MEPT

IN JANUARY, MEPT ACQUIRED RENO INDUSTRIAL CENTER LAND FOR $10.3 MILLION
in Reno, Nevada. The 104 acres of developable land is located in the Tahoe Reno Industrial Center (TRIC), where MEPT acquired USA Parkway Distribution Center I and II in December 2007. MEPT purchased the land to serve as expansion space for tenants at USA Parkway Distribution Center

MEPT ACQUIRED 20 NORTH CLARK STREET FOR $58.9 MILLION IN FEBRUARY.
The 383,030 square foot office building is located in Chicago’s Central Loop submarket with easy access to multiple public transportation alternatives, including the elevated train, suburban and commuter rail lines, and numerous bus lines.

Trammell Crow acquires 104 acres in Tahoe-Reno Industrial Center
Trammell Crow Company has acquired 104 acres of land within the Tahoe-Reno Industrial Center in McCarran, Nev., on behalf of Multi-Employer Property Trust (MEPT), a commingled real estate equity fund.

Strong capital helps venture win 20 N. Clark
A joint venture between local developer Hamilton Partners and a giant pension fund paid nearly $59 million for 20 N. Clark St., a nondescript office tower in the Central Loop, in a deal that reflects the strength of well-financed buyers amid the long, drawn-out credit crisis.

Booz Allen Hamilton Inc. Signs Five-Year Lease
Booz Allen Hamilton Inc., a McLean, VA-based consulting company, has signed a five-year lease for 11,584 sf at Columbia Center I. The deal bumps occupancy to 94%.


	PERFORMANCE \| GROWTH IN VALUE \| QUARTERLY RETURNS BENCHMARK COMPARISONS

Performance

MEPT's objective is to provide investors with competitive and stable returns over an entire real estate cycle. MEPT targets property types that will generate a steady stream of income, thus reducing the adverse effects of significant swings in real estate market performance. On a risk-adjusted basis, MEPT consistently outperforms the long-term returns of the indices in its asset class.

MEPT has had only one year of negative returns in its 26 year history. In 1992, a severe recession and real estate downturn caused negative returns for MEPT as well as the overall industry benchmarks. MEPT has performed well against benchmarks and its peers, meeting or exceeding expectations.

as of 6/30/08

Net of Fees

Trailing 4 Quarters (compounded)

Gross of Fees

Trailing 4 Quarters (compounded)


Total	0.61%	7.51%	0.82%	8.42%

Income	0.99%	4.16%	1.20%	5.06%

Appreciation	-0.38%	3.24%	-0.38%	3.24%

Note: All MEPT returns are calculated according to the Association of Investment Management and Research (AIMR) standards as well as standards established by the National Council of Real Estate Investment Fiduciaries (NCREIF). Investment results are reported in compliance with AIMR-PPS (Association for Investment Management and Research Performance Presentation Standards) Level I and II requirements and independently verified.

Total return is computed by adding the net operating income/loss and capital appreciation/depreciation for each property in the portfolio, as well as any realized gain/loss on asset dispositions. This valuation is done on a calendar quarter basis, and completed ten business days after the quarter end.

Net operating income is calculated on a property-by-property basis according to Real Estate Information Standards set forth by the National Council of Real Estate Investment Fiduciaries (NCREIF). Operating income is recorded when it is contractually earned and billable.

Annualized returns are computed by chain linking, or compounding, quarterly returns. Returns are annualized for periods under one year to forecast what an annual return would be if returns remained at current levels. Returns are annualized for periods over one year to time weight, and therefore more effectively compare returns with other indices.

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