Axiometrics, Inc. is an independent research firm specializing in fundamental research of the apartment and office REIT (Real Estate Investment Trust) sectors. It is the only research firm that measures and projects property-level performance of REIT projects. The information provided by Axiometrics allows its clients to link the performance of individual projects to their investments in REITs.

Axiometrics surveys each project in a company's portfolio on a quarterly basis to quantify changes in market rental rates, physical occupancy, and leasing concessions. Changes in these variables are the primary determinants of same store revenue growth, which in turn is a major component of a company's growth in Funds From Operations (FFO).

The data and analysis offered by Axiometrics provide a benchmark for REITs and for the markets in which they are located. Additionally, some real estate investment managers utilize this research for acquisitions and for benchmarking their own portfolio's performance.

PRODUCTS:

Apartment REIT Research includes:

• Company Performance Reports
  Provides a summary of the level and change in rental rates, physical occupancy, and leasing concessions on a quarterly basis from 2Q95 by project, market, and company. Compares the performance of a company's projects to the other apartment REIT's performance by market. Twenty-five companies that own approximately 2,300 properties and 600,000 units in over 158 markets are now covered and more are added each quarter. Companies are ranked each quarter based upon anticipated changes in average market rental rates over the next 12 months. Properties are geocoded and mapped. This research also provides an early warning system for companies which may have problems increasing rental rates and physical occupancy.




• Market Performance Reports
  Provides a summary of the level and change in rental rates, physical occupancy, and leasing concessions quarterly from 2Q95. The top thirty-six apartment REIT markets are now covered. Includes project-level information for each market and company. Also, presents the most current and historical data on job growth, housing affordability, and multifamily and single-family permitting trends for each market. Markets are ranked each quarter based upon their projected change in market rental rates over the next 12 months. Properties are geocoded and mapped.




• Executive Summary
  Provides an overview of the research each quarter.




• Periodic Fax Memorandums
  Provides further analysis of the markets and companies. Distribution ties into a company's quarterly earnings announcement, preliminary survey results, unusual circumstances, property acquisitions or dispositions, mergers and acquisitions, and economic factors such as job growth, housing affordability, and multifamily and single-family permitting trends.




Office REIT Research follows the same format as above except with special emphasis on office space supply and demand.

Reports are sent via hardcopy, disk and fax. Internet delivery will be available soon.

Contact your CAPIS salesperson at 800.247.6729 or 214.720.0055, or call Ron Johnsey with Axiometrics at 214.953.2242.

Internet address: www.axiometrics.com