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<br />THE GERALD A. TEEL COMPANY, INC. <br />Real Estate Consultants and Appraisers <br /> <br />GCIllId A. T~I. Mt\l, eRE <br />Cbris I.an~ <br />Kathy V. Ilcdronl <br />KrislClIl.. Bl1Idronl <br /> <br />974 Campbell Rd., Suite 204 <br />Houston, Texas 77024 <br />Tel: 713.467.5858 <br />Fax: 713.467.0704 <br />Email: gteel@gateel.com <br /> <br />Tim N. -r....dWll)'. MAl. CCIM <br />Miohacl G. ]>ivin <br />BlIIke Purdi: <br />JlSlln Muslrinst.i <br />Blake Marl< <br />SICVC lWdmlln, MAl. CCIM <br /> <br />Jon Al1weil... <br /> <br />Jack Taylor. M^I. CCIM <br /> <br />February 20, 2007 <br /> <br />Amegy Bank N.A. - Appraisal Services <br />Five Post Oak Park <br />4400 Post Oak Parkway, Suite 300 <br />Houston, TX 77027 <br /> <br />Attn: Ms. Mary Beth Miller, MAl <br /> <br />RE: <br /> <br />Appraisal of Happy Harbor Methodist Home, located at 1106 Bayshore Drive, La Porte, <br />Harris County, Texas <br /> <br />Dear Ms. Miller: <br /> <br />In accordance with your request, we have visited the above-referenced property that is the existing Happy <br />Harbor Methodist Home, which is comprised ofa 138-bed, one-story skilled nursing facility. TIle facility <br />is 100% certified for Medicare and Medicaid beds (138 in total). The facility includes 69 semi-private <br />rooms for a total of 138 beds. Each room is double-occupancy and located within four wings of the <br />facility. The design is centered around three nursing stations located within wings 1, 2 and 4. <br /> <br />The location of the property is located along the shoreline of the Galveston Bay within La Patte, Texas. <br />Specifically, the site is located along the south/southeast line of Bayshore Drive at Bellaire Street. The <br />subject site has ~4.00 acres; however, the upland area ofthe site is estimated to have 3.3333 acres. The <br />site has approximately 400 feet of frontage on Galveston Bay and approximately 500 feet along Bayshore <br />Drive. The city of La Porte has two skilled nursing home facilities and several more within a IO-mile <br />radius. The subject is one of the two skilled nursing facilities within La Porte with the other facility <br />being La Porte Healthcare Center. Several other facilities were surveyed within Bay town and southeast <br />Houston and will be discussed further within this report. <br /> <br />The property is legally described as follows: <br /> <br />:!:4.00 acre tract described Lots 1-6 and Reserve B. Bay Front Block and Lots /-4 less north 5 <br />feet and Reserve A, Bayshore Block. Bay Shore Park Addition. Harris County. Texas. <br /> <br />Overall, occupancies appear to be around 96% (within the surveyed comparables) in the vicinity. The <br />subject site has average visibility and accessibility however, the property is located along the shoreline of <br />the Galveston Bay which is a significant amenity. The subject is a Convalescent Hospital Class D <br />development. <br /> <br />We have been requested to provide the "as is" market value of the subject property excluding the <br />Furniture, Fixtures and Equipment (FF&E) and the Business Enterprise Value (BEV). <br /> <br />This appraisal report has been made with the following extraordinary assumptions: <br />