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<br />Ms. Mary Beth Miller, MAl <br />February 20, 2007 <br />Page 2 <br /> <br />. A survey was not provided to the appraisers. Therefore, the land area and gross building area <br />was based upon the information provided by the property owner, Happy Harbor Methodist Home <br />and Methodist Homes for Older People (The Aldersgate Trust). <br /> <br />. The subject property is a skilled nursing home facility which is currently o\\med and operated by <br />The Aldersgate Trust. This entity is a non-profit organization and therefore, the property is tax <br />exempt. For analysis purposes we have estimated the assessed value of the subject property <br />based upon four tax comparables in order to estimate the market value. Excluding the projected <br />tax expense would represent an inveslment value and not market value as requested. <br /> <br />Based upon the analysis, the real estate only market value of the fee simple interest on an "as is" basis <br />excluding the FF&E and BEV, as of February 14, 2007 is: <br /> <br />FOUR MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS <br /> <br />($4,550,000) <br /> <br />Considering the foregoing values, a 6 to 12-month exposure period is considered reasonable based on the <br />investment activity for skilled nursing facilities in the national and metropolitan areas. This exposure <br />period also coincides with the marketing period. <br /> <br />This letter is to transmit the attached report, which reflects our reasoning for the value conclusions <br />reached. Please call if we may be of further assistance to you in this matter. <br /> <br />Sincerely, <br /> <br />THE GERALD A. TEEL COMPANY, INC. <br /> <br />4~c9~ <br /> <br />':-}/ F ~j) <br />-'I -y,- '-fi-l..",-./1 ::-~l D.(~.{ d <br /> <br />BY: <br />Gerald A. Teel, MAl, CRE, President <br />State Certified <br />TX-1320749-G <br /> <br />Krislen L. Bradford <br />TX Trainee Number - 1333897 <br /> <br />{/ ~t;;I- <br /> <br />Chris Lantz, Senior Associate <br />State Certified <br />TX-1326743-G <br /> <br />The Gerrzld A. Teel Company, Inc. <br />