2013 Quarter 4

Dear Clients,

It is a new year—and a new look—for HZ. We are pleased to share with you our redesigned logo (top left corner) and website (hamiltonzanze.com), the results of our company rebranding spearheaded by Gina Scheffel. Looking ahead, we expect 2014 to be a busy one for our company and portfolio. We have 10 dispositions planned to take advantage of favorable selling conditions and ahead of loan maturity dates. Half the sales will take place in Colorado, with the rest in Utah, Texas, Arizona, and the Pacific Northwest. At the same time, we will be pursuing higher-quality assets to replenish our holdings, including in two markets new to us: Dallas and Houston. We will also evaluate refinance or supplemental loan opportunities throughout our portfolio, so we can recapitalize properties to increase cash flow and return investor capital.

Please note that at this time, due to the sensitive information contained within, our full Quarterly Newsletters are only available to current investors and on a case-by-case basis. If you would like to request access to the full Quarterly Newsletter, please email us at [email protected]