-</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Depreciation
    and amortization</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">12,521</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,073</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(2)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">14,594</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Total
    operating expenses</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">56,101</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">4,289</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">1,574</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">61,964</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Income
    from operations</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">28,503</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">2,192</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(1,574</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">29,121</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Interest
    expense</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(36,703</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(2,844</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)(3)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">493</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(6)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(34,176</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">4,878</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(7)</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net
    income (loss) before allocation to non-controlling interests</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(8,200</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(652</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(1,574</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,371</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(5,056</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net
    loss attributable to predecessor</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,690</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(3,690</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)(8)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&ndash;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net
    loss attributable to non-controlling interests</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,145</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">454</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(75</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)(8)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">3,524</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"></TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(10)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Dividends
    attributable to preferred shares</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(17</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)(9)</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(17</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Net
    income (loss) available to common stockholders</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(1,365</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(198</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(5,339</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">5,354</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(1,548</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Basic
    and fully diluted loss per share</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(0.12</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(0.14</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">$</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Weighted average share
    / OP Unit information:</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">Common shares outstanding</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">11,423</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">11,423</FONT> </TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"></TD><TD NOWRAP STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">(10)</FONT> </TD><TD STYLE="font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">OP
    units outstanding</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">26,317</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">26,317</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 17.3pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37,740</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">37,740</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; font-size: 8pt"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Clipper Realty Inc.</B><BR>
<B>Unaudited Pro Forma Condensed Consolidated Statement of Operations</B><BR>
<B>for the year ended December 31, 2015</B><BR>
<B>(in thousands)</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (1) </TD><TD STYLE="text-align: justify"> Represents
                                         pro forma results of the Aspen acquisition as if made at the beginning of 2015 </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (2) </TD><TD STYLE="text-align: left"> Represents pro
                                         forma amortization of preliminary allocation of purchase price to identifiable assets
                                         and liabilities as follows: </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp;&nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Amortization <BR>
    Period in<BR>
    Years </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Amortization </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Included in: </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-indent: -9pt; padding-left: 9pt"> Building </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 43.7 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 42,226 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 966 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 30%; text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Site improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 91 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 51 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Tenant improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 26 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Furniture, fixtures and equipment </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 304 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 76 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Above market leases &ndash; retail </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 448 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 45 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Commercial rental income </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Below market leases &ndash; retail </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (493 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (50 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Commercial rental income </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Below market leases &ndash; residential </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18.5 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (297 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (16 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Residential rental income </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Leases in place &ndash; residential </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 826 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 826 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Leases in place &ndash; retail </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 276 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 23 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Lease origination costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 800 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 127 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Depreciation and amortization </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Real estate tax abatements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19.0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,223 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 485 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> Real estate taxes and insurance </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (3) </TD><TD STYLE="text-align: justify"> Interest and
                                         debt cost amortization on mortgage debt incurred in the acquisition of Aspen: </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Rate </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Expense </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Mortgage debt </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 3.68 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 70,000 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 2,576 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> Amortization of debt costs </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,221 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 268 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 66,779 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 2,844 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>Clipper Realty Inc.</B><BR>
<B>Unaudited Pro Forma Condensed Consolidated Statement of Operations</B><BR>
<B>for the year ended December 31, 2015</B><BR>
<B>(in thousands)</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (4) </TD><TD STYLE="text-align: left"> Represents full-year
                                         effect on compensation expense from the issuance of $5,557 of LTIP units in the private
                                         offering on August 3, 2015 and restricted stock units to management, certain other employees
                                         and Sam Levinson, a non-employee director, that vest over three years, and the issuance
                                         of LTIP units to the other non-employee directors that vest over one year. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (5) </TD><TD STYLE="text-align: left"> Net increases
                                         in expenses after giving effect to the formation transaction. We expect to incur incremental
                                         general and administrative expenses following the private offering and us becoming a
                                         public company with shares listed on a U.S. exchange, including expenses associated with
                                         annual and quarterly reporting, tax return preparation and distribution expenses, compliance
                                         expenses, director and officer compensation expenses, independent auditor fees, legal
                                         fees, registrar and transfer agent fees, director and officer liability insurance expenses,
                                         annual and quarterly SEC reporting, Sarbanes-Oxley Act compliance expenses, expenses
                                         associated with listing on the NYSE and investor relation expenses. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"> (6) </TD><TD STYLE="text-align: left"> Interest and debt
                                         cost amortization adjustments due to refinancing the $55 million mortgage loan secured
                                         by the 141 Livingston Street property with a $79.5 million mortgage loan in May 2016. </TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 91%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Term in <BR>
    Years </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Rate </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Expense </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> New mortgage debt </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 14%; text-align: right"> 12 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="width: 12%; text-align: right"> 3.88 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 79,500 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 3,080 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 0.25in"> Amortization of debt costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,350 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 113 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Retired mortgage debt </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp;1 5/12 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">Libor
                                         + 3.25</FONT> </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (55,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,927 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 0.25in"> Amortization of debt costs </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,735 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,759 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 25,885 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (493 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(7)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Pro
                                         forma interest and debt cost amortization adjustments due to repayment of $460 million
                                         of loans secured by the Tribeca House property with a $410 million mortgage loan in November
                                         2016.</FONT> </TD>
</TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 87%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Term in <BR>
    Years </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Rate </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Balance </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Expense </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; text-indent: -9pt; padding-left: 9pt"> Mortgage loan issued </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 14%; text-align: right"> &nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 12%; text-align: right"> 4.25 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> <SUP>(a)</SUP>&nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 410,000 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 17,425 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in"> Amortization of debt costs </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (5,500 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,750 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in"> Interest rate caps </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Mortgage loan repaid </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.80 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (360,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (13,176 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 8.1pt"> Amortization of debt costs </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,580 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (2,442 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.1pt"> Interest rate caps </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (362 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Mezzanine loan </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7.78 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (100,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (7,635 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.1pt"> Amortization of debt costs </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,442 </TD><TD STYLE="text-align: left"></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,303 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 8.1pt"> Interest rate cap mark-to-market </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (135 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (48,478 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (4,878 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <SUP>(a)</SUP> </TD><TD> Based on our aggregate variable interest rate, an
                                         increase (decrease) of 12.5 basis points in interest rates would result in a hypothetical
                                         increase (decrease) of approximately $512,000 in interest expense on an annual basis. </TD></TR></TABLE>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(8)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents
                                         the effects of the private offering, formation transactions and issuance of our common
                                         stock and OP units as if they occurred at the beginning of 2015.</FONT> </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(9)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents
                                         dividends on preferred shares issued in January 2016 as if issued at the beginning of
                                         2015.</FONT> </TD>
</TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt">(10)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents
                                         the effect of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
                                         of our common stock issued in the offering at $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
                                         share for $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
                                         gross proceeds, as if issued at the beginning of the year.</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt"> &nbsp; </P>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <A NAME="main_011"></A><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION</B></FONT><BR>
<FONT STYLE="text-transform: uppercase"><B>AND RESULTS OF OPERATIONS</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <I>You should read the following discussion
of our financial condition and results of operations in conjunction with the more detailed information set forth under the caption
&ldquo;Selected Historical Financial Data,&rdquo; and in our financial statements and the related notes thereto appearing elsewhere
in this prospectus. The financial statements for periods and as of dates prior to the formation transactions represent consolidated
historical financials of the Predecessor. </I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Overview of Our Company</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We are a self-administered and self-managed
real estate company that acquires, owns, manages, operates and repositions multi-family residential and commercial properties
in the New York metropolitan area, with an initial portfolio in Manhattan and Brooklyn. The Company was formed to continue and
expand the commercial real estate business of the Predecessor. Our primary focus is to continue to own, manage and operate our
initial portfolio and to acquire and reposition additional multi-family residential and commercial properties in the New York
metropolitan area. The Company has been organized and operates in conformity with the requirements for qualification and taxation
as a REIT under the U.S. federal income tax law and elected to be treated as a REIT commencing with the taxable year ended December&nbsp;31,
2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Clipper Realty was incorporated on July
7, 2015. On August 3, 2015, we closed a private offering of shares of our common stock, in which we raised net proceeds of approximately
$130.2 million. In connection with the private offering, we consummated a series of investment and other formation transactions
that were designed, among other things, to enable us to qualify as a REIT for U.S. federal income tax purposes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Company owns: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> two
                                         neighboring residential/retail rental properties at 50&nbsp;Murray Street and 53 Park
                                         Place in the Tribeca neighborhood of Manhattan; </TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> one residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> two primarily commercial properties in Downtown Brooklyn (one of which includes 36 residential apartment units); and </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> one residential/retail rental property at 1955 1<SUP>st</SUP> Avenue in Manhattan. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> These properties are located in the most
densely populated major city in the United States, each with immediate access to mass transportation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s ownership interest
in its initial portfolio of properties, which includes the Tribeca House, Flatbush Gardens and Livingston Street properties, was
acquired in the formation transactions in connection with the private offering. These properties are owned by the LLC subsidiaries,
which are managed by the Company through the operating partnership. The operating partnership&rsquo;s interest in the LLC subsidiaries
generally entitles the operating partnership to all cash distributions from, and the profits and losses of, the LLC subsidiaries
other than the preferred distribution to the continuing investors who hold class B LLC units in these LLC subsidiaries described
below. The continuing investors own an aggregate amount of 26,317,396 class B LLC units, representing 68.8% of the Company&rsquo;s
common stock on a fully diluted basis ( % immediately following this offering). Accordingly, the operating partnership&rsquo;s
interests in the LLC subsidiaries entitle the operating partnership to receive approximately 31.2% of the aggregate distributions
from the LLC subsidiaries ( % immediately following this offering). The Company, through the operating partnership, owns all of
the ownership interests in the Aspen property. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <B>The Tribeca House properties</B>, purchased
in December 2014, consist of two nearly adjacent properties in the Tribeca neighborhood of Manhattan. The Company manages the
two related properties as a single unit and the residents of both properties share all services and amenities. They comprise approximately
480,000 square feet of leasable area with 505 residential apartment units and approximately 77,200 square feet of retail space
(comprising approximately 53,000 square feet of street-level and mezzanine-level retail space and an externally managed garage). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-size: 10pt">The residential apartment units, featuring
    ceilings as high as 11 feet and extensive amenities, are approximately 89% occupied at an average rental rate of approximately
    $68 per square foot, up from $61 per square foot at acquisition. The retail space, which includes a premium fitness club,
    is fully occupied at an average rental rate of approximately $49 per square foot, up from approximately $43 per square foot
    at acquisition.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">The Company&rsquo;s primary goals for the residential portion
    of the Tribeca House properties are to improve service levels and quality of finishes in the buildings commensurate with those
    expected by residents in the Tribeca neighborhood. We believe that accomplishing this, as well as managing the re-leasing
    process more efficiently than the prior owner, will position us to achieve comparable rents in excess of $80 per square foot
    in the Tribeca neighborhood as of December 6, 2016, according to StreetEasy listings.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">We believe that our average rental rate of approximately $49
    per square foot under in-place leases for the retail portion of the Tribeca House properties is significantly below market
    for comparable retail properties, based on current leasing activity in the surrounding Tribeca submarket. For example, on
    July 1, 2015, we signed a lease for a 3,186 square foot street-level retail unit at our Tribeca House properties providing
    for a rental rate of $140 per square foot, which is a 237% increase over the average rental rate under our existing retail
    leases. Similarly, according to a report by REBNY, the average asking retail rental rate in downtown Manhattan, which includes
    the Tribeca neighborhood, was $142 per square foot as of November 2016. Accordingly, we believe we will be able to significantly
    increase retail rental revenue from our Tribeca House properties as in-place leases (which have a current average lease term
    of 9.1 years) expire over time and are re-leased at higher market rates.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"> &nbsp; </TD>
    <TD STYLE="width: 24px"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">In addition, we have the opportunity to monetize apartment units through conversion to
    for-sale condominium or cooperative units, which we believe would have a potential market value in excess of $2,100 per square
    foot based on StreetEasy listings for comparable buildings in the Tribeca neighborhood as of December 6, 2016. This value
    compares favorably to the December 2014 purchase price of approximately $998 per rentable square foot. Any sales of condominium
    or cooperative units would be conducted by a TRS, which would be subject to U.S. federal, state and local income tax on any
    gain from, and transfer tax from, the sale of the units.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <B>The Flatbush Gardens property complex</B>,
purchased in September 2005, extends over 21.4 acres and consists of 59 primarily six-story buildings containing a total of approximately
1.7 million rentable square feet and 2,496 residential apartment units, and space for approximately 240 vehicles in parking structures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> The property is approximately 97% occupied at an average rental rate of approximately $21 per square foot. The property
    is subject to rent stabilization, a form of New York City rent regulation that limits the amount of legally allowable rent
    increases. Current in-place rents are, on average, 18% lower than the legal maximum rent that may be charged pursuant to rent
    regulation. We believe this provides an opportunity to increase rents with increasing market rates before being limited by
    rent regulation. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Since acquisition in 2005, our management team has undertaken
    a renovation and repositioning strategy that has included upgrades to both the exterior and interior of the buildings. These
    have included replacements or upgrades to building systems and components, including elevators, basements, boilers, roofs,
    parapets, facades, sidewalks and landscaping, as well as a refurbishing of apartment interiors on turnover of residents. As
    a result of our effort in managing the complex, including these upgrades, we have reduced outstanding New York City violations
    from over 8,000 at the time of the acquisition to approximately 359 currently, and substantially improved resident safety.
    In addition, our management team proactively attempts to remedy potential violations that are reported by residents. We have
    been able to consistently increase rents as a result of these efforts, as well as external market factors. Average rent per
    square foot increased from $18.88 (94.4% occupancy) at December&nbsp;31, 2013 to $19.69 (95.6% occupancy) at December&nbsp;31,
    2014 to $20.63 (97.0% occupancy) at December&nbsp;31, 2015 and $21.22 at November 1, 2016 (97.2% occupancy). Since acquisition
    in 2005, the average rent per square foot has risen from approximately $13.25 to approximately $21.22, a 60% increase.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> We estimate that approximately $18 million will be required to complete a comprehensive renovation and modernization
    program through the end of 2017, which may include enhanced landscaping on a renovated terrace area; restored, renovated,
    upgraded or new lobbies; elevator modernization; renovated public areas and bathrooms; refurbished or new windows; fa&ccedil;ade
    restorations; installation of revenue generating laundry and storage areas in restored basement areas; and modernization of
    building-wide systems including security cameras and lighting. These improvements are designed to increase the overall value
    and attractiveness of the Flatbush Gardens complex and contribute to tenant repositioning efforts, which seek to increase
    occupancy, raise rental rates, increase aggregate rental revenue and improve tenant credit quality. We believe we will be
    able to continue to increase rents as leases expire and units are re-leased. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> Flatbush Gardens is currently not built to its maximum floor-area ratio and thus, subject to various regulations and
    approvals, may have expansion potential.&nbsp;&nbsp;In this regard, we are reviewing the regulatory, architectural and financial
    issues regarding building approximately 500,000 additional square feet by adding four floors above certain of our 59 buildings
    at Flatbush Gardens.&nbsp;&nbsp;However, there can be no assurance that we will be able to pursue this FAR expansion project
    or that if we are able to expand Flatbush Gardens, that the expanded buildings will provide a return to recover our investment. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <B>The 141 Livingston Street property</B>
in the Downtown Brooklyn neighborhood, purchased in 2002 along with the below-mentioned 250 Livingston Street property, is a 15-story,
206,084 square foot GLA office building. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> In December 2015, the property&rsquo;s main commercial tenant, the City of New York, executed a new 10-year lease at
    $40.00 per square foot, with effect as of June 2014. Under the lease, the tenant has an option to terminate the lease after
    five years; however, if it decides to continue to occupy the building at that time, the annual rent will increase by 25%,
    or $2.1 million, to $50.00 per square foot beginning the sixth year of the lease. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> The lease requires us to refurbish the building&rsquo;s air-conditioning system and perform other upgrades, which we
    estimate will cost a total of approximately $5.2 million. Additionally, we intend to spend a total of approximately $2.6 million
    through 2017 to make other improvements, including elevator replacement, boiler and roof replacement and building systems
    upgrades. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <B>The 250 Livingston Street property</B>,
purchased in 2002 along with the 141 Livingston Street property, is a 12-story commercial and residential building. It has 266,569
square feet GLA of office space and 36 residential apartment units totaling 26,815 square feet. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> The leasable office space recently has been remeasured according to REBNY standards to approximately 353,000 square
    feet, an increase of approximately 33%. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> The property&rsquo;s sole commercial tenant, the City of New York, has two leases expiring in August 2020,
with current lease rates that are approximately 50% of the rate recently negotiated at the 141 Livingston Street property with
the same tenant. We recently entered into a lease renewal and amendment agreement with the City of New York for renewal of a lease
that expired at the end of 2016 at $40.00 per square foot for increased square feet measured according to REBNY standards that
increased annual rent by approximately $2.6 million.&nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">To more fully optimize available space, from 2003 through 2013,
    we converted the top four floors of the building into 36 apartment units, which are 88% occupied at an average rental rate
    of approximately $51 per square foot.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"> <B>The Aspen property</B>,<B> </B>purchased
on June 27, 2016, is located at 1955&nbsp;1<SUP>st </SUP>Avenue, New York, NY in Manhattan. The property is a seven-story building
which comprises 186,602 square feet, 232 residential rental units, three retail units and a parking garage. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">The
                                         residential units are subject to regulations established by the HDC under which there
                                         are no rental restrictions on approximately 55% of the units and low and middle income
                                         restrictions on approximately 45% of the units. The residential apartment units are approximately
                                         97% occupied at an average rental rate of approximately $33 per square foot. The retail
                                         space is fully occupied at an average rental rate of $42.60 per square foot.</FONT> </TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> While
                                         the building is relatively new, the Company believes there is an opportunity to increase
                                         rents by improving certain of the finishes of the property. We believe there is an opportunity
                                         to increase rents over one to three years for the units with no rental restrictions (approximately
                                         55% of the units) from the existing $38 per square foot closer to comparable rentals
                                         in the immediate neighborhood which on average are in excess of $48 per square foot,
                                         as measured by StreetEasy listings as of December&nbsp;6, 2016 for doorman rentals eight
                                         blocks north, four blocks south and three blocks west of the Aspen property. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of November 25, 2016, we had approximately
180 employees who provide property management, maintenance, landscaping, construction management and accounting services. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>How We Derive Our Revenue</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Our revenue consists primarily of rents
received from our residential, commercial and, to a lesser extent, retail properties. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>&nbsp;</B> </P>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Trends</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> During 2015 and the first nine months
of 2016, the Company&rsquo;s properties generally experienced increasing demand. At the Company&rsquo;s commercial property at
141 Livingston Street, in the Downtown Brooklyn neighborhood, the Company entered into a new lease in December 2015, effective
as of June 2014, that provides for a 94% increase in rent per square foot and a 29% increase in rentable square feet through a
remeasurement. At the Company&rsquo;s nearby commercial property, also rented to the City of New York, the Company recently entered
into a lease renewal and amendment agreement for the renewal of a lease that expired in December 2016. Each City of New York lease
expires in August 2020. At the Company&rsquo;s Flatbush Gardens residential apartment complex, the Company increased average rent
per square foot from $18.88 at December&nbsp;31, 2013 to $19.69 at December&nbsp;31, 2014, $20.63 at December&nbsp;31, 2015 and
$21.22 at November 1, 2016. The Company purchased the Tribeca House properties in December 2014, and although operating the property
for a short period of time, has increased average rent from $61.09 per square foot to $67.78 per square foot. No retail properties
in these buildings have been subject to renewal. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Throughout 2014, 2015 and the first
nine months of 2016, we have continued to benefit from lower interest rates. Our average interest rate as of September&nbsp;30,
2016 is approximately 4.3% per annum. Short term interest rates continue to be at historically low levels and, as a result, we
expect a continuation of favorable interest rates in the near term with rates rising as the economy improves. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Factors that May Influence Future Results of Operations</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We derive approximately 75% of our revenues
from rents received from residents in our apartment rental properties and the remainder from commercial and retail rental customers.
We believe we have expertise in operating, renovating and repositioning our properties. As we grow we will likely add personnel
as necessary to provide outstanding customer service to our residents in order to maintain or increase occupancy levels at our
apartment communities and to preserve the ability to increase rents. This is likely to result in an increase in our operating
and general and administrative expenses. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> A majority of the leases at our apartment
communities are for approximately one-year terms, which generally enables us to seek increased rents upon renewal of existing
leases or commencement of new leases. This may offset the potential adverse effect of inflation or deflation on rental revenue,
although residents may leave without penalty at the end of their lease terms for any reason. Our ability to seek increased rents
at our Flatbush Gardens property is limited, however, as a result of the rent stabilization laws and regulation of New York City.
These generally limit the increase in rents we can charge at our Flatbush Gardens property upon lease renewal for approximately
47% of our tenants, effective October 1, 2016, to 0% for a one-year lease and 2% for a two-year lease. They also limit the maximum
rent we can charge at our Flatbush Gardens property on new leases although, on average, the maximum rent is approximately 30%
above our actual average rental rates for such leases. At our Aspen property, the residential units are subject to regulation
established by the HDC under which there are no rental restrictions on approximately 55% of the units and low and middle income
restrictions on approximately 45% of the units. There are no such rent stabilization restrictions at the Tribeca House properties
and the 250 Livingston Street property. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We also incur costs on turnover of residents
when one resident moves out and we prepare the apartment for a new resident. The costs include the costs of repainting and repairing
apartment units, replacing obsolete or damaged appliances and re-leasing the units. While we budget for turnover and the costs
associated therewith, our turnover cost may be affected by certain factors we cannot control. Excessive turnover and failure to
properly manage turnover cost may adversely affect our operations and could adversely affect our financial condition, results
of operations, cash flows and ability to pay distributions on, and the market price of, our common stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We seek earnings growth primarily through
increasing rents and occupancy at existing properties, and acquiring additional apartment communities in markets complementing
our existing portfolio locations. Our apartment and commercial properties are concentrated in four neighborhoods within the boroughs
of Manhattan and Brooklyn in New York City which makes us susceptible to adverse developments in these markets. As a result, we
are particularly affected by the local economic conditions in these markets, including, but not limited to, changes in supply
of or demand for apartment units in our markets, competition for real property investments in our markets, changes in government
rules, regulations and fiscal policies, including those governing real estate usage and tax, and any environmental risks related
to the presence of hazardous or toxic substances or materials at or in the vicinity of our properties, which could negatively
affect our overall performance. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We may be unable to accurately predict future
changes in national, regional or local economic, demographic or real estate market conditions. For example, continued volatility
and uncertainty in the global, national, regional and local economies could make it more difficult for us to lease apartment,
commercial and retail space and may require us to lease our apartment, commercial and retail space at lower rental rates than
projected and may lead to an increase in resident defaults. In addition, these conditions may also lead to a decline in the value
of our properties and make it more difficult for us to dispose of these properties at competitive prices. These conditions, or
others we cannot predict, could adversely affect our financial condition, results of operations, cash flows and ability to pay
distributions on, and the market price of, our common stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> In connection with the purchase of the Tribeca
House and Aspen properties and the private offering, we have incurred substantial, one-time general and administrative expenses.
Upon us becoming a public company with shares listed on a U.S. exchange, we will incur increased general and administrative expenses,
including legal, accounting and other expenses related to corporate governance, public reporting and compliance with various provisions
of the Sarbanes-Oxley Act, related regulations of the SEC, including compliance with the reporting requirements of the Exchange
Act, and the requirements of the national securities exchange on which our stock is listed. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Significant Accounting Policies</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The accompanying consolidated and combined
financial statements include the accounts and operations of the Company and its Predecessor. The entities that comprised the Predecessor
have been combined on the basis that, for the periods presented, such entities were under common control. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Basis of Consolidation and Combination</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The consolidated and combined financial
statements of the Company and its Predecessor included elsewhere herein are prepared in accordance with generally accepted accounting
principles in the United States (&ldquo;GAAP&rdquo;). The effect of all significant intercompany balances and transactions has
been eliminated. The consolidated and combined financial statements include the accounts of all entities in which the Company
and its Predecessor has a controlling interest. All significant intercompany transactions and balances are eliminated in consolidation/combination. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Use of Estimates</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The preparation of financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Management adjusts such estimates when facts and circumstances dictate. The most significant
estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible
assets acquired and liabilities assumed and the useful lives of long-lived assets. Actual results could materially differ from
these estimates. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Investment in Real Estate</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Real estate assets held for investment are
carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for
ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements
of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment
or the life of the related asset will be substantially extended beyond the original life expectancy. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Upon acquisition of real estate, the Company
assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above and
below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Predecessor allocates
the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible
and intangible assets acquired, the Predecessor assesses and considers fair value based on estimated cash flow projections that
utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market
information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Company records acquired above-market
and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated
with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease
and (ii) management&rsquo;s estimate of fair market lease rates for each corresponding in-place lease, measured over a period
equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed
renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant
relationship values (if any) that are based on management&rsquo;s evaluation of the specific characteristics of each tenant&rsquo;s
lease and the Predecessor&rsquo;s overall relationship with the respective tenant. Factors to be considered by management in its
analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs,
management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during
the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management
considers leasing commission, legal and other related expenses. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Company reviews long-lived assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A
property&rsquo;s value is impaired if management&rsquo;s estimate of the aggregate future cash flows (undiscounted and without
interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has
occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the
fair value of the asset. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> For long-lived assets to be disposed of,
impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value
of the assets. Properties classified as real estate held for sale generally represent properties that are actively marketed or
contracted for sale with closing expected to occur within the next twelve months. Real estate held for sale is carried at the
lower of cost, net of accumulated depreciation, or fair value less cost to sell, determined on an asset-by-asset basis. Expenditures
for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements,
renovations, and replacements related to held-for-sale properties are capitalized at cost. Depreciation is not recorded on real
estate held for sale. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> If a tenant vacates its space prior to the
contractual termination of the lease and no rental payments are being made on the lease, any unamortized balances of the related
intangibles are written off. The tenant improvements and origination costs are amortized to expense over the remaining life of
the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Depreciation is computed using the straight-line
method over the estimated useful lives of the assets as follows: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"> Building and improvements </TD>
    <TD STYLE="width: 50%"> 30 &ndash; 40 years </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Tenant improvements </TD>
    <TD> Shorter of useful life or lease term </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> Furniture, fixtures and equipment </TD>
    <TD> 3 &ndash; 15 years </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Capitalized above-market lease values are
amortized as a reduction of base rental revenue over the remaining term of the respective leases, and capitalized below-market
lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market
fixed rate renewal options of the respective leases. The value of in-place leases are amortized to expense over the remaining
initial terms of the respective leases. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Tenant and Other Receivables and Allowance for
Doubtful Accounts</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Tenant and other receivables are comprised
of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants
to determine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. If
a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future
periods. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> <B><I>&nbsp;</I></B> </P>


<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B><I>&nbsp;</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Deferred Costs</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Deferred lease costs consist of fees incurred
to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective
leases. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing.
These costs are amortized over the term of the financing and are recorded in interest expense in the combined financial statements.
Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred
in seeking financing transactions which do not close are expensed in the period the financing transaction is terminated. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Revenue Recognition</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Rental revenue for commercial leases is
recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases
and parking is recognized as earned, which is not materially different from the straight-line basis. Leases entered into by residents
for an apartment unit are generally for a one-year term, renewable upon consent of both parties on an annual or monthly basis.
Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance
with lease agreements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Reimbursements for operating expenses due
from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred.
These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> <B><I>Internal Controls and Procedures</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We have had limited accounting personnel
and systems to adequately execute accounting processes and limited other supervisory resources with which to address internal
controls over financial reporting. As such, our internal controls may not be sufficient to ensure that (1) all transactions are
recorded as necessary to permit the preparation of financial statements in conformity with GAAP and (2) the design and execution
of our controls has consistently resulted in effective review of our financial statements and supervision by individuals with
financial reporting oversight roles. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We are not currently required to comply
with the SEC&rsquo;s rules implementing Section 404 of the Sarbanes-Oxley Act, and are, therefore, not required to make a formal
assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company,
we will be required to comply with the SEC&rsquo;s rules implementing Section 302 of the Sarbanes-Oxley Act, which will require
our management to certify financial and other information in our quarterly and annual reports and provide an annual management
report on the effectiveness of our internal control over financial reporting. We will not be required to make our first assessment
of our internal control over financial reporting until the year following the first annual report required to be filed with the
SEC. To comply with the requirements of being a public company, we may need to implement additional financial and management controls,
reporting systems and procedures and hire additional accounting and finance staff. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Further, our independent registered public
accounting firm is not required to formally attest to the effectiveness of our internal controls over financial reporting for
as long as we are an emerging growth company under the JOBS Act. Once it is required to do so, our independent registered public
accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented,
designed, operated or reviewed. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <B>Historical Results of Operations</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our focus throughout the years ended
December&nbsp;31, 2015 and 2014 and the nine months ended September&nbsp;30, 2016 was to manage our properties to optimize revenue
and control costs at each property while continuing to renovate and reposition certain properties. The discussions below will
identify the specific properties contributing to the changes in the results of operations. The discussion will focus on the properties
the Company held for the full period in each comparison. Results of the Tribeca House properties for the years ended December&nbsp;31,
2015 and in 2014, for the 17-day period of ownership, and the Aspen property for the 96-day period of ownership during the nine
months ended September 30, 2016, are separately identified in the tables that follow. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Income Statement for the Years Ended
December&nbsp;31, 2015 and 2014 (in thousands)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year ended December&nbsp;31,
    2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year ended December&nbsp;31,
    2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Less: Tribeca House<BR>
    FY 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015<BR> Excluding<BR>
    Tribeca House </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Less: Tribeca House
    <BR> 15 days </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014<BR> Excluding<BR>
    Tribeca House </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Other<BR> Changes </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> % </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> Revenues </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; text-align: left; padding-left: 9pt"> Residential rental revenue </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 60,784 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 27,469 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 33,315 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 31,413 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 1,381 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 30,032 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 6%; text-align: right"> 3,283 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> 10.9 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Commercial rental revenue </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,256 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,170 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,086 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,382 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 159 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,223 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,863 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15.2 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,477 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 310 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,167 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 752 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 31.1 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> Garage and other income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,087 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,589 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,498 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,562 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 59 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,503 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (5 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> -0.4 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 84,604 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 32,538 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 52,066 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 47,772 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,599 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 46,173 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,893 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 12.8 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Operating Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 23,283 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,613 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,670 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,673 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 406 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,267 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (597 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -3.1 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,926 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,086 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,840 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,560 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 338 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,222 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 618 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9.9 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,296 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,063 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,233 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,358 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 66 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,292 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 84.7 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 326 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 211 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 115 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (40 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -34.8 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 12,521 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,059 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,462 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 363 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,109 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 353 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 8.6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 56,101 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 21,821 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 34,280 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 33,389 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,384 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 32,005 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,275 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 7.1 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Income from operations </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 28,503 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,717 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,786 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,383 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 215 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,168 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,618 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 25.5 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Interest expense, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (36,703 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (24,945 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (11,758 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (9,145 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,078 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (8,067 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,691 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 45.8 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"> Net (loss) income </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (8,200 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (14,228 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,028 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 5,238 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (863 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,101 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (73 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> -1.2 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Revenue</I></B>. Residential rental
revenue, excluding the Tribeca House properties, increased from $30,032 in 2014 to $33,315 in 2015 due to higher revenues on new
leases, higher occupancy and routine annual increases on renewed rentals primarily at the Flatbush Gardens property complex. Base
rent per square foot increased at the Flatbush Gardens property from $19.69 (95.6% occupancy) at December&nbsp;31, 2014 to $20.63
(97.0% occupancy) at December&nbsp;31, 2015. Routine annual rent increases on renewed leases at Flatbush Gardens were approximately
1%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Commercial rental revenue, excluding the
Tribeca House properties, increased from $12,223 in 2014 to $14,086 in 2015 primarily due to the new lease with the City of New
York at our 141 Livingston Street property. The lease, executed in December 2015 and effective June 1, 2014, included an 82% increase
in base rent per square foot and a 37% increase in rentable space through a remeasurement over the previous agreement with the
City of New York. The lease has a 10 year term with a termination option by the City of New York at the end of the fifth year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant recoveries, excluding the Tribeca
House properties, increased from $2,415 in 2014 to $3,167 in 2015 primarily due to terms in the above-mentioned new lease related
to the 141 Livingston Street property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Garage and other income, excluding the
Tribeca House properties, was $1,503 in 2014 and $1,498 in 2015, primarily at the Flatbush Gardens property. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Property Operations Expense</I></B>.
Property operating expenses, excluding the Tribeca House properties, include property-level costs including compensation costs for property-level
personnel, repairs and maintenance, supplies, utilities and landscaping. Property operating expenses decreased from $19,267 in
2014 to $18,670 in 2015 primarily due to lower utilities expense at all of the properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Real estate taxes and insurance expenses,
excluding the Tribeca House properties, increased from $6,222 in 2014 to $6,840 in 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>General and Administrative Expense</I></B>.
General and administrative expense, excluding the Tribeca House properties, increased from $2,292 in 2014 to $4,233 in 2015 primarily
due to incremental legal, insurance and accounting costs incurred in 2014 and 2015 for the formation transactions and the private
offering, including accounting and auditing fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Depreciation and Amortization</I></B>.
Depreciation and amortization expense, excluding the Tribeca House properties, decreased from $4,109 in 2014 to $4,462 in 2015 due to
fully depreciated assets, partially offset by additions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Interest Expense, net</I></B>. Interest
expense, net, excluding the Tribeca House properties, increased from $8,067 in 2014 to $11,758 in 2015 due to higher outstanding borrowings
on new loans obtained in September and December of 2014 secured by the Flatbush Gardens and 141 Livingston Street properties.
Interest expense includes amortization of loan costs and change in fair value of interest rate cap of $753 and $2,317 in 2014
and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tribeca House properties</I></B>. Tribeca
House properties net loss of $14,228 in 2015 included $8,059 of depreciation and amortization expense and $24,945 of interest charges
of which $4,241 was amortization of debt issuance costs and interest rate cap mark-to-market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Net Income</I></B>.<B><I> </I></B>As
a result of the foregoing, net income, excluding the Tribeca House properties, decreased from $6,101 in 2014 to $6,028 in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B><I>Income Statement for the Nine
Months Ended September 30, 2016 (in thousands)</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Less:&nbsp;&nbsp;Aspen
    <BR> for 96 days </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016<BR> &nbsp;excluding
    <BR> Aspen </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Increase<BR> (decrease) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> % </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> Revenues </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; padding-left: 9pt"> Residential rental revenue </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 7%; text-align: right"> 49,405 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 1,337 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 48,068 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 7%; text-align: right"> 45,596 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 2,472 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> 5.4 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Commercial rental revenue </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,843 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 305 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,538 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,042 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.8 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,968 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,651 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 317 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12.0 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> Garage and other income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,550 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,546 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,315 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 231 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 10.0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 68,767 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,647 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 67,120 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 63,604 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,516 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 5.5 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Operating Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,885 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 185 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,700 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,691 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,009 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.7 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,023 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 295 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,728 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,904 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,824 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 16.7 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,317 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 84 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,233 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,266 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,967 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 90.8 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 407 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 399 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">n/a</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,646 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 435 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,211 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,656 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 555 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 5.7 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 49,278 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,398 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 47,880 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 41,517 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6,363 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 15.3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Income from operations </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,489 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 249 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,240 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 22,087 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,847 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -12.9 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Interest expense, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (28,749 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (704 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (28,045 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (27,728 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (317 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 1.1 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"> Net loss </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (9,260 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (455 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (8,805 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (5,641 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (3,164 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> 56.1 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> % </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Revenue</I></B>. Residential rental
revenue, excluding Aspen, increased from $45,596 for the nine months ended September 30, 2015 to $48,068 for the nine months ended
September 30, 2016 due to higher revenues on new leases and routine annual increases on renewed rentals primarily at the Flatbush
Gardens property complex. Base rent per square foot increased at the Flatbush Gardens property from $20.41 (97.2% occupancy) at
September 30, 2015 to $21.04 (96.6% occupancy) at September 30, 2016. Routine annual rent increases on renewed leases at Flatbush
Gardens were approximately 1%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Commercial rental revenue, excluding
Aspen, increased from $13,042 for the nine months ended September 30, 2015 to $13,538 for the nine months ended September 30,
2016 primarily due to the commencement of the new retail lease at our Tribeca House property. The lease, executed in July 2015
and effective February 11, 2016, has a 15-year term and calls for base rent per square foot of approximately $140. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Tenant recoveries, excluding Aspen,
increased from $2,651 for the nine months ended September 30, 2015 to $2,968 for the nine months ended September 30, 2016 primarily
due to terms in one of the retail leases at our Tribeca House property which called for no escalation payments until July 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Garage and other income, excluding Aspen,
increased from $2,315 for the nine months ended September 30, 2015 to $2,546 for the nine months ended September 30, 2016 , primarily
due to increased storage fees at our Tribeca House property and damage fees collected at our 250 Livingston Street property. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Property Operations Expense</I></B>.
Property operating expenses, excluding Aspen, include property-level costs including compensation costs for property-level personnel,
repairs and maintenance, supplies, utilities and landscaping. Property operating expenses increased from $17,691 for the nine
months ended September 30, 2015 to $18,700 for the nine months ended September 30, 2016 primarily due to higher collection costs
at Flatbush Gardens and higher commissions at Tribeca House. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Real estate taxes and insurance expenses,
excluding Aspen, increased from $10,904 for the nine months ended September 30, 2015 to $12,728 for the nine months ended September
30, 2016 primarily due to increased taxes at our Tribeca House property. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>General and Administrative Expense</I></B>.
General and administrative expense, excluding Aspen, increased from $3,266 for the nine months ended September 30, 2015 to $6,233
for the nine months ended September 30, 2016 primarily due to executive compensation effected by the REIT formation transactions
in August of 2015, which includes non-cash LTIP amortization of $1,891. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Depreciation and Amortization</I></B>.
Depreciation and amortization expense, excluding Aspen, increased from $9,656 for the nine months ended September 30, 2015 to
$10,211 for the nine months ended September 30, 2016, due to additions to fixed assets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Interest Expense, Net</I></B>.
Interest expense, net, excluding Aspen, increased from $27,728 for the nine months ended September 30, 2015 to $28,045 for the
nine months ended September 30, 2016 primarily due to higher outstanding borrowings on a refinance which closed in May of 2016
on the 141 Livingston Street property, and a higher LIBOR rate on the Tribeca House property loans. Interest expense includes
amortization of loan costs and change in fair value of interest rate cap of $4,262 and $5,007 for the nine months ended September
30, 2016 and 2015, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Net Loss</I></B>.<B><I> </I></B>As
a result of the foregoing, net loss, excluding Aspen, increased from $5,641 for the nine months ended September 30, 2015 to $8,805
for the nine months ended September 30, 2016. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We estimate that the net proceeds to us from
the sale of the shares of our common stock offered by us will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share, the mid-point of the price range set forth on the front cover page of this prospectus, and after deducting underwriting
discounts and commissions and other estimated offering expenses payable by us. If the underwriters&rsquo; option to purchase additional
shares in this offering is exercised in full, we estimate that our net proceeds will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, after deducting underwriting discounts and commissions and estimated offering expenses. We expect to use the net proceeds
as set forth in &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of September 30, 2016, we had $814.7
million of mortgage indebtedness secured by our properties and $82 million of cash of which we used approximately $55.5 million
to refinance the Tribeca House debt on November 9, 2016, and received $15.0 million from a refund of an acquisition deposit on
November 14, 2016. We also expect to use approximately $31.0 million for capital projects. Additionally, apart from regularly
scheduled amortization, we also have $410.0 million of debt maturing in November 2018 subject to three one-year extension options
as a result of the Tribeca House refinancing, $35.4 million of debt maturing in May 2023, $170.0 million of debt maturing in October
2024, $70.0 million maturing in July 2028 and $79.5 million maturing in June 2028. We intend to use cash on hand and the net proceeds
of this offering, among other uses, to fund approximately $31 million in capital improvements, for operating purposes and to fund
potential acquisitions. No assurance can be given that we will be able to refinance any of these loans on favorable terms or at
all. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a REIT, we are required to distribute
at least 90% of our REIT taxable income, computed without regard to the dividends paid deduction and excluding net capital gains,
to stockholders on an annual basis. We expect that these needs will be met from cash generated from operations and other sources,
including proceeds from secured mortgages and unsecured indebtedness, proceeds from additional equity issuances and cash generated
from the sale of property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Short-Term and Long-Term Liquidity Needs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our short-term liquidity needs will primarily
be to fund operating expenses, recurring capital expenditures, property taxes and insurance, interest and scheduled debt principal
payments, general and administrative expenses and distributions to stockholders and unit holders. We generally expect to meet our
short-term liquidity requirements through proceeds of the private offering and net cash provided by operations, and we believe
we will have sufficient resources to meet our short-term liquidity requirements. We believe that net cash provided by operations
will be adequate to meet the REIT operating requirements in both the short and the long-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our principal long-term liquidity needs
will primarily be to fund major renovation and upgrading projects, debt payments and retirements at maturity and additional property
acquisitions. We do not expect that net cash provided by operations will be sufficient to meet all of these long-term liquidity
needs. We anticipate meeting our long-term liquidity requirements by using cash as an interim measure and funds from public and
private equity offerings and long-term secured and unsecured debt offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that as a publicly traded REIT,
we will have access to multiple sources of capital to fund our long-term liquidity requirements. These sources include the incurrence
of additional debt and the issuance of additional equity. However, we cannot assure you that this will be the case. Our ability
to secure additional debt will depend on a number of factors, including our cash flow from operations, our degree of leverage,
the value of our unencumbered assets and borrowing restrictions that may be imposed. Our ability to access the equity capital
markets will depend on a number of factors as well, including general market conditions for REITs and market perceptions about
our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that our current cash flows from
operations, coupled with additional mortgage debt, will be sufficient to allow us to continue operations, satisfy our contractual
obligations and make distributions to our stockholders and the members of our LLC subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Property-Level Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The mortgages and mezzanine notes which
are collateralized by their respective properties, member&rsquo;s interest in the properties and assignment of leases, and the
principal amounts outstanding as of September 30, 2016 were as follows: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"> Property </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Maturity </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Interest Rate </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Principal<BR> Amount<BR>
    Outstanding<BR> (in thousands) </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 53%; text-align: left"> Flatbush Gardens </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: center"> 10/1/2024 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="width: 14%; text-align: center"> 3.88% </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 14%; text-align: right"> 150,000 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Flatbush Gardens </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 10/1/2024 </TD><TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="text-align: center"> 3.88% </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 250 Livingston Street </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 5/6/2023 </TD><TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="text-align: center"> 4.00% </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 35,213 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 141 Livingston Street </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 6/1/2028 </TD><TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="text-align: center"> 3.88% </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 79,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Tribeca House properties </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 11/9/2016 </TD><TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="text-align: center"> Libor + 3.40% </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 360,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Tribeca House properties </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 11/9/2016 </TD><TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="text-align: center"> Libor + 7.38% </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt"> Aspen </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"> 7/1/2028 </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"> 3.68% </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 70,000 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: center"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 814,713 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>Tribeca House properties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Following the refinancing of the Tribeca
House debt on November 9, 2016, there is $410 million in mortgage and mezzanine debt related to the Tribeca House properties,
in the form a mortgage note of $335 million to Deutsche Bank and a $75 million mezzanine note to SL Green Finance. Both the mortgage
note and the mezzanine note mature on November 9, 2018 and give us the option to extend the maturity date up to three one-year
terms. Under the mortgage note, we have the option to prepay the balance in whole, but not in part without a prepayment penalty.
Under the mezzanine note, we have the option to prepay the balance in whole, but not in part. In connection with both the mortgage
and mezzanine debt, David Bistricer and an entity controlled by Sam Levinson entered into guaranties of recourse obligations.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>Flatbush Gardens</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is $170 million in mortgage debt
secured by Flatbush Gardens, as of September 30, 2016, in the form of two mortgage notes to New York Community Bank. A $150 million
mortgage note matures on October 1, 2024 and has a fixed interest rate of 3.88%. A $20 million mortgage note also matures on October
1, 2024 and has an interest rate of 3.88% through September 2019, after which the interest is Prime plus 2.75% subject to an option
to fix the rate. Under both notes, we have the option to prepay all (but not less than all) of the unpaid balance of the loan
prior to the maturity date, but must pay a prepayment premium of 4% if the prepayment occurs prior to September 30, 2017, 2% if
it occurs from October 1, 2017 through September 30, 2018, and 1% if it occurs from October 1, 2018 through June&nbsp;30, 2019.
David Bistricer entered into guaranties of recourse obligations in connection with both notes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>141 Livingston Street</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is $79.5 million in mortgage debt
secured by 141 Livingston Street, as of September 30, 2016, in the form of a mortgage note to New York Community Bank. The note
bears interest at 3.875% and matures on June&nbsp;1, 2028. We may prepay the debt in whole or in part, subject to a prepayment
premium. David Bistricer and Sam Levinson entered into a guaranty of recourse obligations in connection with this loan for which
we will indemnify them. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>250 Livingston Street</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is approximately $35 million in
mortgage debt secured by 250 Livingston Street, as of September 30, 2016, in the form of a mortgage note to Citigroup Global Markets
Realty Corp, which has been securitized. The note requires monthly principal and interest payments of $179,000, bears interest
of 4.00% and matures on May 6, 2023. We may prepay the debt within two months of May 6, 2023 in whole without having to pay a
prepayment premium. David Bistricer entered into a guaranty of recourse obligations in connection with this loan for which we
will indemnify him. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>The Aspen Property</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is $70 million in mortgage debt
secured by Aspen as of September 30, 2016 in the form of a mortgage note with Capital One Multifamily finance LLC. The note matures
on July 1, 2028 and bears interest at 3.68%. The note requires interest-only payments through July 2017, monthly principal and
interest payments of $321,000 from August 2017 through July 2028 based on a 30-year amortization schedule and principal and interest
payments thereafter based on the remaining period of the initial 30-year amortization schedule. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Contractual Obligations and Commitments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table summarizes principal
and interest payment requirements under terms as of September 30, 2016 of our debt: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="text-align: center"> (in thousands) </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> Principal </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> Interest </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> Total </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left"> 2016 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 12%; text-align: right"> 460,186 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 12%; text-align: right"> 7,348 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 12%; text-align: right"> 467,534 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2017 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,490 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,590 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,080 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 2018 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,731 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,352 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20,083 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2019 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,678 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,426 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20,104 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 2020 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,869 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 21,229 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left"> Thereafter </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 330,268 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 69,405 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 399,673 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> Total </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 814,713 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 131,990 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 946,703 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 92; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Predecessor is also obligated to provide
parking through 2020 under a lease with a tenant at the property on 250 Livingston Street at a cost of approximately $160,000
per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"><B><I>Cash Flows for the Years
Ended December&nbsp;31, 2015 and 2014 (in thousands)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended <BR> December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">Operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">9,440</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">7,472</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9,025</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(226,822</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">115,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">224,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>Cash flows provided by (used in) operating activities,
investing activities and financing activities for the years ended December 31, 2015 and 2014 were as follows:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash flow provided by operating activities
was $9,440 in 2015 as compared to $7,472 in 2014. 2015 reflects the collection of a receivable from the City of New York in May
2015 relating to the lease at the 141 Livingston Street property that had been unpaid since June 1, 2014, partially offset by
interest expense on the $360,000 mortgage payable and the $100,000 mezzanine note payable entered into in connection with the
acquisition of the Tribeca House properties discussed above and increase in restricted cash balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in investing activities was
$9,025 in 2015 as compared to $226,822 in 2014. The decrease in 2015 as compared to 2014 reflects the cost of acquisition of the
Tribeca House property acquired in December 2014 offset in part by higher capital costs in 2015 of apartment and building renovations
at Flatbush Gardens and Tribeca House properties in December 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash provided by financing activities
was $115,760 in 2015 and $224,707 in 2014. Amounts in 2015 reflect $130,199 net cash received from the sale of common stock net
of costs on August 3, 2015, a contribution of $2,357 by members of the Predecessor and distributions of $15,884 to members of
the Predecessor before the sale of common stock. Amounts in 2014 reflect $188,739 debt, net of costs, incurred in connection with
the acquisition of the Tribeca House properties in December 2014 and $36,623 of net distributions in connection with the formation transactions
and offering. Both periods included scheduled principal payments of mortgage debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B><I>Cash Flows for the Nine
Months Ended September&nbsp;30, 2016 and 2015 (in thousands)</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine Months Ended<BR>
    September&nbsp;30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left"> Operating activities </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 5,253 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 5,722 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Investing activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (130,833 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (6,360 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Financing activities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 82,349 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 118,446 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> <I>Cash flows provided by (used in) operating
activities, investing activities and financing activities for the nine months ended September&nbsp;30, 2016 and 2015 were as follows:</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Net cash flow provided by operating
activities was $5,253 for the nine months ended September 30, 2016 as compared to $5,722 for the nine months ended September 30,
2015. 2015 reflects the collection of a large outstanding receivable on the 141 Livingston Street property, and an increase in
payables, partially offset by the recording of executive compensation during the full nine months of 2016. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Net cash used in investing activities
was $130,833 for the nine months ended September 30, 2016 as compared to $6,360 for the nine months ended September 30, 2015.
The increase in 2016 as compared to 2015 reflects the cost of acquisition of the Aspen property acquired in June 2016, higher
capital costs in 2016 of apartment and building renovations at Flatbush Gardens and Tribeca House properties, and a refundable
deposit paid in connection with a potential acquisition. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Net cash provided by financing activities
was $82,349 for the nine months ended September 30, 2016 as compared to $118,446 for the nine months ended September 30, 2015.
The decrease from 2015 reflects the proceeds from the sale of common stock in 2015, offset by the $94,500 cash received from the
mortgage relating to the Aspen property acquisition and the refinancing of the mortgage relating to the 141 Livingston Street
property in 2016, dividends of $7,457 and debt issuance costs relating to the mortgages of $3,770. Both periods included scheduled
principal payments of mortgage debt. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No provision has been made for income taxes
since all of the Company&rsquo;s operations are held in pass-through entities and accordingly the income or loss of the Company
is included in the individual income tax returns of the partners or members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 93; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We elected to be treated as a REIT for U.S.
federal income tax purposes, beginning with our first taxable year ended December&nbsp;31, 2015. As a REIT, we generally will
not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any
taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. We believe that we
are organized and operate in a manner that will enable us to qualify and be taxed as a REIT and we intend to continue to operate
so as to satisfy the requirements for qualification as a REIT for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Inflation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inflation in the United States has been
relatively low in recent years and did not have a significant impact on the results of operations for the Company&rsquo;s business
for the periods shown in the consolidated historical financial statements. We do not believe that inflation currently poses a
material risk to the Company. The leases at our residential rental properties which comprise approximately 75% of our revenue
are short-term in nature. Our longer-term commercial and retail leases would generally allow us to recover some increased costs
in the event of significant inflation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the impact of inflation has been relatively
insignificant in recent years, it does remain a factor in the United States economy and could increase the cost of acquiring or
replacing properties in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Quantitative and Qualitative Disclosures About Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our future income, cash flows and fair
value relevant to our financial instruments depends upon prevailing market interest rates. Market risk refers to the risk of loss
from adverse changes in market prices and interest rates. Based upon the nature of our operations, the principal market risk to
which we are exposed is the risk related to interest rate fluctuations. Many factors, including governmental monetary and tax
policies, domestic and international economic and political considerations, and other factors that are beyond our control contribute
to interest rate risk. To manage this risk, we purchased interest rate caps on approximately $515 million of the $814.7 million
of mortgage debt outstanding as of September 30, 2016 that would provide interest protection if one month LIBOR exceeds 2.0%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A one percent increase in interest rates on
our $460 million of variable rate mortgage debt would decrease annual net income by approximately $4.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of September 30, 2016, we do not
have any off-balance sheet arrangements that have had or are reasonably likely to have a material effect on our financial condition,
revenues or expenses, results of operations, liquidity, capital resources or capital expenditures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Non-GAAP Financial Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In this prospectus, we disclose and discuss
funds from operations (&ldquo;FFO&rdquo;), adjusted funds from operations (&ldquo;AFFO&rdquo;), and Adjusted EBITDA, all of which
meet the definition of &ldquo;non-GAAP financial measure&rdquo; set forth in Item 10(e) of Regulation S-K promulgated by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While management and the investment community
in general believes that presentation of these measures provides useful information to investors, neither FFO, AFFO nor Adjusted
EBITDA should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance.
We believe that to understand our performance further, FFO, AFFO and Adjusted EBITDA should be compared with our reported net
income or net loss and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Funds from Operations and Adjusted Funds from Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">FFO is defined by the National Association of
Real Estate Investment Trusts (&ldquo;NAREIT&rdquo;) as net income (computed in accordance with GAAP), excluding gains (losses)
from sales of property (and impairment adjustments), plus depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures. Our calculation of FFO is consistent with FFO as defined by NAREIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">AFFO is defined by us as FFO excluding amortization
of identifiable intangibles incurred in property acquisitions, straight line rent adjustments to revenue from long-term leases
and amortization costs incurred in originating debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Historical cost accounting for real estate assets
implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values have historically
risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes
historical cost depreciation and valuation adjustments from net income. We consider FFO useful in evaluating potential property
acquisitions and measuring operating performance. We further consider AFFO useful in determining funds available for payment of
distributions. FFO and AFFO do not represent net income or cash flows from operations as defined by GAAP. You should not consider
FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and
AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">FFO and AFFO do not measure whether cash flow
is sufficient to fund all of our cash needs, including principal amortization, capital improvements and distributions to stockholders.
FFO and AFFO do not represent cash flows from operating, investing or financing activities as defined by GAAP. Further, FFO and
AFFO as disclosed by other REITs might not be comparable to our calculations of FFO and AFFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth a reconciliation
of FFO and AFFO for the periods presented to net loss before allocation to non-controlling interests, as computed in accordance
with GAAP (amounts in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine months ended
    September 30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Years ended December&nbsp;31, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt"> FFO </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income before allocation
    to non-controlling interests </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (9,260 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (5,641 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (8,200 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,238 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Real estate depreciation
    and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,646 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,656 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 12,521 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 26.65pt"> FFO </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,386 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 4,015 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 4,321 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,710 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt"> AFFO </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> FFO </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,386 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4,015 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4,321 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 9,710 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Real estate tax intangible amortization </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,186 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 996 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,328 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 238 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of above and below-market leases </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,357 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,286 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,714 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Straight-line rent adjustment </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (60 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 55 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 513 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of debt origination costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,253 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,036 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 704 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Interest rate cap mark-to-market </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 511 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 522 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 49 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of LTIP awards </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 284 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 326 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Recurring capital spending </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (535 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,719 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (2,139 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,824 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 26.65pt"> AFFO </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,773 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 7,352 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,247 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 8,266 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


<!-- Field: Page; Sequence: 95; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Adjusted earnings before interest, income taxes,
depreciation, amortization and stock based compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that Adjusted EBITDA is a useful
measure of our operating performance. We define Adjusted EBITDA as net (loss) income before allocation to non-controlling interests
plus real estate depreciation and amortization, amortization of identifiable intangibles, interest expense, net, and acquisition
costs and stock based compensation. Other REITs may use different methodologies for calculating Adjusted EBITDA, and accordingly,
our Adjusted EBITDA may not be comparable to other REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that this measure provides an
operating perspective not immediately apparent from GAAP operating income or net income. We use Adjusted EBITDA to evaluate our
performance because Adjusted EBITDA allows us to evaluate the operating performance of our company by measuring the core operations
of property performance and administrative expenses available for debt service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">However, Adjusted EBITDA should only be
used as an alternative measure of our financial performance. The following table reconciles Adjusted EBITDA to net (loss) income:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine Months Ended September&nbsp;30, </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended December&nbsp;31,<BR>
    Historical </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"> Net (loss) income before allocation
    to non-controlling interests </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (9,260 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (5,641 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (8,200 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,238 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Depreciation and amortization </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,646 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,656 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,521 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,472 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of real estate tax intangible </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,186 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 996 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,328 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 238 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of above and below-market leases </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,357 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,286 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,714 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Straight-line rent adjustment </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (60 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 55 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 513 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Amortization of LTIP awards </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 284 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> Interest expense, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 28,749 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 27,728 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36,703 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,145 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Acquisition costs </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 407 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 75 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 326 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 26.65pt"> Adjusted EBITDA </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 32,202 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 31,792 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 41,531 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 18,482 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See Note 3 of Notes to the consolidated
and combined financial statements included elsewhere in this prospectus for information relating to new accounting pronouncements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 97; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="main_012"></A><FONT STYLE="text-transform: uppercase"><B>OUR
BUSINESS AND PROPERTIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a self-administered and self-managed
real estate company that acquires, owns, manages, operates and repositions multi-family residential and commercial properties
in the New York metropolitan area, with an initial portfolio in Manhattan and Brooklyn. The Company was formed to continue and
expand the commercial real estate business of the Predecessor. Our primary focus is to continue to own, manage and operate our
initial portfolio and to acquire and reposition additional multi-family residential and commercial properties in the New York
metropolitan area. Clipper Realty was incorporated on July 7, 2015. On August 3, 2015, we closed a private offering of shares
of our common stock, in which we raised net proceeds of approximately $130.2 million. In connection with the private offering,
we consummated a series of investment and other formation transactions that were designed, among other things, to enable us to
qualify as a REIT for U.S. federal income tax purposes and we have elected to be treated as a REIT commencing with the taxable
year ended December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company owns:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">two
                                         neighboring residential/retail rental properties at 50&nbsp;Murray Street and 53 Park
                                         Place in the Tribeca neighborhood of Manhattan, which we collectively refer to as the
                                         Tribeca House properties;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>one residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings, which we
    refer to as the Flatbush Gardens properties or complex;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>two primarily commercial properties in Downtown Brooklyn (one of which includes 36 residential apartment units), which
    we refer to as the 141 Livingston Street property and the 250 Livingston Street property; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>one residential/retail rental property at 1955 1<SUP>st</SUP> Avenue in Manhattan,
    which we refer to as the Aspen property.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These properties are located in the most densely
populated major city in the United States, each with immediate access to mass transportation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s ownership interest
in its initial portfolio of properties, which includes the Tribeca House, Flatbush Gardens and Livingston Street properties, was
acquired in the formation transactions in connection with the private offering. These properties are owned by the LLC subsidiaries,
which are managed by the Company through the operating partnership. The operating partnership&rsquo;s interest in the LLC subsidiaries
generally entitles the operating partnership to all cash distributions from, and the profits and losses of, the LLC subsidiaries
other than the preferred distribution to the continuing investors who hold class B LLC units in these LLC subsidiaries described
below. The continuing investors own an aggregate amount of 26,317,396 class B LLC units, representing 68.8% of the Company&rsquo;s
common stock on a fully diluted basis ( % immediately following this offering). Accordingly, the operating partnership&rsquo;s
interests in the LLC subsidiaries entitle the operating partnership to receive approximately 31.2% of the aggregate distributions
from the LLC subsidiaries ( % immediately following this offering). The Company, through the operating partnership, owns all of
the ownership interests in the Aspen property. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Tribeca House properties were purchased
in December 2014 and consist of two nearly adjacent properties in the Tribeca neighborhood of Manhattan, New York. They comprise
approximately 480,000 square feet of leasable area with 505 residential apartment units with 11 foot ceilings and extensive amenities
and approximately 77,200 square feet of retail space, including an externally managed garage. The residential units are approximately
93% occupied at approximately $68 per square foot and the retail units are fully occupied. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Flatbush Gardens property complex was
purchased in September 2005 and consists of 59 primarily six-story buildings, approximately 1.7 million square feet and 2,496
residential apartment units. The property is approximately 97% occupied at approximately $21 per square feet. The property is
subject to rent control regulations of New York City which allow rents approximately 30% higher than existing average rents. Since
the acquisition in 2005, the management team has undertaken a comprehensive renovation and repositioning strategy that has included
upgrades in the exterior and interior of the buildings. The Company has been able to consistently improve rents as a result of
these efforts and other factors and experienced an approximately 7% increase in rents per square foot on new leases in the first
half of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 141 Livingston Street property in
the Downtown Brooklyn neighborhood was purchased in 2002 along with the below-mentioned 250 Livingston Street property. It is
a 15-story commercial building with a gross leasable area of 206,084 square feet. The property&rsquo;s main commercial
tenant, the City of New York, executed a new 10-year lease in December 2015, with effect as of June 2014. Under the agreement
with the City of New York, the tenant has an option to terminate the lease after five years. However, if it decides to
continue to occupy the building after five years, the rent will increase by 25% beginning the sixth year of the lease. The
agreement with the City of New York, as compared to the prior lease, increases rent by 82% per square foot and increases the
rentable square feet by 37% as a result of a building remeasurement, resulting in an overall increase in rental revenue of
approximately 149%. The lease imposes a requirement on the Company to refurbish the air-conditioning system and perform other
upgrades that the Company estimates will cost a total of approximately $5.2 million. In the future we may be able to convert
the property to residential units, a change made at several nearby buildings, including 110 Livingston Street. Additionally,
the property includes an adjacent lot at 22 Smith Street currently used as a parking lot having approximately 5,000 square
feet for which the Company has received written expressions of interest in excess of $15 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 98; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The 250 Livingston Street property was purchased
in 2002 along with the 141 Livingston Street property and consists of a 12-story commercial and residential building. It has approximately
267,000 square feet GLA of commercial space and approximately 26,800 square feet of residential space. The property&rsquo;s sole
office tenant, the City of New York, has leases expiring at the end of 2016 and 2020 with lease rates approximately 50% of the
rate recently negotiated at the 141 Livingston Street property with the same tenant and similar space. The leasable area of the
office portion recently has been remeasured according to REBNY standards to approximately 353,000 square feet, an increase of
approximately 33% consistent with the remeasurement described above at the nearby 141 Livingston Street property, which features
a similar class of office space. To more fully optimize available space, in 2003 through 2013, the Company converted the top four
floors of the building into 36 apartment units which are presently approximately 88% occupied. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Aspen property, purchased on June
27, 2016, is located at 1955&nbsp;1<SUP>st</SUP> Avenue, New York, NY. The property is a seven-story building which comprises
186,602 square feet, 232 residential rental units, three retail units and a parking garage. The residential units are subject
to regulations established by the HDC under which there are no rental restrictions on approximately 55% of the units and low and
middle income restrictions on approximately 45% of the units. The residential apartment units are approximately 97% occupied at
an average rental rate of approximately $33 per square foot. The retail units comprise of three grade-level commercial spaces
and a grade level parking garage with 109 licensed spaces. The retail space is fully occupied at an average rental rate of approximately
$43 per square foot. While the building is relatively new, the Company believes there is an opportunity to increase rents by improving
certain of the finishes of the property. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>History</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s Predecessor is a combination
of four limited liability companies, Renaissance Equity Holdings LLC, Berkshire Equity LLC, Gunki Holdings LLC and 50/53 JV LLC,
which were formed by principals of our management team from 2002 to 2014. Upon completion of the private offering and the formation
transactions, we assumed responsibility for managing the predecessor LLCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is led by David Bistricer, its
Co-Chairman and Chief Executive Officer, who has a strong reputation within the New York metropolitan area for real estate acquisitions,
management, repositioning and marketing expertise. Mr. Bistricer, together with the Company&rsquo;s senior management team, has
developed the Company&rsquo;s strategy with a focus on broker relationships and the cultivation of the Company&rsquo;s track record
of execution. Mr. Bistricer has over 30 years of real estate experience specifically in expanding, renovating, repositioning and
managing the Company&rsquo;s current portfolio and other properties. The Company&rsquo;s senior management team has an average
of approximately 21 years of experience covering all aspects of real estate, including asset and property management, leasing,
marketing, acquisitions, construction, development, legal and finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Competitive Strengths</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that the following competitive strengths
distinguish our company from other owners and operators of commercial and multi-family residential properties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><B>Diverse                                          Portfolio of Properties in New York
                                                                                                                                    Metropolitan Area</B>. Our current portfolio of commercial                                          and multi-family
                                                                                                                                    residential properties in Manhattan and Brooklyn is located in one of                                          the most
                                                                                                                                    prized real estate markets in the world. The combination of supply constraints,
                                                                                                                                    high
                                                                                                                                    barriers to entry, near-term and long-term prospects for job creation, vacancy absorption
                                                                                                                                    and rental rate growth make New York City an extremely attractive place to own real property.
                                                                                                                                    Our management believes that, in light of the land and construction costs, our current
                                                                                                                                    portfolio could not be replaced today on a cost-competitive basis. As described above,
                                                                                                                                    we own two primarily commercial properties in the Downtown Brooklyn neighborhood, one
                                                                                                                                    multi-family residential property complex in the East Flatbush neighborhood of Brooklyn,
                                                                                                                                    one primarily multi-family residential property group in the Tribeca neighborhood of
                                                                                                                                    Manhattan and one primarily multi-family residential property in a transitional neighborhood just north of the Yorkville
                                                                                                                                    neighborhood of Manhattan. We believe that we are one of the only REITs
                                                                                                                                    with a portfolio                                          solely composed of multi-family residential, commercial and retail
                                                                                                                                    properties in the                                          New York metropolitan area. Further, our multi-family residential
                                                                                                                                    portfolio is diversified                                          by tenant demographics (both luxury and work-force
                                                                                                                                    units).</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in"> &nbsp; </TD>
    <TD STYLE="width: 0.5in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD>
    <TD> <B>Expertise in Repositioning and Managing Multi-family Residential Properties.</B> Our management team has substantial
    expertise in renovating and repositioning multi-family residential properties. At the Flatbush Gardens property, beginning
    in 2006, we have engaged in a property renovation program that includes replacement or upgrades to building systems and components
    as well as the refurbishment of apartment interiors. As a result of our effort in managing the property, including these upgrades,
    we have reduced outstanding New York City violations from over 8,000 at the time of the acquisition to approximately 359 currently,
    and substantially improved resident safety. At the 250 Livingston Street property, from 2003 through 2013, we converted the
    top four floors into 36 residential apartment units (presently approximately 88% occupied) to more fully optimize available
    space. We believe that the post-renovation high quality of our buildings and the services we provide also attract higher income
    and credit-quality tenants and allow for increased cash flow. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Attractive Commercial and Residential Properties in Densely Populated Metropolitan Communities. </B>Our commercial
    properties in Downtown Brooklyn are located in a premier commercial corridor that features convenient access to mass transportation,
    a diverse tenant base and high pedestrian traffic. The commercial portfolio consists of approximately 474,000 square feet
    (remeasured to approximately 560,000 square feet) leased to the City of New York.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Our residential properties in Tribeca are
located in a neighborhood that has one of the highest average market rents in Manhattan and one of the lowest vacancy rates
in Manhattan (based on a CitiHabitats market report as of July 2016 combining Tribeca with the adjacent SoHo neighborhood) as
well as convenient access to mass transit. We believe that these favorable market characteristics, coupled with our plans to
reposition the Tribeca House properties to provide better service levels and finishes, will allow for improved rents and
financial results for the Tribeca House properties over the next two to three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> Our newly acquired Aspen residential property in Manhattan
is a relatively new building occupying a full city block in a transitional neighborhood located just north of the Yorkville neighborhood,
which, according to StreetEasy, as of December&nbsp;6, 2016, had average asking rents per square foot in excess of $48, as compared
to the average existing rent in the Aspen property of approximately $33 per square foot. Additionally, according to New York City
projections, the new Second Avenue subway line, the first phase of which is currently scheduled for completion in late 2016, will
extend to within two blocks of the Aspen property. We believe these transitional activities and our plans to upgrade the finishes
of the property will allow for improved rents and financial results for the Aspen property over the next two to three years. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Our residential property complex in the East Flatbush
neighborhood is located in an entry-level, low-cost area that provides more reasonably priced housing than that in Manhattan and
more upscale Brooklyn neighborhoods. The complex has convenient access to public transportation, including the Newkirk Avenue and
Flatbush Avenue &ndash; Brooklyn College subway stations. Brooklyn College, Beth Israel Hospital and SUNY Downstate Medical Center
are all within approximately one mile of the complex and a higher-priced condominium development has begun in East Flatbush. Additionally,
surrounding neighborhoods are experiencing higher rents. We believe that these nearby improvements to the residential market, coupled
with our ongoing renovation and repositioning strategy, will steadily allow higher rents, improved tenant credit quality and improved
financial results for the Flatbush Gardens property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Experienced and Committed Management Team with Proven Track Record over Generations.</B> Our senior management team
    is highly regarded in the real estate community and has extensive relationships with a broad range of brokers, owners, tenants
    and lenders. We have substantial in-house expertise and resources in asset and property management, leasing, marketing, acquisitions,
    construction, development and financing, and have a platform that is highly scalable. Members of our senior management team
    have worked in the real estate industry an average of approximately 21 years, and David Bistricer and Sam Levinson, Co-Chairmen
    of our board of directors, have worked together for approximately 17 years. Our senior management and their immediate family
    members own shares of our common stock and LLC units of our predecessor entities that are exchangeable into shares of our
    common stock on a one-for-one basis, which will in the aggregate represent about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of
    our common stock on a fully diluted basis immediately after this offering.&nbsp;&nbsp;As a result, we believe the interests
    of management are aligned with those of our stockholders, creating an incentive to maximize returns for our stockholders.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt"><B>Balance Sheet Well Positioned for Future Growth</B>. We have
    established a target leverage ratio in the range of 45% to 55%. We define our leverage ratio as the ratio of our net debt
    (defined as total debt less cash) to the fair market value of our properties. We will seek to use the net proceeds of this
    offering, together with our cash on hand, which at September 30, 2016 was $41.6 million, pro forma for the refinancing of
    Tribeca House debt on November 9, 2016, and refund of an acquisition deposit on November 14, 2016 (actual amount as of that
    date was $82.1 million), to fund approximately $31 million of certain capital improvements to reposition and modernize our
    properties through 2018 and fund acquisitions of properties consistent with our strategy of acquiring multi-family or commercial
    properties in the New York metropolitan area. In addition, we expect to benefit from organic deleveraging through ongoing
    cash flow generation and increases in property values over time. As of September 30, 2016, we had total net debt outstanding
    pro forma for the refinancing of Tribeca House debt on November 9, 2016, and refund of an acquisition deposit on November
    14, 2016 of approximately $723.1 million (actual amount as of that date was $732.6 million), before debt issuance costs, all
    of which is property-level debt, indicating a leverage ratio of approximately 49.3%, which is within our target range. We
    are not obligated to maintain any specific leverage ratio and our leverage ratio may from time to time be higher or lower
    than our target level, which may be changed by our board of directors.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 100; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> As of September 30, 2016, pro forma for the refinancing
of Tribeca House debt on November 9, 2016, our debt had a weighted average interest rate of 4.3%, a weighted average maturity
of 5.5 years, and 46.4% of the debt was fixed-rate indebtedness. For the nine months ended September 30, 2016 and the year ended
December&nbsp;31, 2015, our pro forma adjusted earnings before interest, income tax, depreciation, amortization and stock based
compensation (&ldquo;Adjusted EBITDA&rdquo;) was $34.5 million and $45.9 million respectively; and pro forma net loss available
to common stockholders was approximately $1.5 million and $1.5 million, respectively. Following the refinancing of the Tribeca
House debt on November 9, 2016, we have no debt maturing until November 2018. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 48px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin: 0pt 0"> <B>Strong Internal Growth Prospects.</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                have substantial rent growth potential within our current portfolio as a result of the strong
                                historical and projected future rental rate growth within our submarkets, contractual fixed rental
                                rate increases included in our leases, incremental rent potential from the lease-up of our portfolio
                                and anticipated rent increases resulting from our ongoing property repositioning efforts. For
                                the 141 Livingston Street property, the main commercial tenant, the City of New York, entered
                                in December 2015 into a new 10-year lease, resulting in an overall increase in annual rental revenue
                                of approximately 149% as compared to the prior lease. For the 250 Livingston Street property,
                                a property featuring a similar class of office space as the nearby 141 Livingston Street property,
                                the same tenant has two leases expiring in August 2020. We recently entered into a lease renewal
                                and amendment agreement to renew a lease that terminated in December 2016 on annual terms that
                                increased rent by approximately $2.6 million. Should new leases for the leases expiring in August
                                2020 be entered into on the same annual terms (adjusted for the increase of rent under the 141
                                Livingston Street lease to $50.00 per square foot beginning the sixth year of that lease), the
                                implied increase in annualized rent for that lease would be $9.9 million beginning in September
                                2020. For the residential Tribeca House properties, we believe we can achieve substantial increases
                                in rents based on comparable rents in the Tribeca neighborhood and our intention to improve service
                                levels and quality of finishes in the buildings commensurate with standards at comparable buildings
                                in the neighborhood. Currently, residential rents in our Tribeca House properties average approximately
                                $68 per square foot, whereas comparable residential rents in the Tribeca neighborhood average
                                in excess of $80 per square foot (based on StreetEasy listings as of December 6, 2016), indicating
                                an opportunity to increase our total 2016 rental revenue as of November 1, 2016 by approximately
                                $7.1 million per year ($5.8 million predicated on attainment of market rents and $1.3 million
                                on attainment of higher occupancy). As of November 1, 2016, 1.3% of the apartments in our Tribeca
                                House properties rented below $50 per square foot, 14.8% rented between $50 and $60 per square
                                foot, 38.3% rented between $60 and $70 per square foot, 30.1% rented between $70 and $80 per square
                                foot, 12.8% rented between $80 and $90 per square foot, and 2.7% rented above $90 per square foot.
                                (We also expect that real estate tax expense will increase by approximately $4.7 million as a
                                result of cessation of certain exemptions and abatements and increased assessments.) At the newly
                                acquired Aspen property, we believe there is an opportunity to increase rents over one to three
                                years for the units with no rental restrictions (approximately 55% of the units) from the existing
                                $38 per square foot closer to comparable rentals in the immediate neighborhood which on average
                                are in excess of $48 per square foot, as measured by StreetEasy listings as of December&nbsp;6,
                                2016 for doorman rentals eight blocks north, four blocks south and three blocks west of the Aspen
                                property. For the Flatbush Gardens residential complex, we believe we can achieve steady increases
                                in rent approximating $1 to $2 million total per year as a result of our property renovation programs
                                and increases in market rents already experienced in surrounding neighborhoods. Average rent per
                                square foot increased from $18.88 (94.4% occupancy) at December 31, 2013 to $19.69 (95.6% occupancy)
                                at December 31, 2014 to $20.63 (97.0% occupancy) at December 31, 2015 and $21.22 at November 1,
                                2016 (96.8% occupancy). Since acquisition in 2005, the average rent per square foot has risen
                                from approximately $13.25 to approximately $21.22, a 60% increase. As a result of the rent stabilization
                                laws and regulations of New York City (including, in particular, a determination of the New York
                                City Rent Guidelines Board in June 2016), effective for at least one year beginning October 1,
                                2016, increases for rent stabilized apartments, comprising approximately 46% of our apartments
                                at our Flatbush Gardens property, will be limited to no increase for one-year leases and 2% for
                                two-year leases. See &ldquo;Risk Factors&mdash;Risks Related to Real Estate&mdash;Multi-family
                                residential properties are subject to rent stabilization regulations, which limit our ability
                                to raise rents above specified maximum amounts and could give rise to claims by tenants that their rents exceed
such specified maximum amounts.&rdquo;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></P>


</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Business and Growth Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our primary business objective is to enhance
stockholder value by increasing cash flow from operations and total return to stockholders. The strategies we intend to execute
to achieve this goal include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 48px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin: 0pt 0"> <B>Increase Existing Below-Market Rents.</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                believe we can capitalize on the successful repositioning of our portfolio and improving market
                                fundamentals to increase rents at several of our properties. At the 250 Livingston Street property,
                                we have 266,569 square feet of leases with the City of New York that expire in August 2020, which
                                have been remeasured according to REBNY standards to approximately 353,000 square feet and for
                                which we believe we can achieve increases in rent similar to the increase achieved recently at
                                nearby 141 Livingston Street, featuring a similar class of office space. We recently entered into
                                a lease renewal and amendment agreement with the City of New York for a portion that expired on
                                December 31, 2016, increasing GLA from the current 79,424 square feet at $21.50 per square foot
                                to approximately 107,000 square feet at $40.00 per square foot, generating additional annual revenue
                                of approximately $2.6 million.&nbsp;This lease terminates with the other lease expiring August
                                2020 presently covering 187,145 square feet at $18.49 per square foot.&nbsp;&nbsp;Should new leases
                                be entered into at that time to the remeasured square feet of approximately 353,000 and rent of
                                $50.00 per square foot (as indicated in the lease with the City of New York at our neighboring
                                141 Livingston Street property), we would realize additional aggregate annual rental revenue of
                                approximately $9.9 million. We also believe that the significant growth in Downtown Brooklyn as
                                a residential location offers a potential alternative to convert 250 Livingston Street and/or
                                141 Livingston Street to residential apartments, an activity for which management has demonstrated
                                expertise. Our management will continue to evaluate alternative strategies for these buildings
                                to maximize risk-adjusted returns to stockholders. At the Tribeca House properties, the buildings&rsquo;
                                average rent of $68 per square foot is significantly below the average rent for other comparable
                                Tribeca House rentals in excess of $80 per square foot based on StreetEasy listings as of December
                                6, 2016. We believe we can achieve significant growth in rents over the next two to three years
                                by improving service levels and quality of finishes in the buildings, and more efficiently managing
                                the re-leasing process. We also believe that the average rental rate of approximately $48 per
                                square foot under in-place leases for the retail portion of the Tribeca House properties is significantly
                                below market, as evidenced by a lease we signed in July 2015 to rent our only then-vacant street-front
                                retail space at the Tribeca House properties for $140 per square foot, a space that had been vacant
                                since 2001. Two other leases comprising approximately 4,600 square feet expire in 2019. At the
                                Flatbush Gardens complex, as a result of our renovation and repositioning strategy since 2006
                                and our intention to continue refurbishing the property, as well as improvements in the residential
                                rental market in surrounding neighborhoods, we believe we can continue to improve tenant quality
                                and increase rents, as demonstrated by the above-mentioned steady increase in aggregate rents
                                per square foot and continued high occupancy levels. At the newly acquired Aspen property, we
                                believe there is an opportunity to increase rents over one to three years for the units with no
                                rental restrictions (approximately 55% of the units) from the existing $38 per square foot closer
                                to comparable rentals in the immediate neighborhood which on average are in excess of $48 per
                                square foot, as measured by StreetEasy listings as of December 6, 2016 for doorman rentals eight
                                blocks north, four blocks south and three blocks west of the Aspen property.</FONT> </P>


</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Disciplined Acquisition Strategy Focused on Premier Submarkets and Assets. </B>Since 1979, David Bistricer has overseen
    the acquisition of multi-family residential and commercial properties, including our current portfolio, primarily in our targeted
    submarkets of New York City. We intend to continue our core strategy of acquiring, owning and operating multi-family residential
    rental and commercial properties within submarkets that have high barriers to entry, are supply-constrained, exhibit strong
    economic characteristics and have a pool of prospective tenants in various industries that have a strong demand for high-quality
    commercial space. We believe that owning assets within New York City, one of the best residential and commercial markets in
    the United States, will allow us to generate strong cash flow growth and attractive long-term returns. We will opportunistically
    pursue attractive opportunities to acquire multi-family residential and commercial properties, focusing our acquisition strategy
    primarily on multi-family residential properties in densely populated communities in the New York metropolitan area (primarily
    in Brooklyn and Manhattan) and, to a lesser extent, on commercial properties, where we will maintain a disciplined approach
    to ensure that our acquisitions meet our core strategy. Our strong balance sheet, access to capital and ability to offer operating
    partnership units in tax deferred acquisition transactions should give us significant flexibility in structuring and consummating
    acquisitions. We seek to acquire properties that will command premium rental rates and maintain higher occupancy levels than
    other properties in our markets. We are a highly active market participant that reviews numerous acquisition opportunities
    annually; however, we are highly selective in the properties that we ultimately acquire. We intend to strategically increase
    our market share in our existing submarkets and selectively enter into other submarkets in the New York City metropolitan
    area with similar characteristics. Our acquisition strategy will focus primarily on long-term growth and total return potential
    rather than short-term cash returns. We believe we can utilize our deep industry relationships and our expertise in redeveloping
    and repositioning both residential and commercial properties to identify acquisition opportunities where we believe we can
    increase occupancy and rental rates. Many of our Predecessor&rsquo;s acquisitions were sourced on an off-market basis. As
    long-term owners and operators in our submarkets, we have a reputation among the broker community for moving expeditiously
    and for being a reliable counterparty.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 102; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Proactive Asset and Property Management. </B>We believe our proactive, service-intensive approach to asset and property management helps increase occupancy and rental rates, manage operating expenses and maximize Adjusted EBITDA. We provide our own fully integrated asset and property management platform, which includes in-house legal, marketing, accounting, finance and leasing departments for our portfolio, and our own tenant improvement construction services. The development and retention of top-performing property management personnel have been critical to our success. We utilize our comprehensive building management services and our strong commitment to tenant relationships to negotiate attractive leasing deals and to attract and retain high credit-quality tenants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 48px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt"><B>Capital Program to Reposition Assets. </B>We believe we can
    reposition our properties through a capital program to achieve rent growth in an expedited fashion. Together with the proceedings
    of this offering and our cash on hand, which at September 30, 2016 was $41.6 million, pro forma for the refinancing of Tribeca
    House debt on November 9, 2016 and refund of an acquisition deposit on November 14, 2016 (actual amount on that date was
    $82.1 million), we intend to set aside approximately $31 million to cover this program
    through 2018 (as well as to fund acquisitions of properties consistent with our strategy).</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> Our Tribeca House properties will undergo an upgrade
to common areas (media/conference room, game room, children&rsquo;s room, basketball court and roof) and a redesign of our lobbies
at a cost of approximately $5.0 million in 2016 and 2017&mdash;all with the goal of enhancing the experience of our renters as
they first enter the building and utilize the common areas. To date, we have spent approximately $2.1 million the common areas
and lobbies project. Concurrently, we intend to redesign and replace floors, kitchens, lighting and appliances on the interior
of apartments as new renters move in at a cost of approximately $4.8 million in 2017 and 2018 and approximately $1.5&ndash;$2.0
million per year thereafter. To date, we have spent approximately $4.9 million on apartment renovations. We expect the improved
experience in common areas will support higher rents consistent with the rent levels in the neighborhood. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> At our Flatbush Gardens apartment complex, which
consists of 2,496 apartments in 59 buildings clustered around seven courtyards spread over 21.4 acres, we expect to undertake
a significant modernization program. We have undertaken and expect to continue projects to landscape and waterproof a significant
terrace area and refurbish a number of lobbies, stairwells and windows for tenant enjoyment, to upgrade outdoor lighting and install
a comprehensive security camera network for enhanced security and to refurbish basement areas for installation of revenue generating
laundry facilities and storage units at a cost of approximately $12.4 million in 2016 and 2017. Supported by these improvements
to common areas, we then may perform substantial upgrades to an increasing number of apartments (floors, windows and appliances),
which may cost approximately $3.8 million for up to 125 units in 2016 and 2017 in addition to more routine refurbishments of $1.7
million to up to 335 units. To date, we have spent approximately $10.9 million on the terrace and common areas improvements, and
approximately $2.0 million on apartment renovations. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> Our 141 Livingston Street property will have approximately
$4.1 million of improvements in accordance with the new lease with the City of New York described above that has increased our
rent from approximately $3.3 million per annum to approximately $8.2 million per annum. In addition, we expect to spend approximately
$2.6 million to modernize elevators, replace a boiler and roof and install a modern building management system. To date, we have
spent approximately $500,000 on improvements required in accordance with the new lease with the City of New York, and approximately
$701,000 on elevator, boiler and roof upgrades. Lastly, at our 250 Livingston Street property we expect to renovate the facade
and entrance and build new penthouses at a cost of approximately $3.1 million. Lastly, at our Aspen property, while the building
is relatively new, the Company presently expects to spend a minimum of $1 million to improve certain finishes of the property.
</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our Portfolio Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of November 1, 2016 our portfolio
consisted of five properties totaling approximately 2.9 million rentable square feet and was approximately 96.4% leased. These
properties include the Flatbush Gardens complex, a 59-building residential complex, two properties in Downtown Brooklyn, one of
which is exclusively commercial and one of which is mixed commercial and residential, the Tribeca House properties which consist
of two nearly adjacent residential properties with some street level and mezzanine level retail space and an externally managed
parking garage, and the Aspen property, which is a residential building with some street level retail space and an externally
managed parking garage. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The table below presents an overview
of the Company&rsquo;s portfolio as of November 1, 2016: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Address </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Submarket </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Built/<BR> Renovated </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Leasable<BR> Sq. Ft. </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> # Units </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Percent<BR> Leased </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 Base<BR> Rental<BR>
    Revenue<BR> (in millions) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 8pt"><B>Net
                                         Effective</B></FONT> </P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 8pt"><B>Rent
                                         Per</B></FONT><BR><FONT STYLE="font-size: 8pt"> <B>Square Foot</B></FONT> </P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Multifamily </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; text-align: left"> 50&nbsp;Murray Street </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 9%"> Manhattan </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 1964 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 395,848 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 389 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 87.8 </TD><TD STYLE="width: 1%; text-align: left"> % </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 7%; text-align: right"> 23.7 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 7%; text-align: right"> 68.11 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 53 Park Place </TD><TD> &nbsp; </TD>
    <TD> Manhattan </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1921 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 85,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 116 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 96.1 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5.4 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 66.26 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Flatbush Gardens complex </TD><TD> &nbsp; </TD>
    <TD> Brooklyn </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1950 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,734,885 </TD><TD STYLE="text-align: left"> (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 97.2 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 35.8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 21.22 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 250 Livingston Street </TD><TD> &nbsp; </TD>
    <TD> Brooklyn </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1920 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 26,819 </TD><TD STYLE="text-align: left"> (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 36 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 87.6 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 51.07 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> Aspen </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Manhattan </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 2004 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 165,542 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 232 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 96.6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5.3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 33.14 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,408,517 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,269 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95.5 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 71.4 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 31.04 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Commercial </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 141 Livingston Street </TD><TD> &nbsp; </TD>
    <TD> Brooklyn </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1959 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 206,084 </TD><TD STYLE="text-align: left"> (3) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 8.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 40.00 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> 250 Livingston Street </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Brooklyn </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 1920 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 266,569 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> (4) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5.6 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 20.92 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 472,653 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 13.8 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 29.24 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Retail </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 50&nbsp;Murray Street (retail) </TD><TD> &nbsp; </TD>
    <TD> Manhattan </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44,436 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 2.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 51.07 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 50&nbsp;Murray Street (parking) </TD><TD> &nbsp; </TD>
    <TD> Manhattan </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24,200 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1.1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 44.06 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 53 Park Place (retail) </TD><TD> &nbsp; </TD>
    <TD> Manhattan </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,600 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 39.19 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 141 Livingston Street (parking/other) </TD><TD> &nbsp; </TD>
    <TD> Brooklyn </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,989 </TD><TD STYLE="text-align: left"> (3) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> (5) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.3 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 32.68 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 250 Livingston Street (retail) </TD><TD> &nbsp; </TD>
    <TD> Brooklyn </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 990 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 83.45 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 250 Livingston Street (parking) </TD><TD> &nbsp; </TD>
    <TD> Brooklyn </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.2 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Aspen (retail) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Manhattan </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 21,060 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 100.0 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 0.9 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 42.60 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Aspen (parking) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> Manhattan </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 0.3 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109,275 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100.0 </TD><TD STYLE="text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5.5 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 50.39 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> Total </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 2,990,445 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 3,285 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 96.4 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> % </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 90.7 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 31.48 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Comprises 59 buildings</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Conversion of floors 9-12 into residential units occurred in 2003-2005, 2008-2009 and 2013, with renovation of residential
units on the 12<SUP>th</SUP> floor from 2014 to the present.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Measured according to REBNY standards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Has been remeasured to 353,895 square feet according to REBNY
                                         standards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Month-to-month.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below presents an overview of
commercial and retail lease expirations for 10 years beginning 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left"> Year </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Number of<BR> Tenants </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Total Area<BR> Square Feet </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> Gross<BR> Annual Rent </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"> % Gross Annual<BR> Rental </TD><TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; text-align: left"> 2016 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 16%; text-align: center"> 1 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 14%; text-align: right"> 79,424 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 14%; text-align: right"> 1,707,616 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 14%; text-align: right"> 8.8 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2017 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 1 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 33,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,026,092 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.3 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 2018 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &ndash; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2019 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 3 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,838 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 543,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.8 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 2020 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 1 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 187,145 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,095,098 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 21.2 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2021 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &ndash; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 2022 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 1 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24,200 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,066,266 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.5 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2023 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &ndash; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,812 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 653,470 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.4 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> 2024 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 1 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 206,084 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8.243,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 42.7 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> 2025 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 1 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,627 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 495,621 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.6 </TD><TD STYLE="text-align: left"> % </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 105; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Descriptions of Our Properties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tribeca House Properties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company purchased the 50&nbsp;Murray
Street and 53 Park Place buildings on December 15, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These buildings were built in 1964 and
1921, respectively, renovated in 2001, and comprise a total of 505 units which include studio and one- and two-bedroom apartments
as well as retail space and parking. The buildings are both full service luxury rentals which include building finishes such as
ceilings as high as 11 feet, stainless steel appliances and granite countertops and amenities such as a doorman, elevator, landscaped
roof deck, rooftop basketball court, tenant lounge, game room, toddlers&rsquo; play room, in-house valet service and screening
room. 50&nbsp;Murray Street includes 389 units and 394,238 square feet and 53 Park Place includes 116 units and 85,423 square
feet. Both buildings are unencumbered by rent regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca neighborhood has one of
the highest average market rents in Manhattan and one of the lowest vacancy rates in Manhattan (based on a CitiHabitats market
report as of July 2016 combining Tribeca with the adjacent SoHo neighborhood) as well as convenient access to mass transit. These
conditions indicate an owner-favorable residential rental market where renters occupy their units for an extended period of time.
We believe many affluent renters have been priced out of Manhattan for-sale coop and condo markets and have limited options in
the residential rental market in Tribeca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The properties also feature approximately
77,200 square feet of retail space, comprising approximately 53,000 square feet of street-level and mezzanine-level retail space
and an externally-managed garage. Tenants in this space include Equinox, a premium fitness club, and the Amish Market, a food market.
Other tenants include AT&amp;T, Starbucks and Apple Bank. The average lease duration of retail tenants is approximately nine years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is in the process of
undertaking a capital program for the Tribeca House properties. The program&rsquo;s budget is estimated to be $15.6 million
and it will be conducted in phases. The first phase will focus on improvements in the lobby at 50&nbsp;Murray Street. The
lobby has not been renovated since the 2001 conversion of the building from office space and needs to be updated to suit the
tastes and styles of tenants in the present. We believe capital investments in select units will allow us to attract more
affluent tenants that will be willing to pay higher rents in exchange for high quality finishes, appliances, remodeled
kitchens and bathrooms, and improved closet space. We believe a capital plan that upgrades the common areas and individual
units will bring the Tribeca House properties up to the standards of the surrounding neighborhood.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Following the refinancing of Tribeca
House debt on November 9, 2016, there is $410 million in mortgage and mezzanine debt related to the Tribeca House properties,
in the form a mortgage note of $335 million to Deutsche Bank and a $75 million mezzanine note to SL Green Finance. The notes bear
interest at blended rate of one-month LIBOR plus 3.75%. Both the mortgage note and the mezzanine note mature on November 9, 2018
and give us the option to extend the maturity date of both loans together up to three one-year terms. David Bistricer and an entity
controlled by Sam Levinson entered into guaranties of recourse obligations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Property highlights include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Location</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>50 Murray Street and 53 Park Place</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Building Type</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Residential</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Retail</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 106; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Number of units</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>505 units</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Other Amenities</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Doorman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Landscaped roof deck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Rooftop basketball court</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Tenant lounge</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Game room</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Toddler&rsquo;s play room</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>In house valet service</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Screening room</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nearby rapid transit access</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>MTA Subway A, C, E, N, R, 1, 2, 3 trains</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>PATH train</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Flatbush Gardens</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Flatbush Gardens is a 59-building complex
located along Foster Avenue between Nostrand and Brooklyn Avenues in the East Flatbush neighborhood of Brooklyn. The property&rsquo;s
59 buildings are located on seven tax parcels. The complex was constructed around 1950 and contains 2,496 studio, one-bedroom,
two-bedroom, and three-bedroom apartments and four below-grade garages. The aggregate site area is 898,940 square feet, the aggregate
gross building area is 1,926,180 square feet and the gross leasable area is 1,734,885 square feet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><B>Site Area</B></TD>
    <TD NOWRAP><B>&nbsp;</B></TD>
    <TD NOWRAP><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><B>Net Leasable</B></TD>
    <TD NOWRAP><B>&nbsp;</B></TD>
    <TD NOWRAP><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><B>No. of</B></TD>
    <TD NOWRAP><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><B>Address</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Block</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Lot</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>(Sq. Ft.)</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Area (Sq. Ft.)</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Units</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 45%">3101 Foster Avenue</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">4964</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">47</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">60,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">118,320</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">168</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>1405 Brooklyn Avenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">47,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">86,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">144</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>1402 Brooklyn Avenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">161,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">292,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">420</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>1368 New York Avenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">195,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">352,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">504</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>3505 Foster Avenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">182,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">353,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">504</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>3202-24 Foster Avenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">112,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">237,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">336</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt">1401 New York Avenue</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">4981</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">1</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">138,745</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">293,115</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">420</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right"><B>898,940</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right"><B>1,734,885</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right"><B>2,496</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Community District 17 is a mixed-income
community. Based on the 2010 Census data, Environmental Systems Research Institute (ESRI) estimates the 2011 median and average
household incomes were $39,558 and $47,014, respectively. ESRI projects that over the next five years the number of households
with income levels of $75,000 or greater will increase significantly and continue the gentrification of the neighborhood. East
Flatbush possesses adequate linkage to the area&rsquo;s shopping centers, recreational facilities, public service facilities and
employment centers to make it a highly desirable residential neighborhood.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 107; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe Flatbush Gardens represents
an entry-level, low-cost option in the market and that we will increasingly draw tenants who have been priced out of other New
York City sub-markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The neighborhood surrounding the Flatbush
Gardens complex is residential on all sides. For long periods of time, Flatbush Gardens stood side by side with a vibrant working-class
neighborhood, but in the 1960s the area began to change. The neighborhood shifted as longstanding middle-class residents moved
out of the neighborhood and were replaced by recent immigrants. Over time, Flatbush Gardens became a low-cost rental option in
Brooklyn and the tenant quality and the physical appearance of the complex declined rapidly and criminal activity increased significantly.
When we acquired the complex in 2005, it was in disrepair. However, the essential residential neighborhood feel around the complex
remained. Unlike other New York City housing communities where entire neighborhoods were blighted, we believe the residential areas
surrounding this property&rsquo;s neighborhood remained intact. The Newkirk Avenue subway station, which is serviced by the No.
2 and No. 5 trains, is located on the west side of the complex. Brooklyn College is located 0.6 miles along Nostrand Avenue to
south of Flatbush Gardens. The No. 2 and No. 5 trains, which service both Flatbush Gardens and Brooklyn College, provide direct
access to the west side and east side, respectively, of Manhattan, as well as other points in Brooklyn. Two larger regional medical
centers are located within a mile of the complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Over the past eight years, we have steadily
expended funds to bring the internal and external areas of the complex to code and provide reliable basic services. As a result
of our effort in managing the complex, including these upgrades, we have reduced outstanding New York City violations from over
8,000 at the time of the acquisition to approximately 359 currently, and substantially improved resident safety. The management
team uses EMPOWER software, commonly used in this space, to efficiently and effectively manage resident complaints in order to
remedy potential violations to the extent possible. EMPOWER alerts the management team with real-time data directly from New York
City agencies, including the Department of Housing Preservation &amp; Development, so management can take appropriate action in
responding to residents&rsquo; concerns. Utilizing the software provides the management team with powerful tools to manage work
orders, requests, complaints, violations, hearings, compliance, inspections, registrations, permits, job fillings and financial
statements. By streamlining day-to-day operations, delivering early notifications of new complaints and keeping track of important
dates and events, EMPOWER allows the management team to save time addressing potential violations by resolving them before they
escalate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe we are now in position to
take the complex to a higher level of service and amenities. The neighboring areas are improving rapidly, as rental rates have
increased significantly and condo development has begun to penetrate the neighborhood. Neighborhood schools and parks have been
upgraded. We believe that the gentrification trends that are moving east across Brooklyn have arrived in East Flatbush. These
trends tie into our belief that rental rates at Flatbush Gardens are now significantly below the local market rates. The surrounding
neighborhood has moved well ahead of Flatbush Gardens in terms of rental rates which we believe provides us with an opportunity
to significantly improve our position in the market. Based on the improving tenant credit profile that we see in tenant applications
on a weekly basis, we believe residents who would not have considered our complex when we acquired the property are now looking
at Flatbush Gardens as a viable lower-cost housing option. We believe a capital investment plan that upgrades the common areas
and park-like open spaces of the complex will bring Flatbush Gardens up to the standards of the surrounding neighborhood. Increasingly,
the limited supply of units in Flatbush Gardens&mdash;currently a low-cost option in East Flatbush&mdash;supports our vision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company is in the process of
undertaking a comprehensive capital program for the Flatbush Gardens complex. The program&rsquo;s budget is estimated to be
approximately $31 million and it will be conducted in multiple phases dependent on various tiers of priority. The first phase
of the capital program will focus on completing improvements on the common areas of the complex, including the lobbies,
outdoor activity space and playgrounds. This will improve the overall facade of the complex and assist in increasing rent
growth. Through this program, we plan to develop a community atmosphere in the complex. The second phase of the capital
program will focus on upgrades to individual apartments on a rolling basis. We expect to perform both major overhauls and
minor improvements where deemed necessary. The Company is currently receiving average rents of $21.22 per square foot, while
market rents in the area average approximately $30.00 per square foot per StreetEasy listings in Flatbush and Northeast
Flatbush as of December&nbsp;6, 2016. We believe committing to such capital improvements in Flatbush Gardens will
permit us to realize the difference in rents between existing rates and where the market is pricing similar apartments in
nearby neighborhoods. To implement the program, we intend to utilize contractors with whom we have worked in the past, both
at Flatbush Gardens and in other locations, and we have the ability to engage additional contractors given our strong
relationships and reputation in the local market. Additionally, given the size of the complex, we will be able to take
advantage of bulk pricing and economies of scale to reduce costs and enhance returns on our investment. We expect to complete
the aforementioned capital program at Flatbush Gardens in 2018 with respect to exterior work and in 2019 with respect to
interior work. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 108; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is $170 million in mortgage debt
secured by Flatbush Gardens, as of June&nbsp;30, 2016, in the form of two mortgage notes to New York Community Bank. A $150 million
mortgage note matures on October 1, 2024 and has a fixed interest rate of 3.88%. A $20 million mortgage note also matures on October
1, 2024 and has an interest rate of 3.88% through September 2019, after which the interest is Prime plus 2.75% subject to an option
to fix the rate. Under both notes, we have the option to prepay all (but not less than all) of the unpaid balance of the loan
prior to the maturity date, but must pay a prepayment premium of 4% if the prepayment occurs prior to October 1, 2016, 3% if it
occurs from October 1, 2016 through September 30, 2017, 2% if it occurs from October 1, 2017 through September 30, 2018, and 1%
if it occurs from October 1, 2018 through June&nbsp;30, 2019. David Bistricer entered into guaranties of recourse obligations
in connection with both notes for which we will indemnify him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Property highlights include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Building Type</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Residential</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number of units</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>2,496 units</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Other Amenities</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Park-like space between buildings</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Parking lots</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nearby rapid transit access</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>MTA Subway 2, 5 trains</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>141 Livingston Street</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 141 Livingston Street property is
a 15-story commercial property totaling 206,084 square feet located on a 0.26-acre site at 141 Livingston Street in Downtown Brooklyn.
The property&rsquo;s main commercial tenant, the City of New York, executed a new 10-year lease in December 2015, with effect
as of June 2014. Under the agreement with the City of New York, the tenant has an option to terminate the lease after five years.
However, if it decides to continue to occupy the building after five years, the rent will increase by 25%, or $2.1 million, beginning
the sixth year of the lease. The agreement with the City of New York, as compared to the prior lease, increases rent by 82% per
square foot and increases the rentable square feet by 37% as a result of a building remeasurement, resulting in an overall increase
in rental revenue of approximately 149%. The lease imposes a requirement on the Company to refurbish the air-conditioning system
and perform other upgrades that the Company estimates will cost approximately $5.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 141 Livingston Street property is located
in Downtown Brooklyn, approximately 500 feet from the Jay Street-Metrotech, Hoyt-Schermerhorn, Hoyt Street, and Borough Hall subway
stops, offering direct one-seat access to the east and west sides of Manhattan, as well as access to surrounding regions of Brooklyn
and Queens, and connections to every other New York City subway line. The property is located near the Fulton Street Mall, a pedestrian
mall that runs along Fulton Street between Boerum Place and Flatbush Avenue, and is within walking distance from Barclays Center
and Atlantic Avenue. Due to its proximity to lower Manhattan and excellent transit accessibility, Downtown Brooklyn occupies a
valuable and unique position in New York City as a competitive, back-office alternative to New Jersey. In addition, the significant
residential development activity over the past few years has increased the residential population within Downtown Brooklyn. In
the future we may be able to convert the property to residential units, a change made at several nearby buildings, including 110
Livingston Street. Additionally, the property includes an adjacent lot at 22 Smith Street currently used as a parking lot having
approximately 5,000 square feet for which the Company has received written expressions of interest in excess of $15 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 109; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is $79.5 million in mortgage debt
secured by 141 Livingston Street, as of September&nbsp;30, 2016, in the form of a mortgage note to New York Community Bank. The
note bears interest at 3.875% and matures on June 1, 2028. We may prepay the debt in whole or in part, subject to a prepayment
premium. David Bistricer and Sam Levinson entered into a guaranty of recourse obligations in connection with this loan for which
we will indemnify them. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Property highlights include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Location</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>141 Livingston Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Building Type</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Commercial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Retail (parking)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tenant</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>City of New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Other Amenities</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Elevators</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Parking</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nearby rapid transit access</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>MTA Subway A, C, F, G, R, 2, 3, 4, 5 trains</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>250 Livingston Street</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> 250 Livingston Street is a 12-story
mixed-use building with commercial and residential uses on the upper floors and office and retail at grade. The total land area
of the site is 29,707 square feet. This space recently has been remeasured according to REBNY standards to approximately 353,000
square feet, an increase of approximately 33% consistent with the remeasurement described above at the nearby 141 Livingston Street
property, which features a similar class of office space. There is 266,569 square feet of office space which is currently 100%
leased to the City of New York&rsquo;s Department of Environmental Protection and Human Resources Administration under two leases
which each expire in August 2020. We recently entered into a lease renewal and amendment agreement with the City of New York for
renewal of a lease that expired at the end of 2016 at $40.00 per square foot for increased square feet that increased annual rent
by approximately $2.6 million. Additionally, the property includes 36 units, or 26,819 square feet, of multi-family residential
apartment units, which were developed by Clipper Equity in 2003 through 2013. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">250 Livingston Street is situated on
a block through site that is located along the north side of Schermerhorn Street and the south side of Livingston Street between
Bond and Hoyt Streets within Downtown Brooklyn. The upscale rental properties have a separate entrance on Schermerhorn Street,
which allows residential tenants access away from the office tenants&rsquo; entrance on Livingston. We are currently working on
a small capital plan to upgrade the 233 Schermerhorn entrance street fa&ccedil;ade, which we believe will provide a more residential
feel consistent with residential development in the area. Additionally, we recently entered into a lease for the retail space
on Schermerhorn Street close to the residential entrance. The new tenant, which operates multiple upscale delis in New York, is
paying approximately $80 per square foot. We believe this addition to Schermerhorn Street is an attractive, high quality amenity
for our residential tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 110; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The property is located in Downtown Brooklyn
near the Hoyt-Schermerhorn, Hoyt Street, DeKalb Avenue, and Nevins Street subway stations, offering direct one-seat access to the
east and west sides of Manhattan, as well as access to surrounding regions of Brooklyn and Queens, and connections to every other
New York City subway line. The Fulton Street Mall is one block north, and the property is within easy walking distance of Barclays
Center and Atlantic Avenue. The surrounding area is the site of much commercial and residential development, with new residential
developments including the Schermerhorn House, a 9-story, 217 unit residential building located at 160 Schermerhorn Street, and
the 25-story, 246-unit residential condominium building known as Be@Schermorhorn located at 189 Schermerhorn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is approximately $35 million in
mortgage debt secured by 250 Livingston Street, as of September&nbsp;30, 2016, in the form of a mortgage note to Citigroup Global
Markets Realty Corp., which has been securitized. The note requires monthly principal and interest payments of $179,000, bears
interest of 4.00% and matures on May 6, 2023. We may prepay the debt within two months of May 6, 2023 in whole without having
to pay a prepayment premium. David Bistricer entered into a guaranty of recourse obligations in connection with this loan for
which we will indemnify him. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Location</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>250 Livingston Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Building Type</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Commercial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Residential</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Retail</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tenant</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>City of New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Other Amenities</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Elevators</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nearby rapid transit access</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>MTA Subway A, B, C, F, G, Q, R, 2, 3, 4, 5 trains</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The Aspen property</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On June 27, 2016, the Company purchased
the Aspen property located at 1955&nbsp;1<SUP>st</SUP> Avenue, New York, NY for $103 million. The property fronts the west side
of First Avenue on the full block between 100<SUP>th</SUP> and 101st Streets,<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>and comprises 186,602 square feet, 232 residential rental units, three retail units and a parking garage. The residential
units are subject to regulations established by the HDC under which there are no rental restrictions on approximately 55% of the
units and low and middle income restrictions on approximately 45% of the units. The residential units feature stainless steel
appliances including a range, oven, refrigerator, microwave, and dishwasher. The project amenities include a courtyard, game-room,
fitness center, clubhouse, laundry facilities and onsite below-grade garage parking. The residential apartment units are approximately
97% occupied at an average rental rate of approximately $33 per square foot. The retail units comprise of three grade-level commercial
spaces and a grade level parking garage with 109 licensed spaces. The retail space is fully occupied at an average rental rate
of approximately $42.60 per square foot. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is $70 million in mortgage debt
secured by Aspen as of June 30, 2016 in the form of a mortgage note with Capital One Multifamily finance LLC. The note matures
on July 1, 2028 and bears interest at 3.68%. The note requires interest-only payments through July 2017, monthly principal and
interest payments of $321,000 from August 2017 through July 2028 based on a 30-year amortization schedule and principal and interest
payments thereafter based on the remaining period of the initial 30-year amortization schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Location</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>1955 1<SUP>st</SUP> Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Building Type</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Residential</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Retail</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Other Amenities</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Courtyard, game room, fitness center</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nearby rapid transit access</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>MTA Subway 4, 5, 6 trains</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 111; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Environmental and Related Matters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under various federal, state and local
laws, ordinances and regulations, as a current or former owner and operator of real property, we may be liable for costs and damages
resulting from the presence or release of hazardous substances (such as lead, asbestos and polychlorinated biphenyls), waste,
petroleum products and other miscellaneous products (including but not limited to natural products such as methane and radon gas)
at, on, in, under or from such property, including costs for investigation or remediation, natural resource damages, or third-party
liability for personal injury or property damage. These laws often impose liability without regard to whether the owner or operator
knew of, or was responsible for, the presence or release of such materials, and the liability may be joint and several. Some of
our properties have been or may be affected by contamination arising from current or prior uses of the property or adjacent properties
for commercial, industrial or other purposes. Such contamination may arise from spills of petroleum or hazardous substances or
releases from tanks used to store such materials. We also may be liable for the costs of remediating contamination at off-site
disposal or treatment facilities when we arrange for disposal or treatment of hazardous substances at such facilities, without
regard to whether we comply with environmental laws in doing so. The presence of contamination or the failure to remediate contamination
on our properties may adversely affect our ability to attract and retain tenants, and our ability to develop or sell or borrow
against those properties. In addition to potential liability for cleanup costs, private plaintiffs may bring claims for personal
injury, property damage or for similar reasons. Environmental laws also may create liens on contaminated sites in favor of the
government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties,
environmental laws may impose restrictions on the manner in which that property may be used or how businesses may be operated
on that property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 112; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of our properties may be adjacent to
or near other properties used for industrial or commercial purposes or that have contained or currently contain underground storage
tanks used to store petroleum products or other hazardous or toxic substances. Releases from these properties could affect our
properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our properties are subject
to various federal, state and local environmental and health and safety laws and regulations. Noncompliance with these environmental
and health and safety laws and regulations could subject us or our tenants to liability. These liabilities could affect a tenant&rsquo;s
ability to make rental payments to us. Moreover, changes in laws could increase the potential costs of compliance with such laws
and regulations or increase liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise
materially and adversely affect our operations, or those of our tenants, which could in turn have a material adverse effect on
us. We sometimes require our tenants to comply with environmental and health and safety laws and regulations and to indemnify
us for any related liabilities in our leases with them. However, in the event of the bankruptcy or inability of any of our tenants
to satisfy such obligations, we may be required to satisfy such obligations. We are not presently aware of any instances of material
noncompliance with environmental or health and safety laws or regulations at our properties, and we believe that we and our tenants
have all material permits and approvals necessary under current laws and regulations to operate our properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As the owner or operator of real property,
we may also incur liability based on various building conditions. For example, buildings and other structures on properties that
we currently own or operate or those we acquire or operate in the future contain, may contain, or may have contained, asbestos-containing
material. Environmental and health and safety laws require that asbestos-containing material be properly managed and maintained
and may impose fines or penalties on owners, operators or employers for noncompliance with those requirements. These requirements
include special precautions, such as removal, abatement or air monitoring, if asbestos-containing material would be disturbed during
maintenance, renovation or demolition of a building, potentially resulting in substantial costs. In addition, we may be subject
to liability for personal injury or property damage sustained as a result of releases of asbestos-containing material into the
environment. We are not presently aware of any material liabilities related to building conditions, including any instances of
material noncompliance with asbestos requirements or any material liabilities related to asbestos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our properties may contain
or develop harmful mold or suffer from other indoor air quality issues, which could lead to liability for adverse health effects
or property damage or costs for remediation. When excessive moisture accumulates in buildings or on building materials, mold growth
may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may
produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination
from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne
toxins or irritants above certain levels can be alleged to cause a variety of adverse health effects and symptoms, including allergic
or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could
require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants from the affected
property or increase indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose
us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs. We are not presently
aware of any material adverse indoor air quality issues at our properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Americans with Disabilities Act and Similar Laws</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our properties must comply with Title III
of the ADA to the extent that such properties are &ldquo;public accommodations&rdquo; as defined by the ADA. The ADA may require
removal of structural barriers to access by persons with disabilities in certain public areas of our properties where such removal
is readily achievable. In addition, The FHAA requires apartment communities first occupied after March 13, 1991, to comply with
design and construction requirements for disabled access. For projects receiving Federal funds, the Rehabilitation Act of 1973
also has requirements regarding disabled access. We have not conducted a recent audit or investigation of all of our properties
to determine our compliance with these or other federal, state or local laws. Noncompliance with the ADA could result in imposition
of fines or an award of damages to private litigants. The obligation to make readily achievable accommodations is an ongoing one,
and we will continue to assess our properties and to make alterations as appropriate in this respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 113; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We carry commercial general liability
insurance coverage on our properties, with limits of liability customary within the industry to insure against liability claims
and related defense costs. Similarly, we are insured against the risk of direct and indirect physical damage to our properties
including coverage for the perils of flood and earthquake shock. Our policies also cover the loss of rental revenue during any
reconstruction period. Our policies reflect limits and deductibles customary in the industry and specific to the buildings and
portfolio. We also obtain title insurance policies when acquiring new properties, which insure fee title to our real properties.
We currently have coverage for losses incurred in connection with both domestic and foreign terrorist-related activities. While
we do carry commercial general liability insurance, property insurance and terrorism insurance with respect to our properties,
these policies include limits and terms we consider commercially reasonable. In addition, there are certain losses (including,
but not limited to, losses arising from known environmental conditions or 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 our belief, economically impractical to maintain such
coverage. Should an uninsured loss arise against us, we would be required to use our own funds to resolve the issue, including
litigation costs. In addition, for properties we may self-insure certain portions of our insurance program, and therefore, use
our own funds to satisfy those limits, when applicable. We believe the policy specifications and insured limits are adequate given
the relative risk of loss, the cost of the coverage and industry practice and, in the opinion of our management, the properties
in our portfolio are adequately insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The leasing of real estate is highly competitive
in Manhattan, Brooklyn, and the greater New York metropolitan market in which we operate. We compete with numerous acquirers, developers,
owners and operators of commercial and residential real estate, many of which own or may seek to acquire or develop properties
similar to ours in the same markets in which our properties are located. The principal means of competition are rent charged, location,
services provided and the nature and condition of the facility to be leased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we face competition from numerous
commercial developers, real estate companies and other owners and operators of real estate for commercial buildings for acquisition
and pursuing buyers for dispositions. We expect competition from other real estate investors, including other REITs, private real
estate funds, domestic and foreign financial institutions, life insurance companies, pension trusts, partnerships, individual investors
and others that may have greater financial resources or access to capital than we do or that are willing to acquire properties
in transactions which are more highly leveraged or are less attractive from a financial viewpoint than we are willing to pursue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of November 25, 2016, we had approximately
180 employees who provide property management, maintenance, landscaping, construction management and accounting services. Certain
of these employees are covered by union-sponsored, collectively bargained, multiemployer defined benefit pension and profit-sharing
plans, and health insurance, legal and training plans. Contributions to the plans are determined in accordance with the provisions
of the negotiated labor contract. The Local 32BJ Service Employees International Union contract is in effect through December&nbsp;31,
2019. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, we are party to various
lawsuits, claims for negligence and other legal proceedings that arise in the ordinary course of our business. We do not believe
that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on our business,
financial condition or results of operations if determined adversely to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Clipper Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As has been widely reported, several
prosecutorial and regulatory entities have opened inquiries regarding the fundraising activities of New York City Mayor Bill de
Blasio. In connection with one of those inquiries, in August 2016 information subpoenas were sent to David Bistricer and Clipper
Equity, the entity through which David Bistricer operates his real estate business in properties in which our company does not
invest. Mr. Bistricer had organized a March 2016 fundraiser to benefit Mr. de Blasio's campaign committee. Mr. Bistricer and Clipper
Equity were advised that they were not targets   of the investigation. In September 2016, Mr. Bistricer and Clipper
Equity provided the documents requested by the subpoenas, which focused on contacts with de Blasio fundraisers or senior de Blasio
administration officials, contributions made to or solicited for campaign committees associated with Mr. de Blasio, and two business
transactions with the City of New York, including the renewal of our lease with the City of New York
at our 141 Livingston Street property.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 114; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Company Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive offices are located
at 4611 12<SUP>th</SUP> Avenue, Brooklyn, New York 11219. Our current facilities are adequate for our present and future operations.
Our telephone number is (718) 438-2804. Our website address is www.clipperrealty.com. The information on, or otherwise accessible
through, our website does not constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="main_013"></A>MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executive Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors consists of five
directors. Of these five directors, four are &ldquo;independent&rdquo; under NYSE listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below are the names, ages and
positions of our directors and executive officers as of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 30%; border-bottom: black 1pt solid"><B>Name</B></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><B>Age</B></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 58%; border-bottom: black 1pt solid"><B>Position with the Company</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>David Bistricer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">67</TD>
    <TD>&nbsp;</TD>
    <TD>Co-Chairman and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Lawrence E. Kreider, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">69</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>JJ Bistricer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">35</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> Jacob Schwimmer </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 46 </TD>
    <TD> &nbsp; </TD>
    <TD> Chief Property Management Officer </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> Sam Levinson </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 43 </TD>
    <TD> &nbsp; </TD>
    <TD> Co-Chairman, Head of Investment Committee </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> Howard M. Lorber </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 68 </TD>
    <TD> &nbsp; </TD>
    <TD> Director </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Robert J. Ivanhoe</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">63</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Roberto A. Verrone</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">48</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Bistricer</B> has been the managing member of Clipper
Equity for more than 10 years. He served as Co-Chairman of the board of directors of Coleman Cable Inc. from January 1999 through
February 2011. He was previously Co-Chairman of Riblet Products Corporation from January 1987 until its merger with the Coleman
Cable Inc. in 2000. Mr. Bistricer brings to our board of directors industry experience, leadership abilities and strategic insight
that make him a valuable asset as Co-Chairman of the board of directors and Chief Executive Officer. Mr. Bistricer has also been
the managing member of Berkshire Capital LLC and Morgan Capital, real estate investment firms that are no longer active, for more
than 10 years. He has also been the managing member and investor in a number of real estate investments unrelated to those of the
Company, principally in the New York City area, since approximately 1978.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lawrence E. Kreider, Jr. </B>was retired and self-employed
as a financial consultant from 2012 to August 2015, when he became the Chief Financial Officer of the Company. Mr. Kreider was
Chief Financial Officer of Cedar Realty Trust from 2007 to 2011, where he had direct responsibility for all aspects of the Company&rsquo;s
financial operations. From 2001 to 2007, Mr. Kreider was Senior Vice President, Chief Financial Officer, Chief Information Officer
and Chief Accounting Officer for Affordable Residential Communities, now named Hilltop Holdings Inc. From 1999 to 2001, Mr. Kreider
was Senior Vice President of Finance for Warnaco Group Inc. and, in 2000 and 2001, President of Warnaco Europe. From 1986 to 1999,
Mr. Kreider held several senior finance positions with Revlon, Inc., as Senior Vice President, Controller and Chief Accounting
Officer, and with MacAndrews &amp; Forbes Holdings. Prior to 1986, he held senior finance positions with Zale Corporation, Johnson
Matthew Jewelry Corporation and Refinement International Company. Mr. Kreider began his career with Coopers &amp; Lybrand, now
PricewaterhouseCoopers. Mr. Kreider holds a B.A. from Yale University and an M.B.A. from the Stanford Graduate School of Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JJ Bistricer </B>has, since 2006, served as Chief Operating
Officer at several properties in the New York City metropolitan area in which David Bistricer is General Manager, with direct
responsibility for acquisitions dispositions, leasing, property development and property operations. Mr. Bistricer has been an
officer of Clipper Equity since 2006. At the Flatbush Gardens property, Mr. Bistricer has served as overall operating manager
since 2006. At the 250 Livingston Street property, Mr. Bistricer managed the conversion of office space to residential since 2006.
Mr. Bistricer has served as Chief Operating Officer at the Tribeca House properties since acquisition in December 2014, responsible
for residential and retail leasing, development and operations. JJ Bistricer is the son of David Bistricer. As Chief Operating
Officer at a number of other properties in the New York metropolitan area, Mr. Bistricer has additional experience in repositioning
properties from office and hospital use to residential rental and condominium use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 116; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jacob Schwimmer </B>has, since 1992, managed, developed,
purchased and sold residential and commercial real estate properties in the New York City metropolitan area in conjunction with
his parents and in partnership with David Bistricer and Sam Levinson. Mr. Schwimmer, members of his family and family trusts were
principal investors in the acquisitions of the 141 and 250 Livingston Street properties in 2002 and the Flatbush Gardens property
in 2005. Mr. Schwimmer has served as the principal property management executive at these properties since acquisition. Mr. Schwimmer
also serves in the same capacity at another property in New York City in which David Bistricer is the managing member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sam Levinson </B>is the Chief Investment Officer at Glick
Family Investments, a private family office located in New York, New York, where he has overseen private equity investments since
2004. He has been a member of the board of directors of Stonegate Mortgage Corporation (NYSE: SGM) since 2013, serving as Chairman
of the Compensation Committee. Mr. Levinson has served as a director of Canary Wharf Group, a U.K. property developer and manager
of over 16 million square feet of Class&nbsp;A office and retail space, since 2004, including as a member of the Operating Committee
and Chairman of the Audit Committee. Mr. Levinson has also served as a non-executive director of Songbird Estates, Canary Wharf
Group&rsquo;s holding company, since 2004; of American European Group Insurance Company since 2006; and of Dynasty Financial Partners,
LLC, which provides investment and technology platforms for independent financial, investment, and wealth management advisors,
since 2011. Additionally, Mr. Levinson served as a director of Coleman Cable Inc., a manufacturer of wire and cable, from 2005
until its sale in 2014 and of West Coast Bancorp of Portland, Oregon from February 2011 until its sale in April 2013. Mr. Levinson&rsquo;s
wife is the niece of David Bistricer. We believe Mr. Levinson is qualified to serve as a Co-Chairman of our board of directors
because he is an experienced executive and director with numerous years of experience in the financial and real estate industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Howard M. Lorber </B>is President and Chief Executive
Officer and member of the board of directors of Vector Group Ltd. (NYSE: VGR) and Chairman of Douglas Elliman Realty, LLC, a majority-owned
subsidiary of Vector Group, which operates the largest residential brokerage company in the New York City metropolitan area and
the fourth-largest in the United States. Mr. Lorber has been with Vector Group and its diversified interests since 1994. Mr. Lorber
is also Chairman of the board of directors of Nathan&rsquo;s Famous, Inc.; a director of United Capital Corp., a real estate investment
and diversified manufacturing company; Vice Chairman of the board of directors of Ladenburg Thalmann Financial Services; and Chairman
of Morgans Hotel Group Co. Mr. Lorber brings to our board of directors his valuable expertise in the real estate and investment
industries, including more than 25 years of experience serving on the board of a restaurant and real estate company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert J. Ivanhoe</B> is Chair of the 200+ lawyer Global
Real Estate Practice and Co-Chair of the REIT group at Greenberg Traurig LLP, where he has worked since 1996. He concentrates his
practice in sophisticated real estate structures, financings, workouts, restructurings, acquisitions and dispositions of all asset
classes of real estate. Mr. Ivanhoe is actively involved in real estate industry current affairs and is regularly asked to write
and lecture on industry topics. He has been recognized by <I>Chambers and Partners USA</I>, <I>The New York Observer </I>and <I>Real
Estate New York</I> as one of the leading real estate attorneys in New York City and throughout the United States. He has represented
numerous nationally-recognized owner/developer and institutional lender/investor clients domestically and internationally for more
than 30 years. Mr. Ivanhoe is a member of Greenberg Traurig LLP&rsquo;s Executive Committee, Board of Directors and Operating Committee.
Mr. Ivanhoe brings to our board of directors valuable expertise in the real estate industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Roberto A. Verrone</B> is a founder and principal owner of
Iron Hound Management Company, which provides advisory and capital placement services in the commercial real estate industry. Mr.
Verrone began his career at Bear Stearns in 1990, which included time in the Commercial Real Estate Group. In 2001, he joined Wachovia
Corporation following the merger of First Union and Wachovia, and in 2002 he became manager of Wachovia&rsquo;s Large Loan Group.
Prior to founding Iron Hound in early 2009, Mr. Verrone also served as Co-Head of Wachovia&rsquo;s Real Estate Group, where he
was responsible for managing approximately 600 employees and oversaw a debt portfolio valued in excess of $80 billion. Mr. Verrone
received a Bachelor of Arts degree from Moravian College. Mr. Verrone brings to our board of directors his valuable expertise in
the commercial real estate industry, in which he has more than 23 years of experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to our charter and bylaws, the
number of our directors may not be fewer than the minimum number required by Maryland law, which is one, and may not be greater
than fifteen, and will generally be determined from time to time by resolution of the board of directors. Our current board of
directors consists of five persons. Our board of directors has determined that Messrs. Ivanhoe, Lorber, Levinson and Verrone meet
the independence standards of the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors believes its members
collectively have the experience, qualifications, attributes and skills to effectively oversee the management of our company, including
a high degree of personal and professional integrity, an ability to exercise sound business judgment on a broad range of issues,
sufficient experience and background to have an appreciation of the issues facing our company, a willingness to devote the necessary
time to board of directors duties, a commitment to representing the best interests of our company and our stockholders and a dedication
to enhancing stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has four committees:
the Audit Committee, the Investment Committee, the Compensation Committee and the Nominating and Corporate Governance Committee,
each of which meets the NYSE independence standards and other governance requirements for such a committee, subject to certain
transition rules for newly public companies as noted below. Each of these committees consists of three members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Audit Committee. </I>We have established
an Audit Committee comprising Messrs. Lorber, Ivanhoe and Verrone. The Audit Committee assists the board of directors in overseeing
our accounting and financial reporting processes and the audits of our financial statements. Our board of directors has affirmatively
determined that a majority of the directors who serve on the Audit Committee meet the independence standards of the NYSE for audit
committee members, and satisfy the independence requirements of Rule 10A-3 of the Exchange Act. Mr. Ivanhoe is the only director
who serves on the Audit Committee who does not satisfy the independence requirements for audit committee members. Our board of
directors has also determined that Mr. Lorber qualifies as an &ldquo;audit committee financial expert&rdquo; under SEC rules and
regulations. In accordance with applicable transition rules, our board of directors will change the membership of the Audit Committee
in due course as may be necessary to ensure that all of its members will satisfy the independence requirements within one year
after the effective date of the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Investment Committee. </I>The Investment
Committee, comprising Messrs. Levinson, Bistricer and Verrone, supports the board of directors in identifying and analyzing the
Company&rsquo;s investment activity. Specifically, the Investment Committee&rsquo;s duties include reviewing and making recommendations
to the board of directors about potential investments in properties by the Company and the Company&rsquo;s Investment Policy; reviewing
and making recommendations to the board of directors with respect to related party transactions; and reporting to the board of
directors about potential investment opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Compensation Committee. </I>We have
established a Compensation Committee comprising Messrs. Bistricer, Levinson and Lorber. The Compensation Committee supports the
board of directors in fulfilling its oversight responsibilities relating to senior management and director compensation, including
the administration of the Clipper Realty Inc. 2015 Omnibus Incentive Compensation Plan and the Clipper Realty Inc. 2015 Non-Employee
Director Plan. A majority of directors who serve on the Compensation Committee meet the independence standards of the NYSE for
compensation committee members. Mr. Bistricer is the only director who serves on the Compensation Committee who does not meet
the independence standards of the NYSE for compensation committee members. In accordance with applicable transition rules, our
board of directors will change the membership of the Compensation Committee in due course as may be necessary to ensure that all
of its members will satisfy the independence requirements within one year after our listing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Nominating and Corporate Governance Committee.
</I>We have established a Nominating and Corporate Governance Committee comprising Messrs Bistricer, Levinson and Ivanhoe. The
Nominating and Corporate Governance Committee assists the board of directors in identifying and recommending candidates to fill
vacancies on the board of directors and for election by the stockholders, recommending committee assignments for members to the
board of directors, overseeing the board of directors&rsquo; annual evaluation of the performance of the board of directors, its
committees and individual directors, reviewing compensation received by directors for service on the board of directors and its
committees and developing and recommending to the board of directors appropriate corporate governance policies, practices and procedures
for our company. Mr. Bistricer is the only director who serves on the Nominating and Corporate Governance Committee who does not
meet the independence standards of the NYSE. In accordance with applicable transition rules, our board of directors will change
the membership of the Nominating and Corporate Governance Committee in due course as may be necessary to ensure that all of its
members will satisfy the independence requirements within one year after our listing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 118; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation Committee Interlocks and Insider Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of our executive officers currently
serves, or has served during the last completed fiscal year, on the compensation committee or board of directors of any other
legal entity that has one or more executive officers serving as a member of our board of directors or Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has adopted a
code of business conduct and ethics that applies to our officers, directors and employees. Among other matters, this code of conduct
works together with our Investment Policy and is designed to promote honest and ethical conduct, including ethical handling of
conflicts of interest. The purpose of the code of conduct is to ensure that our honesty and integrity, and therefore our reputation,
are not compromised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A fundamental principle of the code
of conduct is that service to our Company should never be subordinated to personal gain and advantage and conflicts of interest
should be avoided unless they have been approved by or exist at the direction of our board of directors or our Audit Committee.
The code of conduct recognizes that our corporate structure and business do not make it practicable to avoid all relationships
that could give rise to conflicts of interest and, accordingly, permits conflicts of interest that have been approved by or at
the direction of our board of directors or the Audit Committee. For example, our Investment Policy provides that our officers
and directors, including David Bistricer, Sam Levinson, JJ Bistricer and Jacob Schwimmer, are not required to present certain
identified investment opportunities to us, including for-sale condominium or cooperative conversions, development projects that
would require us to obtain guarantees from third parties or to backstop obligations of other parties, and land acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The full text of the code of conduct
will be posted on our website. We intend to disclose future amendments to the code or waivers of its requirements on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitations on Liability and Indemnification of Directors
and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law permits a Maryland corporation
to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders
for money damages except for liability resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>actual receipt of an improper benefit or profit in money, property or services; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>active and deliberate dishonesty that is established by a final adverse judgment and is material to the cause of action.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Our charter contains a provision that eliminates
the liability of our directors and officers to the maximum extent permitted by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law requires a Maryland corporation
(unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful,
on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service
in that capacity. Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among
others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by the director or officer
in connection with any proceeding to which he or she may be made or threatened to be made a party by reason of their service in
those or other capacities unless it is established that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the director or officer actually received an improper personal benefit in money, property or services; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 119; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Maryland law, a Maryland corporation
also may not indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was
adjudged liable to the corporation or for a judgment of liability on the basis that personal benefit was improperly received.
A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification,
even though the director or officer did not meet the prescribed standard of conduct; however, indemnification for an adverse judgment
in a suit by or on behalf of the corporation, or for a judgment of liability on the basis that personal benefit was improperly
received, is limited to expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the MGCL permits a Maryland
corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a written undertaking by the director or officer or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that he or she did not meet the standard of conduct necessary for indemnification by the corporation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the maximum extent permitted by Maryland
law in effect from time to time, our charter authorizes us to indemnify any individual who serves or has served, and our bylaws
obligate us to indemnify any individual who is made or threatened to be made a party to or witness in a proceeding by reason of
his or her service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>as a present or former director or officer; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>while a director or officer and at our request, as a director, officer, partner, manager, member or trustee of another corporation, real estate investment trust, partnership, joint venture, trust, limited liability company, employee benefit plan or other enterprise</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">from and against any claim or liability to which he or she may
become subject or that he or she may incur by reason of his or her service in any of these capacities. Our charter authorizes us,
and our bylaws require us, without requiring a preliminary determination of such individual&rsquo;s ultimate entitlement to indemnification,
to pay or reimburse any such individual&rsquo;s reasonable expenses in advance of final disposition of a proceeding. Our charter
and bylaws also permit us to indemnify and advance expenses to any individual who served a predecessor of our company in any of
the capacities described above and any employee or agent of our company or a predecessor of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have entered into indemnification agreements
with each of our directors and executive officers that provide for indemnification and advance of expenses to the maximum extent
permitted by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have purchased and maintained insurance
on behalf of all of our directors and executive officers against liability asserted against or incurred by them in their official
capacities, whether or not we are required or have the power to indemnify them against the same liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<!-- Field: Page; Sequence: 120; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents compensation
awarded in the fiscal year ended December&nbsp;31, 2015 to our principal executive officer and our two other most highly compensated
persons serving as executive officers as of December&nbsp;31, 2015. We refer to these executive officers are our &ldquo;named
executive officers&rdquo;. Because we are a recently formed company, we did not pay compensation to employees, including our named
executive officers, during the fiscal year ended December&nbsp;31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name &amp; Principal Position</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Salary <SUP>(1)</SUP></B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Equity <BR> Incentive
    Plan <BR> Compensation</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other <BR> Compensation</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">David Bistricer <SUP>(2)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">208,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,800,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,778</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,014,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.1in">Chief Executive Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lawrence Kreider <SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">135,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">630,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">767,439</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.1in">Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">JJ Bistricer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">630,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">986,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.1in">Chief Operating Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">(1)</TD>
    <TD>We entered into employment agreements with each of our named executive officers on August 3, 2015, and did not pay
    a salary to our named executive officers prior to such date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">(2)</TD>
    <TD>2015 annual incentive bonuses for David Bistricer and Lawrence Kreider were paid in the form of LTIP units in March
    2016, and are not reflected in this Summary Compensation Table. David Bistricer&rsquo;s annual incentive bonus was equal to
    $700,000 (represented by 51,852 LTIP units), and Lawrence Kreider&rsquo;s annual incentive bonus was equal to $150,000 (represented
    by 11,112 LTIP units).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Outstanding Equity Awards at Fiscal
Year End</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December&nbsp;31, 2014, none of
the named executive officers held any outstanding Clipper Realty equity-based awards. In 2015 and in connection with the private
offering, we made a special one-time grant of LTIP units to each of our named executive officers. The following table provides
information about the outstanding Clipper Realty equity-based awards held by each of our named executive officers as of December&nbsp;31,
2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares or
    <BR> Units of Stock That <BR> Have Not Vested (#)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Market Value of
    Shares </B><BR> <B>or Units of Stock That </B><BR> <B>Have Not Vested <SUP>(1)</SUP></B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Incentive Plan
    <BR> Awards: Number of<BR> Unearned Shares, Units<BR> or Other Rights That <BR> Have Not Vested (#)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Incentive Plan
    <BR> Awards: Market or <BR> Payout Value of <BR> Unearned Shares, Units <BR> or Other Rights That <BR> Have Not Vested</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; text-align: left">David Bistricer</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">133,334</TD><TD STYLE="width: 1%; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">1,800,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lawrence Kreider</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,667</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">630,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">JJ Bistricer <SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,667</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">630,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">(1)</TD>
    <TD STYLE="text-align: justify">The market value of our common stock is based on our initial offering price of $13.50 per
    share.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">(2)</TD>
    <TD>Represents a special one-time grant of LTIP units on August 3, 2015. The LTIP units are scheduled to cliff vest on
    August 3, 2018, generally subject to continued employment through the vesting date. In addition, in March 2016 we granted
    51,852 LTIP units to David Bistricer and 11,112 LTIP units to Lawrence Kreider as payment of their respective 2015 annual
    incentive bonuses.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">(3)</TD>
    <TD>In March 2016 and in connection with the private offering, we made a special additional one-time grant of 16,667 LTIP
    units to JJ Bistricer. The value of such grant is not reflected in the table above.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 121; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 3, 2015, we entered into,
through our operating partnership, employment agreements with each of our named executive officers for fiscal year 2015. Under
the employment agreements, David Bistricer serves as Chief Executive Officer, Lawrence<B> </B>Kreider serves as Chief Financial
Officer and JJ Bistricer serves as Chief Operating Officer. The term of each employment agreement is for an unspecified duration
and constitutes &ldquo;at will&rdquo; employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each employment agreement provides for,
among other things: (i) an annual base salary of $500,000 for David Bistricer, $325,000 for Lawrence Kreider and $250,000 for
JJ Bistricer, (ii) an annual incentive bonus with a target bonus opportunity of 50% of annual base salary for David Bistricer,
46% of annual base salary for Lawrence Kreider and 100% of annual base salary for JJ Bistricer, with the actual amount earned
ranging from 0% to 200% of target based on actual achievement against performance metrics to be established by the Compensation
Committee, (iii) annual long-term equity incentive compensation awards to be granted beginning in 2016 in form, including vesting
restrictions, and amount determined in the sole discretion of the Compensation Committee and the board of directors and (iv) participation
in the Company&rsquo;s employee benefit and welfare plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Annual incentive bonuses for 2015 were
paid to our named executive officers in March 2016 in the following amounts: David Bistricer&mdash;$700,000; JJ Bistricer&mdash;$250,000
and Lawrence Kreider&mdash;$150,000. David Bistricer&rsquo;s and Lawrence Kreider&rsquo;s bonuses were paid in the form of LTIP
units, and are not reflected in the Summary Compensation Table. Such LTIP units are scheduled to vest on January 2, 2018. JJ Bistricer&rsquo;s
bonus was paid in cash, and is reflected under the &ldquo;Non-Equity Incentive Plan Compensation&rdquo; column of the Summary
Compensation Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon a termination of any executive&rsquo;s
employment by the Company without &ldquo;cause,&rdquo; subject to a general release of claims in favor of the Company, the executive
will be entitled to: (i) a prorated annual incentive bonus for the year of termination based on actual performance, (ii) either
(A) continued benefits under the Company&rsquo;s group healthcare, vision and dental plans through the 12-month anniversary of
termination of employment or (B) a lump-sum payment (grossed up for applicable taxes) equal to 12 times the monthly COBRA cost
of continued health and medical coverage and (iii) continued vesting of any outstanding equity compensation awards as if the executive
had remained employed through the applicable vesting dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Cause&rdquo; generally means the
executive&rsquo;s: (i) conviction of, or plea of guilty or no contest to, any felony or any crime involving fraud or moral turpitude,
(ii) engagement in gross misconduct that causes material financial or reputation harm to the company, (iii) material violation
of the terms of the employment agreement or any written Company policy or (iv) disqualification or bar by any governmental or self-regulatory
authority from serving in the capacity required by the executive&rsquo;s job description, or loss of any governmental or self-regulatory
license that is reasonably necessary for the executive to perform his duties or responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 122; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each employment agreement also contains
confidentiality and non-disparagement provisions, which apply indefinitely, and non-competition as well as client and employee
non-solicitation provisions that apply during the term of the employment agreement and for one year following a termination of
employment for any reason. In addition, the employment agreements for David Bistricer and JJ Bistricer acknowledge that each such
executive provides services to Clipper Equity and other entities and businesses affiliated with David Bistricer (which we refer
to as the &ldquo;affiliated entities&rdquo;), that such responsibilities preclude the executives from devoting substantially all
of their time to the Company, and that there may be certain potential conflicts of interest or duties associated with their roles
at the Company and the affiliated entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than the employment agreements
described above and the employment agreement with Jacob Schwimmer, we do not currently have any agreements, plans or arrangements
that provide for severance payments to our executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Retirement Benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not currently offer plans that provide
for retirement benefits, including but not limited to tax-qualified defined benefit plans, supplemental executive retirement plans,
tax-qualified defined contribution plans, or nonqualified defined contribution plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Director Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table provides information
concerning the compensation of each non-employee director for service on our board in 2015. Directors who are employees of us
or any of our subsidiaries did not receive, and will not receive, any compensation for their services as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Name </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fees Earned or<BR>
    Paid in Cash </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Stock Awards </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> All Other<BR> Compensation </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left"> Sam Levinson&#9; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 1,350,000 </TD><TD STYLE="width: 1%; text-align: left"> <SUP>(1)</SUP> </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 4,333 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 1,354,333 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Howard M. Lorber&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 39,583 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 22,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 62,155 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Robert J. Ivanhoe&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 31,250 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 22,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 53,822 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Roberto A. Verrone&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 31,250 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 22,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 53,822 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"> (1) This amount
does not include the grant of 4,630 LTIP units, with an initial value of $62,500, as compensation for 2015 because the grant was
made in August 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In connection with the private
offering, we adopted a compensation program for our directors, effective August 2015, pursuant to which we pay customary fees
to each of our non-employee directors, including a $75,000 base cash retainer and other board of directors and board
committee fees as determined from time to time, including additional fees for the chairman of each of our board committees
and for the co-chairman of our board. Sam Levinson&rsquo;s retainer and other fees are paid in the form of LTIP unit
awards. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We granted a total of 105,001
LTIP units in 2015 to our non-employee directors in connection with the private offering, with an initial value of $1,350,000
(represented by 100,000 LTIP units) for Sam Levinson and approximately $22,500 (represented by 1,667 LTIP units) for each of
the other non-employee directors. The LTIP units granted to Sam Levinson in 2015 will cliff vest on the third anniversary of
the grant date and the LTIP units granted to the other non-employee directors will cliff vest on the first anniversary of
the grant date, in each case generally subject to continued service as a director. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In 2016, we determined Sam
Levinson&rsquo;s compensation should be a total of $150,000 per year, effective August 3, 2015, and we granted 4,360 LTIP
units, with an initial value of $62,500, as compensation for 2015 and 11,112 LTIP units, with an initial value of $150,000,
as compensation for 2016. The LTIP units granted to Sam Levinson in 2016 as compensation for 2015 vested at grant and, of
the LTIP units granted in 2016 as compensation for 2016, 5,556 LTIP units vested at grant, 2,778 LTIP units vested
on September&nbsp;30, 2016 and 2,778 LTIP units will vest on December 31, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We will also reimburse our directors for reasonable out-of-pocket expenses incurred in connection
with the performance of their duties as directors, including without limitation travel expenses in connection with their attendance
in-person at board of directors and committee meetings. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 124; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_014"></A><FONT STYLE="text-transform: uppercase"><B>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Private Offering;</B> <B>Formation Transactions and Related
Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1,000,000 of the shares in the private
offering were sold directly by us to members of our management and board of directors, and their friends, family members and affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the private offering,
we consummated the following formation transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We formed our operating partnership, of which we are the sole general partner. The holders of LTIP units are the initial limited partners of our operating partnership.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We invested the net proceeds from the private offering in our operating partnership and our operating partnership invested such proceeds in the predecessor entities in consideration for class A LLC units in each predecessor entity. Our operating partnership became the managing member of each of our predecessor entities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Prior to the contribution by our operating partnership described above, our predecessor entities distributed approximately $15 million of available unrestricted cash to the continuing investors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>The continuing investors had their LLC interests in the predecessor entities converted into class B LLC units. In addition, we issued to one continuing investor 755,939 shares of our common stock.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We issued a number of shares of our special voting stock to our continuing investors equal to the number of class B
    LLC units issued to them.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We granted to members of our senior management team a total of 290,002 LTIP units, and to our non-employee directors
    a total of 105,001 LTIP units, all of which are subject to certain vesting requirements.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We entered into the tax protection agreement described below with our continuing investors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We entered into the services agreements described below.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We entered into employment agreements with David Bistricer, Lawrence Kreider, JJ Bistricer and Jacob Schwimmer providing
    for salary, bonus and other benefits, including certain payments and benefits upon a termination of employment under certain
    circumstances and the issuance of equity awards. Under those employment agreements, David Bistricer, JJ Bistricer and Jacob
    Schwimmer spend such time on matters relating to our company as is appropriate and Lawrence Kreider spends all of his working
    time on matters relating to our company. See &ldquo;Management&mdash;Employment Agreements.&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We entered into indemnification agreements with our directors and executive officers providing for the indemnification by us for certain liabilities and expenses incurred as a result of actions brought, or threatened to be brought, against such persons in their capacities with us and our subsidiaries.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>David Bistricer and entities controlled by Sam Levinson were released from and otherwise indemnified for liabilities
    arising under certain guarantees and indemnities with respect to approximately $721.1 million of mortgage loans on our properties,
    which were assumed by us upon closing of the formation transactions in respect of obligations arising after the closing of
    the private offering. The guarantees and indemnities with respect to all of the indebtedness are, in most instances, limited
    to losses incurred by the applicable lender arising from acts such as fraud, misappropriation of funds, intentional breach,
    bankruptcy and certain environmental matters. In connection with our assumption of these mortgage loans, we have sought to
    have the guarantors and indemnitors released from these guarantees and indemnities and to have our operating partnership assume
    any such guarantee and indemnity obligations as replacement guarantor or indemnitor. To the extent lenders did not consent
    to the release of these guarantors and indemnitors, and they remain guarantors or indemnitors on assumed indebtedness following
    the private offering, our operating partnership entered into indemnification agreements with the guarantors and indemnitors
    pursuant to which our operating partnership is obligated to indemnify such guarantors and indemnitors for any amounts paid
    by them under guarantees and indemnities with respect to the assumed indebtedness. We believe that since we control the properties,
    it is appropriate, and consistent with market practice, for Mr. Bistricer and entities controlled by Mr. Levinson to be indemnified
    by our operating partnership to the extent the lenders did not consent to the release of these guarantors and indemnitors.
    In addition, in connection with future mortgage loans that we would enter into in connection with future property acquisitions
    or refinancing of our properties, we intend to enter into any necessary guarantees directly and neither Mr. Bistricer and
    entities controlled by Mr. Levinson nor any of our other directors, executive officers or stockholders would be expected to
    enter into such guarantees.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 125; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We entered into a continuing investors registration rights agreement described below.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-Contributed Properties and Businesses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the previous employees of our Predecessor&rsquo;s
management companies who spent a majority of their time on matters related to the properties in our portfolio became our employees.
We entered into two services agreements with entities that own interests in the non-contributed properties and businesses. One
of these agreements is a services agreement under which the non-contributed properties and businesses continue to provide us with
the services they previously provided to the properties in our portfolio, including certain construction and information technology
services, finance services and executive support services, and one is a services agreement with the non-contributed properties
and businesses pursuant to which our employees continue to provide the services they previously provided for those non-contributed
properties and businesses, including certain financial controller services and leasing services. The term of each services agreement
commenced on August 3, 2015 and each will terminate on August 3, 2018, unless earlier terminated pursuant to the provisions therein
or renewed by mutual consent of the parties thereto. We expect that the net amount paid by or to us under these agreements will
not exceed $120,000 per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Protection Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not presently intend to sell or
take any other action that would result in a tax protection payment with respect to the properties covered by the tax protection
agreement. We entered into a tax protection agreement with our continuing investors pursuant to which we agreed to indemnify the
continuing investors against certain tax liabilities incurred during the 8-year period following the private offering (or with
respect to item (iv) below, certain tax liabilities resulting from certain transfers occurring during the 8-year period following
the private offering) if those tax liabilities result from (i) the sale, transfer, conveyance or other taxable disposition of
any of the properties of our LLC subsidiaries, (ii) any of Renaissance, Berkshire or Gunki failing to maintain a level of indebtedness
allocable for U.S. federal income tax purposes to any of the continuing investors such that any of the continuing investors is
allocated less than a specified minimum indebtedness in each such LLC subsidiary (in order to comply with this requirement, (1)
Renaissance needs to maintain approximately $101.3 million of indebtedness, (2) Berkshire needs to maintain approximately $125.8
million of indebtedness and (3) Gunki needs to maintain approximately $34.4 million of indebtedness), (iii) in a case that such
level of indebtedness cannot be maintained by the applicable LLC subsidiary, failing to make available to such a continuing investor
the opportunity to execute a guarantee of indebtedness of the LLC subsidiary meeting certain requirements that would enable the
continuing investor to continue to defer certain tax liabilities, or (iv) the imposition of New York City or New York State real
estate transfer tax liability upon a continuing investor as a result of the formation transactions, private offering, this offering
and/or certain subsequent transactions (including subsequent issuances of additional LLC units or interests, issuances of OP units
by the operating partnership, issuances of common stock by Clipper Realty, issuances of common stock in exchange for class B LLC
units, or dispositions of property by any LLC subsidiary) or as a result of any of those transfers being aggregated. See &ldquo;Risk
Factors&mdash;Risks Related to Real Estate.&rdquo; We estimate that had all of their assets subject to the tax protection agreement
been sold in a taxable transaction immediately after the private offering, the amount of our LLC subsidiaries&rsquo; indemnification
obligations under the tax protection agreement (based on then current tax rates and the valuations of our assets based on the
private offering price of $13.50 per share, and including additional payments to compensate the indemnified continuing investors
for additional tax liabilities resulting from the indemnification payments) would have been approximately $364.9 million. In addition,
we estimate that if New York City or New York State real estate transfer taxes had been imposed on our continuing investors, the
maximum amount of our LLC subsidiaries&rsquo; indemnification obligations pursuant to the tax protection agreement in respect
of New York City or New York State real estate transfer tax liability (based on then current tax rates and the valuations of our
assets based on the private offering price of $13.50 per share, and including additional payments to compensate the indemnified
continuing investors for additional tax liabilities resulting from the indemnification payments) would have been approximately
$74.9 million (although the amount may have been significantly less).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 126; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Partnership Agreement and Limited Liability Company
Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Concurrently with the completion of
the private offering, we entered into the operating partnership agreement with the various persons who received LTIP units, and
the operating partnership entered into amended and restated limited liability company agreements with the various continuing investors
in our LLC subsidiaries. These include certain members of our senior management team and our other continuing investors. As a
result, such persons became either limited partners of our operating partnership or non-managing members in our LLC subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the partnership agreement
and LLC agreements, each limited partner of our operating partnership has the right, subject to the terms and conditions set forth
in the partnership agreement to require our operating partnership to redeem all or a portion of the OP units held by such limited
partner in exchange for a cash amount equal to the number of tendered OP units multiplied by the price of a share of our common
stock (determined in accordance with, and subject to adjustment under, the terms of the partnership agreement), unless the terms
of such OP units or a separate agreement entered into between the operating partnership and the holder of such OP units provide
that the holder is not entitled to a right of redemption or impose conditions on the exercise of such right of redemption. On
or before the close of business on the fifth business day after we receive a notice of redemption, we may, in our sole and absolute
discretion, but subject to the restrictions on the ownership of our stock imposed under our charter and the transfer restrictions
and other limitations thereof, elect to acquire some or all of the tendered OP units from the tendering person in exchange for
shares of our common stock, based on an exchange ratio of one share of our common stock for each OP unit (subject to anti-dilution
adjustments provided in the partnership agreement). See &ldquo;Description of the Limited Partnership Agreement of Our Operating
Partnership.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each non-managing member of the LLC
subsidiaries has the right, subject to the terms and conditions set forth in the LLC agreements, to require the operating partnership
to exchange all or a portion of the class B LLC units held by such non-managing member, together with the same number of shares
of our special voting stock, for a cash amount equal to the number of tendered class B LLC units multiplied by the price of a
share of our common stock (determined in accordance with, and subject to adjustment under, the terms of the LLC agreements), unless
the terms of such class B LLC units or a separate agreement entered into between an LLC subsidiary and the holder of such class
B LLC units provide that the holder is not entitled to a right of exchange or imposes conditions on the exercise of such right
of exchange. On or before the close of business on the fifth business day after we and the operating partnership receive a notice
of exchange, we may, in our sole and absolute discretion, but subject to the restrictions on the ownership of our stock imposed
under our charter and the transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered class
B LLC units from the tendering non-managing member in exchange for shares of our common stock, based on an exchange ratio of one
share of our common stock for each class B LLC unit (subject to anti-dilution adjustments provided in the LLC agreements). See
&ldquo;Description of the Limited Liability Company Agreements of our LLC Subsidiaries.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Continuing Investor Registration Rights Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We entered into a continuing investors
registration rights agreement with certain persons receiving shares of our common stock and class B LLC units in the formation
transactions, including certain members of our senior management team and the other continuing investors. The continuing investors
registration rights agreement provides for the registration of such shares of common stock and shares of common stock that are
issuable upon the exchange of class B LLC units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 127; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification of Our Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the maximum extent permitted by Maryland
law in effect from time to time, our charter authorizes us to indemnify any individual who serves or has served, and our bylaws
obligate us to indemnify any individual who is made or threatened to be made a party to or witness in a proceeding by reason of
his or her service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">as a present or former director or officer; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">while a director or officer and at our request, as a
director, officer, partner, manager, member or trustee of another corporation, real estate investment trust, partnership, joint
venture, trust, limited liability company, employee benefit plan or other enterprise</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">from and against any claim or liability to which he or she
may become subject or that he or she may incur by reason of his or her service in any of these capacities. Our charter authorizes
us, and our bylaws require us, without requiring a preliminary determination of such individual&rsquo;s ultimate entitlement to
indemnification, to pay or reimburse any such individual&rsquo;s reasonable expenses in advance of final disposition of a proceeding.
Our charter and bylaws also permit us to indemnify and advance expenses to any individual who served a predecessor of our company
in any of the capacities described above and any employee or agent of our company or a predecessor of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following completion of the private
offering, we entered into indemnification agreements with each of our directors and executive officers that provided for indemnification
and advance of expenses to the maximum extent permitted by Maryland law. See &ldquo;Management&mdash;Limitations on Liability
and Indemnification of Directors and Officers&rdquo; and &ldquo;Description of the Limited Liability Company Agreements of Our
LLC Subsidiaries&mdash;Management Liability and Indemnification.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Party Transaction Approval Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">Our board of directors will adopt, prior
to completion of this offering, a written related party transaction approval policy pursuant to which an independent committee
(which may be a standing or ad hoc committee) of our board of directors will review and approve or take such other action as it
may deem appropriate with respect to the following transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 128; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">a transaction in which we are a participant and which
involves an amount exceeding $120,000 and in which any of our directors, officers or 5% stockholders, or any other &ldquo;related
person&rdquo; as defined in Item 404 of SEC Regulation S-K (&ldquo;Item 404&rdquo;), has or will have a direct or indirect material
interest;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any
                                         material amendment, modification or extension of the tax protection agreement, services
                                         agreements or continuing investors registration rights agreement; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any
                                         other transaction that meets the related party disclosure requirements of the SEC as
                                         set forth in Item 404.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This policy will set forth factors to be
considered by an independent committee in determining whether to approve any such transaction, including the nature of our involvement
in the transaction, whether we have demonstrable business reasons to enter into the transaction, whether the transaction would
impair the independence of a director and whether the proposed transaction involves any potential reputational or other risk issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">To simplify the administration of the
approval process under this policy, an independent committee may, where appropriate, establish guidelines for certain types of
related party transactions or designate certain types of such transactions that will be deemed pre-approved. This policy will also
provide that the following transactions are deemed pre-approved:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">decisions on compensation or benefits or the hiring or
retention of our directors or executive officers, if approved by the applicable committee of the board of directors;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the
                                         indemnification and advancement of expenses pursuant to our charter, bylaws or an indemnification
                                         agreement; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">transactions
                                         where the related person&rsquo;s interest or benefit arises solely from such person&rsquo;s
                                         ownership of our securities and holders of such securities receive the same benefit on
                                         a pro rata basis.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">If our board of directors appoints an
ad hoc independent committee to review and take action with regard to any one or more related party transactions, the committee
will be comprised of at least three independent directors. A director on any committee considering a related party transaction
who has an interest in the transaction will not participate in the consideration of that transaction unless requested by the chairperson
of the committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">This policy will not apply to the implementation
or administration of the tax protection agreement, the services agreements or the continuing investors registration rights agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 129; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_015"></A><B>INVESTMENT POLICY AND POLICIES WITH RESPECT
TO CERTAIN ACTIVITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a discussion of our Investment
Policy and certain of our other policies with respect to financing and other activities. These policies may be amended or revised
from time to time at the discretion of our board of directors, without a vote of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will generally target wholly-owned multi-family
and commercial properties located in the New York metropolitan area; however, we may also make majority or minority investments
alongside partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have adopted an Investment Policy
that provides that our directors and officers (including officers involved with Clipper Equity), will not invest in any multi-family
or commercial property (other than excluded assets) located in the metropolitan New York City area, unless the investment opportunity
is first offered to our company and our board of directors (or an independent committee of our board of directors) determines
that our company will not pursue the investment opportunity. Our officers and directors, including each of David Bistricer, Sam
Levinson, JJ Bistricer and Jacob Schwimmer, can pursue investment opportunities related to excluded assets, which include (i)
for-sale condominium or cooperative conversion or development projects, (ii) projects that would require us to obtain guarantees
from third parties or to backstop obligations of other parties, or (iii) land acquisitions, without first offering them to our
company. In addition, our board of directors has established a conflict of interest and business ethics policy that is designed
to work together with the Investment Policy. See &ldquo;Management&mdash;Code of Business Conduct and Ethics.&rdquo;<BR>
<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our charter provides that we renounce
any interest or expectancy in, or right to be offered or to participate in, any business opportunity identified in any investment
policy (including the Investment Policy) or agreement with any of our directors or officers unless the policy or agreement contemplates
that the director or officer must first present, communicate or offer such business opportunity to us. See &ldquo;Certain Provisions
of Maryland Law and Clipper Realty&rsquo;s Charter and Bylaws&mdash;Competing Interests and Activities of our Directors and Officers.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Clipper Equity, which includes the real
estate business of David Bistricer in which our company did not invest in connection with the formation transactions, owns interests
in and controls and manages entities that own interests in multi-family and commercial properties in the New York metropolitan
area. Each of David Bistricer, our Co-Chairman and Chief Executive Officer, and JJ Bistricer, our Chief Operating Officer, is an
officer of Clipper Equity and will continue to be involved in such capacity with Clipper Equity. Each of Sam Levinson, our Co-Chairman
and the Head of our Investment Committee, and Jacob Schwimmer, our Chief Property Management Officer, have ownership interests
in Clipper Equity and will continue to be involved in such capacity with Clipper Equity. The employment agreements of David Bistricer,
Jacob Schwimmer and JJ Bistricer with the Company acknowledge that each such executive provides services to other businesses affiliated
with David Bistricer (including Clipper Equity in the case of David Bistricer and JJ Bistricer), that such responsibilities preclude
the executives from devoting substantially all of their time to the Company, and that there may be certain potential conflicts
of interest or duties associated with their roles at the Company and these affiliated entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Policies with Respect to Financing and Other Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors is authorized, without
approval of our common stockholders, to cause us to issue additional shares of our stock or to raise capital through the issuance
of equity or debt securities, including preferred stock, options, warrants and other rights on terms and for consideration as our
board of directors in its sole discretion may determine. In addition, our operating partnership may issue additional OP units or
other partnership interests and our LLC subsidiaries may issue additional LLC units or equivalent interests without the consent
of our stockholders, any limited partners of our operating partnership or any non-managing member of the applicable LLC subsidiary.
See also &ldquo;Description of the Limited Partnership Agreement of Our Operating Partnership&ndash;Operating Partnership Interests&rdquo;
and &ldquo;Description of the Limited Liability Company Agreements of Our LLC Subsidiaries&ndash;LLC Units.&rdquo; We have not
adopted a specific policy governing the issuance of senior securities at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not made any loans to third parties
and do not intend to engage in lending activities, although we do not have a policy limiting our ability to make loans to third
parties and we may do so in the future, including making loans to, or guaranteeing indebtedness of, joint ventures in which we
may participate. We have not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and
do not intend to do so. Our board of directors does not currently intend to cause us to repurchase any shares of common stock,
although it has the power to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to make investments in such a
manner as to qualify as a REIT. However, our board of directors may revoke or otherwise terminate our REIT election, without the
approval of our stockholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reporting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of this offering, we will
become subject to the information and periodic reporting requirements of the Exchange Act. Under the Exchange Act, we will file
annual, quarterly and current reports, as well as proxy statements and other information with the SEC. These periodic reports,
proxy statements, and other information will be available for inspection and copying at the SEC&rsquo;s Public Reference Room and
the website of the SEC referred to above. We intend to make this information available on the investor relations section of our
website, www.clipperrealty.com. Information on, or accessible through, our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are
applicable to other public companies that are not emerging growth companies. We may take advantage of these reporting exemptions
until we are no longer an emerging growth company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 130; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="main_016"></A>SELLING
STOCKHOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table sets forth information,
as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
known to us about the beneficial ownership of shares of our common stock immediately before this offering and immediately after
this offering by the selling stockholders. The SEC has defined &ldquo;beneficial&rdquo; ownership of a security to mean the possession,
directly or indirectly, of voting power and/or investment power of such security. A stockholder is also deemed to be, as of any
date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after the date through
(i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary
account or similar arrangement, or (iv) the automatic termination of a trust, discretionary account or similar arrangement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The common stock offered by the selling
stockholders pursuant to this prospectus were originally issued and sold by us in connection with the private offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders who do not sell
all of the shares of our common stock beneficially owned by them in this offering have agreed with FBR Capital Markets &amp; Co.
to restrictions on their ability to sell any shares of our common stock they do not sell in this offering for a period of 180 days
after the effective date of the registration statement of which this prospectus forms a part. See &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Percentage ownership calculations
are based on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock outstanding as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares&nbsp;of our common stock
outstanding following this offering. To our knowledge, except as indicated in the footnotes to the following table and under
applicable community property laws, the persons or entities identified in the table below have sole voting and investment
power with respect to all of the common stock shown as beneficially owned by them. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of Common<BR>
    Stock Beneficially<BR> Owned Before the<BR> Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Number of<BR> Shares
    of<BR> Common</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of Common<BR>
    Stock Beneficially<BR> Owned After the<BR> Offering</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent<BR> of Class</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Being<BR> Offered</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent<BR> of Class</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; width: 35%">Name of Beneficial Owner</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 131; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_017"></A><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table sets forth information,
as of November 1, 2016, known to us about the beneficial ownership of shares of our common stock and special voting stock immediately
before this offering and immediately after this offering by our 5% or greater stockholders and by our executive officers and directors.
The SEC has defined &ldquo;beneficial&rdquo; ownership of a security to mean the possession, directly or indirectly, of voting
power or investment power of such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities
that such stockholder has the right to acquire within 60 days after the date through (i) the exercise of any option, warrant or
right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement, or
(iv) the automatic termination of a trust, discretionary account or similar arrangement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of November 1, 2016, there are 11,422,606
shares of our common stock and 26,317,396 shares of special voting stock outstanding. Immediately following the completion of
this offering, there will be &#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock and 26,317,396 shares of
our special voting stock outstanding. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated below, the address
of each beneficial owner listed in the table below is c/o Clipper Realty Inc., 4611 Twelfth Avenue, Brooklyn, New York 11219.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Immediately
    Prior to this Offering</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Immediately
    After this Offering</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Name
    of<BR> Beneficial<BR> Owner</FONT> </TD><TD NOWRAP STYLE="font-size: 7pt; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 7pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 7pt"><B>Number
                                         of</B><BR> <B>Shares of</B></FONT> </P> <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 7pt"><B>Common
                                         Stock </B><BR> <B>Beneficially</B><BR> <B>Owned</B></FONT> </P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Number
    of<BR> Shares of<BR> Special<BR> Voting<BR> Stock<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Aggregate<BR>
    number of<BR> Voting<BR> Securities<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><B>Percent</B><BR>
    <B>of</B><BR> <B>Class<SUP>1</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-size: 7pt; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 7pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 7pt"><B>Number
                                         of</B><BR> <B>Shares</B><BR> <B>of Common Stock</B></FONT> </P> <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 7pt"><B>Beneficially</B><BR>
                                         <B>Owned</B></FONT> </P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Number
    of<BR> Shares of<BR> Special<BR> Voting<BR> Stock<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Aggregate<BR>
    number of<BR> Voting<BR> Securities<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><B>Percent</B><BR>
    <B>of</B><BR> <B>Class<SUP>1</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">5% or Greater Stockholders</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="width: 10%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">David Bistricer</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">318,262</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2.8</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">16.3</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,596,320</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>2</SUP></FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">12.2</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">318,262</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">16.3</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,596,320</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Moric Bistricer</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">16.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>3</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">11.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">16.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Sam Levinson</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,119,415</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">9.8</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">7,296,279</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">27.7</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">8,415,694</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>4</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">22.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,119,415</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">7,296,279</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">27.7</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">8,415,694</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Eva Schwimmer</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,731,667</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">10.4</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,731,667</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">7.2</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,731,667</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">10.4</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,731,667</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Jacob Schwimmer</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">35,000</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">0.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,188,334</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">8.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,223,334</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>5</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">5.9</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">35,000</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,188,334</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">8.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,223,334</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">David Bistricer Trust of 2014<SUP>6</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">10.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">7.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">10.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Moric Bistricer Trust of 2014<SUP>7</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">10.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">7.3</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">10.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2,772,500</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Indaba Capital Fund L.P.<SUP>8</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,115,730</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">9.8</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,115,730</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">3.0</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Signature Global Asset Management<SUP>9</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,116,311</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">9.8</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,116,311</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">3.0</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">American Financial Group, Inc.<SUP>10</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,111,111</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">9.7</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,111,111</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2.9</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Greenlight Capital, Inc.<SUP>11</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,000,000</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">8.7</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">1,000,000</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2.6</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">BHCO Master, Ltd.<SUP>12</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">740,740</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">6.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">740,740</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2.0</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">AmTrust Financial Services, Inc.<SUP>13</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">740,740</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">6.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">740,740</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2.0</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">Metacapital Management, L.P.<SUP>14</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">740,741</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">6.5</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">740,741</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">2.0</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-size: 7pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 132; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Immediately
    Prior to this Offering</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Immediately
    After this Offering</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Name of<BR> Beneficial<BR>
    Owner</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Number
    of<BR> Common<BR> Shares<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Number
    of<BR> Shares of<BR> Special<BR> Voting<BR> Stock<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Aggregate<BR>
    number of<BR> Voting<BR> Securities<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt"><B>Percent</B><BR>
    <B>of</B><BR> <B>Class<SUP>1</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Number
    of<BR> Common<BR> Shares<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Number
    of<BR> Shares of<BR> Special<BR> Voting<BR> Stock<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Percent<BR>
    of<BR> Class</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt">Aggregate<BR>
    number of<BR> Voting<BR> Securities<BR> Beneficially<BR> Owned</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 7pt"><B>Percent</B><BR>
    <B>of</B><BR> <B>Class<SUP>1</SUP></B></FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Executive Officers and Directors</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%; text-align: left"> <FONT STYLE="font-size: 7pt">David Bistricer</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">318,262</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">2.8</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">16.3</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">4,596,320</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt"><SUP>2</SUP></FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">12.2</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">318,262</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">4,278,058</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">16.3</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">4,596,320</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 5%; text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Sam Levinson</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">1,119,415</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">9.8</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">7,296,279</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">27.7</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">8,415,694</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt"><SUP>4</SUP></FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">22.3</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">1,119,415</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">7,296,279</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">27.7</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">8,415,694</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Robert J. Ivanhoe</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Howard Lorber</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Roberto Verrone</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Lawrence E. Kreider, Jr.</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">JJ. Bistricer</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">Jacob Schwimmer</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">35,000</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">0.3</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">2,188,334</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">8.3</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">2,223,334</FONT> </TD><TD STYLE="text-align: left"> <SUP>5</SUP> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">5.9</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">35,000</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">-</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">2,188,334</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">8.3</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">2,223,334</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">All executive officers and directors as a group (8 persons)</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">1,472,677</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">12.9</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">13,762,671</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">52.3</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">15,235,348</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">40.4</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">1,472,677</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">13,762,671</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">52.3</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">%</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">15,235,348</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Percentages are rounded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Holders of our special voting stock generally are entitled to
    vote together as a single class with holders of our common stock on all matters on which our common stockholders are entitled
    to vote, as described under &ldquo;Description of Capital Stock&mdash;Special Voting Stock.&rdquo; Holders of shares of our
    special voting stock also hold an equal number of class B LLC units. As of November 1, 2016, the aggregate number of outstanding
    shares of common stock and special voting stock is 37,740,002. Immediately following the completion of this offering, the
    aggregate number of outstanding shares of common stock and special voting stock will be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>2</SUP></TD>
    <TD>Represents 4,278,058 shares of special voting stock held directly and 318,262 shares of common stock owned by the Moric
    Bistricer 2012 Family Trust, for which David Bistricer is one of two trustees. Excludes 185,186 LTIP units, which will vest
    in 2018, generally subject to continued employment through the vesting date. Excludes 318,262 shares of common stock owned
    by the David Bistricer Trust of 2013 and 2,772,500 shares of special voting stock owned by the David Bistricer Trust of 2014.
    Marc Bistricer, the son of David Bistricer, is the sole trustee of the David Bistricer Trust of 2013 and the David Bistricer
    Trust of 2014. David Bistricer disclaims beneficial ownership of the shares of common stock and special voting stock owned
    by the David Bistricer Trust of 2013 and David Bistricer Trust of 2014, respectively.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>3</SUP></TD>
    <TD>Represents 4,278,058 shares of special voting stock held directly. Excludes (i) 318,262 shares of common stock owned
    by the Moric Bistricer 2012 Family Trust, for which David Bistricer is one of two trustees and (ii)&nbsp;2,772,500 shares
    of special voting stock owned by the Moric Bistricer Trust of 2014, for which Marc Bistricer, the grandson of Moric Bistricer,
    is the sole trustee. Moric Bistricer disclaims beneficial ownership of the shares of common stock and special voting stock
    owned by the Moric Bistricer 2012 Family Trust and the Moric Bistricer Trust of 2014, respectively.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Represents (i) 991,598 shares of common stock and 4,464,692 shares
    of special voting stock owned by Trapeze Inc., a Delaware corporation, (ii) 61,482 shares of common stock and 1,362,039 shares
    of special voting stock owned by Trapeze D Holdings LLC, a Delaware limited liability company and (iii) 66,335 shares of common
    stock and 1,469,548 shares of special voting stock owned by ECL Holdings LLC, a Delaware limited liability company. Sam Levinson
    has sole voting and investment control over all of the shares held by these entities. Excludes 115,742 LTIP units, 100,000
    of will vest in 2018, 10,186 of&nbsp;which have vested and 5,556 of which will vest by December 31, 2016, in each case generally
    subject to Mr. Levinson&rsquo;s continued service as a director. The address for Trapeze Inc., Trapeze D Holdings LLC, ECL
    Holdings LLC and Sam Levinson is 810 Seventh Avenue, 28<SUP>th</SUP> Floor, New York, New York 10019.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 133; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 24px"> <SUP>5</SUP> </TD>
    <TD> Represents (i) 35,000 shares of common stock and 437,667 shares of special voting stock owned by Jacob Schwimmer
    and (ii) 1,750,667 shares of special voting stock owned by the Schwimmer Family Irrevocable Gift Trust 2. Excludes 57,779
    LTIP     units owned by Jacob Schwimmer, which will vest in 2018, generally subject to continued employment through the
    vesting date.     Jacob Schwimmer is the trustee of the Schwimmer Family Irrevocable Gift Trust 2 and has sole voting and
    investment control     over all of the shares held by this trust. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>6</SUP></TD>
    <TD>Marc Bistricer, the sole trustee of the David Bistricer Trust of 2014, has sole voting and investment control over all of the shares held by this trust.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>7</SUP></TD>
    <TD>Marc Bistricer, the sole trustee of the Moric Bistricer Trust of 2014, has sole voting and investment control over all of the shares held by this trust.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><SUP>8</SUP></TD>
    <TD>Indaba Capital Fund, L.P. is a limited partnership organized under the laws of the Cayman Islands. Derek Schrier, the
    Managing Partner and Chief Investment officer of the general partner of the limited partnership (Indaba Capital Partners,
    LLC) controls the voting power and dispositive power over the shares held by Indaba Capital Fund, L.P. The address for Indaba
    Capital Fund, L.P., Indaba Partners LLC and Derek Schrier is c/o Indaba Capital Management, L.P., 1 Letterman Drive, Building
    D, Suite DM 700, San Francisco, CA 94129.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <SUP>9</SUP> </TD>
    <TD><P STYLE="margin: 0pt 0"> Represents (i) 523,500 shares of common stock owned by Signature Diversified Yield II Fund,
        (ii) 279,710 shares of common stock owned by Signature Diversified Yield Fund, (iii) 161,530 shares of common stock owned
        by CI Income Fund, (iv) 146,371 shares of common stock owned by Signature Diversified Yield Corporate Class and (v) 5,200
        shares of common stock owned by Signature Real Estate Pool (collectively, the &ldquo;Signature Funds&rdquo;).&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
        Global Asset Management (&ldquo;Signature&rdquo;), a division of CI Investments Inc. (&ldquo;CI&rdquo;), a company incorporated
        under the laws of the Province of Ontario, Canada, is the investment manager of each of the Signature Funds.&nbsp;&nbsp;Eric
        Bushell, Geofrey Marshall, Josh Varghese and Alfred Lam, currently disclosed in the simplified prospectus of the Signature
        Funds as the individuals principally responsible for managing the Signature Funds, are employees of Signature and together
        with CI Investments Inc. share the voting power and dispositive power over the shares held by the Signature Funds. The
        address for each of these entities is 2 Queen St. East, 18<SUP>th</SUP> Floor, Toronto, ON MSC 367.</FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <SUP>10</SUP> </TD>
    <TD><P STYLE="margin: 0pt 0"> Represents 666,667 shares of common stock owned by Great American Life Insurance Company (&ldquo;GALIC&rdquo;)
        and 444,444 shares of common stock owned by Great American Insurance Company (&ldquo;GAIC&rdquo;).&nbsp;&nbsp;Each of
        GALIC and GAIC is a wholly-owned subsidiary of American Financial Group, Inc. (&ldquo;AFG&rdquo;).&nbsp;&nbsp;The board
        of directors of AFG controls the voting power and dispositive power over the shares held by GALIC and GAIC.&nbsp;&nbsp;The
        address for all of these entities is 301 East 4<SUP>th</SUP> Street, Cincinnati, OH 45202. Based on publicly available
        information, as of January 6, 2017, the board of directors of AFG consists of Carl H. Lindner III, S. Craig Lindner, Kenneth
        C. Ambrecht, John. B. Berding, Joseph E. Consolino, Virginia C. Drosos, James E. Evans, Terry S. Jacobs, Gregory G. Joseph,
        William W. Verity and John I. von Lehman. </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><SUP>11</SUP></TD>
    <TD>Represents (i) (A) 195,400 shares of common stock held by Greenlight Capital Qualified, L.P., (B) 33,900 shares of
    common stock held by Greenlight Capital, L.P. and (C) 362,600 shares of common stock held by Greenlight Capital Offshore Partners
    (collectively, the &ldquo;Greenlight Capital Funds&rdquo;), (ii) 131,000 shares of common stock held by Greenlight Reinsurance,
    Ltd. (&ldquo;Greenlight Reinsurance&rdquo;) and (iii) (A) 137,200 shares of common stock held by Greenlight Capital (Gold),
    LP and (B) 139,900 shares of common stock held by Greenlight Capital Offshore Master (Gold), Ltd. (collectively, the &ldquo;Greenlight
    Capital (Gold) Funds&rdquo;).&nbsp;&nbsp;Greenlight Capital, Inc. (&ldquo;Greenlight Inc.&rdquo;) is the investment manager
    for each of the Greenlight Capital Funds, and as such has voting and dispositive power over the shares owned by the Greenlight
    Capital Funds. DME Advisors, LP (&ldquo;DME Advisors&rdquo;) is the investment manager for Greenlight Reinsurance, and as
    such has voting and dispositive power over the shares owned by Greenlight Reinsurance. DME Capital Management, LP (&ldquo;DME
    Management&rdquo;) is the investment manager for the Greenlight Capital (Gold) Funds, and as such has voting and dispositive
    power over the shares owned by the Greenlight Capital (Gold) Funds. DME Advisors GP, LLC (&ldquo;DME GP&rdquo;) is the general
    partner of DME Advisors and DME Management, and as such has voting and dispositive power over 408,100 shares of common stock.
    David Einhorn is the principal of Greenlight Inc., DME Advisors, DME Management and DME GP, and as such has voting and dispositive
    power over 1,000,000 shares of common stock held by these affiliates of Green light, Inc. Mr. Einhorn disclaims beneficial
    ownership of these shares, except to the extent of any pecuniary interest therein. The address for all of these entities and
    Mr. Einhorn is c/o Greenlight Capital, Inc., 140 East 45th Street, 24th Floor, New York, NY 10017.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 134; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>12</SUP></TD>
    <TD>BHCO Master, Ltd. is an Exempted Company incorporated in the Cayman Islands. Michael Thompson is the portfolio
    manager     of BHCO Master, Ltd. and controls the voting power and dispositive power over the shares held by BHCO Master,
    Ltd. The address     for BHCO Master, Ltd. and Michael Thompson is c/o BHR Capital LLC, 733 Third Avenue, 15<FONT STYLE="font-family: ?"><SUP>th</SUP></FONT>
    Floor,     New York, NY 10017.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <SUP>13</SUP> </TD>
    <TD><P STYLE="margin: 0pt 0"> Represents (i) 195,000 shares of common stock owned by Technology Insurance Company, Inc.,
        (ii) 146,000 shares of common stock owned by Wesco Insurance Company, (iii) 143,000 shares of common stock owned by Security
        National Insurance Company, (iv) 107,740 shares of common stock owned by Associated Industries Insurance Company, Inc.,
        (v) 76,000 shares of common stock owned by First Nonprofit Insurance Company and (vi) 73,000 shares of common stock owned
        by Sequoia Insurance Company (collectively, the &ldquo;AmTrust Entities&rdquo;).&nbsp;&nbsp;Each of the AmTrust Entities
        is a subsidiary of AmTrust Financial Services, Inc. The elected officers of each of the AmTrust Entities, subject to investment
        guidelines adopted by each of the AmTrust Entities&rsquo; boards of directors, control the voting power and dispositive
        power over the shares held by it. The address for each of these entities is 59 Maiden Lane, 43<SUP>rd </SUP>Floor, New
        York, NY 10038. As of December 27, 2016, (i) the elected officers of Technology Insurance Company, Inc. consist of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
        P. Leo &ndash; President, Kerry J. Heitz &ndash; Executive Vice President and Chief Financial Officer, Harry Schlachter
        &ndash; Treasurer, Stephen B. Ungar &ndash; Secretary, Barry W. Moses &ndash; Vice President, Regulatory &amp; Compliance
        and Assistant Secretary, and Jeffrey H. Mayer &ndash; Chief Actuary, (ii) the elected officers of Wesco Insurance Company
        consist of Jeffrey P. Leo &ndash; President, Kerry J. Heitz &ndash; Executive Vice President and Chief Financial Officer,
        Harry Schlachter &ndash; Treasurer, Stephen B. Ungar &ndash; Secretary, Barry W. Moses &ndash; Vice President, Regulatory
        &amp; Compliance and Assistant Secretary, and Jeffrey H. Mayer &ndash; Chief Actuary, (iii) the elected officers of Security
        National Insurance Company consist of Jeffrey P. Leo &ndash; President, Melanie S. Garrison &ndash; Vice President, Harry
        Schlachter &ndash; Treasurer, Stephen B. Ungar &ndash; Secretary, Barry W. Moses &ndash; Vice President, Regulatory &amp;
        Compliance and Assistant Secretary, and Jeffrey H. Mayer &ndash; Chief Actuary, (iv) the elected officers of Associated
        Industries Insurance Company, Inc. consist of Elissa M. Pacheco &ndash; President and Chief Underwriting Officer, Kerry
        J. Heitz &ndash; Executive Vice President and Chief Financial Officer, Anita Ward &ndash; Vice President, Harry Schlachter
        &ndash; Treasurer, Stephen B. Ungar &ndash; Secretary, Barry W. Moses &ndash; Vice President, Regulatory &amp; Compliance
        and Assistant Secretary, and Jeffrey H. Mayer &ndash; Chief Actuary, (v) the elected officers of First Nonprofit Insurance
        Company consist of Kerry J. Heitz &ndash; Executive Vice President and Chief Financial Officer, Harry Schlachter &ndash;
        Treasurer, Stephen B. Ungar &ndash; Secretary, Barry W. Moses &ndash; Vice President, Regulatory &amp; Compliance and
        Assistant Secretary, and Jeffrey H. Mayer &ndash; Chief Actuary and (vi) the elected officers of Sequoia Insurance Company
        consist of William K. Walton &ndash; President and Chief Operating Officer, Kerry J. Heitz &ndash; Executive Vice President
        and Chief Financial Officer, Harry Schlachter &ndash; Treasurer, Stephen B. Ungar &ndash; Secretary, Barry W. Moses &ndash;
        Vice President, Regulatory &amp; Compliance and Assistant Secretary, and Jeffrey H. Mayer &ndash; Chief Actuary. </FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><SUP>14</SUP></TD>
    <TD>Represents (i) 522,667 shares of common stock owned by Metacapital Mortgage Opportunities Master Fund, Ltd., (ii)
    171,735     shares of common stock owned by Metacapital Mortgage Value Master Fund, Ltd. and (iii)&nbsp;46,339 shares of
    common stock     owned by Super Certus Cayman Fund Limited (collectively, the &ldquo;Metacapital
    Funds&rdquo;).&nbsp;&nbsp;Metacapital Management,     L.P. (&ldquo;Metacapital&rdquo;) is the investment manager of each of
    the Metacapital Funds.&nbsp;&nbsp;In such capacity,     Metacapital&nbsp;&nbsp;controls the voting power and dispositive
    power over the shares held by the Metacapital Funds.&nbsp;&nbsp;Deepak     Narula is the managing member of Metacapital GP,
    LLC (&ldquo;Metacapital GP&rdquo;), which is the general partner of Metacapital.&nbsp;&nbsp;Each of Metacapital, Metacapital
    GP, and Mr. Narula disclaims beneficial ownership of the shares owned by the Metacapital Funds. The address for each of these entities, and Mr.     Narula is 152 West 57<SUP>th</SUP>
    Street, 38<SUP>th</SUP> Floor, New York, NY 10019.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 135; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_018"></A><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF CAPITAL STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following description of the material
terms of our stock is only a summary. For a complete description, we refer you to the Maryland General Corporation Law, and our
charter and our bylaws, which have been filed as exhibits to the registration statement of which this prospectus forms a part.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our charter provides that we may
issue up to 500,000,000 shares of common stock, $0.01 par value per share, 150,000,000 shares of special voting stock, $0.01
par value per share, and up to 100,000,000 shares of preferred stock, $0.01 par value per share, of which 140 shares are
classified and designated as 12.5% Series A Cumulative Non-Voting Preferred Stock. Our charter provides that our board of
directors, without common stockholder approval, may amend our charter to increase or decrease the aggregate number of shares
of stock that we are authorized to issue or the number of authorized shares of any class or series of our stock. On the date
hereof, we have 11,422,606 shares of our common stock, 26,317,396 shares of our special voting stock, and 132 shares of
series A preferred stock issued and outstanding. Under Maryland law, our stockholders generally are not liable for our debts
or obligations solely as a result of the stockholder&rsquo;s status as a stockholder. Following this offering, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of
common stock will be issued and outstanding (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise
their option to purchase additional shares in full).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Class&nbsp;B LLC units in our predecessor
entities are exchangeable, together with an equal number of shares of our special voting stock, for an amount of cash equal to
the fair market value of an equal number of shares of our common stock or, at our election, an equal number of shares of our common
stock, subject to certain adjustments and restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the shares of common stock offered
by this prospectus will be duly authorized, validly issued, fully paid and nonassessable. Subject to the preferential rights,
if any, of holders of any other class or series of our stock (including our series A preferred stock) and to the provisions of
our charter relating to the restrictions on ownership and transfer of our stock, holders of our common stock are entitled to receive
dividends when authorized by our board of directors and declared by us out of assets legally available for distribution to our
stockholders, and will be entitled to share ratably in our assets legally available for distribution to our stockholders in the
event of our liquidation, dissolution or winding up, after payment of or adequate provision for all of our known debts and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to (a) the specific class voting
rights of holders of any other class or series of our stock, including our series A preferred stock and our special voting stock
(b) certain restrictions required by the registration rights agreement on the rights of our directors and executive officers,
and their affiliates, to vote at a special election meeting, on amendments to the provisions of our charter and bylaws relating
to special election meetings and the vote required to amend such provisions and, after a special election meeting and, until our
common stock is listed on a national securities exchange as required by the registration rights agreement, on the removal or reelection
of directors initially elected at a special election meeting and the expansion of the size of the board of directors, and (c)
to the provisions of our charter relating to the restrictions on ownership and transfer of our stock, each outstanding share of
common stock entitles the holder to one vote on all matters submitted to a vote of our stockholders, including the election of
directors. Except as provided with respect to any other class or series of our stock (including our series A preferred stock and
our special voting stock), the holders of our common stock will possess the exclusive voting power. There is no cumulative voting
in the election of directors and directors will be elected by a plurality of the votes cast in the election of directors, which
means that stockholders (including holders of our special voting stock) entitled to cast a majority of the votes entitled to be
cast in the election of directors can elect all of the directors then standing for election, and the holders of the remaining
shares will not be able to elect any directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our common stock have no preference,
conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities.
Subject to the provisions of our charter relating to the restrictions on ownership and transfer of our stock, all holders of our
common stock will have equal dividend, liquidation and other rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 136; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Maryland law, a Maryland corporation
generally cannot amend its charter, consolidate, merge, convert, sell all or substantially all of its assets, engage in a statutory
share exchange or dissolve unless the action is advised by its board of directors and approved by the affirmative vote of stockholders
entitled to cast at least two-thirds of the votes entitled to be cast on the matter. As permitted by Maryland law, except for
amendments to the provisions of our charter relating to the removal of directors and the vote required to amend the removal provision,
which must be approved by the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter, our charter
provides that any of these actions may be approved by the affirmative vote of stockholders entitled to cast a majority of all
of the votes entitled to be cast on the matter. Holders of our special voting stock and holders of our series A preferred stock
have the right to vote as separate classes of stock on certain amendments to our charter (including, in the case of our series
A preferred stock, certain amendments to our charter effected by merger, consolidation, sale of assets or otherwise) as described
below under &ldquo; &mdash;Special Voting Stock&rdquo; and &ldquo;&mdash;Series A Preferred Stock.&rdquo; In addition, as long
as the registration rights agreement remains in effect, our directors and executive officers, as well as their affiliates, are
not entitled to vote on amendments to certain provisions of our charter relating to special election meetings or the vote required
to amend such provisions. Maryland law also permits a Maryland corporation to transfer all or substantially all of its assets
without the approval of its stockholders to an entity owned, directly or indirectly, by the corporation. Because our operating
assets may be held by our wholly owned subsidiaries, these subsidiaries may be able to merge or transfer all or substantially
all of their assets without the approval of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except for amendments to certain provisions
of our bylaws relating to any special election meeting described below under the caption &ldquo;Certain Provisions of Maryland
Law and Clipper Realty&rsquo;s Charter and Bylaws &ndash; Special Meetings of Stockholders,&rdquo; or the vote required to amend
such provisions, which, for so long as the registration rights agreement remains in effect, must be approved by our board of directors
and the holders of two-thirds of our outstanding common stock, excluding shares held by our directors and executive officers and
their affiliates, and our special voting stock, our board of directors has the exclusive power to amend our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Special Voting Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our special voting stock
are entitled to vote together as a single class with holders of our common stock on all matters (other than, for so long as the
registration rights agreement remains in effect, matters considered at a special election meeting, amendments to certain provisions
of our charter and bylaws relating to special election meetings and the vote required to amend such provisions and, after a special
election meeting and until our common stock is listed on a national securities exchange as required by the registration rights
agreement, the removal or reelection of directors initially elected at a special election meeting or the expansion of the size
of the board of directors) brought before our common stockholders, including the election of directors, on an as-exchanged basis,
as if such holder of our special voting stock had exchanged any class B LLC units in our predecessor entities held by such holder
for shares of our common stock. In addition, holders of our special voting stock have the exclusive right to vote, as a single
class, on any amendment to our charter on which our stockholders are entitled to vote that would alter only the contract rights,
as expressly set forth in our charter, of the special voting stock. Holders of our special voting stock are not entitled to any
dividends or other distributions from us, including any distribution of our assets upon our liquidation, dissolution or winding
up, except that holders of special voting stock may receive distributions of our securities, including shares of any class or
series of our stock, when, as and if authorized by our board of directors and declared by us. Holders of our special voting stock
have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe
for any of our securities. Shares of our special voting stock are exchangeable, together with an equal number of class B LLC units
in our predecessor entities, for an amount of cash equal to the fair market value of an equal number of shares of our common stock
or, at our election, an equal number of shares of our common stock, subject to certain adjustments and restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 137; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series A Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to
the payment of dividends and redemption rights and the distribution of our assets upon dissolution, liquidation or winding up,
the series A preferred stock is senior to all other existing classes and series of our stock, including our common stock and our
special voting stock. Holders of our series A preferred stock are entitled to dividends that accrue on a daily basis at the rate
of 12.5% per annum of the sum of $1,000 plus all accumulated and unpaid dividends thereon, and are cumulative from and including
the date of issuance. Dividends on outstanding shares of series A preferred stock accrue whether or not they have been declared
and whether or not we have funds that are legally available for distribution. We must pay or set apart for payment all accrued
and unpaid dividends for all past dividend periods on all outstanding shares of series A preferred stock before we may pay any
dividend or other distribution to holders of, or redeem or repurchase, shares of any other class or series of our stock, including
common stock. If we pay less than the total amount of dividends then accrued with respect to the outstanding shares of series
A preferred stock, such a payment must be distributed ratably among the holders of outstanding shares of series A preferred stock
on the basis of the number of shares of series A preferred stock then owned by each holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends on series
A preferred stock are payable semiannually, in arrears, on or before June 30 and December 31 of each year, when, as and if authorized
by our board and declared by us, except that no dividends on series A preferred stock will be payable at any time that the payment
of such dividends would be restricted or prohibited by law or would constitute a breach of or default under the terms of any written
agreement between the us and any person that is not our affiliate. Dividends payable on series A preferred stock for any partial
period, including the first dividend period, are computed on the basis of a 360-day year consisting of twelve 30-day months. We
will pay dividends to holders of record of series A preferred stock as they appear in our stock transfer records at the close
of business as of June 15 and December 15 of each year, or on such other date designated by our board as the record date for the
payment of such dividend that is not more than 30 days before the applicable payment date for such dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of
series A preferred stock are not entitled to vote in the election of directors or on any other matters submitted to our stockholders,
except that the approval of the holders of at least a majority of the outstanding shares of series A preferred stock, voting as
a separate class, is required for us to (a) authorize or issue any equity security senior to or on a parity with series A preferred
stock, (b) reclassify the outstanding series A preferred stock or (c) amend our charter, whether by merger, consolidation, transfer
or conveyance of all or substantially all of our assets or otherwise (an &ldquo;Event&rdquo;), in a manner that materially and
adversely affects any right, preference, privilege or voting power of the series A preferred stock or that increases the number
of authorized shares of series A preferred stock to a number greater than 140. So long as shares of series A preferred stock remain
outstanding with their terms materially unchanged after the occurrence of an Event or, as a result of an Event, the holders of
series A preferred stock receive equity securities of the successor or survivor of the Event with substantially identical rights
as the series A preferred stock (even if, after the Event, we are not the surviving entity or the surviving entity is not a corporation),
the occurrence of the Event will not be deemed to materially and adversely affect the rights, preferences, privileges or voting
powers of the series A preferred stock and the holders of series A preferred stock will not be entitled to vote with respect to
the Event unless the number of authorized series A preferred stock is increased to a number greater than 140 as a result of the
Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The outstanding
shares of series A preferred stock are subject to redemption, in whole or in part, at any time, upon notice by us to the record
holders of the series A preferred stock to be redeemed, on the redemption date selected by us. If we elect to redeem any shares
of series A preferred stock, such shares will be redeemed for a price per share, payable in cash on the redemption date, equal
to $1,000 plus all accrued and unpaid dividends thereon (whether or not declared) to and including the redemption date, plus a
redemption premium of $100 per share if the redemption date falls on or before December&nbsp;31, 2017. No redemption premium will
be payable if the redemption date is after December&nbsp;31, 2017. Unless full cumulative dividends on all outstanding shares
of series A preferred stock for all past dividend periods that have ended have been, or contemporaneously are, paid or set apart
for payment for all past dividend periods, we may not redeem less than all of the outstanding shares of series A preferred stock
or, generally, redeem or repurchase equity securities that rank junior to the series A preferred stock, including common stock
and the special voting stock, except by conversion into or exchange for other equity securities that rank junior to the series
A preferred stock or pursuant to the provisions of our charter relating to the restrictions on ownership and transfer of our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 138; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of
any voluntary or involuntary dissolution, liquidation or winding up of our affairs, the holders of outstanding shares of series
A preferred stock will be entitled to be paid, out of our assets that are legally available for distribution, a liquidation preference
per share of series A preferred stock equal to $1,000 plus the amount of any accrued and unpaid dividends thereon (whether or
not declared) to and including the date the liquidation preference is paid, plus the redemption premium described above, if any,
that would be payable if the shares of series A preferred stock were redeemed on the date the liquidation preference is paid.
If our assets that are legally available for distribution upon dissolution, liquidation or winding up are insufficient to pay
the full amount of the liquidation preference, the assets available for distribution will be distributed ratably among the holders
of outstanding shares of series A preferred stock on the basis of the number of shares of series A preferred stock then owned
by each holder. A consolidation or merger the Company with one or more entities, a sale or transfer of all or substantially all
of our assets, or a statutory share exchange will not be deemed a dissolution, liquidation, or winding up of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The series A preferred
stock is not convertible or exchangeable for any other of our property or securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Power to Reclassify and Increase the Number of Authorized
Shares of Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors may, without
common stockholder approval, classify any unissued shares of our preferred stock and reclassify any unissued previously-classified
shares of our stock into other classes or series of stock. Before authorizing the issuance of shares of any new class or series,
our board of directors must set, subject to the provisions of our charter relating to the restrictions on ownership and transfer
of our stock and the rights of holders of our series A preferred stock, the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends and other distributions, qualifications or terms and conditions of redemption for each
class or series of stock. In addition, our charter authorizes our board of directors, with the approval of a majority of the entire
board of directors and without common stockholder approval, to amend our charter to increase or decrease the aggregate number
of shares of stock, or the number of shares of any class or series of stock, that we are authorized to issue. These actions can
be taken without common stockholder approval, unless stockholder approval is required by applicable law, the terms of any other
class or series of our stock (including our series A preferred stock) or the rules of any stock exchange or automated quotation
system on which our securities may be listed or traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 139; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Ownership and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order for us to qualify as a REIT under
the Code, our stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months (other
than the first year for which an election to be a REIT has been made) or during a proportionate part of a shorter taxable year.
Also, not more than 50% of the value of the outstanding shares of our stock may be owned, directly or indirectly, by five or fewer
individuals (as defined in the Code to include certain entities such as qualified pension plans) during the last half of a taxable
year (other than the first year for which an election to be a REIT has been made). To qualify as a REIT, we must satisfy other
requirements as well. See &ldquo;Material U.S. Federal Income Tax Consequences&mdash;Taxation of the Company as a REIT&mdash;Requirements
for Qualification.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our charter contains restrictions on the
ownership and transfer of our stock. Subject to the exceptions described below, no person or entity may beneficially own, or be
deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% in value or number of shares,
whichever is more restrictive, of the outstanding shares of any class or series of our common stock, excluding any shares of such
class or series of common stock that are not treated as outstanding for federal income tax purposes, or 9.8% of the aggregate value
of all our outstanding stock, excluding any shares of our stock not treated as outstanding for federal income tax purposes. We
refer to these restrictions collectively as the &ldquo;ownership limit.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The constructive ownership rules under the
Code are complex and may cause stock owned actually or constructively by a group of related individuals and/or entities to be owned
constructively by one individual or entity. As a result, the acquisition of less than 9.8% of the outstanding shares of any class
or series of our common stock, or the acquisition of an interest in an entity that owns shares of our common stock of any class
or series could, nevertheless, cause the acquiror or another individual or entity to own shares of our common stock of any class
or series in excess of the ownership limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors may, upon receipt
of such representations and agreements as it may require and in its sole discretion, prospectively or retroactively, exempt a person
from all or any component of the ownership limit or establish a different limit on ownership for a person if the person&rsquo;s
ownership in excess of the ownership limit could not result in our being &ldquo;closely held&rdquo; under Section 856(h) of the
Code (without regard to whether the interest is held during the last half of a taxable year) or otherwise failing to qualify as
a REIT. As a condition of granting a waiver of the ownership limit or creating an excepted holder limit, our board of directors
may, but is not required to, require an opinion of counsel or IRS ruling satisfactory to our board of directors as it may deem
necessary or advisable to determine or ensure our status as a REIT and may impose any conditions or restrictions on such a waiver
or excepted holder limit as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with granting a waiver of
the ownership limit or creating an excepted holder limit or at any other time, our board of directors may increase or decrease
the ownership limit or any component of the ownership limit unless, after giving effect to any increased or decreased ownership
limit, five or fewer persons could beneficially own, in the aggregate, more than 49.9% in value of the aggregate outstanding shares
of our stock or we would otherwise fail to qualify as a REIT. A decreased ownership limit will not apply to any person whose ownership
of our stock at the time the ownership limit is decreased exceeds the decreased ownership limit until the person&rsquo;s ownership
of our stock, in the aggregate, or of the applicable classes or series of our common stock, equals or falls below the decreased
ownership limit, but any acquisition of our stock, or of shares of the applicable class or series of our common stock, by such
a person after the decrease in the ownership limit will violate the decreased ownership limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the ownership limit, our
charter prohibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>any person from beneficially or constructively owning shares of our stock that could result in our being &ldquo;closely held&rdquo; under Section 856(h) of the Code (without regard to whether the stockholder&rsquo;s interest is held during the last half of a taxable year) or otherwise cause us to fail to qualify as a REIT;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>any person from transferring shares of our stock if the transfer would result in shares of our stock being beneficially owned by fewer than 100 persons;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 140; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>until our common stock qualifies as a class of publicly offered securities or we qualify for another exception to the DOL Plan Asset Regulations (other than the insignificant participation exception), Benefit Plan Investors from beneficially owning 25% or more of the total value of the outstanding shares of our common stock, disregarding shares of common stock (or interests therein) held by Controlling Persons (other than Controlling Persons who are Benefit Plan Investors);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>until our common stock qualifies as a class of publicly offered securities or we qualify for another exemption from the DOL Plan Asset Regulations (other than the insignificant participation exception), any person from transferring shares of our common stock unless the transferee provides to us (a) a representation that the transferee is not, and will not be acting on behalf of, a Benefit Plan Investor or Controlling Person and will not transfer or assign its interest in our common stock to any Benefit Plan Investor or Controlling Person and (b) an agreement that such transferee will obtain from its transferee the representation and agreement set forth in this sentence (including without limitation clauses (a) and (b)); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>until we qualify for an exception to the DOL Plan Asset Regulations (other than the insignificant participation exception), no person may transfer shares of any class or series of our stock that does not qualify as a class or series of publicly offered securities (other than shares of our common stock transferred after obtaining the representation and agreement referenced in the immediately preceding bullet) unless such person obtains from its transferee a representation and agreement that (a) such transferee is not, and will not be, and is not acting on behalf of, a Benefit Plan Investor or Controlling Person and (b) such transferee will obtain from its subsequent transferee the foregoing representations and agreements described in clauses (a) and (b).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any person who acquires or attempts to acquire
beneficial or constructive ownership of shares of our stock that will or may violate the ownership limit or any of the other restrictions
on transfer and ownership of our stock discussed above, or who would have owned shares of our stock that are transferred to the
trust as described below, must give notice immediately to us or, in the case of a proposed transaction, give at least 15 days prior
written notice to us and provide us with any other information we request in order to determine the effect of such transfer on
our qualification as a REIT or our qualification for any exception from the DOL Plan Asset Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any attempted transfer of shares of
our stock that, if effective, would result in our stock being beneficially owned by fewer than 100 persons will be void and the
intended transferee will acquire no rights in the shares. Any attempted transfer of our stock that, if effective, would result
in a violation of the ownership limit, our being &ldquo;closely held&rdquo; under Section 856(h) of the Code (without regard to
whether the stockholder&rsquo;s interest is held during the last half of a taxable year) or our otherwise failing to qualify as
a REIT, will cause the number of shares causing the violation (rounded up to the nearest whole share) to be transferred automatically
to one or more trusts for the exclusive benefit of one or more charitable beneficiaries, and the proposed transferee will not
acquire any rights in the shares. The automatic transfer will be effective as of the close of business on the business day before
the date of the attempted transfer or other event that resulted in the transfer to the trust. If the transfer to the trust as
described above does not occur or is not automatically effective, for any reason, to prevent a violation of the applicable restrictions
on ownership and transfer of our stock, then the attempted transfer which, if effective, would have resulted in a violation of
the restrictions on ownership and transfer of our stock will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that immediately
following this offering our common stock will qualify as a class of publicly offered securities and, as a result, the
restrictions in the last three bullet points in the immediately preceding paragraph will cease to apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of our stock held in the trust will
be issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares of our stock
held in the trust and will have no rights to dividends and no rights to vote or other rights attributable to the shares of our
stock held in the trust. The trustee of the trust will exercise all voting rights and receive all dividends and other distributions
with respect to shares held in the trust for the exclusive benefit of the charitable beneficiary of the trust. Any dividend or
other distribution paid before we discover that the shares have been transferred to a trust as described above must be repaid by
the recipient to the trustee upon demand by us. Subject to Maryland law, effective as of the date that the shares have been transferred
to the trust, the trustee will have the authority to rescind as void any vote cast by a proposed transferee before our discovery
that the shares have been transferred to the trust and to recast the vote in accordance with the desires of the trustee. However,
if we have already taken irreversible corporate action, then the trustee may not rescind and recast the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 141; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Within 20 days of receiving notice from
us of a transfer of shares to the trust, the trustee must sell the shares to a person that could own the shares without violating
the ownership limit or the other restrictions on ownership and transfer of our stock contained in our charter. After the sale of
the shares, the interest of the charitable beneficiary in the shares transferred to the trust will terminate and the trustee must
distribute to the proposed transferee an amount equal to the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the price paid by the proposed transferee for the shares or, if the event causing the shares to be held in the trust did not involve a purchase of such shares at market price, the market price of the shares on the day of such event; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the net sale price received by the trustee from the sale or other disposition of the shares.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trustee may reduce the amount payable to the proposed transferee
by the amount of any dividends or other distributions that we paid to the proposed transferee before we discovered that the shares
had been transferred to the trust and that is owed by the proposed transferee to the trustee as described above. The trustee must
distribute any remaining amounts held by the trust with respect to the shares to the charitable beneficiary. If the shares are
sold by the proposed transferee before we discover that they have been transferred to the trust, the shares will be deemed to have
been sold on behalf of the trust and the proposed transferee must pay to the trustee, upon demand the amount, if any, that the
proposed transferee received in excess of the amount that the proposed transferee would have received had the shares been sold
by the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of our stock held in the trust will
be deemed to be offered for sale to us, or our designee, at a price per share equal to the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the price per share in the transaction that resulted in the transfer to the trust (or, if the event causing the shares to be held in the trust did not involve a purchase of such shares at market price, the market price of the shares on the day of such event); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the market price on the date we, or our designee, accept the offer.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may reduce the amount so payable by the amount of any dividends
or other distributions that we paid to the proposed transferee before we discovered that the shares had been transferred to the
trust and that is owed by the proposed transferee to the trustee as described above, and, in such case, we must pay such amount
to the trustee for distribution to the beneficiary of the trust. We have the right to accept the offer until the trustee has otherwise
sold the shares of our stock held in the trust. Upon a sale to us, the interest of the charitable beneficiary in the shares sold
will terminate and the trustee must distribute the net proceeds of the sale to the proposed transferee and distribute any dividends
or other distributions held by the trustee with respect to the shares to the charitable beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every owner of 5% or more (or such lower
percentage as required by the Code or the regulations promulgated thereunder) of the outstanding shares of our stock, within 30
days after the end of each taxable year, must give us written notice stating the person&rsquo;s name and address, the number of
shares of our stock of each class and series that the person beneficially owns and a description of the manner in which the shares
are held. Each such owner also must promptly provide to us, in writing, any additional information that we request in order to
determine the effect, if any, of the person&rsquo;s beneficial ownership on our status as a REIT and to ensure compliance with
the ownership limit. In addition, any person or entity that is a beneficial owner or constructive owner of shares of our stock
and any person or entity (including the stockholder of record) who is holding shares of our stock for a beneficial owner or constructive
owner must, on request, disclose to us in writing such information as we may request in order to determine our status as a REIT
or our qualification for any exception from the DOL Plan Asset Regulations or to comply, or determine our compliance, with the
requirements of any governmental or taxing authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 142; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificates representing shares of
our stock will bear a legend referring to the restrictions described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of these restrictions on ownership
and transfer of our stock will not apply if our board of directors determines that it is no longer in our best interests to attempt
to qualify, or to continue to qualify, as a REIT or that compliance with any or all such restrictions is no longer required in
order for us to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These restrictions on ownership and transfer
of our stock could delay, defer or prevent a transaction or a change of control of us that might involve a premium price for our
common stock or otherwise be in the best interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The transfer agent and registrar for our
common stock is American Stock Transfer &amp; Trust Company, LLC. The transfer agent&rsquo;s address is 6201 15<SUP>th</SUP> Avenue,
Brooklyn, New York 11219.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will apply for listing our common
stock on the NYSE under the symbol &ldquo;CLPR&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purchasers of common stock in the private
offering and their transferees, including the persons who received common stock in the formation transactions, are entitled to
the benefits of a registration rights agreement between us and FBR Capital Markets &amp; Co., the initial purchaser and placement
agent in the private offering, acting for itself and for the benefit of the investors in that offering, which has been filed as
an exhibit to the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Under the registration rights agreement,
as amended, we were obligated, among other things and at our expense, to use our commercially reasonable efforts to confidentially
submit or file with the SEC as soon as reasonably practicable following the completion of the private offering (but in no event
later than November 1, 2015) a shelf registration statement registering for resale the registrable shares (as defined in the registration
rights agreement) plus any additional common stock issued in respect thereof whether by stock dividend, stock distribution, stock
split, or otherwise. We refer to this registration statement as the &ldquo;resale shelf registration statement.&rdquo; We are
obligated to use our commercially reasonable efforts to cause the resale shelf registration statement to be declared effective
by the SEC as soon as practicable after filing, but in no event later than the earlier of (i) January 31, 2017 and (ii) 60 days
after the closing of this offering (such earlier date, the &ldquo;first trigger date&rdquo;), so long as the closing date of this
offering is not later than January 31, 2017; provided, however, that if this offering occurs within the 60 days prior to January
31, 2017, such date shall be 60 days after the closing of this offering of our common stock. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are also required to use our commercially
reasonable efforts to cause the registrable shares to be listed on a national securities exchange concurrently with the effectiveness
of the resale shelf registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (A) a resale shelf registration statement
registering for resale the registrable shares has not been declared effective by the SEC by the first trigger date, or (B) the
registrable shares have not been listed for trading on a national securities exchange by such first trigger date, then we will
be required to call a special meeting of our stockholders, which we refer to as a &ldquo;special election meeting,&rdquo; for
the purpose of considering and voting on proposals to expand the size of our board of directors by two, in the event of a failure
to satisfy the requirements of clause (A) of this paragraph, or by three, in the event of a failure to satisfy the requirements
of clause (B) of this paragraph, and to elect new directors to fill such vacancies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 143; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (A) a resale shelf registration statement
registering for resale the registrable shares has not been declared effective by the SEC by the first anniversary of the first
trigger date (the &ldquo;second trigger date&rdquo;), or (B) the registrable shares have not been listed for trading on a national
securities exchange by such second trigger date, then we will be required to call a special election meeting for the purpose of
considering and voting on proposals to remove all of the then-serving directors of our company and to elect new directors to fill
the vacancies created by such removals and any other vacancies on our board of directors. Individuals nominated for election at
a special election meeting in accordance with the procedures specified in the registration rights agreement will be required to
resign upon the effectiveness of the resale shelf registration statement or the listing of the registrable shares on a national
securities exchange, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of at least two-thirds of the
outstanding registrable shares (other than registrable shares held by certain of our directors or executive officers or their affiliates)
may waive or defer the requirement that we hold any special election meeting. Our directors and officers and their affiliates,
and holders of shares of our special voting stock, are not entitled to vote at any special election meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A share of common stock will cease to
be a &ldquo;registrable share&rdquo; upon the earliest to occur of: (i) the date on which the resale of such share has been registered
pursuant to the Securities Act and it has been disposed of in accordance with the registration statement relating to it, (ii)
the date on which such share either (a) has been transferred pursuant to Rule 144 or (b) is freely saleable, without being subject
to any volume limitation or other condition pursuant to Rule 144, including any current public information requirements, (iii)
the date on which such share is sold to us, or (iv) the date on which such share ceases to be outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will use our commercially reasonable
efforts to cause the resale shelf registration statement to become effective under the Securities Act as soon as practicable after
the filing and, subject to certain blackout periods, to continuously maintain the effectiveness of the resale shelf registration
statement under the Securities Act until the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the date on which the registrable shares covered by the resale shelf registration statement have been sold in accordance
    with the resale shelf registration statement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>there are no registrable shares outstanding; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the first anniversary of the effective date of the resale shelf registration statement (subject to the condition that
    the registrable shares have been transferred to an unrestricted CUSIP, are listed on a national securities exchange or an
    alternative trading system with the registrable shares qualified under the applicable state securities or &ldquo;blue sky&rdquo;
    laws of all 50 states).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All holders of the registrable shares
may elect to offer their shares for resale in this offering, subject to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>execution of a customary underwriting agreement; completion and execution of any questionnaires, powers of attorney, indemnities, custody agreements, securities escrow agreements and other documents, including opinions of counsel, reasonably required under the terms of such underwriting agreement; and provision to us of such information as we may reasonably request in writing for inclusion in the registration statement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>compliance with the registration rights agreement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>cutback rights on the part of the underwriters, provided that the holders of registrable shares will be permitted to include registrable shares comprising at least 25% of the total number of shares included in this offering; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>other conditions and limitations that may be imposed by the underwriters.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Election by a holder to include registrable
shares in this offering will not affect the inclusion of such registrable shares in the resale shelf registration statement until
such registrable shares have been sold in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 144; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will bear certain expenses incident to
our registration obligations upon exercise of these registration rights, including the payment of federal securities law and state
&ldquo;blue sky&rdquo; registration fees, except that we will not bear any brokers&rsquo; or underwriters&rsquo; discounts and
commissions or transfer taxes relating to sales of our common stock. We have agreed to indemnify each selling stockholder for certain
violations of federal or state securities laws in connection with any registration statement in which such selling stockholder
sells its common stock pursuant to these registration rights. Each selling stockholder has in turn agreed to indemnify us for federal
or state securities law violations that occur in reliance upon written information it provides to us for use in the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The preceding summary of certain provisions
of the registration rights agreement is not intended to be complete, and is subject to, and qualified in its entirety by reference
to, all of the provisions of the registration rights agreement, as amended. You should read this summary together with the complete
text of the registration rights agreement, a copy of which has been filed as an exhibit to the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also entered into a continuing investors
registration rights agreement with certain persons receiving shares of our common stock and class B LLC units in the formation
transactions, including certain members of our senior management team and the other continuing investors. The continuing investors
registration rights agreement provides for the registration of such shares of common stock and shares of common stock that are
issuable upon the exchange of class B LLC units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 145; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="main_019"></A>CERTAIN
PROVISIONS OF MARYLAND LAW AND CLIPPER REALTY&rsquo;S</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CHARTER
AND BYLAWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following description of certain provisions
of Maryland law and of our charter and bylaws is only a summary. For a complete description, we refer you to the Maryland General
Corporation Law, and our charter and bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Election and Removal of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our charter and bylaws provide that, except
as provided in connection with a special election meeting as described below, the number of our directors may be established only
by our board of directors but may not be fewer than one nor, unless our bylaws are amended, more than fifteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is no cumulative voting in the
election of directors, and directors will be elected by a plurality of the votes cast in the election of directors. Consequently,
stockholders entitled to cast a majority of the votes entitled to be cast in the election of directors will be able to elect all
of the directors to be elected at any annual or special meeting of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to a provision of our charter,
we have elected to be subject to a provision of Maryland law that provides that, at such time as we have a class of securities
registered under the Exchange Act and at least three independent directors (which we expect will be upon completion of this offering),
and subject to the rights, if any, of holders of any class or series of our stock other than our common stock and except at a
special election meeting, vacancies on our board of directors may be filled only by the remaining directors and that any directors
elected by the board of directors to fill a vacancy will serve for the remainder of the full term of the class of directors in
which the vacancy occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our charter provides that a director may
be removed with or without cause and only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally
in the election of directors, except that, for so long as the registration rights agreement is in effect, after any special election
meeting and until our common stock is listed on a national securities exchange as required by the registration rights agreement,
holders of our special voting stock and our directors and executive officers, and their affiliates, are not entitled to vote on
the removal or reelection of directors initially elected at a special election meeting or on the expansion of the size of the board
of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Combinations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Maryland law, certain &ldquo;business
combinations&rdquo; between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are
prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These
business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer
or issuance or reclassification of equity securities. An interested stockholder is defined as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>any person who beneficially owns ten percent or more of the voting power of the corporation&rsquo;s outstanding voting stock; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an affiliate or associate of the corporation who, at any time within the two-year period before the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding voting stock of the corporation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A person is not an interested stockholder
if the board of directors approved in advance the transaction by which he or she otherwise would have become an interested stockholder.
However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after
the time of approval, with any terms and conditions determined by the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 146; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After the five-year prohibition, any business
combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors
of the corporation and approved by the affirmative vote of at least:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>80% of the votes entitled to be cast by stockholders entitled to vote generally in the election of directors; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>two-thirds of the votes entitled to be cast by stockholders entitled to vote generally in the election of directors, other than the interested stockholder with whom or with whose affiliate the business combination is to be effected or an affiliate or associate of the interested stockholder.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These super-majority vote requirements do not apply if the corporation&rsquo;s
common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration
in the same form as previously paid by the interested stockholder for its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statute permits various exemptions from
its provisions, including business combinations that are exempted by the board of directors before the time that the interested
stockholder becomes an interested stockholder. As permitted by statute, our board of directors has adopted a resolution exempting
any business combination between us and any other person that has been approved by our board of directors, including a majority
of our directors who are not affiliates or associates of such person. There can be no assurance that our board of directors will
not amend or revoke this resolution at any time in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Control Share Acquisitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law provides that a holder of control
shares of a Maryland corporation acquired in a control share acquisition has no voting rights with respect to the control shares
except to the extent approved by at least two-thirds of the votes entitled to be cast by stockholders entitled to vote generally
in the election of directors, excluding votes entitled to be cast by the acquiror, officers and employees who are directors of
the corporation. Control shares are voting shares of stock that, if aggregated with all other shares of stock owned by the acquiror
or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable
proxy), would cause the acquiror to be entitled to exercise voting power in electing directors within one of the following ranges
of voting power:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>one-tenth or more but less than one-third,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>one-third or more but less than a majority, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a majority or more.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Control shares do not include shares that
the acquiror is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly
from the corporation. A control share acquisition means the acquisition of issued and outstanding control shares, subject to certain
exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A person who has made or proposes to make
a control share acquisition may, upon satisfaction of certain conditions (including an undertaking to pay expenses), compel the
corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the
shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If voting rights of control shares are not
approved at the meeting or if the acquiror does not deliver an acquiring person statement as required by the statute, then the
corporation may, subject to certain limitations and conditions, redeem for fair value any or all of the control shares, except
those for which voting rights have previously been approved. Fair value is determined, without regard to the absence of voting
rights for the control shares, as of the date of any meeting of stockholders at which the voting rights of such shares are considered
and not approved or, if no such meeting is held, as of the date of the last control share acquisition by the acquiror. If voting
rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares
entitled to vote, all other stockholders may exercise appraisal rights, unless the corporation&rsquo;s charter or bylaws provide
otherwise. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per
share paid by the acquiror in the control share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 147; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The control share acquisition statute does
not apply to (a) shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction,
or (b) acquisitions approved or exempted by the charter or bylaws of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our bylaws contain a provision exempting
from the control share acquisition statute any and all acquisitions by any person of shares of our stock. There can be no assurance
that this provision will not be amended or eliminated at any time in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subtitle 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subtitle 8 of Title 3 of the MGCL permits
a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors
to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any
contrary provision in the charter or bylaws, to any or all of five provisions of the MGCL which provide, respectively, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the corporation&rsquo;s board of directors will be divided into three classes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the affirmative vote of two-thirds of the votes entitled to be cast in the election of directors generally is required to remove a director;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the number of directors may be fixed only by vote of the directors;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a vacancy on the board be filled only by the remaining directors and that directors elected to fill a vacancy will serve for the remainder of the full term of the class of directors in which the vacancy occurred; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the request of stockholders entitled to cast a majority of the votes entitled to be cast at a special meeting is required for stockholders to require the calling of a special meeting of stockholders.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through provisions in our charter and
bylaws unrelated to Subtitle 8, we already (a) require the affirmative vote of at least two-thirds of the votes entitled to be
cast generally in the election of directors to remove a director from our board of directors, (b) vest in our board of directors
the exclusive power to fix the number of directors, by vote of a majority of the entire board, and (c) require, unless called
by either of our Co-Chairmen of our board of directors, our President, our Chief Executive Officer or our board of directors,
the request of stockholders entitled to cast a majority of votes entitled to be cast at the meeting to call a special meeting.
Our charter provides that, at such time as we become eligible to make the election provided for under Subtitle 8 (which we expect
will be upon completion of this offering) and subject to the rights, if any, of holders of any class or series of our stock other
than our common stock and except at a special election meeting, vacancies on our board of directors may be filled only by the
affirmative vote of a majority of the remaining directors then in office, and directors elected to fill a vacancy will serve for
the full term of the class of directors in which the vacancy occurred. Our board of directors is not currently classified. In
the future, our board of directors may elect, without stockholder approval, to classify our board of directors or elect to be
subject to any of the other provisions of Subtitle 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Special Meetings of Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Either of our Co-Chairmen, our President,
our Chief Executive Officer or our board of directors may call special meetings of our stockholders. A special meeting of our
stockholders to act on any matter that may properly be considered at a meeting of our stockholders must also be called by our
secretary upon the written request of stockholders entitled to cast a majority of all the votes entitled to be cast on such matter
at the meeting and containing the information required by our bylaws. Our secretary will inform the requesting stockholders of
the reasonably estimated cost of preparing and mailing the notice of meeting (including our proxy materials), and the requesting
stockholder must pay such estimated cost before our secretary may prepare and mail the notice of the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 148; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, pursuant to the registration
rights agreement and our bylaws, if (A) a resale shelf registration statement registering for resale the registrable shares has
not been declared effective by the SEC by the first trigger date, or (B) the registrable shares have not been listed for trading
on a national securities exchange by such first trigger date, then we will be required to call a special election meeting for
the purposes of considering and voting on proposals to expand the size of our board of directors by two, in the event of a failure
to satisfy the requirements of clause (A) of this paragraph, or by three, in the event of a failure to satisfy the requirements
of clause (B) of this paragraph, and to elect new directors to fill such vacancies, unless the holders of at least two-thirds
of the registrable shares, other than registrable shares held by our officers, directors and their affiliates, waive the requirement
to call such a special meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (A) a resale shelf registration statement
registering for resale the registrable shares has not been declared effective by the SEC by the second trigger date, or (B) the
registrable shares have not been listed for trading on a national securities exchange by such second trigger date, then, unless
the holders of at least two-thirds of the registrable shares, other than registrable shares held by our officers, directors and
their affiliates, waive the requirement to call such a special meeting of stockholders, we will be required to call a special
election meeting, for the purpose of considering and voting on proposals to remove of all of the then-serving directors of our
company and to elect new directors to fill the vacancies created by such removals and any other vacancies on our board of directors.
Individuals nominated for election at a special election meeting in accordance with the procedures specified in the registration
rights agreement will be required to resign upon the effectiveness of the resale shelf registration statement or the listing of
the registrable shares on a national securities exchange, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For so long as the registration rights agreement
is in effect, holders of our special voting stock and our directors and executive officers, and their affiliates, are not entitled
to vote at any special election meeting or, after any special election meeting and until our common stock is listed on a national
securities exchange as required by the registration rights agreement, on the removal or reelection of directors initially elected
at a special election meeting or on the expansion of the size of the board of directors. For so long as the registration rights
agreement is in effect, certain provisions of our charter and bylaws that relate to special election meetings or the vote required
to amend such provisions may not be amended without the approval of our board of directors and the affirmative vote of two-thirds
of votes entitled to be cast on such amendments and our directors and executive officers and their affiliates and holders of our
special voting stock are not entitled to vote on such amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advance Notice of Director Nomination and New Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our bylaws provide that nominations of individuals
for election to our board of directors and proposals of business to be considered by stockholders at any annual meeting of our
stockholders may be made only (i) pursuant to our notice of the meeting, (ii) by our board of directors or (iii) by any stockholder
who was a stockholder of record, as of the record date for the meeting, at the time the stockholder provides the notice required
by our bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of the individuals so nominated
or on such other proposed business and who has complied with the advance notice requirements of, and provided the information and
other materials required by, our bylaws. Stockholders generally must provide notice to our secretary not earlier than the 150<SUP>th</SUP>
day nor later than the 120<SUP>th</SUP> day before the first anniversary of the date of our proxy statement for the solicitation
of proxies for the election of directors at the preceding year&rsquo;s annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Only the business specified in our notice
of the meeting may be brought before a special meeting of our stockholders. Nominations of individuals for election to our board
of directors at a special meeting of stockholders may be made only (i) pursuant to our notice of the meeting, (ii) by or at the
direction of our board of directors or (iii) if the special meeting has been called in accordance with our bylaws for the purpose
of electing directors, by any stockholder who is a stockholder of record, as of the record date for the meeting, at the time the
stockholder provides the notice required by our bylaws and at the time of the special meeting, who is entitled to vote at the meeting
in the election of each individual so nominated and who has complied with the advance notice requirements of, and provided the
information and other materials required by, our bylaws. Stockholders generally must provide notice to our secretary not before
the 120th day before such special meeting and after the later of the 90th day before the special meeting or the tenth day after
public announcement of the date of the special meeting and the nominees of our board of directors to be elected at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 149; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to a special election meeting,
our bylaws provide that nominations of individuals for election as directors at a special election meeting also may be made by
holders of at least 20% of the outstanding registrable shares within the time period and containing the information specified in
our bylaws and the registration rights agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competing Interests and Activities of Our Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our charter provides that we renounce any
interest or expectancy in, or right to be offered or to participate in, any business opportunity identified in any investment policy
adopted by our board of directors or agreement with any of our directors or officers unless the policy or agreement contemplates
that the director or officer must present, communicate or offer such business opportunity to us, or an identified opportunity.
Accordingly, except for an identified opportunity (a) no director or officer of our company is required to present, communicate
or offer any business opportunity to us and (b) any director or officer of our company, on his or her own behalf or on behalf of
any other person, may hold and exploit any business opportunity, or direct, recommend, offer, sell, assign or otherwise transfer
such business opportunity to himself or herself or to any person or entity other than us. Our charter also provides that the taking
by any of our directors or officers for himself or herself, or the offering or other transfer to another person or entity, of any
identified opportunity, will not constitute or be construed or interpreted as an act or omission of the director committed in bad
faith or as the result of active or deliberate dishonesty or receipt by the director of an improper benefit or profit in money,
property, services or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have adopted an Investment Policy that
provides that our directors and officers, including David Bistricer, Sam Levinson, JJ Bistricer and Jacob Schwimmer, are not required
to present certain identified investment opportunities to us, including assets located outside the New York metropolitan area,
for-sale condominium or cooperative conversions, development projects, projects that would require us to obtain guarantees from
third parties or to backstop obligations of other parties, and land acquisitions. As a result, except to the extent that our officers
and directors must present certain identified business opportunities to us, our officers and directors will have no duty to refrain
from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which
we or our subsidiaries engage or propose to engage or to refrain from otherwise competing with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Effect of Certain Provisions of Maryland law and our Charter
and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The restrictions on ownership and
transfer of our stock discussed under the caption &ldquo;Description of Capital Stock&mdash;Restrictions on Ownership and
Transfer&rdquo; prevent any person from acquiring more than 9.8% in value or number of shares, whichever is more restrictive,
of the outstanding shares of any class or series of our common stock or 9.8% of the aggregate value of all our outstanding
stock without the approval of our board of directors. These provisions, as well as the voting power represented by our
special voting stock, the business combination statute and control share statute discussed above under the captions
&ldquo;&ndash; Business Combinations&rdquo; and &ldquo;&ndash; Control Share Acquisitions&rdquo; and the supermajority vote
required to remove our directors or to amend certain provisions of our charter may delay, defer or prevent a change in
control of us. Our board of directors, without common stockholder approval, has the power to increase the aggregate number of
authorized shares and to classify and reclassify any unissued shares of our stock into other classes or series of stock, and
to authorize us to issue the newly-classified shares, as discussed under the captions &ldquo;Description of Capital
Stock&mdash;General&rdquo; and &ldquo;Description of Capital Stock&mdash;Power to Reclassify and Increase the Number of
Authorized Shares of Stock,&rdquo; and could authorize the issuance of shares of a class or series of stock that could have
the effect of delaying, deferring or preventing a change in control of us. We believe that the power to increase the
aggregate number of authorized shares and to classify or reclassify unissued shares of stock, without common
stockholder approval, provides us with increased flexibility in structuring possible future financings and acquisitions and
in meeting other needs that might arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 150; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">The provisions of our charter requiring
that our directors may be removed only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally
in the election of directors prevent our stockholders from removing incumbent directors except upon a substantial affirmative vote.
Our charter and bylaws also provide that, other than in connection with a special election meeting, the number of directors may
be established only by our board of directors, which prevents our stockholders from increasing the number of directors on our board
of directors and filling any vacancies created by such removal with their own nominees. The provisions of our bylaws discussed
above under the captions &ldquo;&ndash; Special Meetings of Stockholders&rdquo; and &ldquo;&ndash; Advance Notice of Director Nomination
and New Business&rdquo; require stockholders seeking to call a special meeting, nominate an individual for election as a director
or propose other business at an annual meeting to comply with certain notice and information requirements. We believe that these
provisions will help to assure the continuity and stability of our business strategies and policies as determined by our board
of directors and promote good corporate governance by providing us with clear procedures for calling special meetings, information
about a stockholder proponent&rsquo;s interest in us and adequate time to consider stockholder nominees and other business proposals.
However, these provisions, alone or in combination, could make it more difficult for our stockholders to remove incumbent directors
or fill vacancies on our board of directors with their own nominees and could delay, defer or prevent a change in control, including
a proxy contest or tender offer that might involve a premium price for our common stockholders or otherwise be in the best interest
of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 151; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="main_020"></A><B>DESCRIPTION
OF THE LIMITED PARTNERSHIP AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>OF
OUR OPERATING PARTNERSHIP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following is a summary of the material
provisions of the limited partnership agreement of Clipper Realty L.P., our operating partnership. The following description does
not purport to be complete and is subject to and qualified in its entirety by reference to applicable provisions of the Delaware
Revised Uniform Limited Partnership Act, as amended, and the partnership agreement. For the purposes of this section, references
to the &ldquo;general partner&rdquo; refer to Clipper Realty Inc.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Clipper Realty L.P. (the &ldquo;operating
partnership&rdquo;) is a Delaware limited partnership. Clipper Realty Inc. is the sole general partner of the operating partnership.
Pursuant to the partnership agreement of the operating partnership (the &ldquo;partnership agreement&rdquo;), the general partner
has full, exclusive and complete responsibility and discretion in the management and control of the operating partnership, including
the ability to cause the operating partnership to enter into certain major transactions such as acquisitions, dispositions and
borrowings. No limited partner may take part in the operation, management or control of the business of the operating partnership
by virtue of being a holder of OP units, LTIP units or other limited partnership units. The limited partners have no power to remove
the general partner without the general partner&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The general partner is under no obligation
to give priority to the separate interests of the limited partners or our stockholders in deciding whether to cause the operating
partnership to take or decline to take any actions. If there is a conflict between the interests of our stockholders on one hand
and the limited partners on the other, the general partner will endeavor in good faith to resolve the conflict in a manner not
adverse to either our stockholders or the limited partners. However, the general partner may give priority to the separate interests
of the Company and its stockholders, including with respect to tax consequences to limited partners. The general partner is not
liable under the partnership agreement to the operating partnership or to any partner for monetary damages for losses sustained,
liabilities incurred, or benefits not derived by limited partners in connection with such decisions, provided that the general
partner has acted in good faith. We and our affiliates may also engage in any transactions with the operating partnership on such
terms as we may determine in our sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our business activities,
including all activities pertaining to the acquisition and operation of properties, must be conducted through the operating partnership
and its subsidiaries, and the operating partnership must be operated in a manner that will enable us to satisfy the requirements
for qualification as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Partnership Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The operating partnership&rsquo;s interests
are currently classified as the general partner interest and LTIP units. The general partner is authorized to cause the operating
partnership to issue OP units or other partnership interests and to admit additional limited partners to the operating partnership
from time to time, on such terms and conditions and for such capital contributions as the general partner may establish in its
sole and absolute discretion, without the approval or consent of any limited partner, including: (i) upon the conversion, redemption
or exchange of any debt, units or other partnership interests or other securities issued by the operating partnership; (ii) for
less than fair market value; or (iii) in connection with any merger of any other entity into the operating partnership. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the partnership agreement, upon
the issuance of our stock other than in connection with a redemption of OP units (as described below), we will generally be obligated
to contribute or cause to be contributed the cash proceeds or other consideration received from the issuance to the operating partnership,
thereby increasing the general partner interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 152; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Rights; Exchange for Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each limited partner of our operating partnership
has the right, subject to the terms and conditions set forth in the partnership agreement to require our operating partnership
to redeem all or a portion of the OP units held by such limited partner in exchange for a cash amount equal to the number of tendered
OP units multiplied by the price of a share of our common stock (determined in accordance with, and subject to adjustment under,
the terms of the partnership agreement), unless the terms of such OP units or a separate agreement entered into between the operating
partnership and the holder of such OP units provide that they are not entitled to a right of redemption or impose conditions on
the exercise of such right of redemption. On or before the close of business on the fifth business day after we receive a notice
of redemption, we may, in our sole and absolute discretion, but subject to the restrictions on the ownership of our stock imposed
under our charter and the transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered OP
units from the tendering person in exchange for shares of our common stock, based on an exchange ratio of one share of our common
stock for each OP unit (subject to anti-dilution adjustments provided in the partnership agreement). Without the consent of the
general partner, an exchange may not be effected for less than 1,000 OP units of the applicable LLC subsidiary (or, if the holder
holds less than 1,000 OP units, all of the units held by such holder). In addition, the consummation of any exchange shall be subject
to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transferability of Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, as general partner of the operating
partnership, are not able to withdraw voluntarily from the operating partnership or transfer our interest in the operating partnership,
unless the transfer is made in connection with (i) any merger, consolidation or other combination in which, following the consummation
of such transaction, the equity holders of the surviving entity are substantially identical to our stockholders, (ii) a transfer
to a qualified REIT subsidiary or (iii) as otherwise expressly permitted under the partnership agreement. The partnership agreement
permits us to engage in a merger, consolidation or other combination, or sale of substantially all of our assets if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we receive the consent of a majority in interest of the limited partners;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>following the consummation of such transaction, substantially all of the assets of the surviving entity consist of partnership units; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>as a result of such transaction all limited partners will receive, or will have the right to receive, for each partnership unit an amount of cash, securities or other property equal in value to the greatest amount of cash, securities or other property paid in the transaction to a holder of one share of our common stock, provided that if, in connection with the transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of more than 50% of the outstanding shares of our common stock, each holder of partnership units shall be given the option to exchange its partnership units for the greatest amount of cash, securities or other property that a limited partner would have received had it exercised its redemption right (described above) and received shares of our common stock immediately prior to the expiration of the offer.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With certain limited exceptions, the limited
partners may not transfer their interests in our operating partnership, in whole or in part, without the general partner&rsquo;s
prior written consent, which consent may be withheld in the general partner&rsquo;s sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The partnership agreement generally provides
that the general partner may cause the operating partnership to make quarterly (or more frequent) distributions of all, or such
portion as the general partner may in its sole and absolute discretion determine, of available cash (which is defined to be cash
available for distribution as determined by the general partner) pro rata according to the partners&rsquo; respective percentage
interests. The operating partnership also has the ability to grant preferred operating partnership interests, which would be entitled
to distributions in accordance with any such preference (and, within each such class, pro rata according to their respective percentage
interests).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 153; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allocations of Net Income and Net Loss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in the partnership
agreement, net income and net loss of our operating partnership (including a corresponding share of each item of income, gain,
loss or deduction that is taken into account in computing net income or net loss) are generally allocated at the end of each fiscal
year to the partners in accordance with their respective percentage interests; provided that any limited partners holding preferred
operating partnership interests would be allocated net income in a manner that reflects any preference in distributions. Notwithstanding
the foregoing, net capital gain will be allocated first to the LTIP unitholders until the capital account balances of such LTIP
unitholders are in proportion to the capital account balances of partners that are not LTIP unitholders. Under the Code, items
of income, gain, loss and deduction with respect to appreciated or depreciated property which is contributed to a partnership,
such as the operating partnership, in a tax-free transaction must be specially allocated among the partners in such a manner so
as to take into account such variation between tax basis and fair market value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the partnership agreement, the
general partner is the tax matters partner of the operating partnership and has certain other rights relating to tax matters. Accordingly,
as both the general partner and tax matters partner, we have authority to handle tax audits and to make tax elections under the
Code, in each case, on behalf of the operating partnership. The partnership agreement provides that the operating partnership is
to be operated in a manner that will enable us to satisfy the requirements for qualification as a REIT for U.S. federal income
tax purposes, and ensure that the operating partnership will not be classified as a &ldquo;publicly traded partnership&rdquo; taxable
as a corporation for purposes of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The operating partnership will continue
perpetually, unless earlier terminated in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the general partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the general partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless, prior to the entry of such order or judgment, a majority in interest of the remaining outside limited partners agree in writing, in their sole and absolute discretion, to continue the business of the operating partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a successor general partner;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an election to dissolve the operating partnership made by the general partner in its sole and absolute discretion;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>entry of a decree of judicial dissolution of the operating partnership pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the occurrence of any sale or other disposition of all or substantially all of the assets of the operating partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the operating partnership; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the incapacity or withdrawal of the general partner, unless all of the remaining partners in their sole and absolute discretion agree in writing to continue the business of the operating partnership and to the appointment, effective as of a date prior to the date of such incapacity, of a substitute general partner.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendments to the Partnership Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amendments to the partnership agreement
may only be proposed by the general partner. Generally, the partnership agreement may be amended with the general partner&rsquo;s
approval and the approval of the limited partners holding a majority in interests of all limited partners. Certain amendments that
would, among other things, have the following effects, must be approved by each partner adversely affected thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>convert a limited partner&rsquo;s interest into a general partner&rsquo;s interest (except as a result of the general partner acquiring such interest);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 154; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>modify the limited liability of a limited partner;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>alter the rights of any partner to receive the distributions to which such partner is entitled (subject to certain exceptions);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>alter or modify the redemption rights provided by the partnership agreement; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>alter or modify the provisions governing transfer of the general partner&rsquo;s partnership interest.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the general
partner has the power, without the consent of the limited partners, to amend the partnership agreement as may be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>add to our obligations or surrender any right or power granted to us or any of our affiliates for the benefit of the limited partners;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect the admission, substitution, or withdrawal of partners or the termination of the operating partnership in accordance with the partnership agreement and to amend the list of OP unit and LTIP unit holders in connection with such admission, substitution or withdrawal;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect a change that is of an inconsequential nature or does not adversely affect the limited partners as such in any material respect, or to cure any ambiguity, correct or supplement any provision in the partnership agreement not inconsistent with the law or with other provisions, or make other changes with respect to matters arising under the partnership agreement that will not be inconsistent with the law or with the provisions of the partnership agreement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a U.S. federal or state agency or contained in U.S. federal or state law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>set forth or amend the designations, preferences, conversion or other rights, voting powers, duties restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the holders of any additional partnership interests issued or established pursuant to the partnership agreement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect such changes as are reasonably necessary for us to maintain or restore our qualification as a REIT, to satisfy the REIT requirements or to reflect the transfer of all or any part of a partnership interest among our company and any qualified REIT subsidiary or entity that is disregarded as an entity separate from the general partner for U.S. federal income tax purposes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>modify either or both the manner in which items of net income or net loss are allocated or the manner in which capital accounts are computed (but only to the extent set forth in the partnership agreement, or to the extent required by the Code or applicable income tax regulations under the Code);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>issue additional partnership interests; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect any other modification to the partnership agreement as is reasonably necessary for the business or operations of the operating partnership or the general partner and which does not otherwise require the consent of each partner adversely affected.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 155; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the general partner nor its directors
and officers are liable to the operating partnership, the limited partners or their assignees for losses sustained, liabilities
incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission, so long
as such person acted in good faith. The partnership agreement provides for indemnification of the general partner, its affiliates
and each of their respective officers, directors, employees and any persons the general partner may designate from time to time
in its sole and absolute discretion, to the fullest extent permitted by applicable law against any and all losses, claims, damages,
liabilities (whether joint or several), expenses (including, without limitation, attorneys&rsquo; fees and other legal fees and
expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings,
civil, criminal, administrative or investigative, that relate to the operations of the operating partnership, provided that the
operating partnership will not indemnify such person, for (i) willful misconduct or a knowing violation of the law, (ii) any transaction
for which such person received an improper personal benefit in violation or breach of any provision of the partnership agreement,
or (iii) in the case of a criminal proceeding, the person had reasonable cause to believe the act or omission was unlawful, as
set forth in the partnership agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The limited partners of the operating partnership
have agreed that in the event of a conflict in the duties owed by our directors and officers to us and our stockholders and the
fiduciary duties owed by us, in our capacity as general partner of the operating partnership, to such limited partners, we will
fulfill our fiduciary duties to such limited partners by acting in the best interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 156; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_021"></A><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF THE LIMITED LIABILITY COMPANY AGREEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>OF
OUR LLC SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following is a summary of the material
provisions of the amended and restated limited liability company agreements of our LLC subsidiaries, Renaissance, Berkshire, Gunki,
and 50/53 JV. The following description does not purport to be complete and is subject to and qualified in its entirety by reference
to applicable provisions of the New York Limited Liability Company Act, as amended, the Delaware Limited Liability Company Act,
as amended, and the limited liability company agreements. For the purposes of this section, references to the terms &ldquo;operating
partnership&rdquo; or &ldquo;managing member&rdquo; refer to Clipper Realty L.P.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Renaissance Equity Holdings LLC is a New
York limited liability company that was formed on September 22, 2005. Berkshire Equity LLC is a Delaware limited liability company
that was formed on March 27, 2002. Gunki Holdings LLC is a Delaware limited liability company that was formed on January 10, 2003.
50/53 JV LLC is a Delaware limited liability company that was formed on November 26, 2014. Each LLC subsidiary is a predecessor
entity of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the formation transactions and
the amendment and restatement of the limited liability company agreement of each LLC subsidiary (the &ldquo;LLC agreements&rdquo;),
the operating partnership is the sole managing member of each LLC subsidiary. The continuing investors are the initial non-managing
members of the LLC subsidiaries. The operating partnership has, subject to certain protective rights of non-managing members described
below, full, exclusive and complete responsibility and discretion in the management and control of the LLC subsidiaries, including
the ability to cause an LLC subsidiary to enter into certain major transactions such as acquisitions, dispositions and borrowings.
The non-managing members have no power to remove the operating partnership as managing member without the operating partnership&rsquo;s
consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The managing member is under no obligation
to give priority to the separate interests of the non-managing members in deciding whether to cause an LLC subsidiary to take or
decline to take any actions. If there is a conflict between the interests of our stockholders or the operating partnership or its
partners on one hand and the non-managing members on the other, the managing member will endeavor in good faith to resolve the
conflict in a manner not adverse to our stockholders, the operating partnership, its partners or the non-managing members. However,
the managing member may give priority to the separate interests of the Company and its stockholders, including with respect to
tax consequences to the members of the LLC subsidiaries. The managing member is not liable under the LLC agreements to the LLC
subsidiaries or to any non-managing member for monetary damages for losses sustained, liabilities incurred, or benefits not derived
by non-managing members in connection with such decisions, provided that it acted in good faith. We, the operating partnership
and our affiliates may also engage in any transactions with an LLC subsidiary on such term as we may determine in our sole and
absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>LLC Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The operating partnership owns class
A units of each of the LLC subsidiaries and the continuing investors own class&nbsp;B units of each of the LLC subsidiaries. The
following table sets forth information about the number of class B LLC units that are held by the continuing investors in each
LLC subsidiary: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><B>LLC Subsidiary</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: justify"><B>Number of Class&nbsp;B LLC Units held</B><BR>
<B>by Continuing Investors</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 57%">Renaissance Equity Holdings LLC</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: right">5,216,987</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Berkshire Equity LLC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,694,841</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Gunki Holdings LLC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,768,174</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>50/53 JV LLC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,637,394</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 157; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The managing member is authorized to acquire
interests in, and manage and control additional limited liability companies, limited partnerships or any other entities that will
become LLC subsidiaries and to issue additional LLC units or equivalent interests from time to time, on such terms and conditions
and for such contributions (in cash or in kind) as the managing member may establish in its sole and absolute discretion, without
the approval or consent of any non-managing member, including: (i) upon the conversion, redemption or exchange of any debt, units,
interests or other securities issued by an LLC subsidiary; (ii) for less than fair market value; or (iii) in connection with any
merger of any other entity into an LLC subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The LLC agreements generally provide that
the managing member may cause the LLC subsidiaries to make quarterly (or more frequent) distributions of all, or such portion as
the managing member may in its sole and absolute discretion determine, of available cash (which is defined to be cash available
for distribution as determined by the managing member). The holders of the class B LLC units are entitled to a preferred distribution
equal to the lesser of (i) the per OP unit distribution paid by the operating partnership or (ii) a pro rata share (determined
for this purpose without regard to any class A LLC units held by the operating partnership) of all of the cash flow of the applicable
LLC subsidiary. The class A LLC units held by our operating partnership are entitled to any remaining cash flow of such LLC subsidiary,
subject to the discretion of the managing member of the LLC subsidiary to hold surplus amounts in reserve for application in future
periods, including distributions to holders of class B LLC units in the subsequent periods in accordance with the previous sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exchange Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each non-managing member of the LLC subsidiaries
has the right, subject to the terms and conditions set forth in the LLC agreements, to require the operating partnership to exchange
all or a portion of the class B LLC units held by such non-managing member, together with the same number of shares of our special
voting stock, for a cash amount equal to the number of tendered class B LLC units multiplied by the price of a share of our common
stock (determined in accordance with, and subject to adjustment under, the terms of the LLC agreements), unless the terms of such
class B LLC units or a separate agreement entered into between an LLC subsidiary and the holder of such class B LLC units provides
that the holder is not entitled to a right of exchange or imposes conditions on the exercise of such right of exchange. On or before
the close of business on the fifth business day after we and the operating partnership receive a notice of exchange, we may, in
our sole and absolute discretion, but subject to the restrictions on the ownership of our stock imposed under our charter and the
transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered class B LLC units from the tendering
non-managing member in exchange for shares of our common stock, based on an exchange ratio of one share of our common stock for
each class B LLC unit (subject to anti-dilution adjustments provided in the LLC agreements). Without the consent of the managing
member, an exchange may not be effected (i) for less than 1,000 class B LLC units of the applicable LLC subsidiary (or, if the
non-managing member holds less than 1,000 class B LLC units, all of the units held by such member) or (ii) during the period after
the record date with respect to a distribution by the Company for a distribution to its stockholders of some or all of its portion
of such distribution. In addition, the consummation of any exchange shall be subject to the expiration or termination of the applicable
waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transferability of Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The operating partnership, as managing member,
is not able to withdraw voluntarily from the LLC subsidiaries or transfer its interest in the LLC subsidiaries unless the transfer
is made in connection with (i) any merger, consolidation or other combination in which, following the consummation of such transaction,
the equity holders of the surviving entity are either the operating partnership or substantially identical to our stockholders,
(ii) a transfer to a qualified REIT subsidiary or (iii) as otherwise expressly permitted under the LLC agreements. The LLC agreements
permit an LLC subsidiary to engage in a merger, consolidation or other combination, or sale of substantially all of its assets
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the LLC subsidiary receives the consent of the managing member and a majority in interest of the non-managing members (excluding the managing member);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>following the consummation of such transaction, substantially all of the assets of the surviving entity consist of LLC units; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>as a result of such transaction all non-managing members will receive, or will have the right to receive, for each LLC unit an amount of cash, securities or other property equal in value to the greatest amount of cash, securities or other property paid in the transaction to a holder of one share of our common stock, provided that if, in connection with the transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of more than 50% of the outstanding shares of our common stock, each holder of LLC units shall be given the option to exchange its LLC units for the greatest amount of cash, securities or other property that a non-managing member would have received had it exercised its redemption right (described above) and received shares of our common stock immediately prior to the expiration of the offer.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 158; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allocations of Net Income and Net Loss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in the LLC
agreements, net income and net loss of each LLC subsidiary (including a corresponding share of each item of income, gain, loss
or deduction that is taken into account in computing net income or net loss) is generally allocated at the end of each fiscal year
to its members in a manner consistent with the distributions that each member is entitled to receive; provided that any holders
of the class B LLC units that are entitled to the preferred distribution will be allocated net loss only to the extent such holders
have a positive capital account. Under the Code, items of income, gain, loss and deduction with respect to appreciated or depreciated
property which is contributed to a partnership, such as the LLCs, in a tax-free transaction must be specially allocated among the
partners (the members) in such a manner so as to take into account such variation between tax basis and fair market value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the LLC agreements, the managing
member is the tax matters member of the LLC subsidiaries and has certain other rights relating to tax matters. Accordingly, as
both the managing member and tax matters partner, the operating partnership has authority to handle tax audits and to make tax
elections under the Code, in each case, on behalf of the LLC subsidiaries. The LLC agreements provide that the LLC subsidiaries
are to be operated in a manner that enables us to satisfy the requirements for qualification as a REIT for federal income tax purposes,
and ensure that none of the LLC subsidiaries is classified as a &ldquo;publicly traded partnership&rdquo; taxable as a corporation
for purposes of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each LLC subsidiary will continue perpetually,
unless earlier terminated in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the managing member is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the managing member, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless, prior to the entry of such order or judgment, a majority in interest of the remaining non-managing members of the applicable LLC subsidiary, agrees in writing, in their sole and absolute discretion, to continue the business of the applicable LLC subsidiary and to the appointment, effective as of a date prior to the date of such order or judgment, of a successor managing member;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an election to dissolve an LLC subsidiary made by the managing member in its sole and absolute discretion;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>entry of a decree of judicial dissolution of an LLC subsidiary pursuant to the provisions of the Delaware Limited Liability Company Act or the New York Limited Liability Company Law, as applicable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the occurrence of any sale or other disposition of all or substantially all of the assets of an LLC subsidiary or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the LLC subsidiary;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the exchange (or acquisition by the operating partnership) of all LLC units that the applicable LLC subsidiary has authorized other than those held by the operating partnership; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the incapacity or withdrawal of the managing member, unless all of the remaining non-managing members in their sole and absolute discretion agree in writing to continue the business of the applicable LLC subsidiary and to the appointment, effective as of a date prior to the date of such incapacity, of a substitute managing member.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 159; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendments to the LLC Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amendments to the LLC agreements may only
be proposed by the managing member. Generally, the LLC agreements may be amended with the managing member&rsquo;s approval and
the approval of the non-managing members holding a majority of all outstanding LLC units of the applicable LLC subsidiary. Certain
amendments that would, among other things, have the following effects, must be approved by each non-managing member adversely affected
thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>modify the limited liability of a non-managing member;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>alter the rights of any non-managing member to receive the distributions to which such non-managing member is entitled (subject to certain exceptions);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>alter or modify the exchange rights provided by LLC agreements; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>alter or modify the provisions governing transfer of the managing member&rsquo;s interest in the subsidiary LLCs.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the managing
member has the power, without the consent of the non-managing members, to amend the LLC agreements as may be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>add to the operating partnership&rsquo;s obligations or surrender any right or power granted to the operating partnership or any of its affiliates for the benefit of the non-managing members;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect the admission, substitution, or withdrawal of members or the termination of the managing member in accordance with the LLC agreements and to amend the list of LLC units holders in connection with such admission, substitution or withdrawal;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect a change that is of an inconsequential nature or does not adversely affect the non-managing members as such in any material respect, or to cure any ambiguity, correct or supplement any provision in the LLC agreements not inconsistent with the law or with other provisions, or make other changes with respect to matters arising under the LLC agreements that will not be inconsistent with the law or with the provisions of the LLC agreements;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a U.S. federal or state agency or contained in U.S. federal or state law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>set forth or amend the designations, preferences, conversion or other rights, voting powers, duties restrictions, limitations as to distributions, qualifications or terms or conditions of exchange of the holders of any additional LLC units issued or established pursuant to the LLC agreements;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect such changes as are reasonably necessary for us to maintain or restore our qualification as a REIT, to satisfy the REIT requirements or to reflect the transfer of all or any part of a LLC interest among our the operating partnership and any qualified REIT subsidiary or entity that is disregarded as an entity separate from the operating partnership for U.S. federal income tax purposes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>modify either or both the manner in which items of net income or net loss are allocated or the manner in which capital accounts are computed (but only to the extent set forth in the LLC agreements, or to the extent required by the Code or applicable income tax regulations under the Code);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>become the managing member of additional LLC subsidiaries and issue additional LLC units; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 160; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reflect any other modification to the LLC agreements as are reasonably necessary for the business or operations of the LLC subsidiaries or the managing member of the LLC subsidiaries and which does not otherwise require the consent of each member adversely affected.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the managing member nor its directors
and officers is liable to the LLC subsidiaries, the non-managing members or assignees for losses sustained, liabilities incurred
or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission, so long as such
person acted in good faith. The LLC agreements provide for indemnification of the managing member, its affiliates and each of their
respective officers, directors, employees and any persons the managing member may designate from time to time in its sole and absolute
discretion, including members, managers, officers or controlling persons of the LLC subsidiaries and their subsidiaries prior to
the formation transactions, to the fullest extent permitted by applicable law against any and all losses, claims, damages, liabilities
(whether joint or several), expenses (including, without limitation, attorneys&rsquo; fees and other legal fees and expenses),
judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil,
criminal, administrative or investigative, that relate to the operations of the LLC subsidiaries, provided that the LLC subsidiaries
do not indemnify such person, for (i) willful misconduct or a knowing violation of the law, (ii) any transaction for which such
person received an improper personal benefit in violation or breach of any provision of the LLC agreements, or (iii) in the case
of a criminal proceeding, the person had reasonable cause to believe the act or omission was unlawful, as set forth in the LLC
agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The non-managing members of the LLC subsidiaries
have agreed that in the event of a conflict in the duties owed by our directors and officers to us and our stockholders and the
fiduciary duties owed by us, in our capacity as general partner of the managing member, to such non-managing members, we will fulfill
our fiduciary duties to such non-managing members by acting in the best interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 161; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="margin: 0">&nbsp;<FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_022"></A><FONT STYLE="text-transform: uppercase"><B>SHARES
ELIGIBLE FOR FUTURE SALE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Upon the completion of this offering,
as a result of the issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
in this offering, we will have &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock outstanding ( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
if the underwriters exercise their option to purchase additional shares in full), some of which are subject to the registration
rights agreement or the continuing investors registration rights agreement. Upon completion of this offering, we will also have
501,489 LTIP units outstanding, which, subject to certain conditions, are exchangeable for OP units in our operating partnership,
which, in turn, may be submitted for redemption in exchange, at our option, for cash in an amount equal to the value of shares
of our common stock or shares of our common stock. See &ldquo;Description of the Limited Partnership Agreement of Our Operating
Partnership.&rdquo; In addition, upon completion of this offering, we will have 26,317,396 class B LLC units outstanding, which
are exchangeable, together with an equal number of shares of our special voting stock, for an amount of cash equal to the fair
market value of an equal number of shares of our common stock or, at our election, an equal number of shares of our common stock,
subject to certain adjustments and restrictions. For a description of the terms of exchange of the class B LLC units, see &ldquo;Description
of the Limited Liability Company Agreements of Our LLC Subsidiaries.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon effectiveness of the registration
statement of which this prospectus forms a part, the shares offered for resale by the selling stockholders listed herein will
be freely transferable without restriction or further registration under the Securities Act, subject to the limitations on ownership
set forth in our charter, unless such shares are purchased by our &ldquo;affiliates,&rdquo; as that term is defined in Rule 144
under the Securities Act. The remaining outstanding shares of our common stock that were issued in the private offering and in
connection with the formation transactions will be deemed to be &ldquo;restricted securities&rdquo; as that term is defined in
Rule 144. Subject to certain contractual restrictions, including the lock-up agreements, holders of restricted shares will be
entitled to sell those shares in the public market if and when they qualify for an exemption from registration under Rule 144
or any other applicable exemption under the Securities Act. See &ldquo;&mdash;Rule 144&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rule 144</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, under Rule 144, a person
(or persons whose shares are aggregated) who is not an affiliate of ours and has not been one of our affiliates at any time during
the three months preceding a sale, and who has beneficially owned the restricted securities proposed to be sold for at least one
year, including the holding period of any prior owner other than an affiliate, is entitled to sell his or her securities without
registration and without complying with the manner of sale, public information, volume limitation or notice provisions of Rule
144. In addition, under Rule 144, beginning 90 days after the date of this prospectus, a person (or persons whose securities are
aggregated) who is not an affiliate of ours and has not been one of our affiliates at any time during the three months preceding
a sale, may sell his or her securities without registration, subject to the continued availability of current public information
about us after a six-month holding period. Any sales by affiliates under Rule 144, even after the applicable holding periods,
are subject to requirements and limitations with respect to volume, manner of sale, notice and the availability of current public
information about us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is currently no established public
market for our common stock. We intend to apply to have our common stock listed on the NYSE under the symbol &ldquo;CLPR&rdquo;.
However, we can give no assurances that our common stock will be listed, as to the likelihood that an active trading market for
our common stock will develop, the liquidity of any such market, the ability of our stockholders to sell their shares or the prices
that our stockholders may obtain for any of their shares. No prediction can be made as to the effect, if any, that future sales
of shares of our common stock, or the availability of shares of our common stock for future sale, will have on the market price
prevailing from time to time. Sales of substantial amounts of our common stock, or the perception that such sales could occur,
may affect adversely prevailing market prices of our securities. See &ldquo;Risk Factors&mdash;Risks Related to Ownership of Our
Common Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 162; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->156<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a description of certain restrictions
on transfers of our common stock held by certain of our stockholders, see &ldquo;Description of Capital Stock&mdash;Restrictions
on Ownership and Transfer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2015 Omnibus Plan and 2015 Director Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We adopted the 2015 Omnibus Plan and 2015
Director Plan to give us a competitive advantage in attracting, retaining and motivating employees, consultants and directors
and to more directly link incentives to the success of the Company and increases in stockholder value. 1,000,000 shares of our
common stock were reserved for grant under the 2015 Omnibus Plan and 350,000 shares of our common stock were reserved for grant
under the 2015 Director Plan. In connection with this offering, we intend to file a registration statement on Form S-8 under the
Securities Act covering all of the shares of our common stock issued and issuable pursuant to the 2015 Omnibus Plan and the 2015
Director Plan. Shares of our common stock registered under that registration statement will be available for sale on the open
market, subject to Rule 144 volume limitations applicable to affiliates and vesting restrictions with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In connection with the private offering,
on August 3, 2015, we granted LTIP units in respect of 273,335 shares to our executive officers. In connection with the private
offering, in 2016, we made a special additional one-time grant of 16,667 LTIP units to an executive officer and we granted a total
of 16,666 LTIP units to two key employees under our 2015 Omnibus Plan. In 2016, we also granted 74,076 LTIP units to our executive
officers as an incentive award under our 2015 Omnibus Plan. In addition, on August 3, 2015, we granted LTIP units in respect of
an aggregate of 105,001 shares to our non-employee directors and in 2016 we granted LTIP units in respect of an additional 15,742
shares to a non-employee director, in each case under our 2015 Director Plan. As of the date of this prospectus, we have 619,256
shares of our common stock remaining for future issuance under our 2015 Omnibus Plan and 229,257 shares of our common stock remaining
for future issuance under our 2015 Director Plan. For a description of our 2015 Omnibus Plan and 2015 Director Plan, see &ldquo;Management&mdash;2015
Omnibus Incentive Plan&rdquo; and &ldquo;Management&mdash;2015 Non-Employee Director Plan.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In the private offering, we issued and
sold an aggregate of 10,666,667 shares of our common stock and entered into a registration rights agreement for the benefit of
the purchasers in the private offering. Pursuant to the registration rights agreement, the purchasers in the private offering
have a right to participate in this offering, subject to certain conditions, and holders of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock have exercised their rights to sell in this offering. In addition, under this registration rights agreement,
as amended, we have agreed to use our commercially reasonable efforts to cause a resale shelf registration statement to become
effective under the Securities Act as promptly as practicable after the filing of the resale shelf registration statement, and
in any event, subject to certain exceptions, no later than January 31, 2017 and to maintain the resale shelf registration statement
continuously effective under the Securities Act for a specified period. We also entered into a continuing investors registration
rights agreement with certain persons receiving shares of our common stock and class B LLC units in the formation transactions,
including certain members of our senior management team and other continuing investors. The continuing investors registration
rights agreement provides for the registration of such shares of common stock and shares of common stock that are issuable upon
the exchange of class B LLC units. See &ldquo;Description of Capital Stock&mdash;Registration Rights.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock-Up Periods</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a description of certain lock-ups,
see &ldquo;Underwriting&mdash;Lock-Up Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 163; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->157<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_023"></A><FONT STYLE="text-transform: uppercase"><B>MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion summarizes the
taxation of the Company and the material U.S. federal income tax consequences to holders of shares of our common stock for your
general information only. This summary is not tax advice. The tax treatment of a holder will vary depending upon the holder&rsquo;s
particular situation, and this summary addresses only holders that hold these shares as capital assets and does not deal with
all aspects of taxation that may be relevant to particular holders in light of their personal investment or tax circumstances.
This summary also does not deal with all aspects of taxation that may be relevant to certain types of holders to which special
provisions of the U.S. federal income tax laws apply, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt">dealers in securities or currencies;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>traders in securities that elect to use a mark-to-market method of accounting for such traders&rsquo; securities holdings;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>banks;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>insurance companies;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>tax-exempt organizations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>persons liable for the alternative minimum tax;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>persons that hold shares of common stock that are a hedge, that are hedged against interest rate or currency risks or
    that are part of a straddle or conversion transaction;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>persons that purchase or sell shares of common stock as part of a wash sale for tax purposes; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>U.S. stockholders whose functional currency is not the U.S. dollar.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This summary is based on the Code, its
legislative history, existing and proposed regulations under the Code, published rulings and court decisions. This summary describes
the provisions of these sources of law only as they are currently in effect. All of these sources of law may change at any time,
and any change in the law may apply retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a partnership holds shares of common
stock, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment
of the partnership. A partner in a partnership holding our common stock should consult such partner&rsquo;s tax advisor with regard
to the U.S. federal income tax treatment of an investment in our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We urge you to consult with your tax
advisors regarding the tax consequences to you of acquiring, owning and selling our common stock, including the federal, state,
local and foreign tax consequences of acquiring, owning and selling our common stock in your particular circumstances and potential
changes in applicable laws.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of the Company as a REIT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In the opinion of Sullivan &amp; Cromwell
LLP, the Company has been organized in conformity with the current requirements for qualification as a REIT under the Code, the
Company&rsquo;s method of operation has enabled the Company to satisfy the requirements for qualification and taxation as a REIT
under the Code for the taxable years ended December&nbsp;31, 2015 and December 31, 2016 and the Company&rsquo;s current and proposed
method of operation will enable the Company to satisfy the current requirements for qualification and taxation as a REIT under
the Code for subsequent taxable years. Investors should be aware, however, that opinions of counsel are not binding upon the IRS
or any court. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 164; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->158<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In providing its opinion, Sullivan &amp;
Cromwell LLP is relying, without independent investigation, as to certain factual matters upon the statements and representations
contained in a certificate provided to Sullivan &amp; Cromwell LLP with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s qualification as a
REIT will depend upon the satisfaction by the Company of the requirements of the Code relating to qualification for REIT status.
Some of these requirements depend upon actual operating results, distribution levels, diversity of stock ownership, asset composition,
source of income and record keeping. Accordingly, while the Company intends to qualify to be taxed as a REIT, the actual results
of the Company for any particular year might not satisfy these requirements. Neither Sullivan &amp; Cromwell LLP nor any other
such law firm will monitor the compliance of the Company with the requirements for REIT qualification on an ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The sections of the Code applicable to
REITs are highly technical and complex. The following discussion summarizes material aspects of these sections of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a REIT, the Company generally will not
have to pay U.S. federal corporate income taxes on the Company&rsquo;s net income that the Company currently distributes to its
stockholders. This treatment substantially eliminates the &ldquo;double taxation&rdquo; at the corporate and stockholder levels
that generally results from investment in a regular corporation. The Company&rsquo;s dividends, however, generally will not be
eligible for (i) the reduced rates of tax applicable to dividends received by noncorporate holders and (ii) the corporate dividends-received
deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, the Company will have to pay U.S.
federal income tax as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>First, the Company will have to pay tax at regular corporate rates on any undistributed real estate investment trust taxable
    income, including undistributed net capital gains.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Second, under certain circumstances, the Company may have to pay the alternative minimum tax on the Company&rsquo;s items
    of tax preference.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Third, if the Company has (a) net income from the sale or other disposition of &ldquo;foreclosure property,&rdquo; as
    defined in the Code, which is held primarily for sale to customers in the ordinary course of business or (b) other non-qualifying
    income from foreclosure property, the Company will have to pay tax at the highest corporate rate on that income.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Fourth, if the Company has net income from &ldquo;prohibited transactions,&rdquo; as defined in the Code, the Company
    will have to pay a 100% tax on that income. Prohibited transactions are, in general, certain sales or other dispositions of
    property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Fifth, if the Company should fail to satisfy the 75% gross income test or the 95% gross income test, as discussed below
    under &ldquo; &mdash; Requirements for Qualification &mdash; Income Tests,&rdquo; but has nonetheless maintained the Company&rsquo;s
    qualification as a REIT because the Company has satisfied some other requirements, the Company will have to pay a 100% tax
    on an amount equal to (a) the gross income attributable to the greater of (i) 75% of the Company&rsquo;s gross income over
    the amount of gross income that is qualifying income for purposes of the 75% test, and (ii) 95% of the Company&rsquo;s gross
    income over the amount of gross income that is qualifying income for purposes of the 95% test, multiplied by (b) a fraction
    intended to reflect the Company&rsquo;s profitability.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Sixth, if the Company should fail to distribute during each calendar year at least the sum of (1) 85% of the Company&rsquo;s
    real estate investment trust ordinary income for that year, (2) 95% of the Company&rsquo;s real estate investment trust capital
    gain net income for that year and (3) any undistributed taxable income from prior periods, the Company would have to pay a
    4% excise tax on the excess of that required distribution over the sum of the amounts actually distributed and retained amounts
    on which income tax is paid at the corporate level.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 165; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Seventh, if the Company acquires any asset from a C corporation in certain transactions in which the Company must adopt
    the basis of the asset or any other property in the hands of the C corporation as the basis of the asset in the hands of the
    Company, and the Company recognizes gain on the disposition of that asset during the 10-year period beginning on the date
    on which the Company acquired that asset, then the Company will have to pay tax on the built-in gain at the highest regular
    corporate rate. A C corporation means generally a corporation that has to pay full corporate-level tax.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Eighth, if the Company derives &ldquo;excess inclusion income&rdquo; from a residual interest in a real estate mortgage
    investment conduit, or &ldquo;REMIC,&rdquo; or certain interests in a taxable mortgage pool, or &ldquo;TMP,&rdquo; the Company
    could be subject to corporate-level U.S. federal income tax at a 35% rate to the extent that such income is allocable to certain
    types of tax-exempt stockholders that are not subject to unrelated business income tax, such as government entities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Ninth, if the Company receives non-arm&rsquo;s-length income from a TRS (as defined under &ldquo; &mdash; Requirements
    for Qualification &mdash; Taxable REIT Subsidiaries&rdquo;), or as a result of services provided by a TRS to tenants of the
    Company, the Company will be subject to a 100% tax on the amount of the Company&rsquo;s non-arm&rsquo;s-length income.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Tenth, if the Company fails to satisfy a REIT asset test, as described below, due to reasonable cause and the Company
    nonetheless maintains its REIT qualification because of specified cure provisions, the Company will generally be required
    to pay a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the
    nonqualifying assets that caused the Company to fail such test.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Eleventh, if the Company fails to satisfy any provision of the Code that would result in the Company&rsquo;s failure to
    qualify as a REIT (other than a violation of the REIT gross income tests or a violation of the asset tests described below)
    and the violation is due to reasonable cause, the Company may retain its REIT qualification but will be required to pay a
    penalty of $50,000 for each such failure.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Requirements for Qualification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Code defines a REIT as a corporation,
trust or association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>that is managed by one or more trustees or directors;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>that would otherwise be taxable as a domestic corporation, but for the sections of the Code defining and providing special
    rules for REITs;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>that is neither a financial institution nor an insurance company to which certain provisions of the Code apply;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>except for the first taxable year in which an election is made to treat the corporation, trust or association as a REIT,
    the beneficial ownership of which is held by 100 or more persons;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>during the last half of each taxable year (other than the first taxable year in which an election is made to treat the
    corporation, trust or association as a REIT), not more than 50% in value of the outstanding stock of which is owned, directly
    or constructively, by five or fewer individuals, as defined in the Code to include certain entities (the &ldquo;not closely
    held requirement&rdquo;); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>that meets certain other tests, including tests described below regarding the nature of its income and assets.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 166; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Code provides that the conditions described
in the first through fourth bullet points above must be met during the entire taxable year and that the condition described in
the fifth bullet point above must be met (other than the first taxable year in which an election is made to treat the corporation,
trust or association as a REIT) during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable
year of less than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company expects to satisfy the conditions
described in the first through fourth bullet points of the second preceding paragraph for the taxable year ended December&nbsp;31,
2015 and subsequent taxable years. The Company intends to comply with the fifth and sixth bullet points of the second preceding
paragraph beginning with the Company&rsquo;s first taxable year following the Company&rsquo;s taxable year ended December&nbsp;31,
2015. In addition, the Company&rsquo;s charter provides for restrictions regarding the ownership and transfer of the shares of
common stock. These restrictions are intended to assist the Company in satisfying the share ownership requirements described in
the fifth and sixth bullet points of the preceding paragraph. The ownership and transfer restrictions pertaining to our common
stock are described in this prospectus under the heading &ldquo;Description of Capital Stock&mdash;Restrictions on Ownership and
Transfer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company believes that the Company&rsquo;s
special voting stock and class B LLC units in the Company&rsquo;s LLC subsidiaries will be treated as separate interests in the
Company and its LLC subsidiaries, respectively. The discussion in this section, except for this paragraph, assumes that the special
voting stock and class B LLC units will be so treated. However, no assurance can be given that the IRS will not argue, or that
a court would not find or hold, that the special voting stock and the class B LLC units should be treated as a single stock interest
in the Company for U.S. federal income tax purposes. If the special voting stock and class B LLC units were treated as a single
stock interest in the Company, and the provisions of our charter otherwise requiring such shares to be transferred to a trust
for the benefit of a charitable beneficiary were found to be ineffective to prevent the violation, it is possible that more than
50 percent in value of the outstanding stock of the Company could be treated as held by five or fewer individuals. In such a case,
the Company could be treated as &ldquo;closely held&rdquo; and could therefore fail to qualify as a REIT. Such failure could have
significant adverse consequences as described under &ldquo;Failure to Qualify as a REIT&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Qualified REIT Subsidiaries. </I>A corporation
that is a &ldquo;qualified REIT subsidiary,&rdquo; as defined in the Code, will not be treated as a separate corporation, and
all assets, liabilities and items of income, deduction and credit of a qualified REIT subsidiary will be treated as assets, liabilities
and items of these kinds of the REIT, unless the REIT makes an election to treat such corporation as a TRS. Thus, in applying
the requirements described in this section, the Company&rsquo;s qualified REIT subsidiaries (if any) will be ignored, and all
assets, liabilities and items of income, deduction and credit of these subsidiaries will be treated as assets, liabilities and
items of these kinds of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Investments in Partnerships. </I>If
a REIT is a partner in a partnership, Treasury regulations provide that the REIT will be deemed to own its proportionate share
of the assets of the partnership and will be deemed to be entitled to the income of the partnership attributable to that proportionate
share. In addition, the character of the assets and gross income of the partnership will retain the same character in the hands
of the REIT for purposes of the rules of the Code defining REITs, including satisfying the gross income tests and the asset tests.
Thus, the Company&rsquo;s proportionate share of the assets, liabilities and items of income of any partnership in which the Company
is a partner will be treated as assets, liabilities and items of income of the Company for purposes of applying the requirements
described in this section. Thus, actions taken by partnerships in which the Company owns an interest, either directly or through
one or more tiers of partnerships or qualified REIT subsidiaries, can affect the Company&rsquo;s ability to satisfy the REIT income
and asset tests and the determination of whether the Company has net income from prohibited transactions. See the fourth bullet
point under the heading &ldquo;Taxation of the Company as a REIT&rdquo; above for a brief description of prohibited transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Taxable REIT Subsidiaries.</I> A
taxable REIT subsidiary, or TRS, is any corporation in which a REIT directly or indirectly owns stock, <I>provided</I> that the
REIT and that corporation make a joint election to treat that corporation as a TRS. The election can be revoked at any time as
long as the REIT and the TRS revoke such election jointly. In addition, if a TRS holds, directly or indirectly, more than 35%
of the securities of any other corporation other than a REIT (by vote or by value), then that other corporation is also treated
as a TRS. A corporation can be a TRS with respect to more than one REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 167; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->161<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A TRS is subject to U.S. federal income
tax at regular corporate rates (currently a maximum rate of 35%), and may also be subject to state and local taxation. Any dividends
paid or deemed paid by any one of the Company&rsquo;s TRSs will also be taxable, either (1) to the Company to the extent the dividend
is retained by the Company, or (2) to the Company&rsquo;s stockholders to the extent the dividends received from the TRS are paid
to the Company&rsquo;s stockholders. The Company may hold more than 10% of the stock of a TRS without jeopardizing its qualification
as a REIT notwithstanding the rule described below under &ldquo;&mdash; Asset Tests&rdquo; that generally precludes ownership
of more than 10% of any issuer&rsquo;s securities. However, as noted below, in order for the Company to qualify as a REIT, the
securities of all of the TRSs in which the Company has invested either directly or indirectly may not represent more than 20%
of the total value of the Company&rsquo;s assets (25% with respect to the Company&rsquo;s taxable years ending on or before December&nbsp;31,
2017). The Company expects that the aggregate value of all of its interests in TRSs will represent at the time of the Company&rsquo;s
formation, and will continue to represent, less than 20% of the total value of the Company&rsquo;s assets; however, the Company
cannot assure that this will always be true. Other than certain activities related to operating or managing a lodging or health
care facility, a TRS may generally engage in any business including the provision of customary or non-customary services to tenants
of the parent REIT. We will have one TRS, Clipper TRS, which may provide certain non-customary services at our properties and
may be the entity through which we convert certain of our properties into condominiums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Income Tests.</I> In order to maintain
the Company&rsquo;s qualification as a REIT, the Company annually must satisfy two gross income requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>First, the Company must derive at least 75% of its gross income, excluding gross income from prohibited transactions,
    for each taxable year directly or indirectly from investments relating to real property, mortgages on real property or investments
    in REIT equity securities, including &ldquo;rents from real property,&rdquo; as defined in the Code, or from certain types
    of temporary investments. Rents from real property generally include expenses of the Company that are paid or reimbursed by
    tenants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Second, at least 95% of the Company&rsquo;s gross income, excluding gross income from prohibited transactions, for each
    taxable year must be derived from real property investments as described in the preceding bullet point, dividends, interest
    and gain from the sale or disposition of stock or securities, or from any combination of these types of sources.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rents that the Company receives will qualify as rents from
real property in satisfying the gross income requirements for a REIT described above only if the rents satisfy several conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>First, the amount of rent must not be based in whole or in part on the income or profits of any person. However, an amount
    received or accrued generally will not be excluded from rents from real property solely because the rent is based on a fixed
    percentage or percentages of receipts or sales.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Second, the Code provides that rents received from a tenant will not qualify as rents from real property in satisfying
    the gross income tests if the REIT, directly or under the applicable attribution rules, owns a 10% or greater interest in
    that tenant; except that rents received from a TRS under certain circumstances qualify as rents from real property even if
    the Company owns more than a 10% interest in the subsidiary. We refer to a tenant in which the Company owns a 10% or greater
    interest as a &ldquo;related party tenant.&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Third, if rent attributable to personal property leased in connection with a lease of real property is greater than 15%
    of the total rent received under the lease, then the portion of rent attributable to the personal property will not qualify
    as rents from real property.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Finally, for rents received to qualify as rents from real property, except as described below, the REIT generally must
    not operate or manage the property or furnish or render services to the tenants of the property, other than through an independent
    contractor from whom the REIT derives no revenue or through a TRS. However, the Company may directly perform certain services
    that landlords usually or customarily render when renting space for occupancy only or that are not considered rendered to
    the occupant of the property.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 168; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company directly performs services
for some of its tenants. The Company may provide certain non-customary services through Clipper TRS. The Company does not believe
that the provision of the services it provides directly will cause its gross income attributable to these tenants to fail to be
treated as rents from real property. If the Company were to provide services to a tenant of a property of the Company other than
those services landlords usually or customarily provide to tenants of properties of a similar class in the same geographic market
when renting space for occupancy only, amounts received or accrued by the Company for any of these services will not be treated
as rents from real property for purposes of the REIT gross income tests. However, the amounts received or accrued for these services
will not cause other amounts received with respect to the property to fail to be treated as rents from real property unless the
amounts treated as received in respect of the service, together with amounts received for certain management services, exceed
1% of all amounts received or accrued by the Company during the taxable year with respect to the property. If the sum of the amounts
received in respect of the services to tenants and management services described in the preceding sentence exceeds the 1% threshold,
then all amounts received or accrued by the Company with respect to the property will not qualify as rents from real property,
even if the Company provides the impermissible service to some, but not all, of the tenants of the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;interest&rdquo; generally
does not include any amount received or accrued, directly or indirectly, if the determination of that amount depends in whole
or in part on the income or profits of any person. However, an amount received or accrued generally will not be excluded from
the term interest solely because the amount of the interest is based on a fixed percentage or percentages of receipts or sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, the Company may enter
into hedging transactions with respect to one or more of the Company&rsquo;s assets or liabilities. The Company&rsquo;s hedging
activities may include entering into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward
contracts. Except to the extent provided by Treasury regulations, any income the Company derives from a hedging transaction that
is clearly identified as such as specified in the Code, including gain from the sale or disposition of such a hedging transaction,
will not constitute gross income for purposes of the 75% or 95% gross income tests, and therefore will be excluded for purposes
of these tests, but only to the extent that the transaction hedges indebtedness incurred or to be incurred by us to acquire or
carry real estate. The term &ldquo;hedging transaction,&rdquo; as used above, generally means any transaction the Company enters
into in the normal course of its business primarily to manage risk of interest rate or price changes or currency fluctuations
with respect to borrowings made or to be made, or ordinary obligations incurred or to be incurred, by the Company. The term &ldquo;hedging
transaction&rdquo; also includes any transaction entered into primarily to manage the risk of currency fluctuations with respect
to any item of income or gain that would be qualifying income under the 75% or 95% gross income test (or any property that generates
such income or gain), including gain from the termination of such a transaction. If, in connection with an extinguishment of indebtedness
or a disposition of property with respect to which the Company has entered into a hedging transaction described above in this
paragraph, the Company enters into another hedge to effect the termination of the first hedge, the term &ldquo;hedging transaction&rdquo;
generally includes both such hedges. The Company intends to structure any hedging transactions in a manner that does not jeopardize
its status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company fails to satisfy one or
both of the 75% or 95% gross income tests for any taxable year, the Company may nevertheless qualify as a REIT for that year if
the Company satisfies the requirements of other provisions of the Code that allow relief from disqualification as a REIT. These
relief provisions will generally be available if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>The Company&rsquo;s failure to meet the income tests was due to reasonable cause and not due to willful neglect; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>The Company files a schedule of each item of income in excess of the limitations described above in accordance with regulations
    to be prescribed by the IRS.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company might not be entitled to
the benefit of these relief provisions, however. Even if these relief provisions apply, the Company would have to pay a tax on
the excess income. The tax will be a 100% tax on an amount equal to (a) the gross income attributable to the greater of (i) 75%
of the Company&rsquo;s gross income over the amount of gross income that is qualifying income for purposes of the 75% test, and
(ii) 95% of the Company&rsquo;s gross income over the amount of gross income that is qualifying income for purposes of the 95%
test, multiplied by (b) a fraction intended to reflect the Company&rsquo;s profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 169; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->163<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Asset Tests. </I>The Company, at the
close of each quarter of its taxable year, must also satisfy four tests relating to the nature of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>First, at least 75% of the value of the Company&rsquo;s total assets must be represented by real estate assets, including
    (a) real estate assets held by the Company&rsquo;s qualified REIT subsidiaries (if any), the Company&rsquo;s allocable share
    of real estate assets held by partnerships in which the Company owns an interest and stock issued by another REIT, (b) for
    a period of one year from the date of the Company&rsquo;s receipt of proceeds of an offering of the Company&rsquo;s shares
    of beneficial interest or publicly offered debt with a term of at least five years, stock or debt instruments purchased with
    these proceeds and (c) cash, cash items and government securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Second, not more than 25% of the Company&rsquo;s total assets may be represented by securities other than those in
    the 75% asset class.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Third, not more than 20% of the Company&rsquo;s total assets may constitute securities issued by TRSs (25% with respect
    to the Company&rsquo;s taxable years ending on or before December&nbsp;31, 2017) and of the investments included in the 25%
    asset class, the value of any one issuer&rsquo;s securities, other than equity securities issued by another REIT or securities
    issued by a TRS, owned by the Company may not exceed 5% of the value of the Company&rsquo;s total assets. In addition, not
    more than 25% of the value of the Company&rsquo;s total assets may consist of &ldquo;nonqualified&rdquo; debt instruments
    issued by publicly offered REITs.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Fourth, the Company may not own more than 10% of the vote or value of the outstanding securities of any one issuer,
    except for issuers that are REITs, qualified REIT subsidiaries or TRSs, or certain securities that qualify under a safe harbor
    provision of the Code (such as so-called &ldquo;straight-debt&rdquo; securities).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Solely for the purposes of the 10% value
test described above, the determination of the Company&rsquo;s interest in the assets of any partnership or other entity treated
as a partnership for U.S. federal income tax purposes in which the Company owns an interest will be based on the Company&rsquo;s
proportionate interest in any securities issued by the partnership or other entity treated as a partnership for U.S. federal income
tax purposes, excluding for this purpose certain securities described in the Code. Otherwise the determination of the Company&rsquo;s
interests in the assets of any partnership or other entity treated as a partnership for U.S. federal income tax purposes will
be based on the Company&rsquo;s proportionate capital interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the IRS successfully challenges the
partnership status of any of the partnerships in which the Company maintains a more than 10% vote or value interest, and the partnership
is reclassified as a corporation or a publicly traded partnership taxable as a corporation, the Company could lose its REIT status.
In addition, in the case of such a successful challenge, the Company could lose its REIT status if such recharacterization results
in the Company otherwise failing one of the asset tests described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain relief provisions may be available
to the Company if it fails to satisfy the asset tests described above after a 30-day cure period. Under these provisions, the
Company will be deemed to have met the 5% and 10% REIT asset tests if the value of the Company&rsquo;s nonqualifying assets (i)
does not exceed the lesser of (a) 1% of the total value of the Company&rsquo;s assets at the end of the applicable quarter and
(b) $10,000,000, and (ii) the Company disposes of the nonqualifying assets within (a) six months after the last day of the quarter
in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury regulations to
be issued. For violations due to reasonable cause and not willful neglect that are not described in the preceding sentence, the
Company may avoid disqualification as a REIT under any of the asset tests, after the 30-day cure period, by taking steps including
(i) the disposition of the nonqualifying assets to meet the asset test within (a) six months after the last day of the quarter
in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury regulations to
be issued, (ii) paying a tax equal to the greater of (a) $50,000 or (b) the highest corporate tax rate multiplied by the net income
generated by the nonqualifying assets, and (iii) disclosing certain information to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Annual Distribution Requirements.
</I>The Company, in order to qualify as a REIT, is required to distribute dividends, other than capital gain dividends, to the
Company&rsquo;s stockholders in an amount at least equal to (1) the sum of (a) 90% of the Company&rsquo;s &ldquo;real estate investment
trust taxable income,&rdquo; computed without regard to the dividends paid deduction and the Company&rsquo;s net capital gain,
and (b) 90% of the Company&rsquo;s net after-tax income, if any, from foreclosure property minus (2) the sum of certain items
of non-cash income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 170; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->164<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if the Company acquires an
asset from a C corporation in a carryover basis transaction and disposes of such asset within 10 years of acquiring the asset,
the Company may be required to distribute at least 90% of the after-tax built-in gain, if any, recognized on the disposition of
the asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These distributions must be paid in the
taxable year to which the distributions relate, or in the following taxable year if declared before the Company timely files its
tax return for the year to which the distributions relate and if paid on or before the first regular dividend payment after the
declaration. However, for U.S. federal income tax purposes, these distributions that are declared in October, November or December
as of a record date in such month and actually paid in January of the following year will be treated as if the distributions were
paid on December 31 of the year declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that the Company does not
distribute all of its net capital gain or distributes at least 90%, but less than 100%, of the Company&rsquo;s real estate investment
trust taxable income, as adjusted, the Company will have to pay tax on the undistributed amounts at regular ordinary and capital
gain corporate tax rates. Furthermore, if the Company fails to distribute during each calendar year at least the sum of (a) 85%
of the Company&rsquo;s ordinary income for that year, (b) 95% of the Company&rsquo;s capital gain net income for that year and
(c) any undistributed taxable income from prior periods, the Company would have to pay a 4% excise tax on the excess of the required
distribution over the sum of the amounts actually distributed and retained amounts on which income tax is paid at the corporate
level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company intends to satisfy the annual
distribution requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, the Company may not
have sufficient cash or other liquid assets to meet the 90% distribution requirement due to timing differences between (a) when
the Company actually receives income and when the Company actually pays deductible expenses and (b) when the Company includes
the income and deducts the expenses in arriving at the Company&rsquo;s taxable income. If timing differences of this kind occur,
in order to meet the 90% distribution requirement, the Company may find it necessary to arrange for short-term, or possibly long-term,
borrowings or to pay dividends in the form of taxable stock dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under certain circumstances, the Company
may be able to rectify a failure to meet the distribution requirement for a year by paying &ldquo;deficiency dividends&rdquo;
to stockholders in a later year, which may be included in the Company&rsquo;s deduction for dividends paid for the earlier year.
Thus, the Company may be able to avoid being taxed on amounts distributed as deficiency dividends; however, the Company will be
required to pay interest based upon the amount of any deduction taken for deficiency dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Failure to Qualify as a REIT</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company would otherwise fail to
qualify as a REIT because of a violation of one of the requirements described above, the Company&rsquo;s qualification as a REIT
will not be terminated if the violation is due to reasonable cause and not willful neglect and the Company pays a penalty tax
of $50,000 for the violation. The immediately preceding sentence does not apply to violations of the income tests described above
or a violation of the asset tests described above, each of which have specific relief provisions that are described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company fails to qualify for taxation
as a REIT in any taxable year, and the relief provisions do not apply, the Company will have to pay tax, including any applicable
alternative minimum tax, on the Company&rsquo;s taxable income at regular corporate rates. The Company will not be able to deduct
distributions to stockholders in any year in which the Company fails to qualify, nor will the Company be required to make distributions
to stockholders. In this event, to the extent of current and accumulated earnings and profits, all distributions to stockholders
will be taxable to the stockholders as dividend income (which may be subject to tax at preferential rates) and corporate distributees
may be eligible for the dividends-received deduction if such distributees satisfy the relevant provisions of the Code. Unless
entitled to relief under specific statutory provisions, the Company will also be disqualified from taxation as a REIT for the
four taxable years following the year during which qualification was lost. The Company might not be entitled to the statutory
relief described above in all circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 171; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->165<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Prohibited Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company is found to have held, acquired
or developed property, other than foreclosure property, primarily for sale to customers in the ordinary course of business, the
Company may be subject to a 100% &ldquo;prohibited transactions&rdquo; tax under U.S. federal tax laws on the gain from disposition
of the property unless the disposition qualifies for one or more safe harbor exceptions for properties that have been held by
the Company for at least two years and satisfies certain additional requirements (or the disposition is made through a TRS and,
therefore, is subject to corporate U.S. federal income tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whether property is held primarily for
sale to customers in the ordinary course of a trade or business is a question of fact that depends on all the facts and circumstances.
Based upon the Company&rsquo;s investment objectives, the Company believes that overall, its properties should not be considered
property held primarily for sale to customers in the ordinary course of business. However, it may not always be practical for
the Company to comply with one of the safe harbors, and, therefore, the Company may be subject to the 100% penalty tax on the
gain from dispositions of property if the Company is otherwise deemed to have held the property primarily for sale to customers
in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the potential application
of the prohibited transactions tax could cause the Company to forego potential dispositions of other property or to forego other
opportunities that might otherwise be attractive to the Company, or to hold investments or undertake such dispositions or other
opportunities through a TRS, which would generally result in corporate income taxes being incurred. For example, the Company anticipates
that it would be necessary for the Company to transfer a property to a TRS prior to undergoing any condominium or cooperative
conversion project with respect to such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Excess Inclusion Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company holds a residual interest
in a REMIC or certain interests in a TMP from which the Company derives &ldquo;excess inclusion income,&rdquo; the Company may
be required to allocate such income among its stockholders in proportion to the dividends received by the Company&rsquo;s stockholders,
even though the Company may not receive such income in cash. To the extent that excess inclusion income is allocable to a particular
stockholder, the income (1) would not be allowed to be offset by any net operating losses otherwise available to the stockholder,
(2) would be subject to tax as unrelated business taxable income in the hands of most types of stockholders that are otherwise
generally exempt from U.S. federal income tax, and (3) would result in the application of U.S. federal income tax withholding
at the maximum rate (30%), without reduction pursuant to any otherwise applicable income tax treaty, to the extent allocable to
most types of foreign stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Tax Aspects of Investments in Partnerships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company holds investments through entities
that are classified as partnerships for U.S. federal income tax purposes, including the Company&rsquo;s operating partnership
and LLC subsidiaries. In general, partnerships are &ldquo;pass-through&rdquo; entities that are not subject to U.S. federal income
tax. Rather, partners are allocated their proportionate shares of the items of income, gain, loss, deduction and credit of a partnership,
and are subject to tax on these items without regard to whether the partners receive a distribution from the partnership. As described
above under &ldquo;&mdash;Taxation of the Company as a REIT &ndash; Requirements for Qualification &ndash; Investments in Partnerships,&rdquo;
the Company includes in its income the Company&rsquo;s proportionate share of these partnership items for purposes of the REIT
asset and income tests. Consequently, to the extent that the Company holds an equity interest in a partnership, the partnership&rsquo;s
assets and operations may affect the Company&rsquo;s ability to qualify as a REIT, even if the Company has no control, or only
limited influence, over the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 172; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->166<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The operating partnership agreement generally
provides that items of net income and net loss are allocated to the holders of units in accordance with their respective percentage
interests, provided that any limited partners holding preferred operating partnership interests would be allocated net income
in a manner to reflect any preference in distributions. The LLC agreements of the Company&rsquo;s LLC subsidiaries generally provide
that items of net income and net loss of each LLC subsidiary are allocated at the end of each fiscal year to the holders of LLC
units in a manner consistent with the distributions that each member is entitled; provided that any holders of LLC units that
are entitled to a preferred distribution will be allocated net loss only to the extent that such holders have a positive capital
account. If an allocation of partnership income or loss does not comply with the requirements of the Code and Treasury regulations
thereunder, the item subject to the allocation will be reallocated in accordance with the partners&rsquo; interests in the partnership.
This reallocation will be determined by taking into account all of the facts and circumstances relating to the economic arrangement
of the partners with respect to such item. The operating partnership&rsquo;s and LLC subsidiaries&rsquo; allocations of income
and loss are intended to comply with the requirements of the Code of Treasury regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Income, gain, loss and deduction attributable
to appreciated or depreciated property that is contributed to a partnership in exchange for an interest in the partnership must
be allocated for tax purposes in a manner such that the contributing partner is charged with, or benefits from, the unrealized
gain or unrealized loss associated with the property at the time of the contribution. In addition, income, gain, loss and deduction
attributable to appreciated or depreciated property that is revalued by a partnership in connection with a contribution to or
distribution by the partnership must be allocated for tax purposes in a manner such that the existing partners are charged with,
or benefit from, the unrealized gain or unrealized loss associated with the property at the time of the revaluation. The amount
of the unrealized gain or unrealized loss is generally equal to the difference between the fair market value, or book value, of
the contributed property and the adjusted tax basis of such property at the time of the contribution or revaluation (a &ldquo;book-tax
difference&rdquo;). Such allocations are solely for U.S. federal income tax purposes and do not affect partnership capital accounts
or other economic or legal arrangements among the partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Treasury regulations provide partnerships
with a choice of several methods of allocating book-tax differences. Under the tax protection agreement, the Company&rsquo;s LLC
subsidiaries have agreed to use the &ldquo;traditional method&rdquo; for accounting for book-tax differences for the properties
in the Company&rsquo;s current portfolio. The use of the traditional method (i) may cause the Company to be allocated lower amounts
of depreciation and other deductions for tax purposes than would be allocated to the Company if all of the properties in the Company&rsquo;s
current portfolio were to have a tax basis equal to their fair market value at the time of formation transactions and (ii) in
the event of a sale of such properties, could cause the Company to be allocated gain in excess of the Company&rsquo;s corresponding
economic or book gain (or taxable loss that is less than the Company&rsquo;s economic or book loss), with a corresponding benefit
to the continuing investors. Therefore, the use of the traditional method could result in the Company having taxable income that
is in excess of the Company&rsquo;s economic or book income as well as the Company&rsquo;s cash distributions from the operating
partnership, which might adversely affect the Company&rsquo;s ability to comply with the REIT distribution requirements or result
in a greater portion of the Company&rsquo;s distributions being treated as taxable dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Bipartisan Budget Act
of 2015, for tax years beginning after December&nbsp;31, 2017, if the IRS makes audit adjustments to the income tax returns of
a partnership, it may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit
adjustment directly from the partnership. The Company&rsquo;s operating partnership and LLC subsidiaries may elect to have its
partners take such audit adjustment into account in accordance with their interests in the applicable partnership during the tax
year under audit, but there can be no assurance that such election will be effective in all circumstances. If, as a result of
any such audit adjustment, the Company&rsquo;s operating partnership or one of the LLC subsidiaries is required to make payments
of taxes, penalties and interest, the cash available for distribution to its partners might be substantially reduced. These rules
are not generally applicable for tax years beginning on or prior to December&nbsp;31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Holders of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>U.S. Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used in this section, the term &ldquo;U.S.
stockholder&rdquo; means a beneficial owner of shares of our common stock who, for U.S. federal income tax purposes, is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a citizen or resident of the United States;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a domestic corporation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an estate whose income is subject to U.S. federal income taxation regardless of the income&rsquo;s source; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a trust if a United States court can exercise primary supervision over the trust&rsquo;s administration and one or more
    United States persons have authority to control all substantial decisions of the trust.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 173; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->167<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Dividends.</I> As long as the Company
qualifies as a REIT, distributions made by the Company out of its current or accumulated earnings and profits, and not designated
as capital gain dividends, will constitute dividends taxable to the Company&rsquo;s taxable U.S. stockholders as ordinary income.
Noncorporate U.S. stockholders will generally not be entitled to the lower tax rate applicable to qualified dividend income except
with respect to the portion of any distribution (a) that represents income from dividends the Company received from a corporation
in which the Company owns shares (but only if such dividends would be eligible for the lower rate on dividends if paid by the
corporation to its individual stockholders), (b) that is equal to the sum of the Company&rsquo;s real estate investment trust
taxable income (taking into account the dividends paid deduction available to the Company) and certain net built-in gain with
respect to property acquired from a C corporation in certain transactions in which the Company must adopt the basis of the asset
in the hands of the C corporation for the Company&rsquo;s previous taxable year and less any taxes paid by the Company during
its previous taxable year, or (c) that represents earnings and profits that were accumulated in a non-REIT taxable year, in each
case, provided that certain holding period and other requirements are satisfied at both the REIT and individual stockholder level.
Noncorporate U.S. stockholders should consult their own tax advisors to determine the impact of tax rates on dividends received
from the Company. Distributions made by the Company will not be eligible for the dividends received deduction in the case of U.S.
stockholders that are corporations. Distributions made by the Company that the Company properly designates as capital gain dividends
will be taxable to U.S. stockholders as gain from the sale of a capital asset held for more than one year, to the extent that
such dividends do not exceed our actual net capital gain for the taxable year, without regard to the period for which a U.S. stockholder
has held our common stock. Thus, with certain limitations, capital gain dividends received by an individual U.S. stockholder may
be eligible for preferential rates of taxation. U.S. stockholders that are corporations may, however, be required to treat up
to 20% of certain capital gain dividends as ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that the Company makes distributions
not designated as capital gain dividends in excess of the Company&rsquo;s current and accumulated earnings and profits, these
distributions will be treated first as a tax-free return of capital to each U.S. stockholder. Thus, these distributions will reduce
the adjusted basis that the U.S. stockholder has in our common stock for tax purposes by the amount of the distribution, but not
below zero. Distributions in excess of a U.S. stockholder&rsquo;s adjusted basis in our common stock will be taxable as capital
gains, <I>provided</I> that our common stock has been held as a capital asset. For purposes of determining the portion of distributions
on separate classes of shares that will be treated as dividends for U.S. federal income tax purposes, current and accumulated
earnings and profits will be allocated to distributions resulting from priority rights of preferred stock before being allocated
to other distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As described above, dividends authorized
by the Company in October, November, or December of any year and payable to a stockholder of record on a specified date in any
of these months will be treated as both paid by the Company and received by the stockholder on December 31 of that year, provided
that the Company actually pays the dividend on or before January 31 of the following calendar year. Stockholders may not include
in their own income tax returns any net operating losses or capital losses of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may make distributions to holders
of shares of common stock that are paid in shares of common stock. In certain circumstances, these distributions may be intended
to be treated as dividends for U.S. federal income tax purposes and a U.S. stockholder would, therefore, generally have taxable
income with respect to such distributions of shares and may have a tax liability on account of such distribution in excess of
the cash (if any) that is received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">U.S. stockholders holding common stock
at the close of the Company&rsquo;s taxable year will be required to include, in computing the U.S. stockholders&rsquo; long-term
capital gains for the taxable year in which the last day of the Company&rsquo;s taxable year falls, the amount of the Company&rsquo;s
undistributed net capital gain that the Company designates in a written notice mailed to its stockholders. The Company may not
designate amounts in excess of the Company&rsquo;s undistributed net capital gain for the taxable year. Each U.S. stockholder
required to include the designated amount in determining the stockholder&rsquo;s long-term capital gains will be deemed to have
paid, in the taxable year of the inclusion, the tax paid by the Company in respect of the undistributed net capital gains. U.S.
stockholders to whom these rules apply will be allowed a credit or a refund, as the case may be, for the tax such stockholders
are deemed to have paid. U.S. stockholders will increase their basis in our common stock by the difference between the amount
of the includible gains and the tax deemed paid by the stockholder in respect of these gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 174; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->168<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions made by the Company and gain
arising from a U.S. stockholder&rsquo;s sale or exchange of common stock will not be treated as passive activity income. As a
result, U.S. stockholders generally will not be able to apply any passive losses against that income or gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Sale or Exchange of Common Stock.</I>
When a U.S. stockholder sells or otherwise disposes of shares of common stock, the stockholder will recognize gain or loss for
U.S. federal income tax purposes in an amount equal to the difference between (a) the amount of cash and the fair market value
of any property received on the sale or other disposition, and (b) the holder&rsquo;s adjusted basis in the shares for tax purposes.
This gain or loss will be capital gain or loss if the U.S. stockholder has held the shares as capital assets. The gain or loss
will be long-term gain or loss if the U.S. stockholder has held the shares for more than one year. Long-term capital gain of an
individual U.S. stockholder is generally taxed at preferential rates. In general, any loss recognized by a U.S. stockholder when
the stockholder sells or otherwise disposes of shares of common stock that the stockholder has held for six months or less, after
applying certain holding period rules, will be treated as a long-term capital loss, to the extent of distributions received by
the stockholder from the Company that were required to be treated as long-term capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Backup Withholding.</I> The Company
will report to its U.S. stockholders and the IRS the amount of dividends paid during each calendar year, and the amount of tax
withheld, if any. Under the backup withholding rules, backup withholding may apply to a stockholder with respect to dividends
paid unless the holder (a) is a corporation or comes within certain other exempt categories and, when required, demonstrates this
fact, or (b) provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding, and otherwise
complies with applicable requirements of the backup withholding rules. The IRS may also impose penalties on a U.S. stockholder
that does not provide the Company with such stockholder&rsquo;s correct taxpayer identification number. A stockholder may credit
any amount paid as backup withholding against the stockholder&rsquo;s income tax liability. In addition, the Company may be required
to withhold a portion of capital gain distributions to any stockholders who fail to certify their non-foreign status to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Taxation of Tax-Exempt Stockholders.
</I>The IRS has ruled that amounts distributed as dividends by a REIT generally do not constitute unrelated business taxable income
when received by a tax-exempt entity. Based on that ruling, provided that a tax-exempt stockholder is not one of the types of
entities described below and has not held our common stock as &ldquo;debt financed property&rdquo; within the meaning of the Code,
the dividend income from our common stock will not be unrelated business taxable income to a tax-exempt stockholder. Similarly,
income from the sale of shares of common stock will not constitute unrelated business taxable income unless the tax-exempt stockholder
has held the shares as &ldquo;debt financed property&rdquo; within the meaning of the Code or has used the shares in a trade or
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the above paragraph, while
the Company does not expect to have any &ldquo;excess inclusion&rdquo; income with respect to a REMIC residual interest or an
interest in a TMP, tax-exempt stockholders would be required to treat as unrelated business taxable income any dividends paid
by the Company that are allocable to any &ldquo;excess inclusion&rdquo; income of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Income from an investment in the Company&rsquo;s
common stock will constitute unrelated business taxable income for tax-exempt stockholders that are social clubs, voluntary employee
benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans exempt from U.S. federal
income taxation under the applicable subsections of Section 501(c) of the Code, unless the organization is able to properly deduct
amounts set aside or placed in reserve for certain purposes so as to offset the income generated by our common stock. Prospective
investors of the types described in the preceding sentence should consult such investors&rsquo; own tax advisors concerning these
&ldquo;set aside&rdquo; and reserve requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, however,
a portion of the dividends paid by a &ldquo;pension-held REIT&rdquo; will be treated as unrelated business taxable income to any
trust that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>is described in certain provisions of the Code relating to qualified pension, profit-sharing and stock bonus plans;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 175; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->169<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>is described in certain provisions of the Code relating to tax-exempt organizations; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>holds more than 10% (by value) of the equity interests in the REIT.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tax-exempt pension, profit-sharing and
stock bonus funds described in the first bullet point above are referred to below as &ldquo;qualified trusts.&rdquo; A REIT is
a &ldquo;pension-held REIT&rdquo; if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the REIT would not have qualified as a REIT but for the fact that the Code provides that stock owned by qualified trusts
    will be treated, for purposes of the &ldquo;not closely held&rdquo; requirement, as owned by the beneficiaries of the trust
    (rather than by the trust itself); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>either (a) at least one qualified trust holds more than 25% by value of the interests in the REIT or (b) one or more qualified
    trusts, each of which owns more than 10% by value of the interests in the REIT, hold in the aggregate more than 50% by value
    of the interests in the REIT.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The percentage of any REIT dividend treated
as unrelated business taxable income to a qualifying trust is equal to the ratio of (a) the gross income of the REIT from unrelated
trades or businesses, determined as though the REIT were a qualified trust, less direct expenses related to this gross income,
to (b) the total gross income of the REIT, less direct expenses related to the total gross income. A <I>de minimis</I> exception
applies where this percentage is less than 5% for any year. The Company does not expect to be classified as a pension-held REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rules described above under the heading
&ldquo;U.S. Stockholders&rdquo; concerning the inclusion of the Company&rsquo;s designated undistributed net capital gains in
the income of the Company&rsquo;s stockholders will apply to tax-exempt entities. Thus, tax-exempt entities will be allowed a
credit or refund of the tax deemed paid by these entities in respect of the includible gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Medicare Tax.</I> A U.S. stockholder
that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is
subject to a 3.8% tax on the lesser of (1) the U.S. stockholder&rsquo;s &ldquo;net investment income&rdquo; (or &ldquo;undistributed
net investment income&rdquo; in the case of an estate or trust) for the relevant taxable year and (2) the excess of the U.S. stockholder&rsquo;s
modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000
and $250,000, depending on the individual&rsquo;s circumstances). A holder&rsquo;s net investment income generally includes the
holder&rsquo;s dividend income and the holder&rsquo;s net gains from the disposition of shares of the Company&rsquo;s common stock,
unless such dividends or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade
or business that consists of certain passive or trading activities). If you are a U.S. stockholder that is an individual, estate
or trust, you are urged to consult your tax advisors regarding the applicability of the Medicare tax to your income and gains
in respect of your investment in our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Non-U.S. Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rules governing U.S. federal income
taxation of nonresident alien individuals, foreign corporations, foreign partnerships and estates or trusts that in either case
are not subject to U.S. federal income tax on a net income basis, who own shares of our common stock, which we call &ldquo;non-U.S.
stockholders,&rdquo; are complex. The following discussion is only a limited summary of these rules. Prospective non-U.S. stockholders
should consult with their own tax advisors to determine the impact of U.S. federal, state and local income tax laws with regard
to an investment in our common stock, including any reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 176; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->170<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Ordinary Dividends.</I> Distributions,
other than distributions that are treated as attributable to gain from sales or exchanges by the Company of U.S. real property
interests, as discussed below, and other than distributions designated by the Company as capital gain dividends, will be treated
as ordinary income to the extent that the distributions are made out of the Company&rsquo;s current or accumulated earnings and
profits. A withholding tax equal to 30% of the gross amount of the distribution will ordinarily apply to distributions of this
kind to non-U.S. stockholders, unless an applicable tax treaty reduces that tax. However, if income from the investment in our
common stock is treated as effectively connected with the non-U.S. stockholder&rsquo;s conduct of a U.S. trade or business or
is attributable to a permanent establishment that the non-U.S. stockholder maintains in the United States (if that is required
by an applicable income tax treaty as a condition for subjecting the non-U.S. stockholder to U.S. taxation on a net income basis),
tax at graduated rates will generally apply to the non-U.S. stockholder in the same manner as U.S. stockholders are taxed with
respect to dividends, and the 30% branch profits tax may also apply if the stockholder is a foreign corporation. The Company expects
that it or the required withholding agent will withhold U.S. tax at the rate of 30% on the gross amount of any dividends, other
than dividends treated as attributable to gain from sales or exchanges of U.S. real property interests and capital gain dividends,
paid to a non-U.S. stockholder, unless (a) a lower treaty rate applies and the required form evidencing eligibility for that reduced
rate is filed with the Company or the appropriate withholding agent or (b) the non-U.S. stockholder files an IRS Form W-8ECI or
a successor form with the Company or the appropriate withholding agent claiming that the distributions are effectively connected
with the non-U.S. stockholder&rsquo;s conduct of a U.S. trade or business and in either case other applicable requirements were
met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the Company does not expect to have
any &ldquo;excess inclusion&rdquo; income with respect to a REMIC residual interest or an interest in a TMP, if a non-U.S. stockholder
received an allocation of &ldquo;excess inclusion income&rdquo;, the non-U.S. stockholder would be subject to U.S. federal income
tax withholding at the maximum rate of 30% with respect to such allocation, without reduction pursuant to any otherwise applicable
income tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Return of Capital.</I> Distributions
in excess of the Company&rsquo;s current and accumulated earnings and profits, which are not treated as attributable to the gain
from the Company&rsquo;s disposition of a U.S. real property interest, will not be taxable to a non-U.S. stockholder to the extent
that the distributions do not exceed the non-U.S. stockholder&rsquo;s adjusted basis in such stockholder&rsquo;s shares of common
stock. Distributions of this kind will instead reduce the adjusted basis of such shares. To the extent that distributions of this
kind exceed the non-U.S. stockholder&rsquo;s adjusted basis in such stockholder&rsquo;s shares of common stock, the distributions
will give rise to tax liability if the non-U.S. stockholder otherwise would have to pay tax on any gain from the sale or disposition
of the shares, as described below. If it cannot be determined at the time a distribution is made whether the distribution will
be in excess of current and accumulated earnings and profits, withholding will apply to the distribution at the rate applicable
to dividends. However, the non-U.S. stockholder may seek a refund of these amounts from the IRS if it is subsequently determined
that the distribution was, in fact, in excess of the Company&rsquo;s current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also, the Company (or applicable withholding
agent) could potentially be required to withhold at least 15% of any distribution in excess of the Company&rsquo;s current and
accumulated earnings and profits, even if the non-U.S. stockholder is not liable for U.S. tax on the receipt of that distribution.
However, a non-U.S. stockholder may seek a refund of these amounts from the IRS if the non-U.S. stockholder&rsquo;s tax liability
with respect to the distribution is less than the amount withheld. Such withholding should generally not be required if a non-U.S.
stockholder would not be taxed under the Foreign Investment in Real Property Tax Act of 1980, as amended (&ldquo;FIRPTA&rdquo;),
upon a sale or exchange of shares of common stock. See discussion below under &ldquo; &mdash; Sales of Common Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Capital Gain Dividends.</I> Distributions
that are attributable to gain from sales or exchanges by the Company of U.S. real property interests that are paid with respect
to any class of stock that is regularly traded on an established securities market located in the United States and held by a
non-U.S. stockholder who does not own more than 10% of such class of stock at any time during the one year period ending on the
date of distribution will be treated as a normal distribution by the Company, and such distributions will be taxed as described
above in &ldquo;&mdash; Ordinary Dividends.&rdquo; However, the Company believes that the Company&rsquo;s common stock will be
regularly traded on an established securities market for this purpose following this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions that are not described in
the preceding paragraph that are attributable to gain from sales or exchanges by the Company of U.S. real property interests will
be taxed to a non-U.S. stockholder under the provisions of FIRPTA. Under this statute, these distributions are taxed to a non-U.S.
stockholder as if the gain were effectively connected with a U.S. business. Thus, non-U.S. stockholders will be taxed on the distributions
at the normal capital gain rates applicable to U.S. stockholders, subject to any applicable alternative minimum tax and special
alternative minimum tax in the case of individuals, and the 30% branch profits tax may also apply if the stockholder is a foreign
corporation. The Company (or applicable withholding agent) is required by applicable Treasury regulations under this statute to
withhold 35% of any distribution that the Company could designate as a capital gain dividend. However, if the Company designates
as a capital gain dividend a distribution made before the day the Company actually effects the designation, then although the
distribution may be taxable to a non-U.S. stockholder, withholding does not apply to the distribution under this statute. Rather,
the Company must effect the 35% withholding from distributions made on and after the date of the designation, until the distributions
so withheld equal the amount of the prior distribution designated as a capital gain dividend. The non-U.S. stockholder may credit
the amount withheld against its U.S. tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 177; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->171<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions to a non-U.S. stockholder
that are designated by the Company at the time of distribution as capital gain dividends that are not attributable to or treated
as attributable to the disposition by the Company of a U.S. real property interest generally will not be subject to U.S. federal
income taxation, except as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Share Distributions.</I> The Company
may make distributions to holders of shares of common stock that are paid in shares of common stock. In certain circumstances,
these distributions may be intended to be treated as dividends for U.S. federal income tax purposes and, accordingly, would be
treated in a manner consistent with the discussion above under &ldquo;&mdash; Ordinary Dividends&rdquo; and &ldquo;&mdash; Capital
Gains Dividends.&rdquo; If the Company (or applicable withholding agent) is required to withhold an amount in excess of any cash
distributed along with the shares of common stock, some of the shares that would otherwise be distributed will be retained and
sold in order to satisfy such withholding obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Sales of Common Stock. </I>Gain recognized
by a non-U.S. stockholder upon a sale or exchange of shares of common stock generally will not be taxed under FIRPTA if the Company
is a &ldquo;domestically controlled REIT,&rdquo; defined generally as a REIT, less than 50% in value of the stock of which is
and was held directly or indirectly by foreign persons at all times during a specified testing period (provided that, if any class
of a REIT&rsquo;s stock is regularly traded on an established securities market in the United States, a person holding less than
5% of such class during the testing period is presumed not to be a foreign person, unless the REIT has actual knowledge otherwise).
The Company believes that it is a domestically controlled REIT, and, therefore, assuming that the Company continues to be a domestically
controlled REIT, that taxation under this statute generally will not apply to the sale of shares of common stock. However, gain
to which this statute does not apply will be taxable to a non-U.S. stockholder if investment in our common stock is treated as
effectively connected with the non-U.S. stockholder&rsquo;s U.S. trade or business or is attributable to a permanent establishment
that the non-U.S. stockholder maintains in the United States (if that is required by an applicable income tax treaty as a condition
for subjecting the non-U.S. stockholder to U.S. taxation on a net income basis). In this case, the same treatment will apply to
the non-U.S. stockholder as to U.S. stockholders with respect to the gain. In addition, gain to which FIRPTA does not apply will
be taxable to a non-U.S. stockholder if the non-U.S. stockholder is a nonresident alien individual who was present in the United
States for 183 days or more during the taxable year and has a &ldquo;tax home&rdquo; in the United States, or maintains an office
or a fixed place of business in the United States to which the gain is attributable. In this case, a 30% tax will apply to the
nonresident alien individual&rsquo;s capital gains. A similar rule will apply to capital gain dividends to which this statute
does not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company does not qualify as a
domestically controlled REIT, the tax consequences to a non-U.S. stockholder of a sale of shares of common stock depends upon
whether such stock is regularly traded on an established securities market and the amount of such stock that is held by the non-U.S.
stockholder. Specifically, a non-U.S. stockholder that holds a class of shares that is traded on an established securities market
will only be subject to FIRPTA in respect of a sale of such shares if the stockholder owned more than 10% of the shares of such
class at any time during a specified period. This period is generally the shorter of the period that the non-U.S. stockholder
owned such shares or the five-year period ending on the date when the stockholder disposed of the shares. As discussed above,
the Company expects that the Company&rsquo;s common stock will be regularly traded on an established securities market for this
purpose following this offering. If tax under FIRPTA applies to the gain on the sale of shares, the same treatment would apply
to the non-U.S. stockholder as to U.S. stockholders with respect to the gain, subject to any applicable alternative minimum tax
and a special alternative minimum tax in the case of nonresident alien individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Backup Withholding and Information Reporting.
</I>If you are a non-U.S. stockholder, we and other payors are required to report payments of dividends on IRS Form 1042-S even
if the payments are exempt from withholding. However, you are otherwise generally exempt from backup withholding and information
reporting requirements with respect to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 178; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->172<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>dividend payments and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the payment of the proceeds from the sale of shares of common stock effected at a U.S. office of a broker,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">as long as the income associated with these
payments is otherwise exempt from U.S. federal income tax, and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the payor or broker does not have actual knowledge or reason to know that you are a U.S. person and you have furnished
    to the payor or broker:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a valid IRS Form W-8BEN or W-8BEN-E, as applicable, or an acceptable substitute form upon which you certify, under penalties
    of perjury, that you are a non-U.S. person, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>other documentation upon which the payor or broker may rely to treat the payments as made to a non-U.S. person in accordance
    with U.S. Treasury regulations, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>you otherwise establish an exemption.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the proceeds from the sale of
shares of common stock effected at a foreign office of a broker generally will not be subject to information reporting or backup
withholding. However, a sale of such shares that is effected at a foreign office of a broker will be subject to information reporting
and backup withholding if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the proceeds are transferred to an account maintained by you in the United States,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the payment of proceeds or the confirmation of the sale is mailed to you at a United States address, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the sale has some other specified connection with the United States as provided in U.S. Treasury regulations,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">unless the broker does not have actual knowledge or reason
to know that you are a U.S. person and the documentation requirements described above are met or you otherwise establish an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, a sale of shares of common
stock will be subject to information reporting if such sale is effected at a foreign office of a broker that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a U.S. person,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a controlled foreign corporation for U.S. federal tax purposes,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a foreign person 50% or more of whose gross income is effectively connected with the conduct of a U.S. trade or business
    for a specified three-year period, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a foreign partnership, if at any time during its tax year:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>one or more of such foreign partnership&rsquo;s partners are &ldquo;U.S. persons,&rdquo; as defined in U.S. Treasury regulations,
    who in the aggregate hold more than 50% of the income or capital interest in the partnership, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>such foreign partnership is engaged in the conduct of a U.S. trade or business, unless the broker does not have actual
    knowledge or reason to know that you are a United States person and the documentation requirements described above are met
    or you otherwise establish an exemption. Backup withholding will apply if the sale is subject to information reporting and
    the broker has actual knowledge that you are a U.S. person.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 179; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->173<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You generally may obtain a refund of any
amounts withheld under the backup withholding rules that exceed your income tax liability by filing a refund claim with the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>FATCA Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to sections 1471 through 1474
of the Code, commonly known as the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;), a 30% withholding tax (&ldquo;FATCA
withholding&rdquo;) will be imposed on certain payments to you or to certain foreign financial institutions, investment funds
and other non-U.S. persons receiving payments on your behalf if you or such persons fail to comply with certain information reporting
requirements. Such payments will include U.S.-source dividends and the gross proceeds from the sale or other disposition of stock
that can produce U.S.-source dividends. Payments of dividends that you receive in respect of our common stock will be affected
by this withholding if you are subject to the FATCA information reporting requirements and fail to comply with them or if you
hold our common stock through a non-U.S. person (e.g., a foreign bank or broker) that fails to comply with these requirements
(even if payments to you would not otherwise have been subject to FATCA withholding). However, FATCA withholding will not apply
to payments of gross proceeds from a sale or other disposition of shares of common stock before January 1, 2019. You should consult
your own tax advisors regarding the relevant U.S. law and other official guidance on FATCA withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Federal Estate Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of common stock held by a non-U.S.
stockholder at the time of death will be included in the stockholder&rsquo;s gross estate for U.S. Federal estate tax purposes,
unless an applicable estate tax treaty provides otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Tax Consequences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">State or local taxation may apply to the
Company and its stockholders in various state or local jurisdictions, including those in which the Company or its stockholders
transact business or reside. The state and local tax treatment of the Company and its stockholders may not conform to the U.S.
federal income tax consequences discussed above. Consequently, prospective stockholders should consult their own tax advisors
regarding the effect of state and local tax laws on an investment in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 180; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->174<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="main_024"></A><B>UNDERWRITING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Subject to the terms and conditions set
forth in the underwriting agreement between us and the underwriters named below, for whom FBR Capital Markets &amp; Co. is acting
as representative, we and the selling stockholders have agreed to sell to the underwriters, and each underwriter has severally
agreed to purchase, the number of shares of our common stock listed next to its name in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><B>Underwriter</B></TD>
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Number of</B><BR>
    <B>Shares</B></TD>
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%">FBR Capital Markets &amp; Co.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Under the terms of the underwriting agreement,
the underwriters are committed to purchase all of the shares offered by this prospectus (other than the shares subject to the
underwriters&rsquo; option to purchase additional shares), if the underwriters buy any of such shares. The underwriters&rsquo;
obligation to purchase the shares is subject to satisfaction of certain conditions, including, among others, the continued accuracy
of representations and warranties made by us in the underwriting agreement, delivery of legal opinions and the absence of any
material changes in our assets, business or prospects after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The underwriters initially propose to offer
the common stock directly to the public at the public offering price set forth on the front cover page of this prospectus and to
certain dealers at such offering price less a concession not to exceed $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. After the initial public offering of the shares
of common stock, the offering price and other selling terms may be changed by the underwriters. Sales of shares of common stock
made outside the United States may be made by affiliates of certain of the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Over-Allotment Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have granted to the underwriters an option
to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares of our common stock at the same price per share as they are paying for the shares shown in
the table above. The underwriters may exercise this option in whole or in part at any time within 30 days after the date of the
underwriting agreement. To the extent the underwriters exercise this option, each underwriter will be committed, so long as the
conditions of the underwriting agreement are satisfied, to purchase a number of additional shares proportionate to that underwriters&rsquo;
initial commitment as indicated in the table at the beginning of this section plus, in the event that any underwriter defaults
in its obligation to purchase shares under the underwriting agreement, certain additional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Discounts and Commissions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table shows the per share
and total underwriting discounts and commissions we and the selling stockholders will pay to the underwriters. These amounts are
shown assuming both no exercise and full exercise of the underwriters&rsquo; option to purchase additional shares of our common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Total</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Per Share</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>No Exercise</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Full Exercise</B></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 61%">Public Offering Price</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Underwriting discounts and commissions to be paid by:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt">Us</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt">The selling stockholders</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Total</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Proceeds, before expenses, to us</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Proceeds, before expenses, to the selling stockholders</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 181; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->175<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that the total expenses of
the offering payable by us, excluding underwriting discounts and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Right of First Refusal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"> In connection with the private offering,
we granted FBR Capital Markets &amp; Co. a right of first refusal until January 31, 2017 to act (i) as lead underwriter and lead
book runner in connection with any public offering of our equity or debt securities, including this offering, (ii) as sole placement
agent for any private offering of our equity or debt securities, and (iii) as financial advisor in connection with any merger
and acquisition advisory work where an investment banker represents us. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We intend to apply to have our common
stock listed on the NYSE under the symbol &ldquo;CLPR&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Stabilization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In accordance with Regulation M under the
Exchange Act, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price of our common stock,
including short sales and purchases to cover positions created by short positions, stabilizing transactions, syndicate covering
transactions, penalty bids and passive market making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Short positions involve sales by the underwriters of shares in excess of the number of shares the underwriters are obligated
    to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked
    short position. In a covered short position, the number of shares involved in the sales made by the underwriters in excess
    of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by
    exercising their option to purchase additional shares. In a naked short position, the number of shares involved is greater
    than the number of shares in their option to purchase additional shares. The underwriters may close out any short position
    by either exercising their option to purchase additional shares or purchasing shares in the open market.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Stabilizing transactions permit bids to purchase the underlying security as long as the stabilizing bids do not exceed
    a specific maximum price.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Syndicate covering transactions involve purchases of our common stock in the open market after the distribution has been
    completed to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters
    will consider, among other things, the price of shares available for purchase in the open market as compared to the price
    at which they may purchase shares through the underwriters&rsquo; option to purchase additional shares. If the underwriters
    sell more shares than could be covered by underwriters&rsquo; option to purchase additional shares, thereby creating a naked
    short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely
    to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open
    market after pricing that could adversely affect investors who purchase in the offering.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Penalty bids permit the representative to reclaim a selling concession from a syndicate member when the common stock originally
    sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>In passive market making, market makers in the common stock who are underwriters or prospective underwriters may, subject
    to limitations, make bids for or purchase shares of our common stock until the time, if any, at which a stabilizing bid is
    made.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These activities may have the effect of
raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common
stock. As a result of these activities, the price of our common stock may be higher than the price that might otherwise exist
in the open market. These transactions may be effected on the NYSE or otherwise and, if commenced, may be discontinued at any
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Neither we nor any of the underwriters make
any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have
on the price of our common stock. In addition, neither we nor any of the underwriters make any representation that the representative
of the underwriters will engage in these stabilizing transactions or that any transaction, once commenced, will not be discontinued
without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 182; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->176<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Indemnification</B> We, the selling stockholders
and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities
Act, or to contribute to payments the underwriters or the selling stockholders may be required to make in respect of such liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Discretionary Accounts</B> The underwriters
have informed us that they do not expect to make sales to accounts over which they exercise discretionary authority in excess
of 5% of the shares of our common stock being offered in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>IPO Pricing</B> Prior to the completion
of this offering, there has been no public market for our common stock. The initial public offering price has been negotiated
between us and the representatives of the underwriters. Among the factors considered in these negotiations are: the history of,
and prospects for, us and the industry in which we compete; our past and present financial performance; an assessment of our management;
the present state of our development; the prospects for our future earnings; the prevailing conditions of the applicable United
States securities market at the time of this offering; previous trading prices for our common stock in the private market and
market valuations of publicly traded companies that we and the representative believe to be comparable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Lock-up Agreements</B> We have agreed
that for a period commencing on the date of the underwriting agreement for this offering and continuing for 180 days, we will
not, without the prior written consent of FBR Capital Markets &amp; Co., which may be withheld or delayed in FBR Capital Markets
&amp; Co.&rsquo;s sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
    grant any option, right or warrant for the sale of, lend or otherwise dispose of or transfer, directly or indirectly, any
    of our equity securities or any securities convertible into or exercisable or exchangeable for our equity securities, or file
    any registration statement under the Securities Act with respect to any of the foregoing; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>enter into any swap or other arrangement that transfers to another, in whole or in part, directly or indirectly, any of
    the economic consequences of ownership of any of our equity securities,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">whether any such transaction described above is to be settled
by delivery of shares of our common stock or such other securities, in cash or otherwise. The prior sentence will not apply to
(1) the registration and sale of the shares of common stock in accordance with the terms of the registration rights agreement,
including the of filing any registration statement under the Securities Act with respect to shares of our common stock that is
not prohibited by the registration rights agreement, (2) issuances of options or grants of restricted stock under the company&rsquo;s
stock option and incentive plans, (3) issuances of options or grants of restricted stock in connection with employment or other
retention offers, (4) acquisitions or dispositions of our stock by operation of the provisions of our charter relating to restrictions
on ownership and transfer of our stock and (5) issuances in connection with any acquisition, merger, consolidation or joint venture,
including the filing of any registration statement under the Securities Act in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.15pt">Each of our directors and our executive
officers has agreed that for a period ending 180 days after the effective date of the registration statement of which this prospectus
forms a part, none of them will, without the prior written consent of FBR Capital Markets &amp; Co., which may be withheld or
delayed in FBR Capital Markets &amp; Co.&rsquo;s sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
    grant any option, right or warrant for the sale of, lend or otherwise dispose of or transfer, directly or indirectly, any
    of our equity securities or any securities convertible into or exercisable or exchangeable for our equity securities; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>enter into any swap or other arrangement that transfers to another, in whole or in part, directly or indirectly, any
    of the economic consequences of ownership of any of our equity securities, whether any such transaction described above is
    to be settled by delivery of shares of our common stock or such other securities, in cash or otherwise.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 183; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->177<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the prior sentence,
subject to applicable securities laws and the restrictions contained in our charter, our directors and executive officers may
transfer our securities: (i) pursuant to the exercise or conversion of securities of the company or any subsidiary of the company,
including, without limitation, options, warrants, notes, preferred stock, partnership interests or limited liability company interests;
(ii) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the same restrictions
described above; (iii) to any affiliate of such director or executive officer, which affiliate is a controlling person of such
director or executive officer or a person or entity controlled by such director or executive officer, provided that the transferee
agrees to be bound in writing by the same restrictions described above; (iv) to any trust for the direct or indirect benefit of
such director or executive officer or the immediate family of such director or executive officer, provided that the trustee of
the trust agrees to be bound in writing by the same restrictions described above; (v) to or from any grantor retained annuity
trust established by such director or executive officer or to or from continuing trusts for such director&rsquo;s or executive
officer&rsquo;s immediate family members, provided that the trustee of any trust agrees to be bound in writing by the same restrictions
described above; (vi) as an indirect or direct distribution to stockholders, partners or members of such director or executive
officer, provided that such stockholders, partners or members agree to be bound in writing by the same restrictions described
above; (vii) pursuant to any transfer required under any benefit plan or the company&rsquo;s amended and restated bylaws; (viii)
as required by participants in our 2015 Omnibus Plan or 2015 Director Plan in order to reimburse or pay U.S. federal income tax
and withholding obligations in connection with vesting of restricted stock grants or the exercise of stock options; (ix) as collateral
for any loan, provided that the lender agrees to be bound in writing by the same restrictions described above; or (x) in or in
connection with any merger, consolidation, combination or sale of all or substantially all the assets of the company where all
the stockholders will receive equal consideration for their interests and in or in connection with any tender offer or other offer
to purchase at least 90% of the common stock of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, nothing
shall prevent our directors or executive officers from, or restrict their ability to, (i) purchase securities of the Company in
a public or private transaction, purchase any exchange traded options or warrants based on shares of our common stock, or purchase
other publicly traded securities of or related to the Company on the open market, (ii) exercise or convert any options, warrants
or other convertible securities issued to or held by such director or executive officer, including those granted under any benefit
plan of the Company, (iii) request the registration of any securities of the Company held by such director or executive officer
pursuant to any registration rights agreement with the Company or (iv) sign a registration statement to be filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, in connection with this
offering, all of our other stockholders have agreed with us, to the extent requested by us or the lead managing underwriter(s),
not to directly or indirectly sell, offer to sell, grant any option or otherwise transfer or dispose of our common stock for 180
days, in the case of the holders that are the selling stockholders in this offering and 60 days, in the case of the holders who
are not selling stock in this offering, in each case after the effective date of the registration statement of which this prospectus
forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Other Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">FBR Capital Markets &amp; Co. was the
sole initial purchaser and placement agent for the private offering, for which it was paid customary fees. FBR Capital Markets
&amp; Co. may in the future provide us and our affiliates with investment banking and financial advisory services for which FBR
Capital Markets &amp; Co. may in the future receive customary fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FBR Capital Markets &amp; Co., in its
sole discretion, may release, or authorize us to release, as the case may be, the common stock and other securities subject to
the lock-up agreements described above in whole or in part at any time with or without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Electronic Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">A prospectus in electronic format may be
made available on the websites maintained by one or more of the underwriters or selling group members, if any, participating in
the offering. The representative may allocate a number of shares to the underwriters and selling group members, if any, for sale
to their online brokerage account holders. Any such allocations for online distributions will be made by the representative on
the same basis as other allocations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 184; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->178<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in the United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus is only being distributed
to and is only directed at persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of
the Prospectus Directive that are also (i) to investment professionals falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005, or the Order, and/or (ii) high net worth entities, and other persons to
whom it may lawfully be communicated, falling with Article 49(2)(a) to (d) of the Order (all such persons together being referred
to as &ldquo;relevant persons&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus and its contents are confidential
and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in
the United Kingdom. Any person in the United Kingdom who is not a relevant person should not act or rely on this document or any
of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Each underwriter has represented, warranted
and agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">(A)</TD>
    <TD>it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation
    or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act
    2000, as amended, or the FSMA) received by it in connection with the issue or sale of the Shares in circumstances in which
    Section 21(1) of the FSMA does not apply to us; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">(B)</TD>
    <TD>it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation
    to the shares of our common stock in, from or otherwise involving the United Kingdom.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Switzerland</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This document, as well as any other material
relating to the shares which are the subject of the offering contemplated by this prospectus, do not constitute an issue prospectus
pursuant to Article 652a and/or 1156 of the Swiss Code of Obligations. The shares will not be listed on the SIX Swiss Exchange
and, therefore, the documents relating to the shares, including, but not limited to, this document, do not claim to comply with
the disclosure standards of the listing rules of SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing
rules of the SIX Swiss Exchange. The shares are being offered in Switzerland by way of a private placement, i.e., to a small number
of selected investors only, without any public offer and only to investors who do not purchase the shares with the intention to
distribute them to the public. The investors will be individually approached by the issuer from time to time. This document, as
well as any other material relating to the shares, is personal and confidential and do not constitute an offer to any other person.
This document may only be used by those investors to whom it has been handed out in connection with the offering described herein
and may neither directly nor indirectly be distributed or made available to other persons without express consent of the issuer.
It may not be used in connection with any other offer and shall in particular not be copied and/or distributed to the public in
(or from) Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 185; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->179<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in the Dubai International
Financial Centre</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus relates to an Exempt Offer
in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (&ldquo;DFSA&rdquo;). This prospectus
is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered
to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with
Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no
responsibility for the prospectus. The shares to which this prospectus relates may be illiquid and/or subject to restrictions
on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do
not understand the contents of this prospectus you should consult an authorized financial advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Australia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">No placement document, prospectus, product
disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (&ldquo;ASIC&rdquo;),
in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure
document under the Corporations Act 2001 (the &ldquo;Corporations Act&rdquo;), and does not purport to include the information
required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any offer in Australia of the shares may
only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo; (within the meaning
of section 708(8) of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section 708(11) of the
Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it
is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The shares applied for by Exempt Investors
in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering,
except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant
to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document
which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus contains general information
only and does not take account of the investment objectives, financial situation or particular needs of any particular person.
It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors
need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and,
if necessary, seek expert advice on those matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The securities have not been offered or
sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to &ldquo;professional investors&rdquo;
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in
other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies Ordinance
(Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement,
invitation or document relating to the securities has been or may be issued or has been or may be in the possession of any person
for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be
accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than
with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional
investors&rdquo; as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 186; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->180<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Japan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The securities have not been and will not
be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will
not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering
or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations
and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time.
For the purposes of this paragraph, &ldquo;Japanese Person&rdquo; shall mean any person resident in Japan, including any corporation
or other entity organized under the laws of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus has not been registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of Non-CIS Securities may not be circulated or distributed,
nor may the Non-CIS Securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether
directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities
and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii) to a relevant person pursuant to Section 275(1), or any
person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Where the Non-CIS Securities are subscribed
or purchased under Section 275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">a.</TD>
    <TD>a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is
    to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
    investor; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">b.</TD>
    <TD>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary
    of the trust is an individual who is an accredited investor,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">securities (as defined in Section 239(1) of the SFA) of that
corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferred within
six months after that corporation or that trust has acquired the Non-CIS Securities pursuant to an offer made under Section 275
of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">a.</TD>
    <TD>to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from
    an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">b.</TD>
    <TD>where no consideration is or will be given for the transfer;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">c.</TD>
    <TD>where the transfer is by operation of law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">d.</TD>
    <TD>as specified in Section 276(7) of the SFA; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">e.</TD>
    <TD>as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations
    2005 of Singapore.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 187; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->181<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="main_025"></A>VALIDITY
OF COMMON STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The validity of the common stock offered
hereby will be passed upon for us by Venable LLP. In addition, certain legal matters will be passed upon for us by Sullivan &amp;
Cromwell LLP, New York, New York. Certain legal matters in connection with this offering will be passed upon for the underwriters
by Vinson &amp; Elkins LLP, Richmond, Virginia. Sidley Austin LLP has acted as counsel for the selling stockholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_026"></A><FONT STYLE="text-transform: uppercase"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated
and combined financial statements of Clipper Realty Inc. and Predecessor and schedule III as of December&nbsp;31, 2015 and 2014
and for each of the two years in the period ended December&nbsp;31, 2015 included in this prospectus and in the registration statement
have been so included in reliance on the reports of BDO USA, LLP, an independent registered public accounting firm, appearing
elsewhere herein and in the registration statement, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statement of revenues and
certain expenses of the Tribeca House properties for the year ended December&nbsp;31, 2013 and the related notes to the
statement included in this prospectus have been audited by Berdon LLP, independent public accountants, as stated in their
report appearing herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statement of revenues and certain
expenses of the Aspen property for the year ended December&nbsp;31, 2015 and the related notes to the statement included in this
prospectus have been audited by Lipsky Goodkin &amp; Co., P.C., independent public accountants, as stated in their report appearing
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 188; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->182<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="main_027"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration
statement on Form S-11 (including exhibits, schedules, and amendments) under the Securities Act with respect to the shares of
common stock offered by this prospectus. This prospectus does not contain all the information set forth in the registration statement.
For further information about us and the shares of common stock to be sold in this offering, you should refer to the registration
statement. Statements contained in this prospectus relating to the contents of any contract, agreement or other document are not
necessarily complete and are qualified in all respects by the complete text of the applicable contract, agreement or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You may read and copy all or any portion
of the registration statement or any other information we file at the SEC&rsquo;s public reference room at 100 F Street, N.E.,
Room 1580, Washington, D.C. 20549. You can request copies of these documents, upon payment of a duplicating fee, by writing to
the SEC. Please call the SEC at 1-800-SEC-0330 for further information about the operation of the public reference rooms. Our
SEC filings, including the registration statement, are also available to you on the SEC&rsquo;s website (<I>http://www.sec.gov</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this offering we
will become subject to the information and periodic reporting requirements of the Exchange Act. Under the Exchange Act, we will
file annual, quarterly and current reports, as well as proxy statements and other information with the SEC. These periodic reports,
proxy statements, and other information will be available for inspection and copying at the SEC&rsquo;s Public Reference Room
and the website of the SEC referred to above. We intend to make this information available on the investor relations section of
our website, www.clipperrealty.com. Information on, or accessible through, our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 189; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->183<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>






<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="main_028"></A>INDEX TO CONSOLIDATED AND COMBINED
FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%; text-indent: 0in">Consolidated and Combined Financial Statements</TD>
    <TD STYLE="width: 5%; text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f001">Report of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f002">Consolidated and Combined Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015 and
2014</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><A HREF="#f003">Consolidated and Combined Statements of Operations for the nine months ended September 30, 2016 and 2015
(unaudited), and for the years ended December 31, 2015 and 2014</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><A HREF="#f004">Consolidated and Combined Statements of Equity for the nine months ended September 30, 2016 (unaudited)
and for the years ended December 31, 2015 and 2014</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><A HREF="#f005">Consolidated and Combined Statements of Cash Flows for the nine months ended September 30, 2016 and 2015
(unaudited) and for the years ended December 31, 2015 and 2014</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f006">Notes to Consolidated and Combined Financial Statements</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f007">Schedule III &ndash; Real Estate and Accumulated Depreciation</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">Tribeca Properties Financial Statements</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f008">Independent Auditors&rsquo; Report</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><A HREF="#f009">Statement of Revenues and Certain Expenses for the
    year ended December 31, 2013 and nine months ended September 30, 2014 (unaudited)</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f010">Tribeca Properties Notes to Financial Statements</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in">Aspen Financial Statements</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f011">Independent Auditor&rsquo;s Report</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><A HREF="#f012">Statement of Revenues and Certain Expenses for the
    year ended December 31, 2015 and three months ended March 31, 2016 (unaudited)</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-34</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in"><A HREF="#f013">Notes to Aspen Financial Statements</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-34</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 190; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f001"></A>Report
of Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Members of Clipper Realty Inc. and Predecessor<BR>
Brooklyn, NY 11219</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited the accompanying consolidated
and combined balance sheets of Clipper Realty Inc. and Predecessor (the &ldquo;Company&rdquo;) as of December&nbsp;31, 2015 and
2014, and the related consolidated and combined statements of operations, equity and cash flows for the years then ended. In connection
with our audits of the financial statements, we have also audited the financial statement schedule listed in the accompanying
index. These financial statements and schedule are the responsibility of the Company&rsquo;s management. Our responsibility is
to express an opinion on these financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conducted our audits in accordance
with the standards of the Public Company Accounting Oversight Board (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. The
Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, 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>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our opinion, the consolidated and
combined financial statements referred to above present fairly, in all material respects, the financial position of Clipper Realty
Inc. and Predecessor as of December&nbsp;31, 2015 and 2014, and the results of their operations and their cash flows for the years
then ended in accordance with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also in our opinion, the financial statements
schedule, when considered in relation to the basic consolidated and combined financial statements taken as a whole, presents fairly,
in all material respects, the information set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ BDO USA, LLP<BR>
New York, NY<BR>
March 30, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 191; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f002"></A>Consolidated
and Combined Balance Sheets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(In thousands,
except for share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> September&nbsp;30,<BR>
    2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,<BR>
    2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Predecessor<BR> December&nbsp;31,<BR>
    2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"> (unaudited) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"> ASSETS </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Investment in real estate </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Land and improvements </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 434,097 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 384,437 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 384,350 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Building and improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 430,008 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 376,225 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 368,598 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Tenant improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,986 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,525 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,485 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Furniture, fixtures and equipment </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,892 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,592 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6,321 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Total Investment in real estate </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 875,983 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 770,779 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 761,754 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Accumulated depreciation </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (54,517 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (44,672 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (33,010 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Investment in real estate, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 821,466 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 726,107 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 728,744 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Cash and cash equivalents </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 82,101 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 125,332 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,157 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Restricted cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,196 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,962 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,876 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Tenant and other receivables, net of allowance
    for doubtful accounts of $2,495 (unaudited), $2,534 and $2,600, respectively </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,927 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,476 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,111 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Deferred rent </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,941 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,881 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,990 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Deferred costs and intangible assets, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,879 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,267 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,258 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Prepaid expenses and other
    assets </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 22,599 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,093 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,720 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> TOTAL
    ASSETS </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 963,109 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 881,118 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 766,856 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> LIABILITIES AND EQUITY </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Notes payable, net of unamortized loan costs of
    $6,820 (unaudited), $7,303 and $13,252, respectively </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 807,893 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 713,440 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 708,228 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Accounts payable and accrued liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,593 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,326 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,944 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Security deposits </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,267 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,558 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,460 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Below-market leases, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,269 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,848 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,562 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Other liabilities </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,930 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,569 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,465 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> TOTAL LIABILITIES </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 831,952 </TD><TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 734,741 </TD><TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 729,659 </TD><TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Preferred stock, $0.01 par value, 12.5% Series
    A Cumulative Non-Voting Preferred Stock; $137,500 liquidation preference, 132 shares issued and outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Common stock, $0.01 par value, 500,000,000 shares
    authorized, 11,422,606 issued and outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 114 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 114 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Additional paid-in-capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 46,483 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 46,049 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Accumulated deficit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,901 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,860 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Predecessor equity (members&rsquo;
    capital) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 37,197 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 25.95pt"> Total stockholders&rsquo; and predecessor equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 39,696 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 44,303 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 37,197 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Non-controlling interests </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 91,461 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 102,074 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -25.95pt; padding-left: 25.95pt"> TOTAL
    EQUITY </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 131,157 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 146,377 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 37,197 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> TOTAL
    LIABILITIES AND EQUITY </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 963,109 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 881,118 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 766,856 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these consolidated
and combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 192; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f003"></A>Consolidated
and Combined Statements of Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(In thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine Months Ended<BR>
    September 30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Years Ended<BR> December&nbsp;31, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"> (unaudited) </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"> REVENUES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Residential rental income </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 49,405 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 45,596 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 60,784 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 31,413 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Commercial income </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,843 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,042 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,256 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,382 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,651 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,477 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Garage and other income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,550 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,315 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,087 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,562 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt"> TOTAL
    REVENUES </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 68,767 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 63,604 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 84,604 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 47,772 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"> OPERATING EXPENSES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,885 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,691 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 23,283 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,673 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,023 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,904 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,926 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,560 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,317 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,266 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,296 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,358 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 407 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 326 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,646 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,656 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 12,521 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt"> TOTAL
    OPERATING EXPENSES </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 49,278 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 41,517 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 56,101 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 33,389 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> INCOME FROM OPERATIONS </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,489 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 22,087 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 28,503 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,383 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Interest expense, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (28,749 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (27,728 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (36,703 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (9,145 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> Net (loss) income </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> $ </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right"> (9,260 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> $ </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right"> (5,641 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> $ </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right"> (8,200 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> 5,238 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Less: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in"> Net loss attributable to Predecessor </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,690 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,690 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in"> Net loss attributable to non-controlling
    interests </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 6,457 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 1,361 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> 3,145 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in"> Dividends attributable to preferred
    shares </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (11 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net
    loss attributable to common stockholders </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (2,814 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (590 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (1,365 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Basic and diluted loss per share </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.25 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.05 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.12 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these consolidated
and combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 193; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f004"></A>Consolidated
and Combined Statements of Equity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In thousands, except for share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Preferred<BR> Shares </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Number of<BR> common<BR>
    shares </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Common<BR> Stock </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Additional<BR> paid-in-<BR>
    capital </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Accumulated<BR> deficit </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Predecessor<BR> Equity </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total<BR> Stockholders&rsquo;<BR>
    and<BR> Predecessor<BR> equity </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Non-<BR> controlling<BR>
    interests </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total equity </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline"> Predecessor </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 19%; text-indent: -9.35pt; padding-left: 9.35pt"> Balance December&nbsp;31, 2013 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> &ndash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> &ndash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> &ndash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> &ndash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> &ndash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> (4,664 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> (4,664 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> &ndash; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 6%; text-align: right"> (4,664 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Contributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 104,073 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 104,073 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 104,073 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Distributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (67,450 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (67,450 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (67,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net (loss) Income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,238 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,238 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,238 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Balance December&nbsp;31, 2014 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 37,197 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 37,197 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 37,197 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Contributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,357 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,357 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,357 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Distributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (14,233 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (14,233 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (14,233 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net Loss </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,690 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,690 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,690 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Balance August 3, 2015 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 21,631 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 21,631 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 21,631 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left"> Clipper Realty Inc. </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Net proceeds from sale of common shares </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,666,667 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 107 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 130,092 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 130,199 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 130,199 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Formation transaction </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 755,939 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (84,043 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (21,631 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (105,667 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 105,667 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Amortization of LTIP grants </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Dividends and distributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (495 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (495 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,157 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,652 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net loss </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,365 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,365 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,145 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (4,510 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Balance December&nbsp;31, 2015 </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 11,422,606 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 114 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 46,049 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (1,860 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 44,303 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 102,074 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 146,377 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Costs in connection with issuance of common and
    preferred shares </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (526 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (526 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (526 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Proceeds from issuance of 132 preferred shares </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 132 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 132 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 132 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 132 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Amortization of LTIP grants </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Dividends and distributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,238 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,238 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (5,219 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (7,457 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Net loss </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,803 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,803 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,457 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,260 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Reallocation of noncontrolling
    interest </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 828 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 828 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (828 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Balance September 30, 2016 (unaudited) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 132 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 11,422,606 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 114 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 46,483 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (6,901 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 39,696 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 91,461 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 131,157 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these consolidated
and combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 194; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f005"></A>Consolidated
and Combined Statements of Cash Flows&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(In thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine Months Ended<BR>
    September 30, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Years ended<BR> December&nbsp;31, </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"> (unaudited) </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> CASH FLOWS FROM OPERATING ACTIVITIES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Net (loss) income </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (9,260 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (5,641 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (8,200 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 5,238 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Adjustments to reconcile net (loss) income to net cash provided by operating activities: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> Depreciation </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,845 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,999 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,662 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,034 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0.35pt; padding-left: 9pt"> Amortization of deferred financing costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,253 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,036 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 753 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Amortization of deferred costs and intangible
    assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,987 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,598 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,187 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 712 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Amortization of above and below market leases </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,357 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,286 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,714 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Deferred rent </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (60 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 56 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 109 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 513 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Stock-based compensation </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,891 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 284 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 709 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Change in fair value of interest rate caps </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 511 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 522 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 49 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Changes in operating assets and liabilities: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Restricted cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (4,234 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,200 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (4,086 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,372 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Accounts and other receivables </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,451 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,571 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,635 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (3,220 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Prepaid expenses, other assets and deferred costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,747 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,004 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (3,643 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Accounts payable and accrued liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,267 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (287 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 382 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,870 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Related party payables </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (14,821 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Security deposits </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 257 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 300 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 98 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,081 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Other liabilities </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 359 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 242 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,104 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (16 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Net cash
    provided by operating activities </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 5,253 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 5,722 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 9,440 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 7,472 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> CASH FLOW FROM INVESTING ACTIVITIES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Additions to land, buildings, and improvements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (12,988 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6,360 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (9,025 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,542 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Increase in restricted cash </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,000 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Refundable acquisition deposit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (15,000 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Cash paid in connection with
    acquisition of real estate </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (102,845 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (222,280 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Net cash
    used in investing activities </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> (130,833 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> (6,360 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> (9,025 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> (226,822 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"> CASH FLOW FROM FINANCING ACTIVITIES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Costs in connection with issuance of common and
    preferred stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (526 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (13,114 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (13,801 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Proceeds from sale of common and preferred stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 132 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 144,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 144,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Payments of notes payable </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (55,530 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (564 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (737 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (655 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Proceeds from notes payable </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 149,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 200,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> Contributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,357 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,357 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 104,073 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Dividends and distributions </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (7,457 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (14,233 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (15,884 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (67,450 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Loan costs and other </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (3,770 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (175 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (11,261 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Net cash
    provided by financing activities </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 82,349 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 118,446 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 115,760 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 224,707 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Net (decrease) increase in cash and cash equivalents </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (43,231 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 117,808 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 116,175 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,357 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Cash and cash equivalents
    - beginning of period </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 125,332 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,157 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,157 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,800 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Cash and cash equivalents
    - end of period </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 82,101 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 126,965 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 125,332 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,157 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Supplemental cash flow information: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 18.7pt"> Cash paid for interest </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 24,868 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 23,316 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 31,005 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 7,389 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 18.7pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Supplemental non cash investing and financing
    activities: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"> Assumption of loan in connection with acquisition
    of real estate </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 335,000 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these consolidated
and combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 195; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f006"></A>Notes
to Consolidated and Combined Financial Statements&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="color: #010000">1. </FONT>Organization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Clipper Realty Inc. (the &ldquo;Company&rdquo;
or &ldquo;We&rdquo;) was organized in the state of Maryland on July 7, 2015. On August 3, 2015, we completed certain formation
transactions and the sale of shares of common stock in a private offering. We contributed the net proceeds of the private offering
to Clipper Realty L.P., our operating partnership subsidiary (the &ldquo;Operating Partnership&rdquo;), in exchange for units
in the Operating Partnership. The Operating Partnership in turn contributed such net proceeds to the limited liability companies
(&ldquo;LLC&rsquo;s&rdquo;) that comprise the Predecessor, as described below, in exchange for class A LLC units in such LLC&rsquo;s
and became the managing member of such LLC&rsquo;s. The owners of the LLC&rsquo;s exchanged their interests for class B LLC units
and an equal number of special, non-economic, voting stock in the Company. The class B LLC units, together with the special voting
shares, are convertible into common shares of the Company on a one-for-one basis and are entitled to distributions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The predecessor to the Company (the
&ldquo;Predecessor&rdquo;) was a combination of four limited liability companies, including one formed in 2014 in connection with
the acquisition of a property on December 15, 2014. The Predecessor did not represent a legal entity. The LLC&rsquo;s that comprised
the Predecessor and the Company at formation were under common control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On December 15, 2014, the Predecessor
acquired the properties at 50&nbsp;Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan, New York. On June&nbsp;27,
2016, the Operating Partnership acquired the property at 1955 First Avenue in Manhattan, known as the Aspen (&ldquo;Aspen&rdquo;),
with approximately 186,582 square feet of GLA. As a result, as of September 30, 2016, the properties owned by the Company consist
of the following (collectively, the &ldquo;Properties&rdquo;): </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tribeca House properties                                          in Manhattan, comprising two buildings, one with 21
                                                                                                                     stories and one with 12&nbsp;stories,                                          containing residential and retail space with
                                                                                                                     an aggregate of approximately 480,000 square                                          feet of residential rental Gross
                                                                                                                     Leasable Area (&ldquo;GLA&rdquo;) and 77,236 of rental                                          retail and parking
                                                                                                                     GLA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Flatbush
                                         Gardens in Brooklyn, comprised of a 59-building multi-family housing complex with 2,496
                                         rentable units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>141 Livingston
                                         Street in Brooklyn, a 15-story office building with approximately 216,073 square feet
                                         of GLA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>250 Livingston
                                         Street in Brooklyn, a 12-story office and residential building with approximately 294,378
                                         square feet of GLA; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Aspen property
                                         in Manhattan, a seven-story building containing residential and retail space with approximately
                                         166,000 square feet of residential rental GLA and approximately 21,000 of rental retail
                                         GLA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following completion of the private
offering and the formation transactions, the operations of the Clipper Realty, Inc. and its consolidated subsidiaries (the &ldquo;Company&rdquo;)
have been carried on primarily through the Operating Partnership. The Company has elected to be taxed as a Real Estate Investment
Trust (&ldquo;REIT&rdquo;) under Sections 856 through 860 of the Internal Revenue Code. The Company is the sole general partner
of the Operating Partnership and the Operating Partnership is the sole managing member of the LLC&rsquo;s that comprise the Predecessor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s interest, through
the operating partnership, in the LLC subsidiaries comprising the Predecessor generally entitles it to 30.3% of the aggregate
cash distributions from, and the profits and losses of, the LLC subsidiaries. The Company, through the operating partnership,
owns all of the ownership interests in the Aspen property. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As further discussed in Note 3, upon
adoption of ASU 2015-02, the Company determined that the LLCs comprising the Predecessor were variable interest entities (&ldquo;VIEs&rdquo;)
and that the Company was the primary beneficiary. The assets and liabilities of these VIEs represented substantially all of the
Company&rsquo;s assets and liabilities as of December 31, 2015 and 2014. As of September 30, 2016, the assets of these VIEs were
$843.1 million (87.5% of total assets) and the liabilities of these VIEs were $761.7 million (91.6% of total liabilities).&nbsp;&nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Sale of Common Stock and Formation Transactions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 3, 2015, the Company sold
10,666,667 shares of common stock to private investors at a price of $13.50 per share. The proceeds, net of offering costs, were
approximately $130,199.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company contributed the net proceeds
of the common stock offering to the Operating Partnership in exchange for units in the Operating Partnership as described in Note
1. Following the other transactions described in Note 1, substantially all the net proceeds raised were available to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of the Company&rsquo;s
Statement of Operations for the period from August 3, 2015 through December&nbsp;31, 2015 and the Predecessor&rsquo;s Statements
of Operations for the period from January 1, 2015 through August 2, 2015. These amounts are included in the consolidated and combined
statement of operations herein for the year ended December&nbsp;31, 2015. All balances as of December&nbsp;31, 2014 are those
of the Predecessor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 196; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Clipper Realty Inc. </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Predecessor </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> August
                                         3, 2015 <FONT STYLE="font-family: Symbol">-</FONT><BR> December&nbsp;31, 2015 </P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> January
                                         1, 2015 <FONT STYLE="font-family: Symbol">-</FONT><BR> August 2, 2015 </P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"> REVENUES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Residential rental income </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 24,902 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 35,882 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Commercial income </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,091 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,165 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,433 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,044 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Garage and other income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,779 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,308 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt"> TOTAL
    REVENUES </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 35,205 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 49,399 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"> OPERATING EXPENSES </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9,611 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,672 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,774 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,152 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,861 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,435 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,292 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,229 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt"> TOTAL
    OPERATING EXPENSES </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 24,613 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 31,488 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> INCOME FROM OPERATIONS </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,592 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,911 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Interest expense, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (15,102 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (21,601 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net
    loss </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (4,510 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (3,690 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Less: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Net loss attributable to
    non-controlling interests </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,145 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net
    loss attributable to stockholders </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (1,365 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;<B>3.
Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Basis of Consolidation and Combination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying consolidated and combined
financial statements of the Company and the Predecessor are prepared in accordance with generally accepted accounting principles
in the United States (&ldquo;GAAP&rdquo;). The effect of all intercompany balances has been eliminated. The consolidated and combined
financial statements include the accounts of all entities in which the Company and the Predecessor have a controlling interest.
The ownership interests of other investors in these entities are recorded as noncontrolling interest. The Predecessor entities
have been combined on the basis that, for the periods presented, such entities were under common control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Unaudited Interim Financial Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The unaudited consolidated and combined
financial statements for the periods ended September 30, 2016 and 2015 have been prepared in accordance with GAAP for interim
financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by GAAP for complete financial statements. The information furnished in the accompanying consolidated financial statements
reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated
financial statements for the interim periods.&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 197; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Significant Accounting Policies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of Estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The preparation of financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could materially differ from these estimates.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment in Real Estate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Real estate assets held for investment
are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. During the
year ended December&nbsp;31, 2014, the Predecessor wrote off $3,261 of fully depreciated tenant improvements. Expenditures for
ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements
of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment
or the life of the related asset will be substantially extended beyond the original life expectancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon acquisition of real estate, the
Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above
and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates
the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible
and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize
appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information.
The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company records acquired above-market
and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated
with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease
and (ii) management&rsquo;s estimate of fair market lease rates for each corresponding in-place lease, measured over a period
equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed
renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant
relationship values (if any) that are based on management&rsquo;s evaluation of the specific characteristics of each tenant&rsquo;s
lease and the Company&rsquo;s overall relationship with the respective tenant. Factors to be considered by management in its analysis
of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management
includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected
lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing
commission, legal and other related expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company reviews long-lived assets
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
A property&rsquo;s value is impaired if management&rsquo;s estimate of the aggregate future cash flows (undiscounted and without
interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has
occurred, a write-down is recorded and measured by the amount of the difference between the carrying value of the asset and the
fair value of the asset. Management of the Company does not believe that any of its properties within the portfolio are impaired
as of September&nbsp;30, 2016 and December&nbsp;31, 2015 and 2014. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 198; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Significant Accounting Policies (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For long-lived assets to be disposed
of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value
of the assets. Properties classified as real estate held for sale generally represent properties that are actively marketed or
contracted for sale with closing expected to occur within the next twelve months. Real estate held for sale is carried at the
lower of cost, net of accumulated depreciation, or fair value less cost to sell, determined on an asset-by-asset basis. Expenditures
for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements,
renovations, and replacements related to held-for-sale properties are capitalized at cost. Depreciation is not recorded on real
estate held for sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a tenant vacates its space prior
to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balances of the
related intangibles are written off. The tenant improvements and origination costs are amortized to expense over the remaining
life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depreciation is computed using the straight-line
method over the estimated useful lives of the assets as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-left: 1in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Building and improvements</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">30&ndash;40 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Tenant improvements</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Shorter of useful life or lease term</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Furniture, fixtures
    and equipment</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">3&ndash;15 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The capitalized above-market lease values
are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market
lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market
fixed rate renewal options of the respective leases. The value of in-place leases are amortized to expense over the remaining
initial terms of the respective leases.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash and cash equivalents are defined
as cash on hand and in banks plus all short-term investments with a maturity of three months or less when purchased. The Company
maintains some of its cash in bank deposit accounts, which, at times, may exceed the federally insured limit. No losses have been
experienced related to such accounts.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Restricted Cash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Restricted cash generally consists of
escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 199; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Significant Accounting Policies (cont.)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tenant and Other Receivables and Allowance for Doubtful
Accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant and other receivables are comprised
of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants
to determine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. If
a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future
periods.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred Costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deferred lease costs consist of fees
incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms
of the respective leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deferred financing costs represent commitment
fees, legal and other third-party costs associated with obtaining financing. These costs are amortized over the term of the financing
and are recorded in interest expense in the consolidated and combined financial statements. Unamortized deferred financing costs
are expensed when the associated debt is refinanced or repaid before maturity. Cost incurred in seeking financing transactions
which do not close are expensed in the period the financing transaction is terminated.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Comprehensive income is comprised of
net income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported
at fair value under GAAP. For the nine months ended September 30, 2016 and the years ended December&nbsp;31, 2015 and 2014, the
Company did not own any financial instruments for which the change in value was not reported in net income accordingly and its
comprehensive income was its net income as presented in the consolidated and combined statements of operations. </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rental revenue for commercial leases
is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases
and parking is recognized as earned, which is not materially different from the straight-line basis. Leases entered into by a
resident for an apartment unit are generally for a one year term, renewable upon consent of both parties on an annual or monthly
basis. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in
accordance with lease agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reimbursements for operating expenses
due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred.
These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 200; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Significant Accounting Policies (cont.)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock-based Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company accounts for stock-based
compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (&ldquo;FASB ASC&rdquo;) Topic
718, &ldquo;Compensation - Stock Compensation.&rdquo; As such, all equity based awards are reflected as compensation expense in
the Company&rsquo;s consolidated financial statements over their vesting period based on the fair value at the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following is a summary of awards
during the year ended December&nbsp;31, 2015 and the nine months ended September 30, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Unvested Restricted Shares and LTIP Units </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> LTIP Units </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Weighted<BR> Grant-Date<BR>
    Fair Value </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Unvested at December&nbsp;31, 2014 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-indent: -9.35pt; padding-left: 9.35pt"> Granted </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 378,333 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 13.50 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Vested </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Forfeited </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Unvested at December&nbsp;31, 2015 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 378,333 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 13.50 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Granted </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 123,148 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 13.50 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Vested </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (17,964 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Forfeited </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Unvested at September 30, 2016 (unaudited) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 483,517 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 13.50 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of September 30, 2016 and December&nbsp;31,
2015, there was $4.1 million and $6.0 million, respectively, of total unrecognized compensation cost related to unvested share-
based compensation arrangements granted under share incentive plans. As of September 30, 2016, the weighted average period over
which the unrecognized compensation expense will be recorded is approximately 1.7 years. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On August 8, 2016, the Company granted
15,742 LTIP units to a non-employee director, with an estimated fair value of approximately $212,000. During the third quarter,
$175,000 of the fair value was recognized, and the remaining portion will be recognized in the fourth quarter. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income Taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company elected to be taxed and
to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the &ldquo;Code&rdquo;) commencing
with its taxable year ended December&nbsp;31, 2015. To qualify as a REIT, the Company is required to distribute dividends equal
to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to
its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset
holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally
not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company
fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable
income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to
re-elect as a REIT for the four subsequent taxable years. The entities comprising the Predecessor are limited liability companies
and are treated as pass-through entities for income tax purposes. Accordingly, no provision has been made for federal, state or
local income or franchise taxes in the accompanying consolidated and combined financial statements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with the FASB ASC Topic
740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain
tax positions that, if successfully challenged, could result in a material impact on its or the Predecessor&rsquo;s financial
position or results of operation. The prior three years&rsquo; income tax returns are subject to review by the Internal Revenue
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has determined that the
cash distributed to the stockholders is characterized as follows for Federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year<BR>
    ended<BR>
    December 31,<BR>
    2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Ordinary income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Capital gain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Return of capital</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 201; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Clipper Realty
Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fair Value Measurements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Refer to Note 9, &ldquo;Fair Value of
Financial Instruments&rdquo;.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Derivative Financial Instruments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The FASB derivative and hedging guidance
establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in
other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the consolidated
and combined balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended
use of the derivative and the resulting designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Derivatives used to hedge the exposure
to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate
risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or
other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes
in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives
designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in
other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects
earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company
assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative
hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives
not designated as hedges, changes in fair value would be recognized in earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Earnings (Loss) Per Share</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Basic and diluted earnings (loss) per
share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding.
As of September 30, 2016, the Company has unvested LTIP Units (Note 3) which provide for non-forfeitable rights to dividend equivalent
payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of
basic and diluted earnings (loss) per share pursuant to the two-class method. The Company does not have diluted securities as
of December 31, 2015 or September 30, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The effect of the conversion of the
26,317 Class B LLC units outstanding is not reflected in the computation of basic and diluted earnings (loss) per share, as the
effect would be anti-dilutive. The income (loss) allocable to such units is reflected as noncontrolling interests in the accompanying
consolidated and combined financial statements. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the computation
of basic and diluted earnings (loss) per share for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"> (dollar in thousands, except per share amounts) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine Months Ended<BR>
    September&nbsp;30, 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended<BR> December
    31, 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> (unaudited) </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> Numerator </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left"> Net loss attributable to common stockholders </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (2,814 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> (1,365 </TD><TD STYLE="width: 1%; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Less: net income attributable to participating securities </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (87 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (16 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (2,901 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,381 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Denominator </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt"> Common shares outstanding </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 11,423 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 11,423 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"> Basic and diluted loss per share attributable to common stockholders </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (0.25 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (0.12 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 202; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Significant Accounting Policies (cont.)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recently Issued Pronouncements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In August 2016, the Financial Accounting
Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2016-15, &ldquo;Statement of Cash
Flows (Topic 230)&rdquo;, which is intended to reduce diversity in practice in how certain transactions are classified in the
statement of cash flows. This standard will be effective for the first annual reporting period beginning after December 15, 2017.
The Company is currently evaluating the effect that ASU No. 2016-15 will have on its consolidated financial statements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In February 2016, the FASB issued ASU
No. 2016-02, &ldquo;Leases (Topic 842).&rdquo; The new standard requires a lessor to classify leases as either sales-type, finance
or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying
asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing.
If the lessor does not convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal
years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition
approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the
beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available.
We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In October 2015, the FASB issued Accounting
Standards Update (&ldquo;ASU&rdquo;) 2015-16, &ldquo;Business Combination (Topic 805): Simplifying the Accounting for Measurement-Period
Adjustments.&rdquo; The amendments require adjustments to provisional amounts that are identified during the measurement period,
including the cumulative effect of changes in depreciation, amortization, or other income effects to be recognized in the current-period
financial statements. Prior periods should no longer be adjusted. The new standard takes effect in 2016 for public companies and
early adoption is permitted. ASU 2015-16 is not expected to have a material impact on the Company&rsquo;s consolidated and combined
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In April 2015, the FASB issued ASU 2015-03
&ldquo;Simplifying the Presentation of Debt Issuance Costs.&rdquo; ASU 2015-03 revises Subtopic 835-30 to require that debt issuance
costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the
presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset)
on the balance sheet. The amendments also require the amortization of debt issuance costs to be reported as interest expense,
which we believe is largely consistent with current practice. Similarly, debt issuance costs and any discount or premium are considered
in the aggregate when determining the effective interest rate on the debt. The amendments are effective for public business entities
for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are effective
for all other entities for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after
December 15, 2016. The amendments must be applied retrospectively. All entities have the option of adopting the new requirements
as of an earlier date for financial statements that have not been previously issued. Applicable disclosures for a change in an
accounting principle are required in the year of adoption, including interim periods. On January 1, 2016, the Company adopted
ASU 2015-03. Accordingly, deferred financing costs, as of December 31, 2015 and 2014 of $7,303 and $13,252, respectively, have
been reclassified from assets to liabilities in the consolidated and combined balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On January 1, 2016, the Company adopted
ASU 2015-02, &ldquo;Consolidation&mdash;Amendments to the Consolidation Analysis.&rdquo; ASU 2015-02 modified the evaluation of
whether limited partnerships and similar legal entities are variable interest entities (&ldquo;VIEs&rdquo;) or voting interest
entities, particularly those that have fee arrangements and related party relationships. Additionally, the amendments eliminate
the presumption that a general partner should consolidate a limited partnership. Consolidated VIE&rsquo;s are those of which the
Company is considered to be the primary beneficiary. The primary beneficiary is the entity that has a controlling financial interest
in the VIE, which is defined by the entity having both the following characteristics: 1)&nbsp;the power to direct the activities
that, when taken together, most significantly impact the VIE&rsquo;s performance, and 2) the obligation to absorb losses or the
right to receive the returns from the VIE that could potentially be significant to the VIE. The Company reviewed all of its entities
in accordance with ASU 2015-02 and concluded that the LLCs comprising the Predecessor, which had previously been consolidated,
are now VIEs. As a result of the classification of the LLCs as VIE, substantially all of the Company&rsquo;s assets and liabilities
are assets and liabilities of VIEs. There were not entities qualifying under the scope of the revised guidance that were consolidated
as a result of the adoption. Accordingly, the adoption of ASU 2015-02 had no impact on the Company&rsquo;s consolidated and combined
financial statements. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> During January 2015, the FASB issued
ASU 2015-01, &ldquo;Income Statement&mdash;Extraordinary and Unusual Items.&rdquo; ASU 2015-01 eliminates the concept of extraordinary
items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence
remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective
for periods beginning after December 15, 2015. ASU 2015-01 does not have a material impact on the Company&rsquo;s consolidated
and combined financial statements. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During August 2014, the FASB issued
ASU 2014-15, &ldquo;Presentation of Financial Statements&mdash;Going Concern.&rdquo; ASU 2014-15 requires an entity&rsquo;s management
to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&rsquo;s
ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is
effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company&rsquo;s
consolidated and combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 203; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Significant Accounting Policies (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During June 2014, the FASB issued ASU
2014-12, &ldquo;Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved
after the Requisite Service Period.&rdquo; ASU 2014-12 provides explicit guidance on how to account for share-based payments that
require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period.
ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively.
ASU 2014-12 does not have a material impact on the Company&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In May 2014, the FASB issued ASU No.
2014-09, &ldquo;Revenue from Contracts with Customers.&rdquo; ASU 2014-09 requires entities to recognize revenue when it transfers
promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled
in exchange for those good or services. For the real estate industry, leasing transactions are not within the scope of the new
standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. The FASB has subsequently issued
several additional ASUs to clarify the implementation guidance on principal versus agent considerations, identifying performance
obligations, assessing collectability, presentation of sales taxes and other similar taxes collected from customers, non-cash
consideration, contract modifications and completed contracts at transition. These ASUs are effective for annual periods beginning
after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods
beginning after December 15, 2016. The Company is currently evaluating the impact of the adoption of these ASUs on its consolidated
financial statements. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Reclassifications</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Certain amounts included in December
31, 2015 and 2014 consolidated financial statements have been reclassified to conform to the September 30, 2016 presentation.
There was no effect on operations or equity related to these reclassifications. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 204; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. Acquisition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 15, 2014, the Predecessor acquired the Tribeca
House properties for $557,280. The purchase price consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash paid</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">222,280</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Mortgage debt assumed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">335,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">557,280</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purchase price was allocated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -9.35pt; padding-left: 9.35pt">Land</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">273,103</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Tenant improvements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">288</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Furniture, fixtures and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">834</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Above-market leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Below-market leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,911</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">In-place leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Lease origination costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest rate caps</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Real estate tax abatements</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,428</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">557,280</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 27, 2016, the Company acquired the Aspen property
for $103,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purchase price was allocated as follows (unaudited):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -9.35pt; padding-left: 9.35pt">Land</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">49,569</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Tenant improvements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Site improvements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Furniture, fixtures and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Above-market leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">448</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Below-market leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(790</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">In-place leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,103</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Lease origination costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Real estate tax abatements</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,223</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">103,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> We have prepared the following unaudited pro forma income
statement information for the nine months ended September 30, 2016 as if the acquisition had occurred as of January&nbsp;1, 2015.
The pro forma data is not necessarily indicative of the results that actually would have occurred if the acquisition had been
consummated on January&nbsp;1, 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Nine Months Ended
    <BR> September 30, 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended <BR> December
    31, 2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> (unaudited) </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-indent: -9.35pt; padding-left: 9.35pt"> Revenue </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 71,927 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 91,085 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Total expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (81,612 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (99,937 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt"> Net loss </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (9,685 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (8,852 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 205; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&nbsp;Deferred Costs and Intangible Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deferred costs and intangible assets
consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> September&nbsp;30,<BR>
    2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,<BR>
    2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,<BR>
    2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"> (unaudited) </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Lease origination costs </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 3,087 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 2,079 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 3,318 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> In-place lease </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,559 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,254 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,254 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Real estate tax abatements </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,629 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,406 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,406 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Other </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 63 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 25,338 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,739 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,978 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Less accumulated amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (10,459 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (8,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (7,720 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Total deferred costs and
    intangible assets, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 14,879 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 5,267 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,258 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Amortization of lease origination costs
and in-place lease intangible assets was $801 and $602 for the nine months ended September&nbsp;30, 2016 and 2015, respectively, and
$860 and $438 for the years ended December&nbsp;31, 2015 and 2014, respectively. Amortization of real estate abatements of $1,186
and $996 for the nine months ended September 30, 2016 and 2015, respectively, and $1,328 and $238 for the years ended December&nbsp;31,
2015 and 2014, respectively, is included in real estate taxes and insurance in the consolidated and combined statements of operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deferred costs and intangible assets
as of December&nbsp;31, 2015 amortize to expenses in future years as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 80%; text-align: left">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">2,101</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,838</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">565</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,267</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;Above and Below-Market Lease Intangibles</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s above-market lease
intangibles assets and liabilities are included in prepaid expense and other assets and are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    30,</FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2016</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</FONT> </TD><TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD NOWRAP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 57%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Above-market
    leases</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT> </TD><TD STYLE="width: 10%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">448</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="width: 12%; text-align: right; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="width: 12%; text-align: right; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    accumulated amortization</FONT> </TD><TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> )<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">437</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; background-color: White"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Company&rsquo;s below-market
lease intangibles assets and liabilities are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> September 30,<BR>
    2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,<BR>
    2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,<BR>
    2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"> (unaudited) </TD><TD NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP> &nbsp; </TD><TD NOWRAP> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 57%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Below-market leases </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 23,184 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 22,395 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 22,400 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Less accumulated amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (15,915 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (14,547 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (12,838 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,269 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,848 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,562 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Rental income includes amortization
of above and below-market leases of $1,357 and $1,286 for the nine months ended September&nbsp;30, 2016 and 2015, respectively,
and $1,714 and $1,450 for the years ended December&nbsp;31, 2015 and 2014, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 206; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;Below-Market Lease Intangibles (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The balance of below-market leases as
of December&nbsp;31, 2015 amortize to rental income in future years as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; text-align: left">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">1,719</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,715</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,715</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,201</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">424</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,074</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,848</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. Notes Payable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The first mortgages and mezzanine notes
payable collateralized by the respective properties, or the Company&rsquo;s interest in the entities that own the properties and
assignment of leases were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Property</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Maturity</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
    Rate</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">September
    </FONT>30,<BR> 2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">December&nbsp;31,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">December&nbsp;31,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT> </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(unaudited)</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 32%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Flatbush
    Gardens, Brooklyn, NY</FONT> </TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">10/1/2024</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3.88</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="width: 10%; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">150,000</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="width: 10%; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">150,000</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="width: 10%; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">150,000</FONT> </TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Flatbush
    Gardens, Brooklyn, NY</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">10/1/2024</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3.88</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">20,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">20,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">20,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">250
    Livingston Street, Brooklyn, NY</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">5/6/2023</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4.00</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35,213</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35,743</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">36,480</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">141
    Livingston Street, Brooklyn, NY</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">7/9/2016</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">LIBOR
                                         + 3.25</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">55,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">55,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">141
    Livingston Street, Brooklyn, NY</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">6/1/2028</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3.875</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">79,500</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Tribeca
    House properties, NY</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">11/9/2016</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">LIBOR
                                         + 3.40</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Tribeca
    House properties, NY</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">11/9/2016</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">LIBOR
                                         + 7.38</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">100,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">100,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">100,000</FONT> </TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Aspen
    property, NY</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">7/1/2028</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3.68</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">70,000</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">814,713</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">720,743</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">721,480</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Unamortized
    debt issuance costs</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(6,820</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(7,303</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(13,252</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0; font-family: Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Total
                                         debt net of debt issuance costs</FONT> </P>


</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">807,893</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">713,440</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">708,228</FONT> </TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 24, 2012, the Predecessor
entered into a $150,000 mortgage note agreement with New York Community Bank. The loan matures on October 1, 2024 and bears interest
at a fixed-rate of interest of 3.88%. The note requires interest only payments through April 2017 and monthly principal and interest
payments thereafter based on a 30-year amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 1, 2013, the Predecessor entered
into a mortgage note agreement with Citigroup Global Markets Realty Corp. for $37,500 that requires monthly principal and interest
payments of $179, bears interest of 4.00% and matures on May 6, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 31, 2014, the Predecessor
entered into an additional $20,000 note with New York Community Bank. This note is coterminous with the above $150,000 mortgage,
matures on October 1, 2024 and bears interest at 3.88% through September 2019 and thereafter at prime plus 2.75%, subject to an
option to fix the rate. The note requires interest only payments through April 2017, monthly principal and interest payments of
$94 from May 2017 through September 2019 based on a 30 year amortization schedule and principal and interest payments thereafter
based on the remaining period of the initial 30-year amortization schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 207; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. Notes Payable (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 12, 2014, the Predecessor
entered into a $55,000 loan agreement related to the property at 141 Livingston Street, Brooklyn, New York with Citigroup Global
Markets Inc. On May 11, 2016, the Company repaid the $55,000 loan from the proceeds of a new $79,500 loan from New York Community
Bank. The new loan matures on June 1, 2028, and bears interest at 3.875%. The note requires interest only payments through June
2017, monthly principal and interest payments of $374 from July 2017 through June 2028 based on a 30 year amortization schedule
and principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In connection with the purchase of the
Tribeca House properties, on December 15, 2014, the Predecessor assumed a $335,000 mortgage note with Deutsche Bank (&ldquo;DB&rdquo;)
and entered into additional $25,000 and $100,000 mortgage note and mezzanine note agreements with DB and SL Green Finance, respectively.
The mortgage and mezzanine loans mature on November 9, 2016 and bear interest at one-month LIBOR plus 3.40% and 7.38%, respectively
(3.731% and 7.572% respectively at December&nbsp;31, 2015). The notes are subject to three one-year extension options. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On November 9, 2016, the Company refinanced
the above loans with a $410,000 loan package with DB and SL Green Finance. The package bears a blended interest rate of one-month
LIBOR plus 3.75%, matures on November 9, 2018 and is subject to three one-year extension options. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 27, 2016, the Company entered
into a $70,000 mortgage note agreement with Capital One Multifamily finance LLC, related to the Aspen property acquisition. The
note matures on July 1, 2028 and bears interest at 3.68%. The note requires interest only payments through July 2017, monthly
principal and interest payments of $321 from August 2017 through July 2028 based on a 30 year amortization schedule and principal
and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes principal
payment requirements under terms as of December&nbsp;31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; text-align: left">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">515,732</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,314</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">192,206</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">720,743</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">8. Rental Income under Operating Leases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s three commercial
properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of December&nbsp;31,
2015, the minimum future cash rents receivable (excluding tenant reimbursements for operating expenses) under non-cancelable operating
leases for the commercial tenants in each of the next five years and thereafter are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; text-align: left">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">16,817</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,924</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62,665</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">124,838</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company has commercial leases with
the City of New York that comprised 19% and 20%, and 20% and 31% of total revenue for the nine months ended September 30, 2016
and 2015, and for the years ended December 31, 2015 and 2014, respectively. In December 2015, the City of New York executed a
new 10-year lease at the Company&rsquo;s property at 141&nbsp;Livingston Street. Under the lease, the tenant has an option to
terminate the lease after five years; however, if it decides to continue to occupy the building at that time, the rent will increase
25% beginning the sixth year of the lease. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 208; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.&nbsp;Fair Value of Financial Instruments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">GAAP requires the measurement of certain
financial instruments at fair value on a recurring basis. In addition, GAAP requires the measure of other financial instruments
and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate and long-lived assets). Fair
value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements
are classified and disclosed in one of the following three categories:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level&nbsp;1:
                                         unadjusted quoted prices in active markets that are accessible at the measurement date
                                         for identical assets or liabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level&nbsp;2:
                                         quoted prices for similar instruments in active markets, quoted prices for identical
                                         or similar instruments in markets that are not active, and model-derived valuations in
                                         which significant inputs and significant value drivers are observable in active markets;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Level&nbsp;3:
                                         prices or valuation techniques where little or no market data is available that requires
                                         inputs that are both significant to the fair value measurement and unobservable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When available, the Company utilizes
quoted market prices from an independent third-party source to determine fair value and classifies such items in Level&nbsp;1
or Level&nbsp;2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding
quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to
derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may
rely more on models with inputs based on information available only to that independent third party. When the Company determines
the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments
do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis
and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in assumptions or estimation
methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot
be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the
instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial assets and liabilities
in the consolidated and combined balance sheets include cash and cash equivalents, restricted cash, receivables, accounts payable
and accrued expenses, including interest rate caps, and mortgages. The carrying amount of cash and cash equivalents, restricted
cash, receivables, and accounts payable and accrued expenses reported in the consolidated and combined balance sheets approximates
fair value due to the short-term nature of these instruments. The fair value of mortgages, which is classified as Level&nbsp;2,
is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 209; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">9. Fair Value of Financial Instruments (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The carrying amount and fair value of
the mortgage notes payable were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> September&nbsp;30,
    2016 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,
    2015 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December&nbsp;31,
    2014 </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> (unaudited) </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Carrying amount (excluding unamortized
    debt issuance costs) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 814,713 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 720,743 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 15%; text-align: right"> 721,480 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt"> Fair value </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 819,818 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 712,904 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 700,987 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Predecessor purchased interest rate
caps in connection with the mortgage loans on December 12, 2014 and December 15, 2014 with LIBOR strike prices of 2.00%. The interest
rate caps have an aggregate notional value of $515 million and expire coterminously with the related debt. Their fair value, which
is classified as Level 2, is estimated using market inputs and credit valuation inputs. These instruments were not designated
as hedges and accordingly their changes in fair value are recognized in earnings. The fair value of these instruments is $1 at
September&nbsp;30, 2016 and $10 and $532 at December&nbsp;31, 2015 and 2014, respectively, and the change in fair value of $9
and $446, and $522 and $49 is included in interest expense for the nine months ended September 30, 2016 and 2015, and for the
years ended December&nbsp;31, 2015 and 2014, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Disclosures about fair value of financial
instruments were based on pertinent information available as of September&nbsp;30, 2016, December&nbsp;31, 2015 and December&nbsp;31,
2014. Although the Company is not aware of any factors that would significantly affect the reasonable fair value amounts, such
amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates
of fair value may differ significantly from the amounts presented herein. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.&nbsp;Commitments and Contingencies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to certain legal
proceedings and claims arising in connection with its business. Management believes, based in part upon consultation with legal
counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company&rsquo;s consolidated
and combined results of operations, financial position, or cash flows.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commitments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is obligated to provide
parking through 2020 under a lease with a tenant at the property on 250 Livingston Street costing approximately $160 per year.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Concentrations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s properties are located
in the Boroughs of Manhattan and Brooklyn in New York City, which exposes the Company to greater economic risks than if it owned
a more geographically dispersed portfolio. For the nine months ended September 30, 2016 and 2015, commercial properties accounted
for approximately 26% and 27%, respectively, and residential properties accounted for approximately 74% and 73%, respectively,
of total revenue. For the year ended December&nbsp;31, 2015 and 2014, commercial properties accounted for approximately 26% and
32%, respectively, and the residential properties accounted for approximately 74% and 68%, respectively, of total revenue. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.&nbsp;Related-Party Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> For the nine months ended September
30, 2015 and the years ended December 31, 2015 and 2014, the Predecessor recorded management fees of approximately $529, $574
and $410, respectively, to related companies or individuals included in general and administrative expense in the consolidated
and combined statements of operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> During the nine months ended September
30, 2016, the Company recorded overhead charges related to office expenses of approximately $275 to a related company included
in general and administrative expense in the accompanying consolidated and combined statements of operations. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 210; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">12. Segment Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company has classified its reporting
segments into commercial and residential rental properties. The commercial properties include the 141 Livingston Street property
and portions of the 250 Livingston Street, Tribeca House, and Aspen properties. The residential reporting segment includes the
Flatbush Gardens property and a portion of the 250 Livingston Street, Tribeca House, and Aspen properties. Interest expense related
to the commercial and residential segments for the nine months ended September 30, 2016 and 2015 is $5,594 and $23,155, and $5,550
and $22,178, respectively, and for the years ended December&nbsp;31, 2015 and 2014 is $7,346 and $29,357, respectively, and, $1,776
and $7,369, respectively. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s income from operations
by segment for the nine months ended September 30, 2016 and 2015 and for the years ended December&nbsp;31, 2015 and 2014 is as
follows: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Nine months ended September 30, 2016 (unaudited) </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Commercial </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Residential </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Rental revenues </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 13,843 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 49,405 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 63,248 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,969 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Garage and other revenue
    income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,186 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,364 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,550 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 17,998 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 50,769 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 68,767 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,023 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15,862 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,885 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,996 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,027 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,023 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 541 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,776 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,317 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 407 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 407 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,980 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,666 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,646 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,540 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 40,738 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 49,278 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 18.7pt"> Income from operations </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 9,458 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 10,031 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 19,489 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Nine months ended September 30, 2015 (unaudited) </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Commercial </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Residential </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Rental revenues </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 13,042 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 45,596 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 58,638 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,651 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,651 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Garage and other revenue
    income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,453 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 862 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,315 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 17,146 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 46,458 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 63,604 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,276 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 17,691 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,726 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,178 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,904 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 666 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,600 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,266 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,892 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7,764 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,656 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,560 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 32,957 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 41,517 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 18.7pt"> Income from operations </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 8,586 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 13,501 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 22,087 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Year ended December&nbsp;31, 2015 </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Commercial </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Residential </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Rental revenues </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 17,256 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 60,784 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 78,040 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,477 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,477 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Garage and other revenue
    income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,578 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,509 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,087 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 22,311 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 62,293 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 84,604 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,217 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,066 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 23,283 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,705 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,221 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,926 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 840 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,456 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5,296 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 75 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,471 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 10,050 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 12,521 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 11,233 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 44,868 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 56,101 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 18.7pt"> Income from operations </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 11,078 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 17,425 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 28,503 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Year ended December&nbsp;31, 2014 </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Commercial </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Residential </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Rental revenues </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 12,382 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 31,413 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 43,795 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Tenant recoveries </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,415 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Garage and other income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 518 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,044 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,562 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total revenues </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 15,315 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 32,457 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 47,772 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Property operating expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,810 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15,863 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,673 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Real estate taxes and insurance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,355 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,205 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6,560 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 537 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,821 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,358 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"> Acquisition costs </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 30 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 296 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 326 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt"> Depreciation and amortization </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,398 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 3,074 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,472 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8,130 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 25,259 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 33,389 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 18.7pt"> Income from operations </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 7,185 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 7,198 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 14,383 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>


<!-- Field: Page; Sequence: 211; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">12.&nbsp;Segment Reporting (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s total assets by
segment are as follows as of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Commercial</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Residential</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Total</B></FONT> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 53%"> <FONT STYLE="font-size: 10pt">September 30, 2016 (unaudited)</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 12%; text-align: right"> <FONT STYLE="font-size: 10pt">285,818</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 12%; text-align: right"> <FONT STYLE="font-size: 10pt">677,291</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 12%; text-align: right"> <FONT STYLE="font-size: 10pt">963,109</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">December&nbsp;31, 2015</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">196,563</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">684,555</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">881,118</FONT> </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">December&nbsp;31, 2014</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">137,316</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">629,540</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">766,856</FONT> </TD>
    <TD> &nbsp; </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company&rsquo;s capital expenditures
are $12,988 (unaudited) and $6,360 (unaudited) for the nine months ended September 30, 2016 and 2015, respectively, and $9,025
and $2,542 for the years ended December&nbsp;31, 2015 and 2014, respectively. The Company&rsquo;s capital expenditures were all
in the residential segment except for $1,383 (unaudited) for the nine months ended September 30, 2016, and $245 for the year ended
December 31, 2015 in the commercial segment. </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.&nbsp;Multiemployer Union Agreement and Pension
Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of the Company&rsquo;s employees
are covered by a union sponsored, collectively bargained, multiemployer defined benefit pension, profit sharing, health insurance,
legal and training plans. Contributions to the plans are determined in accordance with the provisions of the negotiated labor
contract. The Local 32BJ Service Employees International Union (&ldquo;Local 32BJ&rdquo;) contract is in effect through December&nbsp;31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Contributions to the Local 32BJ are
not segregated or otherwise restricted to provide benefits only to the Company&rsquo;s employees. The risks of participating in
a multiemployer pension plan differ from those of a single-employer pension plan in the following aspects: (a) assets contributed
to a multiemployer pension plan by one employer may be used to provide benefits to employees of other participating employers;
(b) if a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining
participating employers and (c) if the Company chooses to stop participating in the multiemployer plan, it may be required to
pay the plan an amount based on the unfunded status of the plan, which is referred to as the withdrawal liability. The Company
has no intention of withdrawing from the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information for the Union&rsquo;s
multiemployer pension plan is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Legal
    name</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%"><FONT STYLE="font-size: 10pt">Building Services 32BJ Pension Plan</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Employer identification
    number</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">13-1879376</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Plan number</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">001</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Type of plan</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Defined benefit pension plan</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Plan year end
    date</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">June 30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Certified Zone
    Status for 2015 and 2014*</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Red</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Funding improvement
    plan/rehabilitation plan*</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Implemented</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Surcharges paid
    to plan</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 212; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor<BR>
Notes to Consolidated and Combined Financial Statements<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.&nbsp;Multiemployer Union Agreement and Pension
Plan (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 45%; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Pension
    contribution made for 2015 and 2014, respectively</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 55%"><FONT STYLE="font-size: 10pt">$205 and $197</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Minimum weekly
    required pension contribution per employee for 2015 and 2014, respectively (in dollars)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$98.75 and $94.75</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in"><I>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified
pension zone status (as defined by the Pension Protection Act) represents the level at which the pension plan is funded. Plans
in the red zone are less than 65% funded; plans in the yellow zone are less than 80% funded; and plans in the green zone are at
least 80% funded. The rehabilitation plan may involve a surcharge on employers or a reduction or elimination of certain employee
adjustable benefits.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information provided above is
from the pension plan&rsquo;s most current annual report, which for Local 32BJ is for the year ended June&nbsp;30, 2015. The
Pension Protection Act Zone Status, the most recent zone status available, was provided to the Company by the plan and is
certified by the plans&rsquo; actuary. The Company&rsquo;s contributions to the pension plan are less than 5% of all the
employers&rsquo; contribution to the plan. In connection with the acquisition of the Tribeca House properties, the Company
increased the number of employees covered by the 32BJ contract.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">14.&nbsp;Subsequent Events</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Company evaluated subsequent events
through the date of which these consolidated and combined financial statements were available to be issued.
On November 9, 2016, the Company refinanced its loans at the Tribeca House property as described in Note 7. On November 14, 2016,
the Company received $15 million from a return of an acquisition deposit reflected in Prepaid and Other Assets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 213; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clipper Realty Inc. and Predecessor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f007"></A>Schedule&nbsp;III
&ndash; Real Estate and Accumulated Depreciation&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(In thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Encumbrances
    at December&nbsp;31,</FONT></TD><TD NOWRAP STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Initial
    Costs</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Gross
    Amounts At Which Carried at<BR> December&nbsp;31, 2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Property</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Location</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Description</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Encumbrances</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Building
    and<BR> Improvements</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Cost<BR>
    Capitalized<BR> Subsequent to<BR> Acquisition</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Land</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Building
    and<BR> Improvements</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Accumulated<BR>
    Depreciation</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Date
    Acquired</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left"><FONT STYLE="font-size: 8pt">Tribeca House Properties</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: left"><FONT STYLE="font-size: 8pt">Manhattan, NY</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: left"><FONT STYLE="font-size: 8pt">Residential/ Commercial</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">460,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">273,103</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">283,137</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">3,037</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">273,103</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">286,174</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">559,277</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">7,894</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">Dec-14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Flatbush Gardens</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Brooklyn, NY</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Residential</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">170,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89,965</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">49,607</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,489</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">90,052</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">65,096</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">155,148</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,522</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">Oct-05</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">250 Livingston Street</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Brooklyn, NY</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Commercial/ Residential</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,743</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,204</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,814</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,018</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,520</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">May-02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">141 Livingston Street</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Brooklyn, NY</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Commercial</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">55,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">10,830</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">12,079</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,025</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">10,830</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">11,054</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">21,884</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">3,736</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">May-02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">720,743</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">384,350</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">365,027</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">21,315</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">384,437</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">386,342</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">770,779</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">44,672</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The aggregate cost for Federal tax purposes at December&nbsp;31,
                                         2015 of our real estate assets was $624,902.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The following summarized activity for real estate and accumulated
                                         depreciation for the year ended December&nbsp;31, 2015 as follows: Investment in real
                                         estate:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -9.35pt; padding-left: 9.35pt">Balance at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">761,754</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">206,233</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Acquisition of real estate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,240</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Additions during period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Writeoff of fully depreciated
    assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance at end of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">770,779</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">761,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accumulated depreciation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -9.35pt; padding-left: 9.35pt">Balance at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33,010</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,237</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,034</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Writeoff of fully depreciated
    assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance at end of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,672</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,010</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 214; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f008"></A>Independent
Auditors&rsquo; Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-indent: -0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-indent: -0.15in">To the Board of Directors
of<BR>
Clipper Realty Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Report on the Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited the accompanying statement
of revenues and certain expenses (the &ldquo;Statement&rdquo;) of the properties located at 50 Murray Street and 53 Park Place
in the Tribeca neighborhood of New York, New York (&ldquo;Tribeca Properties&rdquo;), for the year ended December&nbsp;31, 2013,
and the related notes to the Statement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Responsibility for the Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management is responsible for the preparation
and fair presentation of the Statement in accordance with accounting principles generally accepted in the United States of America;
this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of the Statement that is free from material misstatement, whether due to fraud or error.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Auditors&rsquo; Responsibility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our responsibility is to express an
opinion on the Statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the Statement is free from material misstatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An audit involves performing procedures
to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors&rsquo;
judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making
those risk assessments, the auditors consider internal control relevant to the entity&rsquo;s preparation and fair presentation
of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity&rsquo;s internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our opinion, the Statement referred
to above presents fairly, in all material respects, the revenues and certain expenses described in Note 1 to the Statement of
Tribeca Properties for the year ended December&nbsp;31, 2013, in accordance with accounting principles generally accepted in the
United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 215; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Basis of Presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As described in Note 1 to the Statement,
the accompanying Statement has been prepared for the purpose of complying with Rule 3-14 of Regulation S-X promulgated under the
Securities Act of 1933, as amended, and is not intended to be a complete presentation of Tribeca Properties&rsquo; revenues and
expenses. Our opinion is not modified with respect to this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">/s/ Berdon LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Certified Public Accountants</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York<BR>
October 9, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 216; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tribeca Properties</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f009"></A>Statement
of Revenues and Certain Expenses<BR>
For the Year Ended December&nbsp;31, 2013 and Nine Months Ended September&nbsp;30, 2014 (unaudited)&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(In thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months<BR> Ended<BR>
    September&nbsp;30,<BR> 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year<BR> Ended<BR>
    December&nbsp;31,<BR> 2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: normal; text-align: center; font-style: normal"><FONT STYLE="font-weight: normal; font-style: normal">(Unaudited)</FONT></TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">REVENUES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Residential rental income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">25,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Commercial income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,863</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Tenant recoveries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">618</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt">TOTAL REVENUES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,957</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,960</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">CERTAIN EXPENSES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Property operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,252</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt">Real estate taxes and insurance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,302</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,136</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt">TOTAL OPERATING EXPENSES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,913</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">REVENUES IN EXCESS OF EXPENSES</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,044</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,572</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes to this financial
statement is an integral part of this statement.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. Basis of Presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying statement of revenues
and certain expenses include the operations of the residential and retail properties at 50 Murray Street (a/k/a 110-120 Church
Street) and 53 Park Place in the Tribeca neighborhood of Manhattan, NY that were owned in 2013 by Lionshead 53 Development LLC
and Lionshead 110 Development LLC (the &ldquo;Tribeca Properties&rdquo; or &ldquo;Properties&rdquo;). On December 15, 2014, the
Tribeca Properties were acquired by a predecessor limited liability company of Clipper Realty, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying statement of revenues
and certain expenses relate to the Tribeca Properties and have been prepared for the purpose of complying with Rule 3-14 of Regulation
S-X promulgated under the Securities Act of 1933, as amended. Accordingly, the statement is not representative of the actual operations
for the periods presented as revenues and certain operating expenses, which may not be directly attributable to the revenues and
expenses expected to be incurred in the future operations of the Tribeca Properties, have been excluded. Such items include depreciation,
amortization, management fees, interest expense, interest income and amortization of above- and below-market leases.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. Summary of Significant Accounting Policies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca Properties recognize residential
and commercial rental revenue from tenants on a straight-line basis over the lease term when collectability is reasonably assured
and the tenant has taken possession or controls the physical use of the leased asset. Commercial rental income includes revenue
from a tenant who operates the garage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant recoveries related to reimbursement
of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period
the applicable expenses are incurred. The reimbursements are recognized and presented gross, as the Tribeca Properties are generally
the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the
supplier and bears the associated credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 217; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f010"></A>Tribeca
Properties<BR>
Notes to Financial Statement&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. Summary of Significant Accounting Policies (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other revenue is revenue that is derived
from the tenants&rsquo; use of facilities for storage, laundry and common areas and other services and income from an early lease
termination. Other revenue is recognized when the related services are utilized by the tenants.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interim Unaudited Financial Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statement of revenues and certain
operating expenses for the nine months ended September&nbsp;30, 2014, is unaudited; however, in the opinion of management, all
adjustments (consisting solely of normal, recurring adjustments) necessary for the fair presentation of the financial statement
for the interim period have been included. The results of the interim period are not necessarily indicative of the results to
be obtained for a full fiscal year.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of Estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management has made a number of estimates
and assumptions relating to the reporting and disclosure of revenues and certain expenses during the reporting periods to present
the statements of revenues and certain expenses in conformity with U.S. GAAP. Actual results could differ from those estimates.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Minimum Future Lease Rentals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are various lease agreements in
place with tenants to lease space in the Tribeca Properties. As of September&nbsp;30, 2014, the minimum future cash rents receivable
under non-cancelable operating leases in each of the next five years and thereafter are as follows (unaudited):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; text-align: left">2014 (three months ending December&nbsp;31, 2014)</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">771</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,184</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,509</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,874</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the leases require payments
by the tenants of additional rentals based on various escalation clauses. For the year ended December&nbsp;31, 2013 and the nine
months ended September&nbsp;30, 2014 (unaudited), such additional rents amounted to approximately $177 and $78.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. Tenant concentrations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December&nbsp;31,
2013 and the nine months ended September&nbsp;30, 2014, no tenant comprised more than 5% of the Tribeca Properties&rsquo; rental
revenues.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">5. Real estate tax exemption and abatement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca Properties are eligible
for the real estate tax exemption and abatement program, pursuant to Section 421-g of the New York State Real Property Tax Law,
as a result of construction whereby the buildings were converted from commercial to mixed-use residential and commercial use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the program, the Tribeca Properties
received a 100% exemption on the real estate tax assessment attributable to the conversion of the properties through June 2011;
the exemption will be phased out during the period from July 2011 through June 2015. Taxes on the nonexempt portion of the properties
were abated through June 2013; the abatement will be phased out during the period from July 2013 through June 2017. The commercial
portion of the properties is currently subject to real estate taxes on the increased value of the real estate and/or as rates
increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 218; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tribeca Properties<BR>
Notes to Financial Statement<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6. Commitments and Contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca Properties are subject to
various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance.
Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Tribeca Properties&rsquo;
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca Properties contribute to
a number of multiemployer benefit plans under the terms of collective bargaining agreements that cover their union-represented
employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Assets contributed to the multiemployer plan by one employer
                                         may be used to provide benefits to employees of other participating employers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>If a participating employer stops contributing to the plan,
                                         the unfunded obligations of the plan may be borne by the remaining participating employers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>If the properties choose to stop participating in some
                                         of their multiemployer plans, the properties may be required to pay those plans an amount
                                         based on the underfunded status of the plan, referred to as a withdrawal liability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca Properties&rsquo; participation
in these plans for the annual period ended December&nbsp;31, 2013 is outlined in the following table. The &ldquo;EIN/Pension Plan
Number&rdquo; column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Building Service 32BJ Pension Fund,
Building Service 32BJ Supplemental Retirement Savings Plan, and Building Service 32BJ Health Fund were all established under the
terms of the collective bargaining agreement between Local 32BJ Service Employees International Union and the Realty Advisory
Board on Labor Relations, Inc. (&ldquo;Realty Advisory Board&rdquo;), a multiemployer association which is authorized to enter
in collective-bargaining agreements on behalf of the Tribeca Properties and its other employer members. The binding agreement
in effect as of the balance sheet date expired in April 2014 and a new contract entered into expires April 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The most recent Pension Protection Act
(PPA) zone status available for defined benefit pension plans, for 2013 for the Building Service 32BJ Pension Fund is for the
plan&rsquo;s year-end at June&nbsp;30, 2013. The zone status is based on information that the Tribeca Properties received from
the plan and is certified by the plan&rsquo;s actuary. Among other factors, plans in the red zone are generally less than 65%
funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The &ldquo;FIP/RP
Status Pending/Implemented&rdquo; column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan
(RP) is either pending or has been implemented. The last column lists the expiration dates of the collective bargaining agreements
to which the plans are subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 219; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Benefit Plan</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Benefit Plan<BR> Type</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EIN/Pension<BR> Plan Number</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pension<BR> Protection<BR> Act
    Zone<BR> Status</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FIP/RP<BR> Status<BR> Pending/<BR>
    Implemented</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contributions</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sur-charge<BR> Imposed</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration<BR> Date of<BR> Collective<BR>
    Bargaining<BR> Agreement</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; text-align: left">Building Service<BR> 32BJ Pension<BR> Fund</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: left">Defined<BR> Benefit<BR> Pension Plan</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">13-1879376-001</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">Red as of 7/21/2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">Yes</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">133,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">No</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">4/20/2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Building Service 32BJ Supplemental Retirement Savings Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Defined Contribution Profit Sharing Plan</TD><TD>&nbsp;</TD>
    <TD>13-3507075-001</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4/20/2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Building Service 32BJ Health Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Welfare Plan</TD><TD>&nbsp;</TD>
    <TD>13-2928869-501</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4/20/2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">N/A</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">N/A</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">554,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 220; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tribeca Properties<BR>
Notes to Financial Statement<BR>
(In thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. Subsequent Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tribeca Properties evaluated subsequent
events through October 9, 2015, the date the financial statements were available to be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 221; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f011"></A>Independent
Auditor&rsquo;s Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors<BR>
Clipper Realty Inc.<BR>
Brooklyn, NY 11219</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited the accompanying statement
of revenues and certain expenses of the Aspen (hereinafter referred to as the &ldquo;Company&rdquo;) for the year ended December&nbsp;31,
2015.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Responsibility for the Financial
Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management is responsible for the preparation
and fair presentation of the statement of revenues and expenses in accordance with accounting principles generally accepted in
the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation
and fair presentation of the statement of revenues and certain expenses that are free from material misstatement, whether due
to fraud or error.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Auditor&rsquo;s Responsibility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our responsibility is to express an
opinion on the statement of revenues and certain expenses based on our audit. We conducted our audit in accordance with auditing
standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the statement of revenues and certain expenses is free from material misstatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An audit involves performing procedures
to obtain audit evidence about the amounts and disclosures in the statement of revenues and certain expenses. The procedures selected
depend on our judgment, including the assessment of the risks of material misstatement of the statement of revenues and certain
expenses, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company&rsquo;s
preparation and fair presentation of the statement of revenues and certain expense in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the statement of revenues and certain expenses. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our opinion, the accompany statement
of revenues and certain expenses presents fairly, in all material respects, the revenues and certain expenses of the Company for
the year ended December&nbsp;31, 2015 in accordance with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emphasis of Matter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We draw attention to Note 1 to the Statements,
which describes that the accompanying statement was prepared for the purpose of complying with provisions of Rule 3-14 of Regulation
S-X promulgated by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) (for inclusion in the Registration Statement on
Form S-11 of Clipper Realty Inc.), and were not intended to be a complete presentation of the Company&rsquo;s revenues and expenses.
Our opinion is not modified with respect to this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Lipsky Goodkin &amp; Co., P.C.<BR>
New York, New York<BR>
March 29, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 222; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f013"></A>Aspen</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="f012"></A>Statement
of Revenues and Certain Expenses<BR>
For the Year Ended December&nbsp;31, 2015 and Three Months Ended March 31, 2016 (unaudited)<BR>
(In thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months<BR> Ended
    March<BR> 31, 2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended<BR> December&nbsp;31,<BR>
    2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">REVENUES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Residential rental income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,304</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,107</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Commercial income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,228</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Tenant recoveries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">164</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt">TOTAL REVENUES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,460</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">CERTAIN EXPENSES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Property operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt">Real estate taxes and insurance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">234</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.95pt">TOTAL OPERATING EXPENSES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">428</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,806</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">REVENUES IN EXCESS OF EXPENSES</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,211</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,654</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes to this financial
statement is an integral part of this statement.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. Basis of Presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying statement of revenues
and certain expenses include the operations of the residential and retail property at 1955 1st Avenue in Manhattan, NY that was
owned in 2015 by 100 Street Tri Venture LLC (the &ldquo;Property&rdquo; or &ldquo;Aspen&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying statement of revenues
and certain expenses relate to the Property and have been prepared for the purpose of complying with Rule 3-14 of Regulation S-X
promulgated under the Securities Act of 1933, as amended. Accordingly, the statement is not representative of the actual operations
for the periods presented as revenues and certain operating expenses, which may not be directly attributable to the revenues and
expenses expected to be incurred in the future operations of the Property, have been excluded. Such items include depreciation,
amortization, management fees, interest expense, interest income and amortization of above- and below-market leases.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. Summary of Significant Accounting Policies</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Property recognizes residential
and commercial rental revenue from tenants on a straight-line basis over the lease term when collectability is reasonably assured
and the tenant has taken possession or controls the physical use of the leased asset. Commercial rental income includes revenue
from a tenant who operates the garage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant recoveries related to reimbursement
of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period
the applicable expenses are incurred. The reimbursements are recognized and presented gross, as the Property is generally the
primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier
and bears the associated credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other revenue is revenue that is derived
from the tenants&rsquo; use of facilities for laundry and common areas and other services. Other revenue is recognized when the
related services are utilized by the tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 223; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of Estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management has made a number of estimates
and assumptions relating to the reporting and disclosure of revenues and certain expenses during the reporting periods to present
the statements of revenues and certain expenses in conformity with U.S. GAAP. Actual results could differ from those estimates.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Minimum Future Lease Rentals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are various lease agreements in
place with tenants to lease space in the Property. As of December&nbsp;31, 2015, the minimum future cash rents receivable under
non-cancelable operating leases in each of the next five years and thereafter are as follows (unaudited):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 80%; text-align: left">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">1,191</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,215</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,448</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,288</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the leases require payments
by the tenants of additional rentals based on various escalation clauses. For the year ended December&nbsp;31, 2015, such additional
rents amounted to approximately $37.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. Tenant concentrations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the three months ended March 31,
2016 and the year ended December&nbsp;31, 2015, no tenant comprised more than 10% of the Property&rsquo;s rental revenues.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">5. Real estate tax exemption and abatement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Property is eligible for the real
estate tax exemption and abatement program, pursuant to Section 421-a of the New York State Real Property Tax Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the program, the Property receives
a 100% exemption on the real estate tax assessment attributable to the increase in property value that results from new construction.
The commercial portion of the properties is currently subject to real estate taxes on the increased value of the real estate and/or
as rates increase.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6. Commitments and Contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Property is subject to various legal
proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management
believes that the ultimate settlement of these actions will not have a material adverse effect on the Property&rsquo;s results
of operations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. Subsequent Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Property evaluated subsequent events
through September 28, 2016, the date the financial statements were available to be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 224; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt"> Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,2017
all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver
a prospectus. This is in addition to the dealers&rsquo; obligation to deliver a prospectus when acting as underwriters and with
respect to their unsold allotments or subscriptions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Clipper Realty Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo_s11a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>&nbsp;&nbsp;&nbsp;Shares Common Stock</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FBR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
</B>2017 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 225 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B><BR>
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 31. Other Expenses
of Issuance and Distribution. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the fees
and expenses in connection with the issuance and distribution of the securities being registered (excluding the underwriting discount).
Except for the SEC registration fee and the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), filing and NYSE listing
fee, all amounts are estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <B>Amount Paid</B><BR>
    <B>or to be Paid</B> </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%; padding-left: 12pt; text-indent: -12pt"> SEC registration fee </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> $ </TD>
    <TD STYLE="width: 10%; text-align: right"> 11,590 </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"> FINRA filing fee </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> 15,500 </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"> NYSE listing fee </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> * </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"> Legal fees and expenses </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> * </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"> Accounting fees and expenses </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> * </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"> Printing expenses </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> * </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"> Transfer agent and registrar fee </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> * </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 12pt; text-indent: -12pt"> Miscellaneous </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> * </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.1in"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 12pt; text-indent: -12pt"> Total </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> $ </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> * </TD><TD STYLE="text-align: justify"> To be completed
                                         by amendment. </TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 32. Sales to Special
Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information in Item 33 is herein incorporated
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 33. Recent Sales
of Unregistered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 3, 2015 we issued an aggregate
of 10,666,667 shares of our common stock to various institutional investors, accredited investors and offshore investors at an
offering price of $13.50 per share in reliance on the exemptions from registration under Rule 144A, Regulation S and Rule 506(b)
of Regulation D of the Securities Act. 1,000,000 of the shares in the private offering were sold directly by us to members of
our management and board of directors, and their friends, family members and affiliates. We received approximately $130.2 million
of net proceeds, after expenses, from the private offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the private offering,
we consummated a series of investment and other formation transactions described in this registration statement, whereby, among
other things, the continuing investors had their LLC interests in the predecessor entities converted into class B LLC units in
the predecessor entities. In addition, we issued to one continuing investor, Trapeze Inc., 755,939 shares of our common stock
based on the private offering price of $13.50 per share. An aggregate of 26,317,396 class B LLC units were issued in connection
with the formation transactions and an equal number of shares of our special voting stock was issued to our continuing investors.
Each of these transactions was made in reliance on Section 4(a)(2) of the Securities Act in that it did not involve any public
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each limited partner of our operating
partnership has the right, subject to the terms and conditions set forth in the partnership agreement to require our operating
partnership to redeem all or a portion of the OP units held by such limited partner in exchange for a cash amount equal to the
number of tendered OP units multiplied by the price of a share of our common stock (determined in accordance with, and subject
to adjustment under, the terms of the partnership agreement), unless the terms of such OP units or a separate agreement entered
into between the operating partnership and the holder of such OP units provide that the holder is not entitled to a right of redemption
or impose conditions on the exercise of such right of redemption. On or before the close of business on the fifth business day
after we receive a notice of redemption, we may, in our sole and absolute discretion, but subject to the restrictions on the ownership
of our stock imposed under our charter and the transfer restrictions and other limitations thereof, elect to acquire some or all
of the tendered OP units from the tendering person in exchange for shares of our common stock, based on an exchange ratio of one
share of our common stock for each OP unit (subject to anti-dilution adjustments provided in the partnership agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 226; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each non-managing member of the LLC subsidiaries
has the right, subject to the terms and conditions set forth in the LLC agreements, to require the operating partnership to exchange
all or a portion of the class B LLC units held by such non-managing member, together with the same number of shares of our special
voting stock, for a cash amount equal to the number of tendered class B LLC units multiplied by the price of a share of our common
stock (determined in accordance with, and subject to adjustment under, the terms of the LLC agreements), unless the terms of such
class B LLC units or a separate agreement entered into between an LLC subsidiary and the holder of such class B LLC units provides
that the holder is not entitled to a right of exchange or imposes conditions on the exercise of such right of exchange. On or
before the close of business on the fifth business day after we and the operating partnership receive a notice of exchange, we
may, in our sole and absolute discretion, but subject to the restrictions on the ownership of our stock imposed under our charter
and the transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered class B LLC units from
the tendering non-managing member in exchange for shares of our common stock, based on an exchange ratio of one share of our common
stock for each class B LLC unit (subject to anti-dilution adjustments provided in the LLC agreements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On August 3, 2015, we also granted to
members of our senior management team a total of 273,335 LTIP units, and to our non-employee directors a total of 105,001 LTIP
units. In 2016, we granted to a non-employee director an additional 15,742 LTIP units. In 2016, we made a special additional one-time
grant of 16,667 LTIP units to an executive officer and a total of 16,666 LTIP units to two key employees, all of which are subject
to certain vesting requirements. The LTIP units represent profits interests in our operating partnership, which, subject to certain
conditions, are exchangeable for units of limited partnership, or OP units, in our operating partnership, which, in turn, may
be submitted for redemption in exchange, at our option, for common stock or cash in an amount equal to the value of our common
stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 29, 2016, we issued an aggregate
of 132 shares of our 12.5% Series A Cumulative Non-Voting Preferred Stock at an offering price of $1,000 per share in a private
offering pursuant to Rule 506(b) of Regulation D of the Securities Act. We received net proceeds of $109,500 from this private
offering, which will be used for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 34. Indemnification
of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law permits a Maryland corporation
to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders
for money damages except for liability resulting from: (i) actual receipt of an improper benefit or profit in money, property
or services; or (ii) active and deliberate dishonesty that is established by a final judgment and is material to the cause of
action. Our charter contains a provision that eliminates the liability of our directors and officers to us and our stockholders
to the maximum extent permitted by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law requires a Maryland corporation
(unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful,
on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service
in that capacity. Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among
others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with
any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities
unless it is established that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed
    in bad faith or (ii) was the result of active and deliberate dishonesty;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the director or officer actually received an improper personal benefit in money, property or services; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission
    was unlawful.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Maryland law, a Maryland corporation
also may not indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was
adjudged liable to the corporation or for a judgment of liability on the basis that personal benefit was improperly received.
A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification,
even though the director or officer did not meet the prescribed standard of conduct; however, indemnification for an adverse judgment
in a suit by or on behalf of the corporation, or for a judgment of liability on the basis that personal benefit was improperly
received, is limited to expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 227; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the MGCL permits a Maryland
corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of
    conduct necessary for indemnification by the corporation; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a written undertaking by the director or officer or on his or her behalf to repay the amount paid or reimbursed by the
    corporation if it is ultimately determined that he or she did not meet the standard of conduct necessary for indemnification
    by the corporation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the maximum extent permitted by Maryland
law in effect from time to time, our charter authorizes us to indemnify any individual who serves or has served, and our bylaws
obligate us to indemnify any individual who is made or threatened to be made a party to or witness in a proceeding by reason of
his or her service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>as a present or former director or officer; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>while a director or officer and at our request, as a director, officer, partner, manager, member or trustee of another
    corporation, real estate investment trust, partnership, joint venture, trust, limited liability company, employee benefit
    plan or other enterprise</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">from and against any claim or liability to which he or she
may become subject or that he or she may incur by reason of his or her service in any of these capacities. Our charter authorizes
us, and our bylaws require us, without requiring a preliminary determination of such individual&rsquo;s ultimate entitlement to
indemnification, to pay or reimburse any such individual&rsquo;s reasonable expenses in advance of final disposition of a proceeding.
We have entered into indemnification agreements with each of our directors and executive officers that provided for indemnification
and advance of expenses to the maximum extent permitted by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 35. Treatment of
Proceeds from Stock Being Registered</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the proceeds will be contributed
to an account other than the appropriate capital account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 36. Exhibits and
Financial Statement Schedules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Financial Statements</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See page F-1 for an index to the financial
statements included in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Exhibits</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The list of exhibits filed with or incorporated
by reference in this registration statement is set forth in the exhibit index following the signature page herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 37. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">A.</TD>
    <TD>The undersigned registrant hereby undertakes:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px">(1)</TD>
    <TD>To provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations
    and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 228; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px">(2)</TD>
    <TD>To file a sticker supplement pursuant to Rule 424(c) under the Securities Act during the distribution period describing
    each property not identified in the prospectus at such time as there arises a reasonable probability that such property will
    be acquired and to consolidate all such stickers into a post-effective amendment filed at least once every three months, with
    the information contained in such amendment provided simultaneously to the existing stockholders. Each sticker supplement
    should disclose all compensation and fees received by the operating partnership and its affiliates in connection with any
    such acquisition. The post-effective amendment shall include audited financial statements meeting the requirements of Rule
    3-14 of Regulation S-X only for properties acquired during the distribution period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px">(3)</TD>
    <TD>To file, after the end of the distribution period, a current report on Form 8-K containing the financial statements and
    any additional information required by Rule 3-14 of Regulation S-X, to reflect each commitment (i.e., the signing of a binding
    purchase agreement) made after the end of the distribution period involving the use of 10% or more (on a cumulative basis)
    of the net proceeds of the offering and to provide the information contained in such report to the stockholders at least once
    each quarter after the distribution period of the offering has ended.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px">(4)</TD>
    <TD>That for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus
    filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the
    registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
    statement as of the time it was declared effective.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px">(5)</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall
    be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px">B.</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and
    controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
    that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in
    the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
    (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
    registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
    person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter
    has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
    by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 229; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-11 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, New York on January 6, 2017. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Clipper realty inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ David Bistricer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>David Bistricer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>Co-Chairman and Chief Executive Officer</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the
Securities Act of 1933, this registration statement on Form S-11 has been signed by the following persons in the capacities and
on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 29%; border-bottom: black 1pt solid; text-align: center"> <B>Name</B> </TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center"> &nbsp; </TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 44%; border-bottom: black 1pt solid; text-align: center"> <B>Title</B> </TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center"> &nbsp; </TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 25%; border-bottom: black 1pt solid; text-align: center"> <B>Date</B> </TD></TR>
<TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> &nbsp;/s/ David Bistricer </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> Co-Chairman of the Board and Chief Executive Officer </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> January 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
    2017</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> David Bistricer </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <I>(Principal Executive Officer)</I> </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
<TR>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> &nbsp;/s/ Lawrence E. Kreider, Jr. </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> Chief Financial Officer </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"><P STYLE="margin: 0pt 0"> January 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         2017</FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> Lawrence E. Kreider, Jr. </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <I>(Principal Financial Officer and Principal Accounting Officer)</I> </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
<TR>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> * </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> Co-Chairman of the Board </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0"> January 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                  2017</FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> Sam Levinson </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD></TR>
<TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> * </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> Director </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"><P STYLE="margin: 0pt 0"> January 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         2017</FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> Howard M. Lorber </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> * </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> Director </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"><P STYLE="margin: 0pt 0"> January 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         2017</FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> Robert J. Ivanhoe </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> * </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> Director </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"><P STYLE="margin: 0pt 0"> January 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         2017</FONT> </P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> Roberto A. Verrone </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> * Pursuant to Power of Attorney </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 5%"> By: </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 24%"> /s/ David Bistricer&nbsp; </TD>
    <TD STYLE="text-align: center; width: 71%"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"></TD>
    <TD> David Bistricer </TD>
    <TD> &nbsp; </TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 230 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><B>Exhibit</B><BR>
    <B>Number</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR>
    <TD STYLE="padding-left: 2pt">1.1*</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Form of Underwriting Agreement</TD></TR>
<TR>
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">3.1**</TD>
    <TD>&nbsp;</TD>
    <TD>Articles of Amendment and Restatement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-left: 2pt">3.2**</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Bylaws</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-left: 2pt"> 3.3** </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> Articles Supplementary </TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">5.1*</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Venable LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">8.1*</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Sullivan &amp; Cromwell LLP as to tax matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.1**</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Limited Liability Company Agreement of Berkshire Equity LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 2pt">10.2**</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Amended and Restated Limited Liability Company Agreement of 50/53 JV LLC</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.3**</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Limited Liability Company Agreement of Renaissance Equity Holdings LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.4**</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Limited Liability Company Agreement of Gunki Holdings LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.5**</TD>
    <TD>&nbsp;</TD>
    <TD>Registration Rights Agreement, made and entered into as of August 3, 2015, between Clipper Realty Inc. and FBR Capital
    Markets &amp; Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.6**</TD>
    <TD>&nbsp;</TD>
    <TD>Registration Rights Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc. and each
    of the Holders from time to time party thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.7&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc. and David Bistricer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.8&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc. and Lawrence Kreider</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.9&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc. and Jacob Schwimmer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.10&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc. and JJ Bistricer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.11&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Clipper Realty Inc. 2015 Omnibus Incentive Compensation Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.12&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Clipper Realty Inc. 2015 Non-Employee Director Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.13&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Clipper Realty Inc. 2015 Executive Incentive Compensation Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.14&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Clipper Realty Inc. 2015 Omnibus Incentive Compensation Plan Restricted LTIP Unit Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.15&dagger;**</TD>
    <TD>&nbsp;</TD>
    <TD>Clipper Realty Inc. 2015 Non-Employee Director Plan Restricted LTIP Unit Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.16**</TD>
    <TD>&nbsp;</TD>
    <TD>Investment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty L.P. and Renaissance
    Equity Holdings LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 231 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><B>Exhibit</B><BR>
    <B>Number</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.17**</TD>
    <TD>&nbsp;</TD>
    <TD>Investment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty L.P. and Berkshire Equity
    LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.18**</TD>
    <TD>&nbsp;</TD>
    <TD>Investment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty L.P. and Gunki Holdings
    LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.19**</TD>
    <TD>&nbsp;</TD>
    <TD>Investment Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty L.P. and 50/53 JV LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.20**</TD>
    <TD>&nbsp;</TD>
    <TD>Tax Protection Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc., Clipper Realty
    L.P., Renaissance Equity Holdings LLC, Berkshire Equity LLC, Gunki Holdings LLC, 50/53 JV LLC, and each of the Continuing
    Investors listed on Schedules A-D thereto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.21**</TD>
    <TD>&nbsp;</TD>
    <TD>Shared Services Agreement, made and entered into as of August 3, 2015, by and among Clipper Equity LLC and Clipper
    Realty L.P.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.22**</TD>
    <TD>&nbsp;</TD>
    <TD>Shared Services Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty L.P. and Clipper
    Equity LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.23**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Indemnification Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc., Clipper
    Realty L.P. and the Guarantor defined therein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.24**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Indemnification Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc., Clipper
    Realty L.P. and the Guarantor defined therein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.25**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Indemnification Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc., Clipper
    Realty L.P. and the Guarantor defined therein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.26**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Indemnification Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc., Clipper
    Realty L.P. and the Guarantor defined therein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.27**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Indemnification Agreement, made and entered into as of August 3, 2015, by and among Clipper Realty Inc., Clipper
    Realty L.P. and the Guarantor defined therein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.28**</TD>
    <TD>&nbsp;</TD>
    <TD>Indemnification Agreement, made and entered into as of August 3, 2015, by and among David Bistricer, Trapeze Inc.,
    Clipper Realty Inc., Clipper Realty L.P., and Berkshire Equity LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.29**</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Loan Agreement, made and entered into as of December 15, 2014, by and among 50&nbsp;Murray Street
    Acquisition LLC, German American Capital Corporation, and Deutsche Bank AG, New York Branch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.30**</TD>
    <TD>&nbsp;</TD>
    <TD>Joinder, Reaffirmation and Ratification of Guaranty of Recourse Obligations and Environmental Indemnity Agreement,
    made and entered into as of August 3, 2015, by and among David Bistricer, Trapeze Inc., Clipper Realty L.P., and Deutsche
    Bank AG, New York Branch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.31**</TD>
    <TD>&nbsp;</TD>
    <TD>First Mezzanine Loan Agreement, made and entered into as of December 15, 2014, by and among 50&nbsp;Murray Mezz LLC,
    50&nbsp;Murray Mezz Funding LLC, and 50&nbsp;Murray Mezz Funding LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.32**</TD>
    <TD>&nbsp;</TD>
    <TD>Joinder, Reaffirmation and Ratification of First Mezzanine Guaranty of Recourse Obligations and First Mezzanine Environmental
    Indemnity Agreement, made and entered into as of August 3, 2015, by and among David Bistricer, Trapeze Inc., Clipper Realty
    L.P., and 50&nbsp;Murray Mezz Funding LLC</TD></TR>

</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 232 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><B>Exhibit</B><BR>
    <B>Number</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.33**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Agreement, made and entered into as of December 12, 2014, by and among 141 Livingston Owner LLC and Citibank,
    N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.34**</TD>
    <TD>&nbsp;</TD>
    <TD>First Amendment to Loan Agreement, Guaranty, Environmental Indemnity and other Loan Documents, made and entered into
    as of August 3, 2015, by and among 141 Livingston Owner LLC, Citibank, N.A., Clipper Realty L.P., David Bistricer, and Sam
    Levinson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.35**</TD>
    <TD>&nbsp;</TD>
    <TD>Loan Agreement, made and entered into as of May 1, 2013, by and among 250 Livingston Owner LLC and Citigroup Global
    Markets Realty Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.36**</TD>
    <TD>&nbsp;</TD>
    <TD>Consolidation, Modification, Extension and Spreader Agreement, Assignment of Lease and Rents and Security Agreement,
    made and entered into as of September 24, 2012, by and among Renaissance Equity Holdings LLC A, Renaissance Equity Holdings
    LLC B, Renaissance Equity Holdings LLC C, Renaissance Equity Holdings LLC D, Renaissance Equity Holdings LLC E, Renaissance
    Equity Holdings LLC F, Renaissance Equity Holdings LLC G, and New York Community Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.37**</TD>
    <TD>&nbsp;</TD>
    <TD>Mortgage, Assignment of Leases and Rents, and Security Agreement, made and entered into as of October 31, 2014, by
    and among Renaissance Equity Holdings LLC A, Renaissance Equity Holdings LLC B, Renaissance Equity Holdings LLC C, Renaissance
    Equity Holdings LLC D, Renaissance Equity Holdings LLC E, Renaissance Equity Holdings LLC F, Renaissance Equity Holdings LLC
    G, and New York Community Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.38** </TD>
    <TD> &nbsp; </TD>
    <TD> Lease, made and entered into as of December 17, 2015, by and between Berkshire Equity LLC and the City of New York. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.39** </TD>
    <TD> &nbsp; </TD>
    <TD> Lease, made and entered into as of January 1, 1997, by and between NPMM Realty Inc. and the City of New York </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.40** </TD>
    <TD> &nbsp; </TD>
    <TD> Letter Regarding Option to Renew Lease, dated as of December 28, 2010, from the City of New York to Berkshire Equity
    LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.41** </TD>
    <TD> &nbsp; </TD>
    <TD> Lease, made and entered into as of July 30, 1999, by and between Livingston Acquisition, LLC and the City of New York </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.42** </TD>
    <TD> &nbsp; </TD>
    <TD> Consent Agreement, made and entered into as of December 7, 2015, by and among Deutsche Bank Trust Company Americas,
    as trustee on behalf of the registered holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass Through
    Certificates, Series 2013-GCJ12, and 250 Livingston Owner LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.43** </TD>
    <TD> &nbsp; </TD>
    <TD> Amendment No. 1 to Registration Rights Agreement, made and entered into as of July 7, 2016, between Clipper Realty
    Inc. and FBR Capital Markets &amp; Co. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.44** </TD>
    <TD> &nbsp; </TD>
    <TD> Multifamily Loan and Security Agreement (Non-Recourse), dated as of June 27, 2016, by and between Aspen 2016 LLC and
    Capital One Multifamily Finance, LLC </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 10.45* </TD>
    <TD> &nbsp; </TD>
    <TD> Consolidation, Modification and Extension Agreement, Assignment of Leases and Rents and Security Agreement, made as
    of May 11, 2016, between 141 Livingston Owner LLC and New York Community Bank </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.46*</TD>
    <TD>&nbsp;</TD>
    <TD>Guaranty of Recourse Obligations, dated as of May 11, 2016, made by Clipper Realty Inc. to and in favor of New York
    Community Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">10.47*</TD>
    <TD>&nbsp;</TD>
    <TD>Guaranty, dated as of May 11, 2016, made by Clipper Realty Inc. to and in favor of New York Community Bank</TD></TR>

<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt"> <FONT STYLE="font-size: 10pt">10.48*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">First Mezzanine Loan Agreement, made and entered into as of November 9, 2016, by and
among 50 Murray Mezz LLC, 50 Murray Mezz Funding LLC</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt"> <FONT STYLE="font-size: 10pt">10.49*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Loan Agreement, made and entered into as of&nbsp;November 9,
    2016, by and among 50 Murray Street Acquisition LLC and Deutsche Bank AG, New York Branch, as Lender and as Agent thereto</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt"> 10.50** </TD>
    <TD> &nbsp; </TD>
    <TD> Amendment No. 2 to Registration Rights Agreement, made and entered into as of November 3, 2016, between Clipper Realty
    Inc. and FBR Capital Markets &amp; Co. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt"><P STYLE="margin: 0pt 0"> 10.51* </P>


</TD>
    <TD> &nbsp; </TD>
    <TD> Lease Renewal and Amendment Agreement, made and entered into as of December 15, 2016, by and between 250 Livingston
    Owner, LLC and the City of New York </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 233 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt; width: 10%">21.1*</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%">List of subsidiaries</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">23.1*</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Venable LLP (included in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">23.2*</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Sullivan &amp; Cromwell LLP (included in Exhibit 8.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">23.3</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of BDO USA, LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">23.4</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Berdon LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">23.5</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Lipsky Goodkin &amp; Co., P.C.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-left: 2pt"> 24.1** </TD>
    <TD> &nbsp; </TD>
    <TD><P STYLE="margin: 0pt 0"> Power of Attorney </P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">*</TD>
    <TD>To be filed by amendment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>**</TD>
    <TD>Previously filed</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&dagger;</TD>
    <TD>Indicates management contract or compensation plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 234; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>2
<FILENAME>s105092_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.3 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clipper Realty Inc.<BR>
New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the use in the Prospectus
constituting a part of this Registration Statement of our report dated March 30, 2016, relating to the consolidated and combined
financial statements and schedule of Clipper Realty Inc. and Predecessor, which is contained in that Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also consent to the reference to us under
the caption &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-decoration: none; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ BDO USA, LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BDO USA, LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 6, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>3
<FILENAME>s105092_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.4 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<B>CONSENT OF INDEPENDENT AUDITOR </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use in this Registration Statement on Form&nbsp;S-11 of Clipper Realty Inc. of our report dated October 9, 2015
relating to the statement of revenues and certain expenses of the properties located at 50 Murray Street and 53 Park Place in the
Tribeca neighborhood of New York, New York, for the year ended December 31, 2013, appearing in the Prospectus, which is part of
this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also consent to the reference to us under the heading &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/s/ BERDON LLP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 4, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>4
<FILENAME>s105092_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.5 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT AUDITOR </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use in this Registration Statement on Form&nbsp;S-11 of Clipper Realty Inc. of our report dated March 29, 2016 relating
to the statement of revenues and certain expenses of the Aspen property for the year ended December 31, 2015, appearing in the
Prospectus, which is part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also consent to the reference to us under the heading &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/s/ LIPSKY GOODKIN &amp; CO., P.C.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan 03, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logo_s11a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo_s11a.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ /0 _ P$1  (1 0,1 ?_$ (0   (!! ,
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3^SW2=4]2?J>-<[Q?]SJ;2^7_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>pg11img1_s11a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg11img1_s11a.jpg
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MLM)3TS1T-1?Q8W,E-I:BPH.S1%24154F1C>7&,.TU'56_]H # ,!  (1 Q$
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MQ^C45FC5LKR]Y&0YB1JJJG_E?>IL*HFPJB2DZHOMT_\ "GG(L*_-3"3,<WL
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M:0^BNK:#7V=/&GK]./\ Q]F'^E]]_AFKO]>7S_0*D^Q?*CZ<?^/LQ_TOOO\
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MV[D1=OO+T15]B>W37D<WQ6)R,?%94Z1Y\J[D5M+CW] 3X VOX4G?*@CF$$C
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M8F^OE"8([*=^'N)#V)?+;3;[%75H?0+M3N_@^)S.2[]PHL+N&>?TTC1P]H4
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MKC58IJMFZ'>+7>D1M5V\UX4ZFJKT1$7HBK[=>(?IGVL9F/<N4F^&"X@3IOD
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MG!QNVSAZSEW.?4=F"9YR#"LX=P[\C"NJEPF^TW&UE)N7E"NFH<9-+B21-$R
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M-/'J,F;B3VV7+@X=XY?0[J481T4[N,ZZL9'E\8J("INF^M(N*P8(GAA#!)%
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M@^8/@:''''7#==,G''"4W'#52,S)=R(B7J1$OBNL1QQPQK%$H6)0  !8 #H
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M5"B(I.$B=>B>W63]+_J"H+-Q<H4 D_'#T&I_VE<Q]7_IHS!!RT6XFP'IS_\
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M^ZNJ4^J_<.T1]N8[66PDF/\ R$/_ "B/=4:Y[+.F'&?:W\@_EIDF0MB1F2
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M0[?[0DRN+8IERR+'O OL5B=S7_";: ^!-?<3L/B,+F>Y$@SP&QHXR^PFV]E
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M[H]9#>KBLXKXJV?GHZ9(#B*@JJ:CW<7<OU-[;ABEQ^XN6_A[G9$GYF92H%@
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M0QR -&PL01<$'J"/*L$!A9@"*.GL1!3W"B"*?8@ILB)K*JJ*$0 (HL .@ Z
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M>VL2#Z@GG%Y&3\[Z@'Y8N-A(UMM\S?4>56BYOQTYF=Q)#F[[BXY5@9$WV$!
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MRGAGU%Y+,Y+Y=B6&+4^7RN6:7D?!>,;"E;FY<=%Q0]]&P^@@9HS9MP:EG**
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MQ46#LH/X;C2WB34>P8_S.;+R#7].Y5/U$CV4U>1\P;H(C-6PKI3[(#(SC/\
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M-W!SQX7)1#Q^&A0QDAP7;5RUM+@6%M;>^O0/TYX+'P.".:_QS9AN25M\ ^4
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MX7B<+O!\SCLMILUF=6C)%@OCTMT'2LUOR_QG@/J7DTV-X3E6:\DLYB;\58.
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MC W8^2+X^_1?;7P;^L"OP^!ZQO5U8X'R7B6+9O5^H3F&-<GDCEM =JI\6YM
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M;B6$^NFP <& #X&*1I+KA@*DA)V]>ND6%FG([ACR<+X97R05#>TZ4X2P18G
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ML#+Q^+.GIM$=W6P)TL U[V/NJAW[?^E63RQCY/EL9H%EL,LC>P0-82K&&+7
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MM/4HKJ. R)1W7W&&I3<=B5&D2#B/KLQ+%AAYQY8CR_=<[>Q??JO[BX (+$=
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M/50KR%11Z-,E;RB0C]N,!RJG4Q>8P /+(-P2:[.]-M<'YK%C"B1)A*;_  D
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M1% L7MY(-!YM:J9[,[>E[JYILC.);"B;U)F/XV)N$OYL>O\ 1JUJ((H@B*"
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M3"@C7:1=K$E@2>O7<#X#2G;<UF"9CFF%YOE?,LRXY,XYK+#,J/+*?!)59B5
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M+@'Q-1A,M["<JH^^0AO_ ##6[;:>]%1%W+;[=>7>9[N[AYTE<Z=EAO\ V:?
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MR(U!Z&G&Q;T4ZXRG'JRYA65YA$VOK\MKHOF*[2RK:&D^O!XC 0>%^,O4@54
M_@+8NFE"3PR2R0QL#+$0''D2+BN+PRQQI*ZD)("5/G;0UO)T778&QO7.HOO8
MGREG($4V;>5)#7N[7.I(GL^$]]>6>^^)_A'<V1$HMCS'U4\K/J0/<UZ@G*8_
MY?-=1\C?$/M_STCZA]-]&BBN_P"I_*_@UGP^VL5$OJCRGG3#O4!QOE;]3@5Q
M6XK1^KS)^/,>Q ,QEW.3WU%Q/!FTE5G4&0:UTELFP0T",FY/"2!XZ]@<A)F1
M9L<ED*J)BH%[DA--WA]U6OC) \+J=P8[ 2;6%V\*K_R[R/E%Q"P?&7.>J;-\
M4B9_Z1>22YOK,7IXT?C;,<RS*UKK[$IGTWMH9<./7@$^+&F_MJ]LD&1T32+)
MR'8)&9E>/U(6]0 ?"S$W733IJ >GC7>*-;LPC(;:XVW.H Z^?LTZU(43G?D6
MVL'\-NN=\<P?$Z>]]1:8_P"IZ1B>.NQ>8F>)WZ+\*T;+;^^)>9'*XDI9+$07
M;D87]%_75.RYN0[&%Y52(&2TVT?O-EK#RTN;V^:VE:&",()%0ESMNES\-_'S
M]U^E)O'?-?+$SGZBD7V+#@^&<MXOPI=<@YQ]&*; F<@IQ_:S,7X<IZBP/YC"
M!Y0.*KHVL@"%A3"*WLZ:%K&/EY)RP779%(J%FM^+:;( ?EW>9Z=*'AC$) .Y
MU+6'LOJWMMY?;33P;U*>IS+>.\GSOZKB%:YD&/X/+;A2XV'WEMQ#F63<\8WQ
M[(KZ?":U6[_\,PL9M)$5]F^0)(3VA=5=E77.#/SY8&F)4;E7]DE&,@711K:Q
MM9M;UL\&,KA!?J>E_B&TGJ?&_EX5/LO+\U&-R=QUE66?C63@?,V0XE#RYRHA
MT5I:XLQ2TEU5P+B+6-,ULN3!F63S8R641'60 23N%=>DOH1P FY3-Y?DP6R,
M1O3AW+8C<%)>WG9MJFPTUJE?JQS)3!QN,P2!#D M*0;@[20$]U]3KX4S]>I*
MHBC117*=51-]D54157V(J]5_<3038$C4VH'6I+JL4QBUDQ8M9G)#.?<!1CN5
M\B.X3HIW=K9H0BK@[+LN^JEYGO+N[A\6;,Y;M\'CXU-W6:-P%.EV%B;=+Z>^
MK!XWMCMSD\B/&X[F2,QR"$,3J2PUL#<"_EK5G6F_)999[B/R6FVN\EW(_+!!
M[R5=U4BVW77DB>7UYWGL!O=FL.@W&]A[!T%>BXH_2B2*Y.Q0MSU-A:_VUDUR
MKI1HHHT44:**-%%:STR+'<:9??;:<?W\H37;NV79>O@G5>F_CILS>9XKCLJ+
M"SYXXLF>^P,;7MUUZ#V7M?PKA+DP0NL<K!7;I>MG3G[NE=NM&BLT:**-%%)U
MQ9M4U586KR=S<",X_P!N_;WFB=K8(2[]JFX2(B^S3KP?$S<[S&-P\!M)D2A+
M];#JQMX@ $TW\KR,?$\9/R<HND,9:W2Y\!]IL*I9,E.3I<J:Z3AN2Y#L@R>+
MO=W=)21'#\"(47;ITZ:][X.)'Q^%#@PA5BAC5 %%E^$6T'@#UKR-E9#YF5)E
MR%B\KEB6-SJ;ZGQMTK6TJKA1HHJ7N-\.>FRQMIQ>7#"/YK+ $J.NJ9;"KR;=
MHMFB;CLN_MUY&^M'U-X?NM\WZ5=OR%Y8)%7D90IVH@LWH02 _P!L6 60V^!;
M@:FK5^G_ &G-EY0Y7-)7%"751U:YTW>0\1X^-.CD'EFYP^QM*JHH<3^0H+2H
MC6=]>S)KSE=42<8C7DB4=%#F1K&T$Y3WDF[$1XH;6SA-&BZH7)SY, _E<5(Q
MC0[5NQ)VH$!Z7NWD2+D#4@UZ.Q..@EB1F+W9391XD&UKFX&G2_7I>NN:\M4\
M?B#D#*I='A%W+8R&RX^J,'GV)V-'DT]V5$&G;MXG6W<KGFE-YUP6140$3V1$
M76V5R<?\,FF=8G?U#&J$W5CI:XZV/CI[:V@P7&='$C.J[ Q<"Q'G;PO32B\S
M81593@3E?Q3@RXN]2\:P^-,L"$X;]+D>?*^[D^&S7B;)VN$05\JIQ53N,#!=
ME+94:\EBQSQ,F/%Z6V,1M;HTGS(?+QVGWBE)P9VB<-+)ZNYRZWZA/E8>?]*E
M[#L^@9)C67SLLX_XYO@K^$%SP(>%TZ/-/8=5W%VM?Q/D'SA2R;L8DZN25'1O
MM[2,C$!5-]=\7+2>&5LF&%]N+OL@TV FT37OK<7%JXSXSQR(L$LJ7GV_$?Q$
M"\@MX$&Q^ZG'CF77*U6(8Q51>&HTV\H+NWHPPUVSD4&+Q&,.9S2#37&/1WT>
MA60F\XT^YYZK*55=5 5%1>\&7.(XX(ORP9E)79?:HV;P"O@>M]=>NE<Y<>(N
M\TAG*JP!W6NQW;20?$>6FG2D^MY+SH*?ATK3&<*LYO+\17XU[3G:UE)ATF"2
MVUR&2MV$MPI$!O$VG'8KC2H3LP.PMAVUTQLKE,AL2".%)<G,(5-@.C=2I%];
MK\MM2VE:3P8$"Y,TDACQ\4$MO(U7I>_AKUOT&M3,LB%+59-:Z+T!\B<AO":.
M"['4E\IP33H2$/73YDX\^)D/C9*-'D(UF5A9E(Z@@Z@^RFF&:+(A6>!E>%Q=
M64W!'F#XBN-<*ZT:**8')^8W."8W67-) QZ6Y+N)<6UEY$_(-BFIH-2_92+.
M)30I4.PO"%QI ?&.9NQV55Q&W-MM-W)Y<V' LD(0W8@EO  7N ""WMMJ!K8T
MMP<>/)E9)"P 72WB2;6N;@>R^A.EZD2%61)=;"L"C@'S<*+-%QA#1LDDQVY'
M<RKB(XK)>9N"DB%VJF_7?5QQ2ED6Q&J+X^8%5[)&@9K@Z,1]QK>K(+$LEW-"
M;:515.W94W\=T]Z;:S)(R:>-"JK'4UG=98:DHTVHB H1$1D(   BD;KCA;"V
MTV"*I$NR"*;KH#$KJ=*&^$V7K7A!ZT?4)-YSSBJH./;)IW$L-L+1.*V)9(W0
M7N44Q.Q<S]1&5.'^Q_ W'4=MV+2(ZBA(GKY@(J[:B7*\@)O5QDOZ*#6W5C;Y
M?YZ=,>)4V2/U+:_R >TUY&Y-SS=89:8=>XOQ-99=Z>L E7LS%;#+JVS<Q_.N
M9WRD#9<N<@V\1IXKVS&Y#SHD9]/E6&FA;%=T+2=,;&R<;89MN8-K,H(!V@?*
M!Y:ZUOME7(:,]'! /@->@]]-=[U>NYE5S<6]5''6,<UXNX06+N44T=BJSF%]
M0 'BC1'&4:;D-Q%DHZ'83:IY2)UTB_*AE@EXQFB=I"0#TTN/=8UW.,T$LHN=
MZQ@6\"=#T]U5^YVRSB7C*#@^7<)<KY+R!QU._%U0''&<,/65OQ4EC @K,9DP
MIR*7TNY,1%7!1-O)W$E73QA_FY Z9,:)-N4[QH&%]3[[=*0E$9;2J5]WGYU>
M7AJTCW&//2&N-!XA<DQXC\C#&U<2&K\JKBOEDM2#J(H5F3-F,IL1510B5$U'
M,U=DEQ+ZH!/Q>S]D^ZG;$+%;O;=I;VU]+G#A2\MX\X[GSG3C0UP/'F&>S=%>
M5B"VPKQ%MMM^S\-7#ARI'QD#KJS1J?T5"IE,F;('OM#G]=6,IZMFK@@U'-7&
MC,B1PB[B4O:B^U-DU#N[I?52 G]IOU"I)P:*C2!>A _72GJ$U(*-%%*<"VFU
MYBK+I$VA(I,F2JV:;IW#_:]R)MNG7;60S*002/\ +I6R221D-&Q%O#P/L(]M
M8)\UVPE.2GMD)Q4V 551;%$V0 WZ]J:RS%CN/4T2.TCF1OF-:>M:UHT44:**
M0LIQNOS'&[;%[1Z3$BVB07FK"&+9RJRRJ9\>TJK%EEW9F2D:=%!3:/X7 W1=
M<,G'3+QVQY"0&L01U!!!!]NHZ5UQYFQYA,H!(N+>8(L1]U(5M@UID,DK*]Y,
MOYMU=T\O%^0+(,;H6&<JQ"9;L7'X?J(#?:WBZPC85EJ0)/NJTZ2EN7:J))..
MDF.^2=C*ZE9#M7XD)OM4?AMTOJ=32E,R.,;(X@(U;<@W'1K6N3^*_EI37Q[@
M;$<01Q_%LER"LMV[)[(*NUE0XMLM5DD?*'\CH+"+$G/&RS!KHT@H,J&RK3$Y
MO9XT\Y$+2>'@\?&;?!(RR@D@D7LV_<I )M8?*1T8:]:ZR<G).?WR*5V[2+D7
M7;8C3Q)U!ZCH-*UKGT]X7?Q2.RR;)$R-XXDU[*XD*OBSTNERIW*+Z8S% ECA
M59&CRPGH"JK0QT$MU<1%T2\'CRJ2\C^N;'>  =V[<QMY-\I7I:LKRTR$!47T
M@"-MS:VW:/M7K>G9BO&%'A^5W^;1,ERJVO<MAW3.7,VQPBJKN=9W 7%?8Q8C
M#+15!4*AY+8"3B.AU)472K%XV/%R6REDD:60'?>UF)-P0/#;T]HI/D9K9$(@
M**J(1MMU%A8CVWZT_P#3A2.FOE,3S8C4L453BEVFJ?\ 67%Z[_8)==57]5N'
M_-<1%S$0_?8K[6_]F_\ ,UC3#SV/ZF.N0OS(;'W'_/3 UY^J)4:**[_J?ROX
M-9\/MK%6'R&4^UD]P\!"C\>WG%&?5MLWXQ.?LG5C/&!.1U>:3L/L4>\.A;IT
MU[78G<?.YJR@/AMX4T8U92PJ^33PL>QN%33I;]A/IH>.TT:HGV$I56383:UJ
M$,.5.?W7O>,%<+=>NN85 NP*H2][6%K^=JVNU[W-_.^M8WJ>ADU<*BE8WC$J
MAK'(SU702<<IGZ*J>AFKD1^KIW81U]>_&,E(#:;$A5=]]!5"H0JNP=!86'N%
M%VN3<W/MI9<F/O\ F*^K3ZO$PX\KT:,ZKSD0D*&XZILJKCD(A16"7=651.SM
MUL3?KXU@"W2F/EES Q2OOKF%2US5WDI(5C-KL?K@EW5DT*%&LLBF,0D.>[!,
M4<!V0ID)BBHNZ;ZF/8O;']YNX(\9V@CPT='F+E5+JI'PJ#8NS6M8=.M1ONSG
M1P7#R3@2OE.C)&%!8*Q'S,1HJCV]>E50FVME9"VEA,<E^61&*N"VB]YHB&X9
M  DZXJ)MW$JELFV^O;&+QV!@N[X421-);<5'6V@O[J\MS9>7DJJY,C.$&EST
MOUM2?I97"C117814E013=579$]ZKX>/36&8*I9OE K(!)L.IJ5,0PFT2WJ)\
MN+=5Z,3&)0O+7M%%(&_C3O?25W"V[X=R"J;+JG.^._\ B#PN;QV%-@9+20/&
M5]9A("WPZ)Z=BR];;@=*LGM;L_D?XIBYN3'EP!)5>_I*4L-=6WW /GM-685=
MU5?>JKKR8!86KT.=237&LUBC111HHHT44:**:T^ED3KEN0ZHK V#N^+<A%I-
MU:4%\/,/W=-M53S_ &3R//=Z1\AE;6X$A+_%J @OL*G]MO$:6ZZTPY?&2Y7)
M"9[?E=+Z^7A]M.GIX(FR(B(B)X(B=$1/T)JU@%4!5%E L!Y =!3Z  +#I1HK
M-&BBC114:<LR_EL0<91=BG3XL?;^,V*DZXGO7[J:MCZ,87YKO59V%TQ\>1_<
M395_6:KWZG91Q^UFB7YIID7[!J?U"JNZ]?5YQHT45W;;5YP&D, 5TQ;0W%[0
M%35!127KLFZZXY.0N)C293*[K&C,50;F(4$D*OBQMH/$UO'&99%B! +$"YT&
MOG5Q\5KEKJ6(#B+Y[K+:O[HJ)\ ]@"B*B+V[)O\ NZ^9O;^-"9,_G%65,CD^
M0GG82"TB@R-L5AK8@=?::]8=N81P>)BC?^V*#=Y:"PM[*6K"NI;AL6KG'<=N
M1&3&F_\ *U)7V!E-AMHS$EDY)8<-9$9A.P2W^XG;X=-/TD,$O]JB-J#JH.HZ
M'[*D"2S1_P!F[+I;0D:&NC%301;QW)XN,8S%R9^04QS((U%7LVQ2R8^6*4DL
M&4,9!1U[.]/B[>F^L"#'67UUCC$][[@HO?SOYUDS3F/T6=C%;I<VK?%(0(B!
M3T0BDJ'.4/HU>K93ZYTWZZ<;9,*!3(#SA&RYMW-D2J.RKK<1Q#38EK@]!U'0
M^\>%8]23]INA'4]#U'V^-:5575- W(:QZEIL>:F2W)\YNCJX=:$^8ZIJ<F<D
M9H/FW"\POYSN38EZ=5UK'##""(55 VIV@"Y\S6)))9;>JS,0+"YO;W>59JR)
M5TC+<>DHJ"GCM29\UEFKI:^"VS,M6_)M)+8L, @O63'[-Y?UP^%>FA(88@%B
M1% ).@ U/4_;XUEY99-9&9C8=23TZ?=3:RA"L&JG$X#$.*,LE,ECPXX)14##
M:QYOTQ$;[:]9S1?+)V(G<!$FIMV>N)Q0F[LS8T:+CUVXR$:-EN"(P/9&MY&M
MTTOUJ+=RG(Y'TNW<9V63--YV'X<9#=[_ -<V0>>OE3E988BLLQHS0LQH[0,,
M,@FPMM-"@ ")]@IJ)Y&1/ESOEY3E\J5RSL>K,QN2?MJ10PQ8\*8^.H6"-0JJ
M.@4: 5DUQKI1HHK5L*^KMX?T^[IZB]K_ #VY0P;JMB6<5N4S_-R6F9;;HM/B
MB[=P[*HKLNZ=-<Y8XI4V3*KI>]F%Q?SK9))(FW1L5;S!M4BSYS"0A91ML?+9
M $%L1$1;%L400$41! $39$3HB>&K.QXRNTWTL*ALKC4'4W/ZZ:^+FC]A-;;
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M*4)D5'P=BL/6+3DU"<=-YV.<=\]UV5-UTC7 XN5%BEG]/.%M2>I/M\ZVS5=
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M_E8$5$LF)(AN$T^T;:B2BA$*H)HBJB$)>!(J:\B\GQ/(</DMB9\3QLK$ L"
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M4H_W W^RD6?&7@)&NWK[B+'^?[*BOZ<'SO=Y2?/?WEYFR;^5]_?PW[>WKO\
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M^@OYU">_L*>?@QR.&"<_ F6=+"YLI^(>ZW6G74V4:_IX-HRHN1[&*VZ2"J?
MX0[/-KMU$VW$7QZZ@_<G MQ7(YG;O))<1NT9!_$A^5A[Q8@CQJ2<;GX_-\5#
MR$5F@GC!/L)'Q#V$'[:T)$8XY;+NK:K\!^.Z>Q"]Q:\]\]V_D\)D6(+83'X'
M_P#JMY,/T]:9<O#?%?SB/0_S^VF-G&>8WQY3QK;(YK3+EK9Q\>Q>G%]AJUS#
M+K!MTJ?$<=:D&VW*N[AUKL;0E%II-W'2!H2-&:""3(<K&- +L?!5'5C[!_F&
MM)54L;#_ - \Z9/'F"7=UD%;RSR[#:<SYQF-,P[!9+E;=5/ #4VI*#=4.)7$
M:)'^J9+=@ZOU>W4?,=7:.RJ,-HI]LB=%C.'A_P!A>S,+@S&_PDCP _"OVG4U
ML[ #9'\OCYM_EX5\EM/E^2W^49_%8G-G^&+7-+:'FF3%)3&^)*F/;64*[SV4
MLN9-K9]Y&K#*/4M-]KBRG-Q#?P])\9RO*/B?DLV>>;"6-"L;NS*K&PW*I)L0
M--*EW(<7QD,B9D$$,64X =T15>0 "R,P%[7U-(T?*<$K<6J[NWB6B<-XW9M7
M'&/#THB7/_49G;K@M+R%GK*H4YBDN'"\QI'4V,"06TVZJOR8Q+ZD<36+RJ+^
MZW3[*01F16 8#U!$2S?A0&]@*4<ISU[&;5KF3GF/599SW;N5K?%7#%<#<K%^
M-J5QY?IJV-? \ULWZ5I ;CQ![E\Y>[93W46O+@ED>7%C(3%6VYO$Z7_R%*,1
MHVBC]/1"3<GQN=?OJ=H& 186+O>HOU?Y3\Q/>BNO\=\6K(!^9.:C=LN"$RO;
M+M1D6^Y6X (C#2KW22(MQTSRR7Q%Q<$'T[+KYZ]3[*4B7=EF*#P)W-Y:?IM4
M=O?FO#7Y%/BY%Q)7O82,MN321*ZX2'-CU25P0&(\B-.BG2S3:8'KY* VBKVI
MTTYS]OOEKZJ2J)3U!%Q<>ZD"0>C\)))-M?/6M>9R'Z$N8*V=_6!A<#$<KFU;
MBLVTFC=J9HS94A9D5XKG'C\DGPC2!!"<';9/=IJXO%YC$P1L=BH)(L;C0G77
MI2[D=XSO5C 900#?K8J/#]-0;E?IAXOJJ2QR7A/EM9,R5<P8L& [;1[)(S*2
M&WH1M3(+D2Y8)QUQ14R0NU$ZIKO%S.;+GQP<C$/@1S\0()T]NE:2;<?#D8W*
MNT8T]IID\X8WSIQ9;T.%<I9".9UL;(,>OZ1X;=^Q;.SGQ0.'* )J,VHO^0ZK
M9]RF*KTW\-.F)F8>5BY&1@HT<CP,KDBX"C4^SPI'*F')E009( "RAEUL0W2F
M[PODV8Q,LR:#A%+7'E3#83)M/D"N $F)!>=:DP@-3C2(K[L@Q)"0U[4]BZ<Y
MMKX\<C-\) U'M'Z:X18QQY94A;<I:UB>EB?*OL%_+$GO6?I=>?LJUFLO(G(U
MFQ:Q <5YR"[8TE=9E6^<7QN1XLA30"7[WCI-DY+R<?#B%B4BD<@> O;7WFE>
M/CHF7)D!0'D1;GQ-J]!M-M.%&BBNID("1F2" "I$2KLB(B;JJJOV:YS318\3
M3SL$A126)-@ -36K,J*68V4"NK3K;[3;S1(;;HH8$G@0KX+KGB96/G8L>;BL
M'QI5W*P\1YUB.1)4$D9NC"X-9-**WHT44:**-%%&BBC111HHHT44:**-%%&B
MBA4145"3<514)%\%14V5%_2FL%4=2D@O&P((\P="*P0"+'H:;OTC^E=VWQ?S
M7G;]/E?XWA_/]G[/]'75:_W/?^,^M8>K;T_4\/0\_P#VNS]S;R^*F7^'G\UO
M_%TO_0_YUOA_34>7_-EU?\O)B% _BU=4R,]Y Q\KEVE8E2)\G&IU-6QH4M;F
MYJ@!$L+%P'G(PNNDB(H@J)UES\M/+G_EH618_4D6^V]]I  -R/$ZD7]U3)>/
MA3$]>0,S[$-KVT8$WT!\//[ZBV#ZE,[GI<Q$Q'%8\R%09=8LR_IEE(:.1Q95
M3*ODAR"QYS(R7/QT<1(0$J"L0B'JJHJ(UYS.D#*(T#*CF]B?[($26\_CMM'E
M>E+<5BH5)9BI91:X_&;I?_1O?VT[)/*')]53PER1K%,-<ET>59=19)G>(OT3
M^<P,<KJ1^-A+>(#?.A0Y%<V-F\RRY\RX](8;!QME=R1%)Y/D(D4S[(VVLZLZ
M[3(%"G8%W?"Q)(!N20 0*X?DL.1CZ6YQ<*55MP0M<;BUOB4 :BP'A>H_Q3DS
MD.]M^5 J::NQAZFJ^2KJG8E8U,G54)<*2"^]1-2I]OV7\OLG$$]I6V2BB/<"
M+J7GO/E>;QY\/.*1B!7DB>6!491!;8JR*099+V#W MUN>E1D]L8/%SQ96&'?
MU65)%CE9U)E)W$HUQ&EM5L3Y6'6L5M#G0Z_&EMF6$N)U#!MK";#K!J*Z>5LP
MW8,K"A!(DMB$9I] 4T+<E\41=>P_ICRV;S/;$>=R&;%FY+!22@V[+CY66Y(/
MOZVOXUYL[XX[&XOG9,3$Q9,6!20 QONL?F4^(_5>U(6K$J'T:**-%%62XJ2H
M3%_(D.5KDM^PE/''E+%-\17M $\M[<^U4#=-M>5?K'_&SW=^8Q4RTPX\:-0\
M8D"$ZL?B72^NM7_]-/X6.V_1R&QFR7G=BCE"UM -&UMII4K,QV(S:,QF6H[2
M*I(TR MMHI=25!#844E\=4S/DY&7)Z^5(\LQ%MSDEK#I<G72K,B@AQT]*!%2
M/K90 -?8-*RZXUUHT44:**2;&EA67Q.!Y3Z;?MVD1#5$_5-/ T5/?U341[C[
M)X3N7][D+Z6=I^]0 ,1Y,.C:>)U'G3=F<9C9GQ,-LO[0Z_;YTI,LMQVFV&A0
M&V@0 %/8B)_95=2;#Q,? Q(\'$4)C1(%4>0'\_4TMCC2*,11BR*+"LFE%=*-
M%%&BBC111HHHT45'O)./1;G'9<U0;&PJ&2E1)*_"7D@O<_&,DZJVX/5$7?8D
MZ:L[Z4]S9G!]SPX"LS<;FN(Y(QJ-QT1P/ J="1^'K4%^H/!8W+<#+ED*,[%4
MNC]#M'S(3Y$=!Y]*JHB[HB^]$7]_7LDZ:5YH!N+T:Q6:["X31@Z"]IM&#@%[
MC;-#%?W"36LD:31M#(+HZE3[B+']%95VC82)\ZD$>\&XJ\<-TI$*$^8]AOPX
MSICOW;$;(*77V]=?/;/A3&Y#(QHSNCCG=0>EP&(&E>Q\25I\.&9Q9WB0D==2
MHK8TDI11HHHT44:**-%%'[B*G@J*B*BHOBBHO145-9U&HZT5'CV+W%%8R+;#
M9+ Q91^=/Q>:9-U\EU557'(+J;I#=/Q\$1%U9L'=W!]Q<9'P_?44ARXEVPY\
M0#3(O@)5T,BC[21Y'6H)+VYRO"Y[\GVE(@QY#NDPY"1$Y\3&W^S8_=>FCG/.
MV*<;4I6?(])D](W(L8-#60:^IDWLO(,@MGDC5%)1MUP..2)<Z22)YBH+;#?<
MZZ0M@2H@Y/Z8+R7'EN'S<'E>/ELNQ6*2DD@ >F=0]SI;IUO8&MD[QQS(V#SV
M%E84H4EBPW16 N2)!I8>!Z^RF=QC2NW-N?)/)&24<CDFU@PHT/"(=[]8P3BF
M)!*>U'B864N!%\W+;&'/+ZQ<C^VE.&;+)#%$ 6G^;^B'??%HT:XDD?&@W#LK
M,[WU^,I>X72PM;QZUIB\IP'(MZ7'Y^,1X!F*L?8;V^P59:MKT^9CN.. Z*&)
M@C2]S9_"J[J7ZP[^[QTP\/V+^1RAD<LX>6)@0B@@7'[>X Z'PM[ZD>+Q81A+
M*P8=1;H?;?QKX'"R.LB6N='9/)D%*YR5<^5Q;6&P_P#UH9A!OK%VJB7AUL>*
MZ_B]$CW=);=%%)XNU?:NK?[?X^)L&7(F<F=ID2.,#XG)UU\E]M=N<SLA,N+&
MB0)&L+O)*WRQJ--/!G/@!T%1'R7DU_<\B7=WG%PDG,Y=:PQ85=2#+,/'&P^6
MBPJ6$<3M2&S311!AGRU%&A39%]JC@P2^G( LBSM<]=5N+#P-O.DXV9$!*77C
MO1!!/S.&L;^=S6I L+7%LMQK+?K5>ZZW3E#88,GY4UF;9J_!%V#+\Q2^H1V7
M$\MQ?B ^H^_3>\D>1C376Q$A-ST( U%=HTEFFB"CT\/8-/$ZZ5*.)<L1>0>0
MOJO,U'G^:8O%C2*RN2#:P8D=7JH5;6MNF93@NPJ)UF,3:"PH$^Z2^8NV^Z#+
M40X*1XC(I!2XL;V)&M_\M*[)G>KEO!C@D_'KX7L?TUZ'Q/6AZ1[E^+C^;\4K
M58U2=L.)7V&#X[D%7'KRJV83,7LA 3S++((B***OAW=5ZZQ'A9\3^K&;@WZ'
M^2DDN#.5-G_>6'4VU\=:ANUXX]$7)[MH[3Y728=?.1IB?*UF12L>DA8$Z)P%
M^DVG="!/IQ-B@)L':FVF7$S>9PX$.UFBNQL5OXFUZ=)Q.,A[WN+"]]?E -JK
MQS/Z9(/$6#7N>X;G%QF4=)5950ZJG9@2+=EB3/C.-7 3J^8#;L:,FZO;"B]B
M*J=4VUV3N%\S/AQ<J) P+G32XV]+'QI3!"6Q)6 -]JVOKXU O( \JXGE3%)F
M>1#GLJI@4<^-;.SI%PU&J1=B2HC#,FS%B<R,1UP!,45=BZ(JIJ18CXF9@R?D
M4,2.K@BPUT-Z99VP1E1_G-OJJZ$'[1;6E[CK*<VR#/\ (@X]E4M7R/9/2G&Y
MEXT3M&JU,E';*ND,N-GV%-:)$WW3M5-]TUTB]+\A A>Z+&+>?3K73\I'!G32
MX][LQN#TZU]:/Y1UYE\OBSD"ESIFOAY2U9XW=WD*G<)RH:LI%?)KWG*Y2<=_
MH[K;(*GQ*O72>7:(0JF_QG7W@4M3=OU\5_3>O6S26NU&BBD>]1MVMDQU/9YQ
MOO9!.Y3<)LD51!!15+?PU#._1C9/;>3Q\C@9CINC07+.5-[*!J;]*;>5V/AO
M$3^\(N!XFWE6&DD.!6L,R([[;K.[:!Y);DVB[@7LVW1=(^Q>2R(NVX,+D,?(
MCRH;H%]-M5O=2.GG8^VN7%S.N&L4J.'73H>GA6Y).P?$&X#:1E4D5R5*%$[!
M3KVML[J1D7AOX)IXY/([ASU7&X&/\M=@7GG &T#P2/4L6Z7.@%*9GRY0(\4;
M"3JS>'N'C>E%-]D[E12V3N5$V15VZJB>Q%74F7<$ D(,EA<@6!/B0/ $^%+1
M>POUKG6:S1HHHT44:**-%%&BBC111HHHT44:**[?J?ROX-%%+F5_+OY#/"17
MU,A*N]F3*TGZFN=<@S"=$BF1G3C*XU+,P0B<1>]51%5=TT2(C/=E4D,2-!H?
M,:=:RKNHLK,+BQU/3RI+*<8H9F$(1[)2.DL&$(JU++SIXN+Y&RM37![WT7HZ
M2;GNNME0NP1%!9C8  :W\![S]YK!<JI9FLHU))Z6\?L_12.5]2SNWSK"@LD;
MDM3F0EE6SPCRV>C$N,W)%T8[[*=!,$%13PTYS=O\Y'IDX&4 #INA?0CRNO6D
M,7,<7(3Z&7 21^&5>GV&H'SK-[FMRBV8I9U9].F,BX21JZM=17I\?LM'DE R
MK@R[!5)))H7>\*[&JIKTQ].NT>,Y3M/&RN?Q9#RBRRW,FX$W8@70Z%2MM"+'
MK5%]Y]Q9^!W%/!Q,Z?D"D=MFTB]KFS#4$-Y&_A402)4B42$^Z1H*EY;>Z^4P
M)+NK<=O?L9:3;H(H@I[-6]AX&'Q\0APHDBC  LJ@7"BPO8"]AYU7.3EY.9(9
M<J1Y'N3\1)M?4VOTN:U]*Z3T:**-%%/)G"+.4(/5EE0V!&"$#<6W9:EHJINH
M*R[Y;@D.^R]?'4$G^H'$XCM!RV)R.,JL06DQF,>AM<,NX$>/NJ5Q=G<ADJ)>
M.R,*=B- DRA_=M-B#5F<1@RJS&:>!.0AEQHRC( W/-(7"<,^U7>XT/9"\454
MUY-[VY##Y7NS.Y'CR&PI904(&T$!0/EL+=/$7KT-VOAY/']O8N%F C*CCLP)
MW&]R>MS?[Z<6HM3_ $:**-%%&BBC111HHHT44:R!<VHICS,DDM63J1D%R*TO
MD>2:?SIBNQ&A?>$E+HFJ(YCZF<GB=RRKQH63BHCZ?IL/G(-BP/S!B=!X>RHK
MD\U.F8P@L8 ;6/CYGSOY4]6B)QILS!6C,!,FU7=6U)-^U5]JIJ[\2:3(Q(LB
M:,Q2N@8H3<J2+[2?$BI/&S.@9AM8B]O+V5WUWK>FCGKWD8;D#B+L2PD;3;;?
M]J\V"HF_O1=37Z<0^OWUQD9%U]>Y_P!%6/\ )46[VE]'M/.?_P!3;[V JH")
MLB)[DVU[BKRN-!:C6*S65AA94B/&%40I,AA@57;9">=!M%7?ILBEKAE9"XF+
M+E/?9%&SGW*I)_572"$Y$\>.OS2.JCWL0/Y:O(R(-LM,@39_+M-,%Y1"8B33
M8@J?"JHG5/#7SWR7>6=\B0,/5=G&X$$AF)!U_77LB%52)84*GTT538@V( 'A
M637"NE&BBNW:2IOVKMOMOLNV_NW\-]9K%<^6YNJ>6>Z>*=I;I^E-NFBQHH\M
MQ/%L_#?[A>'O\-%CUK/7I7"B2)W*)(.^W<J+MO[M_#?6/;X5BF-R)G]/QGC,
MO)+>OOKV0'8Q2XAB=<5SFF7VCSK#$>FQ:C;('K"8;LD%=<51CQ&55Y\VVA(D
MR 2;44T<'XVNY&0KRCRPE/><GG OL=HH](U:M8K@6 6]H$Z'C%73V,R7%?RI
MR,PT-S<^6W(F.HK([,-!W=(I98)!+C,T<H-PRDJUQXW%:R(DJ&.95:,]0P!%
MO<:=-OQIB-LI&5=].D+_ ,=6E\MLJ>&[.RL^/CLB+JP>&^JO>O#6C&3^:QQ^
M&<;_ /Z6C?I(]E0[D_I_VMR9+G']"8_BB.W_ .CJOZ*T,5=>P/(H>)6LQR72
M6IJ_C]I(3M5J2N_GUT@U4A!%7[O7Q\-/G<4,'U%X-^\^(@6'GL/X,S'0WW1C
MY9D%@38==.G7I31PLLW9?*KVOR,K2\1D_%C3-IM?\43>\]/\]? [4VD*HH.1
M*W%Z66?).0\OYBQFO.]^TY78S@>'WV6S/H6,XP#ZIYE_8QA<D3)*+YYL .VP
M]=5?B\K+ JO'\.X_" ;O\*Z@'P7V58G(8$4K$3[I(E4?#^$DGJ1XU"3UU5QI
MV50,5AS,A)I\6;6]E$#\RT<:>,6WE?)4;98DFRIH"*J[>"*O77)G >%\QK,=
MQ"W\3Y_?6DF,Q]2207B 4!1T &M*C$BKBSJ.9,W^KMN44EGN+O98=[5==AQ8
MNY>6XAH@JJHKBJO[FDQ_,3XLK&RP?%U\K]:U_+Y&1F17.W&4+\/G[*5:K)"G
MOS*;'6#KHXQ;YY\76'AGOOHP](=>8B.@AR")QQ4[C]J]$UIE3QHB!/B;U$6_
M@:Z1,N*SQXT=WV.Q/@#^L^ZK>UN$^D]GT]X//REN59\PR_J$?*OHF36$+)&9
MDR3,"LE7\/S'*]EN 'DJ8@UNK>WVZY9.9R40/Y:^X&_32WB!26'\R[[IQ^Y9
M1_K54;-..,9:R*Z=DY#?1?/^4;@DW5Q;1D[(H;/E,/&ORY?+FR [DVJDFZKM
M[-<.,YC+_(1*T:D:^)4@7/0T[Y46[+E$@VV( U]@J.H#[F.0,BFW>;1Z7'(]
M [+=GOR[1I@"8L8C4,'*]KS@\Z5+V9#9-A(DW5$W72F?*Q\J;'00[IC*>@'[
M)\>I%9Q0X68;MJ"/J3[1;2G#=<KS<A>C%DUC-NYRT@U$299M+)?"G!69*1(T
MV*6XL 0 J*J*0[=.FE^-^1Q@1B_ #>X\+D$=#3;D8<.8;SK<BVO3H0?#RIV\
M>7-C'Y!E5F&RVJ[*<@L9[\65,)L6H=A*^7E/D*/QW![#B,D*"0KW;]5]NN.-
M'')AQS @JL8 'CIXUURH?2SG<'XV^ZOJV_)YE9H<+ER)GTJNF9&U5X^\]*JF
MFHT23!^MV#-8^49@B;:EK$Z.[;(I)OLFN;-<6'2]=$#V#26W6\/?7M=K2MZ-
M%%&R;[[)NG@NR;I^A?%-8VJ6#$#<.AL+CW&L6%[^-<[K[];%F/4FLUQK%%&B
MBC112'DF3X_A]9'MLDG2(<6;;0J&O:A5EA<3["XL!=.+!AU]:Q(E/.N-LF70
M=D05UPR,F#$C$DY(4L%%@223X #6NL$$N0Y2( D+<W(  'C<TCPN3>-;%V<D
M'+VI,&LH6LEL;QNGN/H$&K?C_,LC*MEB)':L7@^ 8J_MB>^!![NFN"\G@/?9
M)=53<6L=H%KZFW7V=;Z5V.#EJ!N2S%K 7%R?=Y>WI7,ODGC^OJ*^]GY!+A0+
M.7-ALLR<9R1JXB%5MLO6LRXHRK4LZ>HK6)+9O3'VQCB+B+W+H;DL%(UE=R%8
MD6*-<6ZDBUP!U).FM87!RF<HJ@D 'YA8WZ &]B3Y#6M_(<TQ#%+:KHL@NUA6
M-Q7PK>(;%99V52Q4VMFW34]E:W4",_7U$&VLW@98=?,!(B3KMKID9N+C2+%*
MWQLH(T)6Q-@2PN "= 36D6+/-&TD:W"DBUP#<"Y !ZV'6U:MIR'@%0SD#LG*
M&I3N*YQ%XUOH5/66=S81,ZFPQGQL>8A08SK\]\X9=_F,H;714[MT5-:OR&%&
M'+27].7TV !)#D7"V'73RK=,+*<J M@\>\$D ;1H3<]/MK<I\WP'(9E57T&9
M5MQ.NU%*R)#CSB?? J\[,Y#S9L"<.'$BMDC[SJ #3J>6J]_36T6=ASLJ0R!G
M?H #Y7O[ !U)T!TZUJ^)DQ*SRH55>M[>=OMOX??3B_>_<7=/W%]J:54GHT44
M:**[?J?ROX-%%+.3?YQWW^59?]TULWS'WU@=*0U!'$)LD0A<%0(5\%$D[51?
MTHNA7:)A(ILRD$'R(UH*AP4.H86/VU -X''DY9$(\K^3-J0;1=E$WYS+C3JB
M3/S3,9LS "14WZ[IKTGV_+]3<#TL^/A_7C>,'7,.U@R@AO3=V )%C;2Q\*I#
MF4[$S/4Q'Y/TG5R#;'&X%3TWJ@) .E_$>-1O>4])7MM.4^21[ON(D>:&,[%=
M8%.HFJN["[W+TV'JFK5[>YSG^2D>+G.+DP" -K&19%<^(^'5;>9TJ <SQ/$X
M*+)Q.>F8"3N4*491X'7K?V:TV=2RH]1HHHT44:**X[4Z]OPD71"'X2W7HG4=
MEWZZR3I\6JCSK4CRT)T^^KMTD7Y*EJ8B[]T>NB-GW+NJFC(J:JJ]=U)=?/\
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M\AP&'666HCBG'<<^#?26*3E$>"/),P7?J+D]54B[A=03?0@ :@FE,BX#)(T
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MA&?C3*_S$E=R/-&ABHHG@JZ1YN#%GQK%,6$:R!M-";"UKC4>\4IQ<I\1VDC
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MQ\7A18,7&J@_*PH%4>( \;^9ZFE !$ $ %  !01$4V011-D1$36\,,6/"N/
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MV9AS.(X;@1P;9Z8]*B9$#^574(7(@/18_EIY# O="/<334#^H@MCXA\3(_\
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M%MQ.NYKV/@/*ON*]$66^MSD/BUCD'UM83Q!Q-E6518%EB?$_&7U:QNL8I9C
M2FI>?WTZ?+@#>S67148$/S!C O[1Q3^%/)?=F-VGA<@<+M27)R,>,D/-+8*S
M#2T:@ [1^TUK^ M5O\3)RL\'K<HL<;, 5100P!'XM6%_( ].NNE7/U%:=:-%
M%(UV9FPS7M*OG6+PL=/%&!^)\E]R=J;?NZA/?$TTV#!V]B'_ (SDIQ'[HAK(
MWNMH??37RC,T:8<?]I,VW_1ZDTK@ - #3:;-M +8)[A%$1/[":F,$$6+ F+
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M1& JJL9@5MOBMF%U%KWFI$^3,?FE]/%UXQB[ G77.7D<QDQVPUE<J T]D\
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MEW&\GG29S9F4DDCEK?"P4G6P+:V'A3'/P4,\AE]1PQ-[=;>ZG$V*@VV!%WD
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M@G%?"M_PLF// R:[?1R5A6>)5Z(D@QX+A-MC&"MB6)[NTT\ZY.2-\ZSP3AF
M),V*TKX\CG\;1--*5W[K[R&#  !GU/Y<GYZ5*.'UD/B^[?Q[#FX,"HJ)G)_#
M@18]*3BUUO4.R(F0Q[<XTZ@(V770DC*5'2('1<V)'7%SX(\^+,GV2%!&I#WV
MO'$V(ZQ-MU";L'$Z:_N%\"VY$^*3&\:@KOD:0$6)$CKDJT@W7&ZV9E:$$?OF
MTT7;9#F[T^_GV<Q93+D8?Z;H?IQP3(<3C8IEF"\<\P<1759<MIE=UEEA8G:7
M,R/95,J=9S@(OIX1G5856GGI'>Z1((9%@?>LSNJ28SQJ0/W;8FL+7 &X@V+
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MKO(H^%G40HJ-8;5+C4NQ/9/W<!Q5),&\,H.OIF\K,L1.J)(\SR.@.TO9@!M
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M8W/&<"GA6[PRQ/NE3P=;3O1%'FG(SI#!-)TB"B4$>!) -^E[B_NK=L:)WDC
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M 6<>VYTO]E1>9FZ9NNF3CKIDXXX9*1N.&JD9F2]2(E7JNKXCCCAC6&%0L2*
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M>-@X6$@3#ABB0= B*OZA4,GRLK*;=DRR2-_28G]9K61$3P1$_0B)I7<GK7
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MH (E T\=#:_MKZK7719:=>-%46FS<)$3=50$5=D_3I[S,J/!PY<V4$QPQLY
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MVEC<V$N;<OL\AWT4_,ER'''70:C=H2NY50T#<$%%4?%-]/V/]9>Y\2%,>'.
MA1 H_<*;!1I<WU^ZF&?Z2=O9<SSRX!,KL6/[\ZDGP &GGUJRE198=Q+B^/\
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MN=,S#XB^GNK)I!7"M*;#&8V@[]K@;JV7LW7Q$O>*_P!C2+.PES8MO25?E/\
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M;?-,2W6 >951[D0T!UP-]E\-]]](&[TX52%O*;]++I^NNX^GW<!__%_]<_\
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M^-MK<5ZN3+QY;TU7(:>[>I9EW.MPS%SH"MR+;;'J!0&S OJ$PK& -EP;*=0
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M;$S+P!%54WZKM[$3QTOS,F/"QY,B;I&I)'B;> '6NTCK$A=N@%Z0W92R503
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M:N9<N]0%Y04%QYV*\;7^95]/C;+C84^49+8W\IJ%CA9"^VDF5B-:<4^^+#8
M[.6WW$(-A^T2D3)GYN>V5FR2R\M+%<W-P@ NZQ@:*@\0+7\;U9&'Q\&)C@_
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M6G"^:<@SJT5>:D"A-*VG54TWKRW'N@='8W8 #8U[D7&ENA&H/2EK<=EHQ5E
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M)-H)'D3X'W>RI):('P!_M%3(=E+9%453HJ(J]=M>E^+GQ.6Q8N7"(<IT +$
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M%QE<FFDQ"JFJ=B7 6RF-GC-S&CM*;3U:<=OO,D<!Q-*)N*A?&3&@=HU06O\
M,=!8$7/PD#H5M[0:Y1\A(L[3RJ'+>'RCK>QL/B'F&O[+4Y;_  ZOO!R-P,AN
MXEE>N\7SX5F]'B3W*>\XE;:_#]L_'=(&;<;&2TCDM@^P5W5$77:7!67>?48.
MWI$&P-FB^4V\;^(KG'E^GM!0%1O!%[7$G4>RWA6E1<>X]3W."Y3.EOY#E6"V
M/(=RW<3:V%%2XMN3G =R1[Y-@C9JX;9(2,,AYB )>.^^M8>.ACEBR'.^>(R&
MY &XR?,;#H/(5F7-D>.2%!MB<(+7O8)T]Y]M, N ,>8H(%+6959D[6\EV7(4
M9_(*IFWAA!F5R5-;A@PF9L%P*C'X"=L=P7$(B55)-(OX%"J!8Y#N$Q>[+?2U
ME2UQ\*CIK2@<HWJF1D'Q1!#M-C<&Y:]CJ32U=<-5E_/RUV?R#E#%)F#D ;BB
MHZ:FHBL8,6TCW,ABQG15-B1/.5%;99F?+H^D0?+=5W=5UO+PRS2LS3.(G(W
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M;A,J,<B<#^A=_B2TDX5DF.\L7.4VV#9O+S^_R_&\:QB_RR'(;BT<V':RHF.
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M8Q!Z#M&84BC8C_;108_Y:%)1:Q** ^]0K.ZKN^$6I8,KF'.0LT:-%D2R3!;
M+%-,Z/-)$+W4RB-4922NVY'Q&]>A/Y.WH/\ S /31ZLK+D'U.8#18SQ:[PCG
MN*1K2+DF)7-L676UGC#])$<9H9;DI8[\:#(4C5OL%13=>J:,G\KZ?[EKO?\
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M$@'V[$:[>9W:5]9OY=TD+;TUX<ZQ0#36DIBI;NC;L6)\C([E*I@7[R>#(ME
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MID)>"5D3[S<6SK76E.(DALEV(25%U6??>4G/>GQJRO!C1[F*D*=[BX^(7O\
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MY:%%9I(IE*R^G8@?$WC;6V@\R*Z#CI690CQL#'O)N=%]NE_NJ3$47&HTAL)
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MG\C.N*[):Z_**_;7#UY4YAC4J*V=E#W &E8M(SR/-] -4WV=.)Y+'S,W&60
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MJOX-:W6@Q(6(IVDAZ4+49HGA1$)5VV)/?J2=N<OB=T=NXW<O';H^/RHRZ^H
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M7 ('0V8G6H%WAPW']O\ *)@QF:9&A61A(02"201=0-/;3S<;\TG"!IQ@-R)
MV,D$!1578B1%)!'VZD^Z1%!<7-NM0IHHG8M%HE^G\E:%#<LW;;Y0H2*U#EN1
M@<>:W^?9$&W6Y[+8DCB1GT<41(A0OA7IK2>%XB-S$EA?3P/0B_2XI1C9$<HV
M*B@*;:CYA^U;K8U@S;D+"\)BQ9>62XM"V_ ESVGXT*5)C%!K>DAYQ8Z&+;C>
M^_7XB3KMTTP<IW#Q';LD4',Y#1OD7,8*LQ:W6UAX&IEV_P!F=R=Y09&7VUAI
M/%A[1,5=$$>X$KNW$:D UTPG-XN<XI6Y33-3X4&U;>?8C6 BW8-1FGB:!YUA
M'#$6I(H+C9>ULTTLXKD<'F\-.0XXE\9R0+BQNI(.G7J*;.>XGE.V<^3A^97T
M<Z(*S -N #J&4[AIT-S3>:Y2P:SRBTPAC-*J5EM))8@VN/-R"^H0Y<D >9@/
M"K2-K,<:-"\M"[D0DZ:U7FN&'('BER(1R0(!C)LVX_A /4^8&H\:Z2=L=SMP
MZ\^V%E-PC*6$P6Z;!^)B.BGP8V!\*?C;C;"GLSW]XD!LR! B[=_OBB*CC9H2
M=%1.NG<M(;+J"/*HX/1%WL&5AXZ_:#X&DU,\QF$AT\V1B[C[;G8B2K&)'DM/
MN[J+1/><VI2>T%^!2Z)[-)#(LV68H9S^84 LH-]/=T]_C2Y8FQ\)99\53C.3
MM8J0;_K]W@?"K@\4SI,[!:MJOBLQ%*3:*[)%%<A10*<YVK$W(OG'S'XDV7L1
M5ZK[-,?)XN+CYK9G).74A=D2D;Y+#JY']FE]+_,?PCQJ3\-D33\<N/@1B/5M
MSD'8ES^$'YW]G0>)\*EEL>P !3)Q1%!5P]E,U1.IELB)W$O7ITU%Y'$DC2!0
MH8DV'0>P>P5)478@0DL0+7/4^T^VNVM*WKM^I_*_@T45\M/^T8N^35\2NJBJ
M(>H;DM5%/UD_!K:;>WV:OSZC_P#P7P'_ +)/_NGJGNR/_B[FO>?_ +RO ?T9
M\]0_3?ZG>,N9I>0Y-C>&8U<'_6">.0AN+>YPV1#DI9TBU1^6U;1)<OR#6,:H
M*^6B[[CJFXLQL>#,QM1^8P<B)+=!.T3#'8^6R4JP;JA&X=*LG/QGR$A]&WJ1
MY4+W)M9%D4RV_K1;UM^(';XUZ:\.^M3T]XQ0<:W7)\88MQ*Q2JM.3>0IO U%
MF68YIR=.S3,IDK,<]MWF$L>4*>#C%C4M,1IKJ1'?(=CB KW$2>1(FPIL#%VP
M1_E(8XAZ8:-9/X7E09#M'T=I,V</O-V9?WGX0*=IRS<P>37]Y"_)33-=BK^@
M.3QY\:*-NL2IA1,GIK90Y"$D:C<_Z6/Y5-'0I'F>F*R'.1SVQM8O*G_1NK;K
M&:'('<3* O,J\0$/REAQ_;62=K/'(3%B5YFDA&14>Y>DAAED7\H?RD AR@JM
M^_,8DGD9(78E?6=H60)D,Q,&W:&7:"VH,R(_YB3\Q+MQ!=1Z)9HHXU=E(#>E
MLD5WDVC_ (@$@[MVE+?5YRYZ)^3^*_3UBWIHQBU'D/ ;#DF;RC:0^&%XFOYE
M=D4(':89D>+;7!6K<6\(RBL?4;%(D5P1!QH$5@6J2/)'.8F;"?2XJ+!BC9#)
MO/JHV,;MH!)(!'-NEV_$7^9@WPNL,ZR\7EP9+[^2DS))$8+M C99U^$:^G&2
M\16*XVA=5!6[6HG^OOTFY5>6E!F'&-9B\,\XQ+*,8SV;Z?<DSB##EXYZ:L1P
M%>4>9N/\CR2TQ3-9F-YS52XS--!C0H1,NLV!,N/-J2K<^>/+R3EXO[L'.Y>3
M81NC]+,SL6:((K$NLN1B1Y$#-NMBR2JZ!0+A'C19L'&X_'S2F5H^)XV%SN]-
MVFQXLH.!(H"M##D2X^0+C=D+&\3E@;5QB7J\_*\+/(.7,LMQJ^)G;,R3Q5D/
M [N5R;"A;SC.KMZTJ[V1*L8>5W-U3Y#7JE#\N\]#8AC&47FV&P7GCSQXZ*KF
M:)6CC# :_E]F!E8PC!(82DSRP2O,05=XA(UV!-+W?FG!./,KRK(X0[MBS[\K
M$G#V!4P^G'%D1".XLDED(!(JS.->IST49;BV*X5Z?*:XQ/DC"[K-;[/,BLL5
MIZ+,6\>M*Q^) M+2+0T=36WUU9V<J/(8CMB<>H!L(B SOY>H!SW'3R/Q^7!"
M$QH\=(&4->\K+%HQ))>S)+(TI+!O5-FL-JRK#>57S1R,S339.09D9UL?3#27
M'FME9(_3VKN$8DMXM\F[%]R5#XH]1=+/1NWI\7S&M=9"8'D7%RR67V#W9:-P
MOEW[>-6&:ND+J*K9.$(KVHFTSR)E?D<..8*Q56)#1*UOA_;(W+?H+&U,4$LJ
M8&7'(H;XAM?<P/7I8?-;VZTY;.ZF4O&T7DJWKL,F-\C8555$2JQW)9,G*ZEC
M&[""4>BR&FF(X!&KG:XV"'\RVSU-5%4UG(QD@DAAA4)??(BIK&"Q(L>I4^)%
M[>5<5?\ .8TTY]5,9+0OO(!8@7O&#U7V^%?;M_LXMAD]OZ1.>;*];>&D>]3<
MUC GCC Q$?Q2-QSB8N+7/ B)8Q6+HI#7GKN2D*CNJ#K7%C]' A0+M!W,?,L3
M9C<ZVTTI!R( S6 8-M15T((L!<=-+ZZFOH*UUI'1HHHT45J#-9)TFM]D3;M<
M54[#7VHGN_3J,X_=G%9')/QP;;9K*Y/P.?$ ^&O0G0T@3D,=YS#>WD? GRK:
M$A+?M)"[5V+9=]E]RZD,4\$^X0NKE&LUC>Q'@:6JZO?:0;&QMYUC\]KS?([T
M\W;?M]WMV5?!"VZ[:2GE./7/_A;2J,^U]O\ )?IN\;=;5S_,0^KZ&X>KY5ET
MOKM1HHK0F542RV1\.UU$5 ?#9'!Z+LB^PQ^Q=1WGNTN'[E0+FIMRP/AE71U\
M@?VA[#2++X_'S1:46?P8=?\ ./8:\=\6RZYPG+'K6F>B(C]A)JKB!:0F+.DN
MJ.1;)\]67E7*$H\ZO,6T<V)$)MP$,%$D1=?&_A.X.2[6[A?,XUX[-.\,R2HL
MD$\#36>.>)KJ\9 W6.JL RD$ U3,$\F+.7CMU*D$75EOJ&!T(\?TU/OJ;Y/9
MOI\7&</N:&?BMC6N3+^10,L++N)K.26\NLI[BX1%ER*BK;?%V+#549!30R0B
MV5+9^N'?$/*Y:<)V[DXDO S0EYV@"[YG7)F:*&:;YVBB#!XH;[%)WFYL0Z\U
MF"1Q#CLI@*W;;U)W$@$]2!U Z>-,NG2H9ARBB\FE'L9E'!J+)'I8 Q]2CL.
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M6W<B_P">+#I()F1**KNFR]=(N1^EW9,>%*N)A8L>9(I6,R&387(^$-\=R+^
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M]X>C3R/(0CCT_P"(CNK*-B@6T8:,>I8^.GLI3BS8$69E3SDI  ]W9QNOL/\
M9K?I?11UO3RY5]9O#^9U)1:27D]?'H+5IB$U<2&U:LQ*K?CK)I9"*ZY6]Y$(
MJX\7F]_:6R^.HMA\IFQO_9R,YN0%M\0W: ^5A^@UF;O7M?)CF6*.?<H58PP
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MZKSZ8Y'=/(]EX&9W9<]QM).9[J-Q.YPHLOPBR6( \*\*_7YR1,P3E7#FN/\
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M[KIT_)?F76)MH5MNC;E-R; ;AX?HK?\ +/!&,B,"S@E6) ('C8>?L^ZO</\
M+>GQ/ZJ<F/+9[\RQD\H8TZW'B3HLT:Z>Y7,'C?U1V&\HQF_*^-]DU5&MT';4
M<Y@2Q9[1JHLF-(OC8Z_$5OUMX'QJ_NQ<=U[9C7D)?^(;/B(*ON)N/@5K'X=W
MB#T\JMGDV3X[B/$>13::XG9=+CX=;3ZENVDOTTE[&)=M8PYEE>C8CY#$MJ^=
M5AD>\GU8;%.SM+?3?R#.J[8X2)SF %R1M!V"RW'L^*P_73Q-F386"_(0213
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M;LCE":V<16HJ*$LZYEQF.Z;=4J[+NFVIAQO,\EQ/!Q8.^6'D5/J$#5%5%L$
MT)+ ;F\-U5!W+P':O=/>G\4F@QLGC4NB,R6DD:0DER]B!Z1;8AZ[/*NN>>A#
M,,&XGY I*'-(=YZD,XRRKY1@9+A6;3:NIX$R+$J^Z'C4<*^NG(LL@IYMG$6-
M:QYJ>6^[*=D=@H(CIIX_N+E3SF)RD^1E+!BQM&3+=FR%=E+B0C1;#XE(T 4"
MG_D>S>T$[1SNV^-X?C1^=R%G$< 6./%DC1A')$.KL6^%KV)+$]!3Q]%/#OJ&
MQ'C+%<MY&EYQCG-F293C=AS])Y)KZ9VAS7":1ZSD9!2<=?1XQ0V0N,@LTF#.
M-$<D+W]I('PHX]_\TN=R,>3-+%E<5CP$PQ!&5DF;:;N?]I$R*5+#Y2;$=#37
M]&_IYV_VKQ^3)P&)+@]P<CDHN=(9Q(LL$9>PB1B1#*KN&L+[AJ#:XJ?(T7(,
MPYGY9BY;B:X9CW&=EAP<;7<-R=64^<4UVVQ:VTI2E.LUMK:UMC'6*,IEMLV0
M)0,"\5@?)\GA8O&<=R&$?W6:[NT3,K& HUE16^8*1T!ZZ&K:PL!\WN#G^)S5
M]"' AABAR6!C&3Z\1+LPN$=HFTNO346%:/(+'J0RKFOE#((=?5<(8'9<LX5,
MEY!:,-M9#R!Q;68$Y$OIF(RQ8<;EJ%VL6,B&C((+3R[[*F[GR_)XG(J.0RX6
M;+FPF(C)(CCD$@":FUO@!8GH;U'>RNTINS^+CX&#*C;C\'/ ?(LN^6(Q,\A(
M!((]1@H U &IKR\]6G$5?E./\4<6<"\EU$SF3"<3R6- SF?/*'F5\Y:Y-*M\
MNEV4JL&2T,23'L ;^7)=F!;1&]EUQPN_AQ&9_%,V)Y. W,LR(MXU)/[H*3:Y
MTZKXW\*JKOO.XXY$&-P61%DA8PK2"_J"120Y+"]@U]!<Z"O ')&N;./\WN:\
MKZ]?SB->O5<Q*]^QES[RR:-6Q+Z380GG9;?=N0FX"]NZ*B:] <9S?"\UAQ3Q
M(%QI(PRWM8 ZVW*?OJLXWRA(3&[&8'7J;_H_74LO<NY#C$*AI.3:2XDW4=F9
M-MDRNMCP48>\DD09,E(Q T\ .*#33339(B_$I>&HWR';\G)Y\F9C3A(6("["
M3H/9<>RY-_97.:+)]7U,J][=#I;VGPK#%]1?&M; IYU-Q!6T[\:PCV-[G%!;
M6%:Q(B1Y[:1:>!22G9%7#<?>'RE<BL^8"[JH;;KI2O:O+9$@,N1'($8%=XLS
M>#7(U.G2_OK$LB,FWTT$M[F1;_=;H!7WO_DX/8Y8>@?C._Q6CFXS39'E7)=[
M Q^RNXN2V-/$M<QGS0AR+V)'BLSMG735%1L%1%1"3=%U ?J]+R>/@\#P4N\<
M-CXN2\6K;7D?*<2$@Z,R *+FY /MJ YT$$7/9KH096]&_2X'I*1K]]>H:]>F
MJ6(N+5I3E3*)P,M,M,QP\IL&T<)"<(NP4%"5%5$1>FK+7ZI<]!A18>)%CIZ4
M:IN(+DA18$@D &GL<YE+&L:*HVJ!?KTK7_$5O]_YKIW?<\L/+\/=MO\ V=-?
M_F+WAZOK?FA_5V+M^ZW\M</XSR&[=O\ LL+5"G)G_./G?_G5;_\ ?"Z^RO:G
M_P +\=_W./\ Y->?NX?_ !_-_P"\O^NF/I_IHK.,:2<EN&+#JRWG ::C*!"\
M;CFWEBC:HA;EW)^YI.^7BQXK9SR(,-%+,]P5"KU-QII8UU6"=L@8BHQRF8 )
M8[B3T%NNM//(./<AQ^/'EFPL^.ZP!R3A 3I07R3XH[[8]QKVJNR&B=JKJ!]M
M?4[MGN7)EPXY!CY*2$()2%]5!T=";#7KM)N*EO.]B\[P4$>4Z>M R N8P28V
M/56'73]H:&IHXTQ!S'*\[&<A!:VS3:N,*JHD2(G[1EDA\//+?<E]GAJAOJOW
MM%W1R:\7Q]CQ&&YL_P#TDG1F!_8'1?/KY5;?T^[6?@,%L_,N.2RE%U_83JJD
M?M'J?+I3PRNKDWN&9A103MPGW&/RX,):"RC4]V3SAM$H5EE-5(D:4;8$B(Z0
M XBJ"D/=NE/9<3S8DD4>[>R$#:=K?83H#[^O2K)QG6/(21]NT-?47'VBH2QO
M%.7:ZOD5:XQ:0HN7U%)C<$&\QCC"PO\ #_(4B^7),BKIE[8O4OUG''T%8\!V
M5VF"MIL*H*,6/A\A$C1I&RK*JJ/C%H]LA;<06.W</!2=:=9)\(L&WJ3&2?EZ
MW2VU387LVMS;SIK5_%/-=;4+CUG(R2_Q@N/\DD-+5YI!8RBMR;)>38%]98BZ
MEA+:B7=7$J("OQ0)UOOAR#BHX"BF_)..Y6./T)/4>#TFZ.-P9I Q34V8 "XU
M&AVWKLV;@,_JKL6;U -5^$@)8-H+@D]?:+TY,'XVRP>2<9EY]A<D<3D<>T]$
MXPMN=Y4X[(:?R\K!B1,=RM;&B,XT^*I--#-\M2$!<V;14[8N#D#,1LR(_EO2
M ZW"_/?7==="-!N\KURGRX!C-^7D'K"0F]K$_+;3;8]#UMYVUI=+BO((G!=9
MQO00*^%D#V2XW<7T:XN+:P@2(S&6K)LG+J9&N8]G.KTH&P1R/&DM&;?PIUTH
M_ATPXA<.%0)S(I8,201OUN;@D;>H!%</SD9Y%LF0DQ!"!8 &^W2VEKW\2*T)
MO'G,&/Y'@OX1M@R'$N,:&ZK$>G95+K967ER"W<%E3=)0OE*)^KQ&',AQJMNP
ME+(8<B]P&6ZZYM@<G!-&<=M^/ A&K$;_ %+[MJZW" @+N-P175<O!EC?UAMF
ME8'10=NRVVYTU8W)L+:U%-/P+S]6XC44]9D(U-F%A7V-T3%])6BGT08/<1+S
M')K<JVF6$3-LEMGOI\FR9-6&_,9?; >TE1M3AN6_+#'##4C<+W1EV$,A!).]
MC\);IT(I7)R/&22,[J&CL0+@7ON%CTL54:A?>+U=E518U:HP"J 6JK4"D<=!
M]ZD$8C0?2)$AMQT)+\!1\LG4(O-V[E5574MQXHH,=(8(Q%"J@!!^$?L_9Y^-
M1G:J$HEMH)U&@.O4>^L>NM9HUFBM.3#&0J&)(VX(**(@#VN;)\ EMVH'7];K
M]NH9W#VC!RI.7@[8LX W%@%D\@?V3_2\?&FS,X],C]Y%\,MOL/E[O?24Q$>>
M)1[5;$>Y",T5$11Z=J)MN2JOA[-5]QG;'+\E.T/IF%$)#LXL%(\ .K'RMI[:
M9X,#(F<J1M -B3_EK2LS#99ZJ*.'_&--T3] ^":LSB>TN*XRTCKZ^4/Q.+@?
MU5Z#WFYI\Q^/QX-2-S^9_FZ5MZD_L\*74:*S1HHHT44:**-%%&BBC111HHHT
M44:**-%%8WA[F711-U("1$5>BKXHB_9OI%R6*,WCYL4J'+QD 'INM\/Z:Y3I
MZD+):Y(/W^%,V/9U,C)YV&!:Q/Q/65ZVEC6HD@T@0A@E:&[-F-L%"BJ%8!/]
MIN(2MBNR;]-4[#VGS,F2<201I,HN;N#86OKMO;37W4QIP?)-$)F0+$38$D:F
M]M!UZ^RM=[)L#8B8Q9'R)B"U6;0QLL1M&YLEZ'?UAR AI:Q"9BN&S5I--&5D
M/(VVCJH.^ZII2>S\L!'.5A^G*+H=S68=+CX>E]+GQKL.W.4+.@4;XS9AKH?+
MW^RN])D6&9"F6'59?5RFL$CS969/+&LHS6.L5P&[,<GG-B1P1([3:F0@I'V;
M$B*BHNN^+V9)D%]V9 %B!+D*YVV\[@5NW;F?'L$UE]3Y;:W)Z6KK8<K\75>-
M2,LF9U2L4\:FFWZ-N-V+-M.IZTQ9E2J.AD1 N\@)'"1 9A,R'G-]Q%4W5+6P
MYX)HTB@<.X0= 1<"RW /A>GN3'FQE F7:!87\+VZ:$U!UERI=Y_2L976YK!X
M*X5+,H^/,9]8UI9!R5R,VQ7O-9/BL#&%A/)PG;0+:3'823:#(MD7S$;C1W$
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MDBFDQ7"V4EA/L[CU'3[!+B9D'YK!D26 ]&1@R_HZ'V&QILD]>"3TLI&60>#
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M[MQOT\M/.HUE?07ZD9F++B18D.*T<]C*)T_?6.7)ZPM\5G$J1'?:2Q/@*GW
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MI1I(U,A;J"+Z5XB7E'B>3TEWAC]RQ(AVJ-V^,V+.1<11ZPI\5Z-&@LLWE35
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MS?\ FB]O][?SWL_G_P"VU7W"_P#QCF_^&>/]A_:__;>VF7%_\2D^3Q^7YO\
M2I>_U8:G_P#NZ>O]:C_5AH_W='^M1_JPT?[NC_6H_P!6&C_=T?ZU'^K#1_NZ
M/]:C_5AH_P!W1_K4?ZL-'^[H_P!:C_5AH_W='^M1_JPT?[NC_6H_U8:/]W1_
MK4?ZL-'^[H_UJ/\ 5AH_W='^M1_JPT?[NC_6KY<?S>__ *<>;_\ 6;_^:KC7
M_P"FZ_YX?[PL/Y__ /=?_%O_ &+NT_<7_8^/^C[S^C^6]>S?H-_\!C_XR_[9
M/_X9_P!F^;P_I_M_TJ\OO_S='3G_ +VKH_\ XET?_FZ.C_>T?_Q+KCW_ /\
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M_P"QK_5_!\OV57&3_?4K_P"EH_OE_P#OC^^?YPO[X_[/_&^W7LW#_P"QP_\
MQ3_9)\GR?*/D_H?L^RJ"R/\ M,O_ (#_ &C?-\W4_-_2\_;6'_U8]*/_ )LK
ME_\ +U'_ *L>C_YLH_\ EZC_ -6/1_\ -E'_ ,O4?^K'H_\ FRC_ .7J/_5C
MT?\ S91_\O4?^K'H_P#FRC_Y>H_]6/1_\V4?_+U'_JQZ/_FRC_Y>K<G_ -[U
M?_TLW]YE_/?S/\\?]Z_VO\;[=-W'_P#:<O\ ^*?[8?+\WR#^T]O[/LI5F?V&
M-_X!_9'K\OS?@]G[7MK2_P#5BTX__-E)!T__ &>KM^K_ /VR>/[GA_NZQX__
, +65MX?_ +/=:__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>pg28img1_s11a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg28img1_s11a.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@!M0*> P$1  (1 0,1 ?_$ .4  0 " P # 0$
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M[WK>MYVG*?;@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# &
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M/22?X<E5=#7>L_$53]0Z."2U4%23S\BKGMJLEO;Q9<9EQ*H, 8 P!@# & ,
M8 P!@# & , 8 P!@# & , 8 P!@$$.@/4'IREY\;14'8)_T[U%MN3.@>;.=F
M9!,9Y'FUP!XMD@MJ1N;HQ5I0T06;$$1;G,WME+4E;V)&!6/7N]Z;^HL::'Q+
M\E&/3F^I9OQ&RU9NWI<%I-R\-I'H\OU/[\_QN9V_2W!$+5[]X5!*"BZ#J'H
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M.$4 =<_46DG=LQU,*MPP:Z'M\7I)WD6KAI]0X7**,]KV>C8JUR563NRF%Y&
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M&+1UBA>>Z=YD@!5:TE"D4,C0W!4^ORK:I>^2Z>2UQ%[UYGMG3I]4N$NLFPI
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M9U8_>+*/Y*2J>-:2TG4%B"K9'.0PJ0R3IN7MVPB]V+XJP4R90#6]C1A\VPZ
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M:<A(D()2I4I)2=,F3E (3ITY  E$D$$E!"62226'00A#K00AUK6M>&;S4>[
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MB5OE4](FOF;E&WTIII>3M>XI,N;2ES*.M:]2+=%78U3=NVTZ:5+T\GR&& ,
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M)!3B5&C'LPQ5,K!<M+YS-%YIF_,-0ZN*P\8O:(>]X!)/ & , 8 P!@# & ,
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M^RIFHJL&(UG9&1(<[.SLX/*&+%N/P[>C2C/,,$8+80@WO]C .TLURTQI_KR
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MVQN>&E0:4#PUK9B#RCW[?*'7LP#V Y+[TD@QZL+U3I\THS]"]^WT!RES;6
M:&/QV!&Y6FQ=$/J4  ?:@%I5LS7V=BWO /#ZLB./AIIEG]I>H[;!2GS_ !;>
M[=@S:KF=3H?L$ ;/S@@I%M"3Y?'7NPEA!X;^QO?MP#ZD7I ^G$!4%=(^8HY:
M2X(M&"6WO,;.Z"4G&:#Y?>'FW?-Y_LX7A_VWCK7[&M8!)^ON0^3ZF$2.K.8N
M>ZV,3^3W!T#IBN8B>5L -%A&$]@C: W0] UX>;S>;]W )#   H "RP!+++#H
M "P!T   !UX!" (=:"$(=:\-:U[-8!Y8 P!@# & , YW;T5=YW4]G0A@.;D[
M[,J]F<49E#N<J3M2=TD4<<FA >Y'HDJY84@)5+ B-$42:9HO6_*$6_#6 0\A
MG)\TC;IS7,-MM6M5E<X43':Z!/HP]REO?;6/;*FD$'6U+81X(JEVOHTF:KT4
ME0"4_**M&XHPFIT*8_SG&@:#*_3O43RXKTL>QI5%[/8+>K&),3=&)@QK4"V.
M6)&I]:#ZV/2V11(]B='N(12"V**.(F[WA'RDSA.1+_,0H.V:!M+=R)T W1[K
M^!(NE'!OAESPAPCE%&%)5ZA[JN0O3?(_E.7.@B#&KW+B<XO105HFM24<["*,
M7"-2JQAT6!AJ2XHG=;=#5=<KT*K5#)$63JE/J,M2R0+3JF#T)(:1?6: TRH=
M(LGW_%W&%-4NB@PLXQJUI3*U@4R0D@K11H$>'CTR;Y7P]<A_CDACA+A1M[A2
MI:YJYV!EGZQ[I3JBG7F_IH (5B]MN:9$WU'5STD1[/1*C(0DU\9L6TIB #UN
M?I<VPXQ5_B:6?U6RE35WZ@6SA84SO#TRR=#TQ!D3(]@>80[,WPZV4,[ZG#\&
M_IG-O="$I'B>8M3*3VO0'FY>FYT IL)ME)<IIM1$2E]":<:X!(;'8HLI8:5?
M*H<R&O2!'&'$I2:I88H_L>_?^9":A>-;+2(R1'(]@<]0>EOU40P0+;Y:=03"
MP(= 1Q$^P7F26JGDKBE.5<C.*&+Z>P,*UP*C$/6<V.0$)N_,-43(Q;-3%'Z6
M'+@.:SK@+K2O8]!X> E!/HPN0Q4I^;:VL"T=(A2*#PUZ8'!>K<%$,<G>*3B>
MC=V\MFE84!PV,MF-V>O2^]*">!_2 CV:)(E$>F B.$F(V<C 8 X"0W90=F)@
M'%A 6: @?B#0@AUH6M>.M:U@'TX P!@# & , 8 P!@# & , 8 P"MJN]>[]6
MSJ[7_&."N)3?#]OW-Y]O%>/[O]_@%DN , 8 P!@# & , 8 P!@# & , 8 P!
M@# & , 8 P!@# .0W!S]1'0;#\U[WIBK+FCH=#T4RVC 8M.VY,(S6PB-1II,
MUN9:)1KQ\0F%: 8$7MT+6_;@$)=>EO6->B JY,OWJ_C)0F$(Y%'*<NMVF=.E
MJ=;V(L(Z!Z$1W-3B)OUO?E$0UM#7X@^U",'V< !:O5II?R_)\IY"[FBR(O8Q
MII:S3?C*ZUP-;UXDZD44#?M./SEH'][OY"C"8P7CX[*UO6M >.O4N3UOYD_7
M?'_8/*FTA7G=)LLJH71=))M^/A[_ /C:Y7<+B1,[;O7VWQ#^@8?('VF +\-^
M $N*-ZPYBZ90#<>?.@*?N4D@OWBY/75@QB4NK3X;\HR7UD:W)0\L*HH7L,)6
MIR#B]^P0=;P"06 , CS?O6G,O+32E>.A[UK&HB7+6],C?,Y8UMLDDYWF]V%%
M$(EH\V4S!S-,^U E:T:M28+V!!O?LP"(_P"/;?MUC^#XNX5N2>,ZH6BT=X]7
M'*.-:,]PH+T)*\MC-.X_(>F)>W;T+W@?@J]*2J :UY%8="T+0&HRN@>FIR@V
M]=V^I GI:&*0EG+*@XR+:>5H44 &Q[,;GSH>PGN:]#2(@:?Q"8J9':$>\WXB
MT07KP#H#2*RN+T*N)'9:X5I=G$<4LERV8%^FR"VXA<G0DH.4?:G?.FQ%4CL*
M[98H/$#?FTN7J1;WO?L]N =U!ZL7*;\5L=5,'5M\&[T'90*6XFZRF2%1Y][T
M7[B2F4^UP\19FM>.C-N.BO+[?-X8!ZP=]7K*RO&I_2Y[LDHS-;]PLLS\6:@&
M@6MB\I9AX;,Z%12Q*4+7VPM"9_? U]DOQ]F >P-S^JG, ^2+<,<Q5, ?O?(O
MO'M=]?EQ.O'6B1*(W2W-TS1#-UKQ$(!;WL._L:,U]G /$J$>KO+]"+?NAN"*
M32F;'X:KSFJ\+J>TX=AV$&@/4\Z%K%F/,#O?CH0F8.M;U[0BUOPP#]*XQ[&D
MY?N;1]5;HL:<8]".1451O)U+)]A\FPB+3N+]3]NRM,'8M^.M_*8A:_;\?;@'
MB7Z6M3/'E#:O27J W:5Y@C/0SON*_P"-,JO>M^86E,;I>65/&Q &/7CL(480
MZ^QK6@^S ,PP^D;Z:K&M YJ>.*<G#J 6A_*UOL[A>#L(>A[,]X:YW&YSI><:
M(S?B(8S!"%O[.]X!+2#4!SW3R40JUI.FJM1(RA&"%!JWA$(2I2"O$T8Q;8&9
ML)(*+\OFWOV:UX>. <&LCU+?3YJ-Q-9+ [/YL9)$0;LDZ*I[=AC],"S@B\NR
M11"..KM)?>Z%[/+\+X^.>-J.,J)=(6.6)R</K <&K :-CT]N*:E#WO19\"Y!
M[!FR,_6M^'G3N,9HAR;E!>_V! .$'>OL;S3+4Z:/M7+:_P#)=YM5B]+!0DWU
M,\]>KOQ,3X[=W?HV-E:UO>U$FX=[:9$FM:UX[V-4LY\ G+#K7M\1"UK6L\6K
MTLL%<MM_\EWGKT]^/M0FO$S8HKZM7IK2Y>0TINT:)C+PI%H!#-9\N*IQY-,V
M+8-$@:+9(A3CM1YM>'N_=>?Q_8S=&49XP:?4ZFIQE'VDUUD\8O+8K-V9)(X7
M)H_+X\O!YT+]%WIM?V9:#PUOSI'1I4JT*D'AO[(!BUF1X;!@# & , 8 P!@#
M & , 8 P"F&0=:]S_-MY<V"JGE+)=R"XV<<3<^;[+,)A%E5TAF"FJZ<,DFGX
MA%9,$Z ,:&P*>?M!06=JVJV Q0$U>E+1 <_F_;W=T>53-0W5RK5:99!+4S:Q
M)>6KI>R (VGK0-.-:,#TV+1ZDI :/?/G<)<CT66X@9?BT^BD*D8 @?,T]Q]W
M_*<(0NE8/2ULE<@BS!-'M#RY<3:HJV*/M3\FS^96@4WJC%NI(974JL^P&0#5
MX;,5_-?R[T<J1*RU(':J-ZM[/D%]5=!;@K?3'%I*\Q..2HIKHRSVM$W-SU1]
MVS8V?FS]8O=&!F+7S2OHJ5MM4^'R**7[:5AABXDLW .&7]T1V"W7(5*FNOK'
M"X43*>J3H0*,U%<;U5EH0TZ#Z,KB(R!G9]-[@ZRE>X,"1&::N;Q%HUZS2QD6
MN"5;H*8#9V;LOU 9#,'EH::;< HRE-T2B&-C[SO9T:6S5IBE.&SRN:\<9"[N
MY,5@SJ_6$Q*8X:H-5N SA+RM%':4%Z",#OW-G1_6,SM*HH_9T2^6:[L&,S1S
M5RR.49<=8JHJL1&2UV8";+;KG8(0L8O=MS6D:!J&\HXP3WY0&-P4CBE7D 6E
MX P!@# & , 8 P!@# & , 8 P!@# *U(0+97J^='E?L+/3QY#4:U^WM%T/V0
M1O?['CX?%Z_;P"RO & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@#
M *W^U>ANG:]O+DSGWEX-!MLHZ%0]"O\ ()=?\:L671YB9Z.BL*?BD#.R5Q-(
M.YC<WY1+O*(\Y484261["]B%XZY-;JHZ.P[\E5)TIEOZ'N.C3:>6INJU'"3[
MTMK6_><_^5_5Z_\ 6CZ9_P!X;JS](3(3]RV?\3_J^@E_V]J]_D7WQ\K^KU_Z
MT?3/^\-U9^D)C]RV?\3_ *OH'[>U>_R+[Y$F\>(NK^D7#Y>NFO/1UFDO ()B
M6Q-\M]/QZU&PT&_$!S+:T5Z#8['8E -^W1B-T('K>M;UOQUC]RV?\3_J^@?M
M[5[_ "1^^<WA?$_K*5$_(5U(^I=44+AZ<S?Q53V5![]ZA@1R0/N_AFUK=NB+
M.G5P1I"FT#RA CE@?M-^77EUK'[EL_XG_5]![^WM5O\ )'[YF>G^7/7<Z4;2
M6%G]4[FGF:-B(2DNK7S;S'8T3=GP1!("U)JFP)39LPL9EVN-T,8M,SJU[!H?
ME#O[70L?N6S_ (GV_0/V]JM_DC]\AO4/HN>I534D=Y;$_4)YX:)._%C*?)U$
MN;EL:N20:/\ ^%;D?0SQN;7Z^;4^._-LZ2^;7COR[UXX_<MG_$_ZOH'[>U6_
MR1^^2''Z8'<;X6(%G]*U->>QA&$TNX+T]5%Y:SM&>P>AQB)=FPF(:+$'7EV6
M%O"5O7LV''[EL_XI?U?0/V]JM_DC]\V6*^EY:D//"L;N<?0\=W(.]BT\SKC3
MH>RW[8]AT'9@WZQ;XE+R8;X:_OA'[%^[C]RV?\3_ *OH//V]J]_D7WR1#;.N
MT>0[$Y8:99$?3;!4UX]-0+G>0,O-] 7!4LS8R9Y%IV[I)$PN3S:#]& [:CH<
M  R#F\W1I1N]!V#>M;SNT'.+>OO?!C!QE2N=?1Z3CUO*[VAMJY=>#?1T;I/?
MN+V<F",& , 8 P#DUW7K3_-U;2"W[UL.-5A6\8+(V[2F4+M)$FE2TX*5L9VQ
M*4 ]R?I&]KC )FYL0$J7%Q5F (3$FG# #;I>0SP697$HZ$[WZP#H[GJOF?A>
MBW .]MUW=20M1-^GIHU&Z#LEZKGDU.\,;%5")6#6S$BVQGC;K[L81*(L#[&X
M+6<^TNG;A9_$N+=[/;M\W22^CY-JM4N-KAM]/C]*HZ5:VHP_U:]#S906\=32
M^\^XI+H[XLX_JFUGR45T4L%]L8)EYV@P8!SBPH]F>T!)44&((?#0C!^'CNO7
M^>:^_@I<$=T</+GY2QV.0Z.UC.LI57TK&J?8B8-<T]4%.MQ+1452U?5+4G $
M!#=6E>Q""(R@!UX!T%/%F=J+]GC]G>O'VY&3O7KF-R4I/I9)V])IK5?AP23[
M.QX'3MK5@O[Y6I%_9/-W_P!D>:^)[V;%8L+*$%XD?FEBL/\ >JE ?[!YFO\
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M:D!;R"PZ]NQ#-5R$DL =?M[WK6>+3WGE%GKU^D6<_(^XCQ+O4E]/J#G;2/\
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MW7N_62C(OL?&>F9.=?V?DWJ:O-_V_+\J_P!KQ_=]H%F> , 8 P!@# & , 8
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M3ZOG.&_;K2ST\NNB/[.TG0W'9_A_:T=@%EF , 8 P!@# & , 8 P!@# & ,
M8 P!@# & , 8 P!@# & , 8 P!@',;HN*NN?*HL"[;;DB.(UM6$6=9?,) L\
MXPHFAI3B.,+2)2M#5.;LX'>1,A1)PF*ERPXI.0 9Q@ " _G5].**]@7VT6_R
M_9_1$VX#2U]9UD7LKYMJRNXFU]7RJENQ+1G?0E=3R1=#3ESLJ-L3.8LFCC&7
M!-"XVWN["^L"Y J<R598=;TV+]K40^)9:E"K789W+<[4N&:HR[:@>".3N:GY
M9.*TJ1K56R[@WJ17O9+J_P!OW_*!F%Z+4BD%W6DZRZS%Q"K?B(273F!$#>_
MLD ? .MQ@3"P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@#
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M+:?X'M[FC/3F:\Y>\OR::JL44>C6#S.T9Z!@# & , 8 P!@# & , 8 P!@#
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MHG+M=#7Z=75_<6$ET[^I_0?.M;I)Z.^[,\JX=7AY*%IF=YR# & , 8 P!@#
M& , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8
M P!@# & , 8 P!@# *U+^W[KU1/3D-_XS0?J%(?[/C^*2N\/_L?C_:P"RO &
M , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & <4O;I"@^8H<.?\
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MWG[=(K"$)#LTJ$;BG\4JPD0OHD)PN05R#K"2JF?/Y1<6XRS1*#,CP8 P!@#
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MJ98B6)C0F%&EB$686+0@[WK>MY;RKGVX P!@# & , 8 P!@# & , 8 P!@#
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M & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & ,
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M4>>+Z>]CY#2IIJ"367D[C8V*EX.V0&65T_HQV(R6*MD[I:"B>HH^X*[/<YD
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M$I1&GZ$7K<])?2K14PQ33S=,,<<3D_,M-]99YIK)5\7CZ\COZ0)ZU(C6EHG
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MCOQ!I!ZCY"=UR,]>TZ//2E#'[@POS#* +?CL(=Z T-/S7SJE][\+0=+)O?\
MQWOOAZM@Y.S=N:D]8Y;,V6QAV/;@L4F&G[W_ (4TP0A>(A;WL#<6NL*U8RY
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MS%OV?V]X!9A@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# &
M, 8 P!@# & , 8 P!@# & , 8!6MV#_KM^DS_*%Z5_,=Z#P"RG & , 8 P!@
M# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , K7]0@7N;%],93X^'N_4C@
MA.]_^'<Q=6H=:^QO[.U'A_;P"RC & , 8 P!@# & , 8 P!@# *S_3H_RV]3
M3^DPM;\WSF+ +,, 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & ,
M8 P!@# & , 8 P!@# & , 8 P!@# *UNP?\ 7;])G^4+TK^8[T'@%E. , 8
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M/JWY!^L>]3'[_%9?@*P!]6_(/UCWJ8_?XK+\!6 /JWY!^L>]3'[_ !67X"L
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M<@,]Z$T.B%0_+K0MZ%H#=?JWY!^L>]3'[_%9?@*P!]6_(/UCWJ8_?XK+\!6
M/JWY!^L>]3'[_%9?@*P!]6_(/UCWJ8_?XK+\!6 /JWY!^L>]3'[_ !67X"L
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M[HT8-[^Q@'N(4)U1>C4QY*@K?LT80: TO?\ 8&6(0=_[. >[ & , 8 P!@#
M*T.!/^O/U5?Z04'YF_(V 67X P!@# & , 8 P!@# & , 8 P!@$._40_F_\
MN;^1WTU_H5FV ==YP_U>*&_]C%7?_@=CP#L^ , 8 P!@# /F4K4:(.AK%:9(
M$6_ (E)Y1 1;_:ULT8=;W[< )EB18'8TBI,J!K?AL:8\H\.M_M;$4(6M;]F
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M(27%,@7I%BAO.UQ]R@EV2N)3FF&)#=*D)Y6PF:#OWA)@?[X M: M P!@# &
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MN[08T*^0-;JF3%J5[TQJJ=6A),(&8J,+/\2-:^54XM7!R]*/L*=%7&6?J_\
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M:X*GE;3.*VLB,M,PA4L9#MGMKY'WM(6L0+"=C"6>09LLSR'$' +4)C@C*-
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M\_YIS"6NOU6%B.$5Z7TLO?*.6QT=I7;B_P"Q)=B]#\J6YMHF$$0@"", MA&
M6A!$'>PB"(.];"(.]>&]"#O7CK?[&19,M*2<9*J97 T/@?37Z!-=!;*;?3\Z
MULPK4F)WO1##QIUO8[R$@F5%>T*6.<Y]42M> IRU]H@BUAJ0*=^Y1OYXDUSY
M'S/XT%H[S_%BO5>];NM>;JQH_.>6O2W7>M+\"7D]/A7?2Z;+&00P!@# & ,
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MQ0BG?_U7U!/3N.\?VO-V13A'CX^SP_PW[>L L>P!@# & , 8 P!@# & , 8
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M/]/B4.CTU-+*[/KG;G-CH\.K&QJ/BV)F=G!R?S'-8TLJK]]1I3Q")2F?;%
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M58IE)::='F=FST# (;]1<2UATVZ1*P_EZ;4IT562->BJ7INEW5%&K>@B%Q.
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MRIU8XRZ2SB>\Y:L&J>>BN>(R-,0Y5_,7D_P [='<V$+4K=(?'>E,CCHV^0A
M,9KIM/\ 0N6Z^&OL*>"O1]I=._J9\\UVCN:*^[<T^'8]ZZ_#M3+7,D3B& ,
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M<+2] N**^B6+]O46HWK3K"2\$^E'SV[;G9N.W<34EOP)L9N-8P!@# & , 8
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M^]<):\ID8;<!1BAS,A<KTV-]G;D"&)FQIW6_)7NV9:ED[FF1&E*_<J=&*"S
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MM4T?DM(-C+UM/[DE9,@>%MA+':+LEDU'$JQ9V14T(XN2CVXMJZ(D.:Q64J.
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MW_K0>'2][\,.TNW).6K3VUJ;G]V2PZ%X9=N-52<&0I8!@# & , 8 P!@# &
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MF/.)0:>I.ZIF2/-)!:4A4L6.3P[+"R$Y!)1AAA@]:UK[. 0N^N/],SZ7%?\
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M]SO *XO1_P#YL+A[^3Y"/_%3, LAP!@%97J:?\#X+_I->0/^?I-@%FN , 8
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MQ_+(]/?\^CGO ++, 8 P"MJ%?SNW1G]'ER'^<1V9@%DN , 8 P!@# & , 8
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MH!-H^U D#2\M,8D39)ELW<4+E&WUY<U1Z]I;"F]R0K6G0A$NPU3>X)@@6;X
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M9E%ZRG[(:2X,L3!.6%[>B)>\)D3!"34A^F8#LWGO_O'I/HA8F0:<$1N@+8L
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MT!.XW6D"D;1>?/L##&W.N[STIKQBLZVJFJVU8E.6&6M=<KI%.:N<9JZ;1N;
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M26 HDH "BBB@!+++++#H("RP!UH(  #K6M:UK6M:U@%:WJP_ZJ<8_ED>GO\
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M0!%V<^>JG&1&P4X"%/":I?8M'K1M(23;CMZW7D 73MC&O5:2_%#3NI)J9,H
M6IVG ^9V]37G!B9GIX=D5FH_D1O Y'-PX>F-7+"2I9T1#G<E :0^&M9BMB<>
M6IB8:48I+$K+1I@(?BU"Y(0<!F.?NW&JTYC;T$E\<=H^^PA]N1_A@VJ+2,Y/
M+:>JU9792AS$B-^,?=6 UEV@SDN35I(48-2JT!*68(!H"@.<3/U0*?%5DHEE
M8-L@>I(95Y$WKI0]M+>O@CNY2F%]"2.ORW]ZB,H=#DS0O>>;W]N<]$"$L;E
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M_P#N=X!7%Z/_ /-A</?R?(1_XJ9@%D. , K*]33_ ('P7_2:\@?\_2; +-<
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M"5$G%X)6T"-+HM/X!T7L!?@'V:P#.X!6GZL/^JG&/Y9'I[_GT<]X!99@# &
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M&US!JVUQITDZUB0Q^/RQD2N;6S%)PLS6O(">D2DF;V+8$H< ]9W^"-_WL?\
MW.\ KB]'_P#FPN'OY/D(_P#%3, LAP!@%97J:?\  ^"_Z37D#_GZ38!9K@#
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M, TKYC>K?]**%_D&T_\ UCV /F-ZM_THH7^0;3_]8]@#YC>K?]**%_D&T_\
MUCV /F-ZM_THH7^0;3_]8]@#YC>K?]**%_D&T_\ UCV /F-ZM_THH7^0;3_]
M8]@#YC>K?]**%_D&T_\ UCV /F-ZM_THH7^0;3_]8]@#YC>K?]**%_D&T_\
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<2N=,$><%)^AB$D2/+F01K>@A4FZUY]@3\P#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
