1. LAND OPTIONING & ASSEMBLY, PERMITTING, & DEVLPT DESIGN  CONSTRUCTION  LAND PURCHASE “ Time 0” SHELL COMPLETION “ Time T 1 ” LEASE-UP & TENANT FINISHES STABILIZED  OPERATION  $ C UMULAT IVE INVESTME NT $ DEVLPMT COMPLETION “ Time T 2 ” Time  R I S K AS I N V E R S E S U C C E S S P R O B VERY HIGH RISK e.g.: 40% OCC HIGH RISK e.g.: 20% OCC MODERATE RISK e.g.: 10% OCC LOW RISK e.g.: 8% OCC Exhibit 29-1a: Development Project Phases: Typical Cumulative Capital Investment Profile and Investment Risk Regimes = CUMULATIVE INVESTMENT = RISK LEVEL

2. LAND OPTIONING & ASSEMBLY, PERMITTING, & DEVLPT DESIGN  CONSTRUCTION  LAND PURCHASE “ Time 0” SHELL COMPLETION “ Time T 1 ” LEASE-UP & TENANT FINISHES STABILIZED  OPERATION  $ C UMULAT IVE INVESTME NT $ DEVLPMT COMPLETION “ Time T 2 ” ENTREPRENEURIAL DEVLPR SEED EQUITY SOURCES OF CAPITAL: EXTERNAL EQUITY &/OR MEZZ DEBT INVESTORS: OPPTY FUNDS, INSTNS, FOREIGN INVSTRS, WEALTHY INDIVIDUALS, REITS DEVLPT CAPITAL Betw 0 & T… FROM COMMERCIAL BANKS: TRADITIONAL CONSTRUCTION LOAN DEBT, FROM Time 0 TO Time T 1 ; AND/OR MINI-PERM LOAN DEBT FROM Time 0 TO Time T 2 . PERMANENT FINANCE Beyond Time T… FROM LICs, PFs, PRIV EQUITY : L.T. EQUITY OR COMMERCIAL MORTGAGE (EITHER CMBS CONDUIT OR WHOLE LOAN) Time  ORDER OF INVESTMENT ORDER OF PRIORITY IN PAYBACK Exhibit 29-1b: Development Project Typical Sources of Investment Capital A B C D E F G H I O Z