Berlin Investment Holdings

LEG’s Berlin Holdings – Snapshot

• Currently own (in partnership) and manage 5,200 units in 80 buildings in the Greater Berlin Market worth an estimated $400 million

• Completed ten acquisitions and eight financings since 2005

• Sold a 250-unit portfolio in 2007 returning a 48.00 percent IRR to investors

• Sold a 125-unit portfolio in 2010 returning a 15.00 percent IRR to investors

• Sold a 60-unit portfolio in 2011 returning a 12.00 percent IRR to investors

• Properties have average 97 percent occupancy and rents are increasing quarter over quarter

• Implemented value-add strategies, including: refinancing, façade refurbishment projects with allowable pass-through costs, modernization projects, supermarket construction, and attic build out

• For current holdings, anticipate mid-teens IRR’s over medium-term holding periods on investments that have very low downside risk