Exhibit 99.1

What We've Heard.... What's Been Done.... What We're Doing What We've Heard What's Been Done What We're Doing / Update Below average portfolio and asset quality Net seller of $6B+ of lower rated assets over last 7 yrs AIV markets 60% coastal, with higher expected rent growth and below average volatility Outsized capital spend has addressed deferred maintenance Rents in target markets consistent with peers (EQR, UDR, HME, PPS, CPT, ESS) Continue increasing average rents and margins by recycling capital Creating a pipeline of RD opportunities UPDATE: $158M sold in November, generating $54M cash Too much leverage and lack of financial flexibility On track for term debt pay off by end of 1Q '10 Property debt 60% initial LTV, amortized to 50% LTV at maturity WAM > 8 yrs 1/2 the annual refunding risk of peers; better matches cost and use of funds LT fixed rate financing acts as inflation hedge No recourse debt no entity risk Focus on '12 - '14 debt maturities Refinance proceeds fund property debt amortization UPDATE: Term Debt at $140M; $4M cash on hand from November sales No clear plan for profitability and growth Record of SS NOI growth at or above peers Upgraded asset quality / locations and improved margins through capital recycling and RD Improved efficiency '09 Offsite costs 35% Maintaining 95%+ occupancy Reduction in offsite costs largely offsets FFO dilution from '09 asset sales Further planned offsite cost reductions: 10-15% in '10 and 5-10% in '11 Recycling 5%+ of capital in '10 will continue portfolio upgrade UPDATE: November ADO 95.3% November NRI flat sequentially Complexity/unpredictability/ inconsistency Non-recurring income < 4% of FFO 15 consecutive quarters of meeting FFO guidance Consistent strategy to own and operate B/B + diversified portfolio Hired top talent and developed a deep bench Prepare RD pipeline for recovery Continue systematic recruitment, development and retention of talented real estate professionals Share Price Today: Substantial discount to NAV Share Price Today: Substantial discount to NAV Opportunity: Price at or above NAV