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Our multifamily property portfolio, excluding land we hold for future development and joint venture properties we do not manage, at December 31, 2004, 2003 and 2002 is summarized as follows: 

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(a) Includes properties held in joint ventures as follows: one property with 320 apartment homes in Colorado in which we own a 50% interest, the remaining interest is owned by an unaffiliated private investor; and 16 properties with 4,227 apartment homes (18 properties with 4,619 apartment homes at December 31, 2002) in Las Vegas in which we own a 20% interest, the remaining interest is owned by an unaffiliated private investor. 

(b)  Includes one property with 464 apartment homes currently under development in Virginia held in a joint venture we entered into in 2003 in which we own a 20% interest, the remaining interest is owned by an unaffiliated private investor. 

