MEPT

FOR THE FIFTH CONSECUTIVE YEAR, BENTALL KENNEDY, THROUGH ITS WORK ON BEHALF OF MEPT, WAS AWARDED THE ENERGY STAR PARTNER OF THE YEAR AWARD BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY (EPA) IN MARCH.
In addition, Bentall Kennedy received the prestigious Sustained Excellence Award for the third year in a row...

IN JANUARY, MEPT RECEIVED TOTAL GROSS PROCEEDS OF $91.3 MILLION FOR THE SALE OF TWO ASSETS IN SUBURBAN LOS ANGELES —CORPORATE POINTE AND DEVRY AT WEST HILLS.
MEPT targeted the 11-building, 987,428 square-foot office park in the northwest San Fernando Valley for sale because it was not a long-term strategic asset for the portfolio and had low occupancy...

IN FEBRUARY, MEPT RECEIVED TOTAL GROSS PROCEEDS OF $59.5 MILLION FOR THE DISPOSITION OF CABRILLO TECHNOLOGY CENTER IN SAN DIEGO.
MEPT built the 285,585 square-foot office building in 1999 and the property performed well for the Fund over the years...

MEPT Sells Greenspoint Office Park for $23.5M
Multi-Employer Property Trust sold three office buildings in Hoffman Estates, IL, to the Teachers Retirement System of Illinois for $23.5 million, or approximately $47 per square foot…

MEPT Gains $105M Loan for 200 W. Madison Tower
Multi-Employer Property Trust has gained $105 million in financing for the 45-story 200 West Madison office tower from Prudential Mortgage Capital Co.…

Sales
Multi-Employer Property Trust announced the purchase of Parkway Village, a 134,000-square-foot shopping center…Parkway Village is 96 percent leased to 29 tenants and is anchored by Kroger…


	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 performed well against benchmarks and its peers, meeting or exceeding expectations.

as of 3/31/13

Net of Fees

Trailing 4 Quarters (compounded)

Gross of Fees

Trailing 4 Quarters (compounded)


Total	2.00%	5.10%	2.23%	6.03%

Income	1.10%	4.53%	1.33%	5.46%

Appreciation	0.90%	0.55%	0.90%	0.55%

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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