REITs' interests.

Since its formation a little over two years ago, Wellsford Commercial Properties Trust has amassed a 5,500,000 square foot portfolio of properties from Boston to Washington, D.C. As a private REIT which is a joint venture between WRP, a publicly-traded American Stock Exchange Company, and The Whitehall Fund, an affiliate of Goldman, Sachs & Co., Wellsford Commercial Properties Trust is focused on acquiring redevelopment projects, Class A properties and landsites from Boston to Washington, D.C. With new space now non-existent, our organization is focused on redeveloping and converting older, outdated facilities into Class A properties to meet market demand.

Our view is that the current conditions of the marketplace pose an outstanding opportunity for us to make significant acquisitions in the New Jersey, Boston and Baltimore markets. As a private REIT with substantial capital and partners that are constantly investing in a volatile market, Wellsford is one of the few large companies that has not withdrawn from the negotiating table. Our plans are to actively step up our acquisition plans throughout the Northeast and, with the REITs pulling back, we are finding that we are one of the only ones looking at particular properties. Because the fundamentals of the market remain strong (no new space, a robust economy, low interest rates), Wellsford is committed to growth within the market and poised to hit the $1 billion threshold in assets in the very near future.

Wellsford Commercial Properties Trust has quickly seized an established market position as an extremely well capitalized, full-service development company that has already built a significant portfolio in prime, Class A markets. Our strategy has positioned us to be able to fill the void in the market for corporate quality space in the northeast's most desirable markets. Because of the time factor associated with new development and the cost of market entry, Wellsford Commercial Properties Trust can meet tenants' occupancy needs in the most expeditious manner.