AFFORDABLE RESIDENTIAL CMTYS

CUSIP: 008273104 Class: COM

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA's Holding History (CIK: 0000315038)

Note: Option positions (PUT/CALL) are excluded.

Q2 2007
Shares 85,325 Value ($000) $1,009 Avg Close — Range —
Q1 2007
Shares 85,325 Value ($000) $1,035 Avg Close — Range —
Q4 2006
Shares 68,700 Value ($000) $800 Avg Close — Range —
Q3 2006
Shares 68,700 Value ($000) $666 Avg Close — Range —
Q2 2006
Shares 86,700 Value ($000) $932 Avg Close — Range —
Q1 2006
Shares 487,700 Value ($000) $5,121 Avg Close — Range —
Q4 2005
Shares 550,000 Value ($000) $5,242 Avg Close — Range —
Q3 2005
Shares 550,000 Value ($000) $5,561 Avg Close — Range —
Q2 2005
Shares 550,000 Value ($000) $7,343 Avg Close — Range —
Q1 2005
Shares 550,000 Value ($000) $6,958 Avg Close — Range —
Q4 2004
Shares 550,000 Value ($000) $7,893 Avg Close — Range —
Q3 2004
Shares 540,688 Value ($000) $7,894 Avg Close — Range —
Q2 2004
Shares 544,594 Value ($000) $9,040 Avg Close — Range —
Q1 2004
Shares 550,000 Value ($000) $10,175 Avg Close — Range —