Investment Focus - Assisted Living Facilities

ASSISTED LIVING

Investment Date: 2004 - 2005
Location: CT, RI, MA
Property Type: Assisted Living (1,988 beds)
Investment Strategy: Operational Value
Status: Fully Realized
2000 2001 2002 2003 2004 2005 2006

2000 - 2001

Meditrust reorganizes selling significant assets, ALC and Alterra file bankruptcy

ASSET CLASS CHARACTERIZATION

FRINGEINSTITUTIONAL

2000 - 2001

CAPITAL FLOWS

OUTIN

2000 - 2001

REAL ESTATE FUNDAMENTALS

DECLININGIMPROVING

2000 - 2006