Revenue management presentation by Steven Small of AMLI.

1. Yield Optimization Strategies April 24, 2008

4. Revenue Management is Real Money AMLI’s property data is computed using the NCREIF formulas, summarized by market and compared against the lowest meaningful index Simple compounded rate of the most recent four quarters is used for comparison Data in the chart to the right is for 2Q06 through 1Q07 AMLI vs. NCREIF – Annual NOI Growth 0.30% 4.80% 5.10% Florida 0.79% 5.21% 6.01% Total Portfolio 1.04% 5.02% 6.06% Seattle 1.05% 5.35% 6.40% New Jersey 0.71% 4.47% 5.17% Southern California 0.38% 6.17% 6.55% Kansas 0.78% 5.03% 5.80% Denver 0.64% 5.20% 5.84% Chicago 0.77% 5.45% 6.21% Atlanta 0.73% 5.51% 6.24% Dallas 0.54% 5.48% 6.02% Austin 0.68% 5.72% 6.40% Houston Rolling 1 Year NOI Return Variance NCREIF Index AMLI Properties Region

5. Revenue Management is Real Money Wachovia REIT Performance

10. Computing price elasticity of demand (Sensitivity)

11. Interpreting the value of elasticity ELASTIC or INELASTIC Response to Price Changes Responsive Unresponsive Proportional Value of Elasticity E d > 1 E d < 1 E d = 1 Demand Elasticity Elastic Inelastic Unitary elastic Magnitudes of Change %  Q D > %  P %  Q D < %  P %  Q D = %  P Type of Elasticity Elastic Inelastic Substitutes Available Many Few The main determinant of demand elasticity is the availability of substitutes

15. Consistent Message and Processes “ HUGO” - OUR HEGDEHOG

16. Tier Report PORTFOLIO AT A GLANCE

18. Key Performance Indicators DASHBOARDS

19. Measures Individual Performance DASHBOARDS

20. KPIs Presented “Over Time” STORE DASHBOARD

21. Market Survey PROPERTY OVERVIEW

23. The New AMLI.com BE MORE CONNECTED

24. Real Time on AMLI.com UNIT PRICING & AVAILABILITY

25. Pricing Matrix DELIVERY OF MULTIPLE LEASE TERM PRICING

26. AMLI is a Leader AMLI IS 3X THE RENT.COM AVERAGE (2006) REIT Performance metrics (YTD 2006) Lead to Lease Conversion – weighted average per property

27. AMLI Trak CRM LEAD FOLLOW-UP SYSTEM

28. Prospects RECORDED IN DBMS & EMAILED TO COMMUNITY

29. Responses COACHED & RECORDED

30. Follow-up Reminder IS QUEUED

31. Another Follow-up Reminder BY EMAIL TO COMMUNITY STAFF

32. Creates an e-mail Response ALSO COACHED

33. Also Creates a Future Reminder IF PROSPECT LEASES ELSEWHERE

34. AMLI PhoneTrak CAPTURES CALLER DATA AND PROVIDES UNIT AVAILABILITY

35. AMLI PhoneTrak CAPTURES CALLER DATA AND PROVIDES UNIT AVAILABILITY

37. AMLI PhoneTrak TOOL FOR COMMUNITY STAFFING DECISIONS

38. AMLI PhoneTrak TRACKS CALLS GOING TO ANSWERING SERVICE

40. Comparison to Other Industries REVENUE MANAGEMENT

42. Revenue Mgmt Roadmap TRANSITION PLAN Automated auditing and compliance management of all fees and other income No Fee focus, (admin, app.. Etc) No Fee focus, (admin, app.. Etc) Fees & Other Income Sophisticated compliance validation and exception reporting Manual checking, time consuming Manual checking, time consuming Compliance New and Renewal New leases only New leases only Prices Generated Opt Out Opt in No forced ownership Ownership Integrated / Automatic &quot;Push&quot; &quot;Pull&quot; Information Delivery 256 and beyond 64 Information pulled from disparate reports Separate logic cases Daily, or as required (after each new transaction?) 2 or 3 times a week &quot;When we got around to it&quot; Pricing Frequency End State Transition Previously Concept

43. Revenue Opportunity NET EFFECTIVE VS. CONCESSION BURN-OFF

44. Revenue Opportunity MAXIMUM CAPTURE VS. FREQUENCY

45. Actual Pricing EXAMPLE OF “PUSH” REPORTING

46. Metrics A LITTLE OF THE MATH INVOLVED Occupancy Change Adjusted Availability Traffic Index

47. Outcomes 64 UNIQUE SOLUTIONS Traffic Index Adjusted Availability Occupancy Change

48. Anatomy of a Lease OPTIMIZING EACH LEASE FOR MAXIMUM REVENUE Seasonal lease expirations adjustment Front loaded vacancy Turn cost amortization

49. Pricing Matrix DELIVERY OF MULTIPLE LEASE TERM PRICING