6.	Property Dispositions

44 Monroe, Phoenix, Arizona – property sale – On April 14, 2015 the venture in which the Trust holds an 83.7% interest sold its apartment building located in Phoenix, Arizona for gross proceeds of $50,650,000. The entire net proceeds, after closing costs and pro-rations, of approximately $49,143,000 were used to pay down the loan collateralized by the remaining properties in the venture. The liquidation value of the property was $50,650,000 at December 31, 2014.

Cerritos, California – property sale - On September 16, 2015 the Trust sold its office property located in Cerritos, California for gross proceeds of $30,500,000 and received net proceeds of $6,174,000 after satisfaction of third party mortgage debt, closing costs and pro rations. The liquidation value of the property was $29,916,000 at December 31, 2014.

Highgrove, Stamford, Connecticut – contract for sale – On June 26, 2015 the venture in which the Trust holds an 83.7% interest entered into a contract to sell its apartment building located in Stamford, Connecticut for gross proceeds of $90,000,000. The buyer’s $2,000,000 deposit under the purchase contract became non-refundable, subject to customary closing conditions, on June 30, 2015. An additional $2,000,000 non-refundable deposit was received from the buyer in October 2015. If consummated, the sale is expected to close in the fourth quarter of 2015. The liquidation value of the property was $84,867,000 at December 31, 2014. The liquidation value at September 30, 2015 is $90,000,000 reflecting the contract for sale.