QUALIFICATIONS OF APPRAISER

							                           QUALIFICATIONS OF ANALYST


                                      PHILIP R. THOMAS
Present                                     Kirkland & Company
                                            Senior Analyst
2004 - 2005                                 Hilco Real Estate Appraisal, LLC
                                            Senior Consultant
1995 - 2004                                 Kirkland & Company
                                            Senior Appraiser

Scope of Experience:
Experience includes multifamily, retail, business valuation, office, health care, industrial, land,
market analysis and special-purpose properties.

Certifications/Licenses:
States often require that appraisers meet certain requirements to perform real estate appraisals,
usually in the form of experience and a written examination. State certifications currently held:
Georgia, Mississippi, New York and Arizona.

Formal Education:
Bachelor of Business Administration, Finance, University of West Georgia (West Georgia College),
1992. Courses include Principles of Real Estate, Real Estate Investment Analysis, Commercial
Appraisal of Real Property, Residential Appraisal of Real Property, Standard of Professional
Appraisal Practice, Analyzing Operating Expenses, G-3 Real Estate Appraisal Methods, 6-4
Principles of Capitalization. Appraisal Institute SPP Course 410 - USPAP, Appraisal Institute SPP
Course 420 - Code of Ethics, Attended National Conference, Appraisal Institute, Summer 1999,
Course 310, Basic Income Capitalization, Appraisal Institute. Course 510, Advanced Income
Capitalization, Appraisal Institute. Course 520, 1-Highest and Best Use and Market Analysis.
Course 530, Advanced Sales Comparison and Cost Approaches, Course 540 - Report Writing and
Course 550 - Advanced Applications. Currently writing the Demonstration Appraisal Report for the
Appraisal Institute and wrote the MAI Comprehensive Examination in August 2007. Graduate of
the Comprehensive Appraisal Workshop taught by Ted Whitmer, MAI, CCIM, JD. The
Comprehensive Appraisal Workshop was developed in 1988 to assist appraisers with the
comprehensive examination given by The Appraisal Institute.

Certification and Leadership Roles:
Georgia Certified Real Property Appraiser No. 004471, General Associate Member, Appraisal
Institute and Candidate for the MAI Designation of the Appraisal Institute.

2007 - 2008                  Invited to Continue Serving as Chairman of Associate Leadership
                             (Appraiser Declined)
2006 - 2007                  Chairman, Associate Leadership Committee Atlanta Area Chapter of the
                             Appraisal Institute
2004                         Chairman, Government Relations Committee, Atlanta Area Chapter of the
                             Appraisal Institute




                                                                           Kirkland & Company
2004                         Appointed by the Chapter President to attend Leadership Development &
                             Advisory Council
2003                         Chairman, Government Relations Committee, Atlanta Area Chapter of the
                             Appraisal Institute
2003                         Appointed by the Chapter President to attend Leadership Development &
                             Advisory Council


MULTIFAMILY-CONDOMINIUM EXPERTISE:
Appraised apartments nationally for ten years. Over 60 major apartment properties appraised
involving the complexities of tax credits, proposed developments, condominium conversions,
rehabilitation, and portfolio properties.        Larger apartment projects include City Federal
Condominium Conversion (27-story tower) in Birmingham, AL; Downtown Plaza Tower in
Jackson, MS; Columbia Blackshear Senior Residences in downtown Atlanta (also wrote Market
Study); Twenty Fifth Street Apartments in Buckhead/Atlanta; Pine Brook Point (Miami, FL);
Katahdin Woods (Lexington, MA); Crowne Brook (Nashville, TN); Center Pointe (Portland, OR);
Harbor Park (Reston, VA); Pelican Pointe (St. Mary’s, GA); Covington (Chicago, IL); Park Lane at
Peachtree (Atlanta, GA); Signature Point (San Diego, CA); and Westside Heights (Athens, GA).
Philip Thomas has read extensive articles and books on multifamily valuation including: The
Valuation of Apartment Properties written by Arlen Mills, MAI and Author Reynolds. The Analyst
has explored the appraisal of conventionally developed rental apartment complexes of various types
and classes. Mirroring the valuation process, the Analyst examines site, property, and market
techniques; the forecasting of supply and demand to derive capture rates; and the application of the
cost, sales comparison, and income approaches to value. The Level II Curriculum of the Appraisal
Institute includes several case studies on multifamily and condominium valuation.
Other Activities:

General Associate Member Appraisal Institute No. 44947

University of West Georgia                         National Board of Directors, Alumni
                                                   Association through 2007

Tau Kappa Epsilon Social Fraternity                Member, Religious Youth Service

Hobbies include Working-out, running,              Appointed to attend the Washington
golf, tennis and reading                           Appraisal Summit, October 2003

Active Member of St. Luke’s Episcopal              Completed The Landmark Forum and
Church                                             The Course in Miracles

Guest Lecturer, University of West                 Member, Atlanta Team Tennis
Georgia                                            Association




                                                                          Kirkland & Company