2004 PORTFOLIO PROFILE

OWNERS

• Mean Portfolio Size : 6,320 units
• Median Portfolio Size : 4,176 units
• Portfolio Size of Largest Owner: 33,628 units
• Portfolio Size of Owner Ranked #50: 2,168 units

MANAGERS

• Mean Portfolio Size: 7,591 units
• Median Portfolio Size: 4,553 units
• Portfolio Size of Largest Owner: 39,310 units
• Portfolio Size of Owner Ranked #50: 2,410 units

LARGEST POSITIVE MOVEMENT IN RANK

(Among Firms Ranked in 2003 & 2004)

OWNERS

• Prime Care Properties, LLC
  2003 Rank : 25
  2004 Rank : 11
  Positions Moved : +14
  % increase in # of units owned: 52%
• CNL Retirement Properties, Inc.
  2003 Rank : 14
  2004 Rank : 3
  Positions Moved : +11
  % increase in # of units owned: 142%
• Simpson Housing Solutions
  2003 Rank : 24
  2004 Rank : 15
  Positions Moved : +9
  % increase in # of units owned: 39%

MANAGERS

• USA Properties Fund
  2003 Rank : 39
  2004 Rank : 26
  Positions Moved : +13
  % increase in # of units managed: 49%
• The Shelter Group, LLP
  2003 Rank : 33
  2004 Rank : 23
  Positions Moved : +10
  % increase in # of units managed: 60%
• Simpson Housing Solutions
  2003 Rank : 24
  2004 Rank : 17
  Positions Moved : +7
  % increase in # of units managed: 39%