Consent of Friedman, Billings, Ramsey & Co., Inc.

We hereby consent to the use of our opinion letter dated November 21, 2002 to
the Board of Directors of each of American Strategic Income Portfolio Inc.,
American Strategic Income Portfolio Inc.--II, American Strategic Income
Portfolio Inc.--III and American Select Portfolio Inc. attached as Appendices C1
- C4 to the joint proxy statement/prospectus which forms part of the
Registration Statement on Form S-4 relating to the proposed merger provided for
in the Amended and Restated Agreement and Plan of Merger, dated as of November
21, 2002, among American Strategic Income Portfolio, Inc., American Strategic
Income Portfolio, Inc.-II, American Strategic Income Portfolio, Inc.-III,
American Select Portfolio, Inc., First American Strategic Real Estate Portfolio
Inc. and First American Strategic Income Portfolio Inc. and to the references to
such opinion in such joint proxy statement/prospectus under the captions
"SUMMARY TERM SHEET-The board of directors of each Existing Fund recommends that
you vote for the merger and the Merger Agreement", "SUMMARY OF THE JOINT PROXY
STATEMENT/PROSPECTUS-Recommendation of the Board of Directors of Each Existing
Fund and the Special Committee," "THE MERGER--Background of the Merger," "THE
MERGER--Recommendation of the Board of Directors of Each Existing Fund and the
Special Committee," "THE MERGER-Alternatives to Merger," "THE MERGER-The
Fairness Opinions of the Financial Advisor" and "THE MERGER--Opinion of
Financial Advisor."

In giving such consent, we do not admit that we come within the category of
persons whose consent is required under Section 7 of the Securities Act of 1933,
as amended, or the rules and regulations of the Securities and Exchange
Commission thereunder, nor do we thereby admit that we are experts with respect
to any part of such Registration Statement within the meaning of the term
"experts" as used in the Securities Act of 1933, as amended, or the rules and
regulations of the Securities and Exchange Commission thereunder.

December 19, 2002

/s/ Friedman, Billings, Ramsey & Co., Inc.
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FRIEDMAN, BILLINGS, RAMSEY & CO., INC.