Crow Holdings Capital Real Estate · Crow Holdings Retail Fund commitments to date total $259 million (2) Crow Family Holdings has committed $100 million to Fund VII and $20 million

Crow Holdings Capital – Real Estate

April 2015

Exhibit 10

Disclaimer

2

These materials are intended only for the person to whom they have been delivered. The information contained herein is strictlyconfidential and may not be reproduced or redistributed in whole or in part, nor may its contents be disclosed, to any otherperson under any circumstances. These materials are not intended to constitute legal, tax, or accounting advice or investmentrecommendations. These materials do not contain an offer or solicitation with respect to the purchase or sale of any security.Any investment decision in connection with Crow Holdings Capital’s (“the Investment Manager”) funds (“the Funds”) shouldbe made based on the information contained in the respective Fund Confidential Private Placement Memorandum (“theConfidential Memorandums”) and the respective Fund partnership agreement, which will be made available to qualifiedinvestors upon request.

The term “Funds” means the real estate private equity funds managed by Crow Holdings Capital (“CHC”) and any referenceto the Funds taking action shall be construed to refer to the respective “General Partner” acting on behalf of the Funds. Noneof the Funds, the General Partner, the Investment Manager or their respective affiliates and employees makes anyrepresentation that the information and opinions expressed herein are accurate, complete or current.

Any performance projections with respect to the Funds or any specific project are unaudited and calculated on a pro-formabasis. Portfolio targets, projected exposures and characteristics are provided for informational purposes only; they are deemed tobe reasonable approximations by the respective General Partner based on information available today, but no guarantee orassurance can be provided as to their accuracy, and they may not offer a comprehensive representation of Fund exposures. Inconsidering the investment performance information contained herein, investors should bear in mind that past performance isnot indicative of future results. There can be no assurance that the Funds will achieve comparable results, that targetedreturns, diversification or asset allocations will be met, or that the Funds will be able to implement their investment strategy orachieve their investment objectives.

Statements in these materials are made as of April 1, 2015 unless stated otherwise herein, and the delivery of these materialsshall not under any circumstances create an implication that the information contained herein is correct as of any timesubsequent to such date. Neither the General Partner nor the Investment Manager has any obligation or undertaking todisseminate any updates or revisions to any information contained in these materials to reflect any change in expectations orany change in events, conditions or circumstances. Certain information contained herein has been obtained from publishedsources prepared by other parties and has not been verified or updated through the date hereof.

Certain information in these materials may be deemed to constitute “forward-looking statements,” which can be identified bythe use of forward-looking terminology such as “may,” “will,” “seek,” “expect,” “intend,” “project,” “target,” “believe” or thenegatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, including thosedescribed in the Confidential Memorandums, actual events or results or the actual performance of the Funds or any particularproject may differ materially from those reflected or contemplated in such forward-looking statements.

Exhibit 10

Track record: CHC-RE has experience through multiple market cycles

3Please see important notices at the end of this presentation regarding gross/net performance, Fund projections and endnotes beginning on page 46.

• Began fund business in 1998; raised over $4.9 billion of equity

• CHC-RE has successfully executed 191 realizations with an equity weighted average IRR of 26% across five funds

• Crow Family Holdings committed $794 million, 16% of total equity

• Acquired/developed over $14.6 billion in gross asset value as of 4/1/2015

• Crow Holdings Capital Regulatory Assets Under Management as of 12/31/2014, $6.98 billion (5)

Vintage Year

Total equity raised (millions)

Percent Realized (1)

Average hold period (months) (2)

Projected fund IRR (gross) (4)

Projected fund multiple (gross) (4)

Cumulative net percentage returned

Fund I 1998 281 99% (3) 59 15% 2.0x 160%

Fund II 2000 365 100% 35 26% 1.7x 146%

Fund III 2003 596 100% 23 40% 1.9x 162%

Fund IV 2006 847 65% (3) 71 (3) 4% 1.3x 79%

Fund V 2008 952 58% 34 22% 1.8x 106%

Fund VI 2012 1,067 0% n/a 16% 2.0x n/a

Fund VII 2014 591 0% n/a n/a n/a n/a

Small Retail 2014 259 0% n/a n/a n/a n/a

Exhibit 10

All information as of April 1, 2015. ( ) Years with CHC and CHC affiliated entities.

Investment Committee

Anne Raymond (31) Dan Feeney (23)

Bob McClain (27) Kevin Bryant (18)

Carlos Rainwater (26) Dodge Carter (11)

Compliance

Kevin Bryant (18)

Conrad Morrison (3)

Portfolio Management / Investor Relations

Coe Juracek (17) Cyndy Silverthorn (8) Susan Elsener (6) Rachael Wildes (2)

Kristin Rouse (1) Cynthia Maus Ashley Hubbard

Real Estate

Bob McClain (27)

General Counsel

Kevin Bryant (18)

Capital Markets

Stan Mullikin (16)

Analysts

Michael Balcom (2) Josh Ash (1)

Jack Dowling (1) Kevin Fraker (1)

Dimitri Mastorakos (1) Paul Boldrick

Patrick Camporini Matt Gibson

Brian Hong Robbe McNabb

Jessie Dornak

Convenience Stores & Gas Station

Rodney Whitley (17)

Cyndy Silverthorn (8)

Christina Morrow (3)

Nathan Bennett (1)

Office Buildings

Carlos Rainwater (26)

Anna Graves (17)

Tamara Mills (15)

Ronna McAuley (7)

Kelley Siegel (14)

Anna Cooley (2)

Jason Haby

Retail Shopping Centers

Dan Feeney (23)

Anna Graves (17)

Tiffani Heidebrecht (16)

Tamara Mills (15)

Kelley Siegel (14)

Ronna McAuley (7)

Christina Morrow (3)

Anna Cooley (2)

Industrial Warehouse Buildings

Ben Doherty (17)

Kelley Siegel (14)

Matthew Colter (11)

Brice Hafner (4)

Ronna McAuley (7)

Nathan Bennett (1)

Hotels

Diane Parmerlee (23)

David Lee

Experienced Real Estate Group

4

Small Retail Fund

Sam Peck (7)

Jenny Wilkes (2)

Ryan Burkhead (1)

Kristin Millington

Hillary Taylor

Assets Owned Today 112

Low Ratio of Assets Per Person 2.1

Personnel Breakdown # Avg. Yrs.

Investment Committee 6 23

Product Leaders 6 20

Real Estate Group Total 52 8

Analysts Starting June 2015

1. Matt Murphy – SMU 5. Jimmy Wentworth – Boston College

2. Curry Clements – Vanderbilt 6. Madison Hufford – Vanderbilt

3. Anna Savage – A&M 7. Chase Furr – UNC

4. Jeff Eichenholz – Vanderbilt 8. Brian Cavanaugh - UT Austin

Multi-Family/ Apartments

Dodge Carter (11)

Gerry Hedgcock (12)

Daniel Branch (5)

Michael Hoy (4)

Chris Hammes (3)

Madeline Lewis (2)

Nathan Schubert (1)

Exhibit 10

Alignment: A significant level of alignment

5

Total capital84%

Crow Family

commitments

16%

»The Crow Family has invested $794 million in equity capital (2)

»Crow Family investments are treated identically to other LPs

» Same fees

» Same promotes

Total capital committed across funds: $4.9 billion (1)

% equity

(1) Figure reflects aggregate commitments across Funds I – VII and the Crow Holdings Retail Fund as of April 1, 2015. Fund VII commitments to date total $591 million. Crow Holdings Retail Fund commitments to date total $259 million

(2) Crow Family Holdings has committed $100 million to Fund VII and $20 million to the Crow Holdings Retail Fund.

Exhibit 10

Investment approach: CHC-RE invests across a diversified set of high opportunity markets

» More diversified economy

» More tenant demand

» Multiple high quality leasing and management service providers

» More favorable debt terms and availability

» Generally more constraints to new development

» More buyer interest on exit

6

San Francisco

Portland

Los Angeles

Phoenix

Denver

AustinHouston

Dallas

San Antonio

Atlanta

ChicagoNew York City

Washington, D.C.

Fund IV Fund V Fund VI

82 80 81

18 20 19

Percent equity committed in major markets: Funds IV – VI (1)

See endnotes on page 46.

Seattle

Florida Markets

Charlotte

Exhibit 10

Investment approach: CHC-RE overweights allocation to real estate asset classes with strong cash flows

Target allocation approach by sub-asset class% of equity

Target overweight asset classes:» Multi-family apartments» Retail shopping centers» Industrial warehouses» Convenience and gas stations

Typically characterized by:» less terminal value dependence» lower capital needs» stable cash flows» broad debt service coverage

Target underweight asset classes:» Office/medical buildings» Hotels

Typically characterized by:» more terminal value dependence» higher capital needs» less predictable cash flows» lower debt service coverage

7

The Fund has substantial flexibility when implementing its investment strategy; targeted investments, portfolio composition and investment strategy may change over time and there can be no assurance Fund objectives will be achieved.

70%

30%

Target Allocation %

Exhibit 10

Philosophy: Equity diversification

8

Number of Investments

Fund I 46

Fund II 48

Fund III 50

Fund IV 54

Fund V 53

Fund VI 59 (1)

» Average 52 Separate Investments per Fund across Funds I – VI


» Generally individually financed and not cross-collateralized

Exhibit 10

Strategy: Previous allocations reflect CHC-RE’s ability to take advantage of opportunities within the marketplace.

Pro

duct

allo

cati

ons

(% e

quit

y)

Allocations approach by sub-asset class% equity

9

Multi-family apartment (1)

Industrial warehouse

Retail shopping center

Land development

Hotel

Office/medical building

Convenience & gas store

Fund I Fund II Fund III Fund IV Fund V Fund VI

10 21 31 55

17 37 14

19 5 23 18 10 12

20 11 10

0 0

12

9

7 8 7

8 4 3 3

24 26 276 2

44 18

7

0 0 0 0 120

51

» Groceryworks.com (Retail, Fund II) 2001

» Post-Lehman homeowners regulations (Multi-family, Fund V-VI) 2008

» Oil and gas sell-off and divestiture (Convenience & gas, Fund V) 2009

» Affordable Care Act (Office building, Fund VI) 2013

» Tenants in common ownership / CMBS assumption (Retail, Fund VII) 2014


Structural Events:

Exhibit 10

Strategy: Apply a value-add “tool box” to attempt to increase each investments’ value

Value-creation techniques

Increase NOI

Fix something

Development

Find opportunities to increase NOI through active asset management

Invest in strategic property improvements to enhance desirability

Find opportunities to develop or expand a property below the cost to acquire it

» Rollover of leases with below market rates» Lease-up of vacancies

» New management & leasing teams (All)» Renovate/ reposition (All)» Remediate environmental issue (Shopping centers)» Extend short-term anchor lease (Shopping centers)» Replace bankrupt anchor (Shopping centers)» Buy from Tenants In Common owners (All)» Assume CMBS debt » New branding (Hotel)

» Build below cost to acquire» Expand under-utilized sites

10

Exhibit 10

11

Strategy: Capital Markets

» Focus on Debt Service Coverage Ratio

» Keep project level leverage appropriate

» Bias toward long-term fixed rate debt

» Minimize cross collateralization and debt guarantees

» Try to minimize CMBS issued debt

Exhibit 10

Underwritten Returns2013 OperatingPerformance Realized Actuals

Fund V 2014 Realizations (3)Hold Period (months)

Fund IRR (gross)

Fund Multiple (gross)

Hold Period (months)

Fund IRR (gross)

Fund Multiple (gross)2013 ROE

4Q2013DSCR

1. Whispering Pines Ranch 117 14% 2.9X 8% 1.8 34 22% 1.7X2. The Core 84 14% 2.2X 6% 1.8 40 26% 2.1X3. Eon at Lindbergh 36 18% 1.6X 9% 2.1 51 20% 1.7X4. Estates at Bellaire 84 13% 2.1X 12% 1.9 29 31% 1.8X5. Pavilion Townplace 120 14% 3.0X 11% 1.8 39 32% 2.3X6. The Pradera 114 16% 3.1X 11% 1.8 33 29% 1.9X7. Providence Uptown 84 13% 2.1X 10% 2.9 30 27% 1.7X8. Wyndchase Aspen Grove 112 14% 2.6X 10% 1.7 30 25% 1.7X9. N.Y. Exxon Portfolio 84 23% 2.8X 13% (1) N/A 41 35% 2.2X10. Chicago Exxon Portfolio 60 31% 2.5X 18% (1) N/A 44 39% 2.4X11. Mariposa Lofts 60 14% 1.8X 9% 2.4 30 37% 2.1X12. Northlake Commons 60 18% 2.0X 15% 1.9 35 29% 1.9X13. Whole Foods Center 100 16% 2.5X 11% 1.8 25 43% 2.0X14. Lonestar Industrial Portfolio 84 13% 2.0X 8% 2.0 32 34% 2.0X15. WesTech Village Corner 84 14% 2.2X 7% 1.9 31 23% 1.6X16. Briarcliff City Apartments 107 15% 2.6X 11% 2.7 32 22% 1.6X17. Montgomery Village Plaza 84 18% 2.5X 16% 3.4 41 36% 2.4X18. Terrawood Apartments 120 14% 2.8X 8% 1.5 49 14% 1.6X19. Artessa at Quarry Village 84 15% 2.2X 9% 2.0 39 19% 1.6X20. Legacy Heights 96 15% 2.5X 7% 1.8 52 15% 1.7X21. Scottsdale Horizon 63 14% 1.8X 8% 1.8 30 17% 1.4X22. Elizabeth Lofts 48 16% 1.7X N/A N/A 38 39% 2.5X

Underwritten & Realized Gross Returns

86 Months (2) 16% 2.4X 10% (2) 2.0x 35 Months (2) 28% 1.9X

12

Strategy: Structure for the long-term and monitor market trades

Structured for long-term hold High yieldHigh DSCR

Sell individually or in bulk to realize returns

Please see important notices at the end of this presentation regarding gross/net performance, Fund projections and endnotes beginning on page 46.

Exhibit 10

Comments:

» Huge capital inflows

» TIC owners & CMBS

» Consolidation

» Low recent supply

Example: Fund VI product allocation & Fund VII projected allocation

13

Product Type

Hotels

Office Buildings

Total

Final % of Total Fund V Commitments

90%

Final % of Total Fund VI Commitments (1)

86%

Fund VII Target Allocation (2)

Cas

h Fl

ow

Ori

ente

dT

erm

inal

Val

ue

Dri

ven


9%

20%

51%

10%

8%

2%

100%

55%

18%

1%

12%

7%

7%

100%

30% - 40%

25% - 30%

1% - 5%

25% - 30%

5% - 10%

5% - 10%

100%

Multi-Family Apartments

Convenience & Gas

Industrial Warehouse

Shopping Centers

Exhibit 10

Value Add Acquisition (“Fix something”)

MULTI-FAMILY

Pavilion Townplace (Fund V)

14

Description

» 236 units in the Park Cities area of Dallas, TX

» $11.9M Fund V Equity (88% ownership)

» Acquisition: December 2010 ($168k / unit basis)

Opportunity

» Prior owner; non-multi-family management

» Rental rates not pushed

» $1.3M of common area upgrades needed

Results

» Experienced manager reduced expenses 29%

» 20% increase in rents

» Sold property in March 2014 – 39 month hold

» Exceeded underwritten returns on 10 year hold

» 5.5% exit cap rate – $237k / unit

Returns (1) Underwritten Realized

Gross Fund IRR 32%

Gross Fund Multiple 2.3X

14%

3.0X

(1) Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Exhibit 10

15

Broadstone van Dorn (Fund VI)

MULTI-FAMILY

Description

» 184 units in Alexandria, VA

» $10.5M Fund VI Equity (95% ownership)

» Budgeted project cost - $30.0 million, $163k / unit

» Acquisition: October 2013

Opportunity» Convert from an extended stay hotel to multi-

family apartments

» Conduct a comprehensive renovation program

Exit Strategy» Achieve an exit cap of 5.5% in 60 months

» Sell asset in Sept. 2018 for $211k / unit

Projected Gross Fund Multiple 2.0X

Projected Returns as of December 31, 2014 (1)

Projected Gross Fund IRR 16%

Conversion/Renovation


Exhibit 10

Extend Anchor Lease

SHOPPING CENTERS

16

Market At Parmer Lane (Fund VI)

Description

» 122,349 SF in Austin, TX

» $9.2M Fund VI equity (100% of ownership)

» Acquisition: October 2013, ($195 psf)

Opportunity

» Buy a grocery anchored center with strong sales

» HEB is the #1 grocer in Austin and South & Central Texas

» Renew and extend the HEB lease to achieve a lower exit cap rate

» Improve tenancy by adding national tenants

» Install new leasing team to lease vacancy and renew below market rents with existing tenants

Exit Strategy

» ~ 7 year hold (sell asset in June 2020)

» 6.0% exit cap rate

» $235 psf

Projected Gross Fund IRR 13%

Projected Gross Fund Multiple 2.0X



Exhibit 10

Fix Something – Short Term Anchor Lease

SHOPPING CENTERS

Whole Foods Center (Fund V)

Gross Fund IRR 43%


17

Description

» 68,334 SF in Fort Collins, CO

» $5.9M Fund V equity (100% of ownership)

» Acquisition: August 2012, ($262 psf)

Opportunity

» Buy a Whole Foods anchored center in a town with a major college

» The 25,000 SF liquor store had a two-year lease with a market rate option

» Roll liquor store to market and sell or refinance the shopping center

Original Exit Strategy

» 8 year hold, 7.0% exit cap rate

Results» Sold asset in Sept. 2014 at a 5.8% exit cap rate —

$335 psf

» 25 month hold


16%

2.5X


Exhibit 10

SHOPPING CENTERS

Wall Towne Center (Fund II)

18

Lease-Up Vacancy

Description

» 91,000 SF in Wall Township, NJ

» $5.8M Fund II equity (100% of ownership)

» Acquisition: February 2002, ($184 psf)

Opportunity

» Buy a center anchored by ShopRite, the dominant grocery store chain in the market, located in an affluent area.

» 98% of existing leases contained fixed bumps in rent during initial term.

» 94% leased at acquisition. Lease-up existing vacancy.

Results

» Sold asset in June 2004 (100% leased)

» 6.7% exit cap rate

» $263 psf

Gross Fund IRR 49%



20%

2.1X


Exhibit 10

Roll Leases to Market

19

Description

» Dallas, Texas Industrial Portfolio

» 667,702 square feet in 5 buildings

» $8.2M Fund V equity (96% ownership)

» Acquisition: August 2010, ($38 psf)

Opportunity

» Attractive $38 psf basis vs. seller’s $53 psf

» Infill location – excellent access & functionality

» 92% leased at acquisition – lease vacancy & roll rents up

Results

» Leased asset to 100% in 15 months

» Increased underwritten market rents

» Sold asset in December 2013 – 40 month hold

» 6.9% exit cap rate – $43 psf

INDUSTRIAL

Gross Fund IRR 20%


Valwood Metropolitan Portfolio (Fund V)


15%

1.8X


Exhibit 10

Lease-Up, Renovation & Rollover (“Increase NOI”)

20

Description

» 306,906 SF in the Downtown Financial District of Manhattan, NY

» $36.0M Fund IV equity (90% of ownership)

» Acquisition: June 2006, ($244 psf)

Opportunity

» Lease up vacancy (80% leased at below market rents and loss factors at acquisition)

» Roll tenants to market

» Use market loss factors to increase rentable SF

» Potential lobby expansion and lease-up additional retail space on Broadway

Results

» Grew NOI from $4.0M at acquisition to $8.0M at time of sale

» Sold in April 2014 for $157M

» 5.0% exit cap rate – $466 psf

OFFICE

Gross Fund IRR 14%


55 Broadway (Fund IV)


15%

2.9X


Exhibit 10

Development/Pre-Leased Medical Office (“Development)

21

Description

» Pre-leased hospital and spec medical office building in Ft. Worth, San Antonio and Austin

» Approximately 230,000 square feet per site

» Project Cost: Average $94.9M per site

» Fund VI Equity Commitment - $32.4M total (27-46% ownership)

Opportunity

» No Medicare/Medicaid reimbursement allows for physician ownership – reaction to affordable care act

» Hospital (145k-154k SF) is preleased for 20 years to physicians-owned/controlled private pay hospital group

» Medical office building (80k SF per site) is 25% leased for 10 years to same group

» Hospital built on 14% yield on cost, medical office building built on 10% yield on cost

OFFICE / MEDICAL OFFICE

SAN ANTONIO

AUSTIN

FT. WORTH

Projected Gross Fund IRR 25% - 29%

Projected Gross Fund Multiple 2.1X – 2.7X


Forest Park Medical (Fund VI)


Exhibit 10

22

Change Manager

Doubletree Hotel IAH (Fund IV)

Description

» 313 room hotel in Houston, TX

» Renovated and reflagged prior to acquisition

» Purchase Price: $42 million ($143k per key)

» $22.9M Fund IV equity (100% of ownership)

» Acquisition: July 2008

Opportunity

» Cash flowing asset in dynamic oil and gas market

» Assumed favorable debt on acquisition; purchased debt at discount prior to maturity and refinanced

» Changed manager to drive incremental revenue through more effective sales and yield management strategy

Results» Sold asset in December 2014 for $55M ($174k

per key).

HOTEL


Gross Fund IRR 15%



16%

2.2X

Exhibit 10

Investment Realization

23

Description

» 62 locations throughout New York

» $38.7M Fund V equity funded (Mezzanine)

» Acquisition: November 2010

Investment Update

» Capitol Petroleum was successful in refinancing the mezzanine position in March 2014 with senior syndication at M&T Bank and BMO, as well as a mezzanine loan with MSD Capital.

» Total Gross Profit: $46.7M

» Average Return on Equity: 17%

» Hold Period: 41 months

CONVENIENCE & GAS

New York Exxon Portfolio (Fund V)

Gross Fund IRR 35%



23%

2.8X


Exhibit 10

Fund VII

24

Closed Investment Location Product Type Acquisition DateFund VII Equity Commitment ($M)

Annapolis * Annapolis, Maryland Multi-Family December 14, 2014 $15

The Virage Houston, Texas Multi-Family December 16, 2014 $34

Acadian Village Baton Rouge, Louisiana Retail December 18, 2014 $11

West 79th * Phoenix, Arizona Industrial December 18, 2014 $8

Dwell at McEwen Franklin, Tennessee Multi-Family December 19, 2014 $27

Hanover Lantana * Austin, Texas Multi-Family January 29, 2015 $15

Esplanade III Phoenix, Arizona Office March 10, 2015 $27

Redlands Gateway Logistics Center * Redlands, California Industrial March 13, 2015 $27

360 GSW Global Logistics Center * Grand Prairie, Texas Industrial March 27, 2015 $18

Total VII Equity Commitments $184M

» $100M from Crow Family Holdings

» Commenced Investment Period December 10, 2014

» 9 acquisitions as of April 1, 2015

» $184 million of Fund VII equity committed to closed investments

» 7 investments in the pipeline, $187 million of additional Fund VII equity (1)

* Denotes that investment is a development project. (1) All assets in pipeline have been approved by Investment Committee. Projected equity commitments are subject to change and there can be no assurance that the investment will close as anticipated.

Exhibit 10

Fund VI – Investment Period Closed

IRR Multiple

Targeted Gross Returns Mid teens 2.0X

Targeted Net Returns (1) 10 - 11% 1.7X

» $1.067B of equity raised in 2012-2013


» Commenced Investment Period November 1, 2012

» Terminated Investment Period December 10, 2014

» 59 deals, placing 95% of Fund VI equity (2)

» 85% of equity placed in Multi-Family, Industrial, Retail

Shopping Centers & Convenience and Gas

Fund VI Final Placement

25

34%

18%7%6%

3%1%

21%

6%4%

% Equity

Acquisitions (blues) 69%

Development (greens) 31%

Multi-Family

Retail

Hotel

Industrial

Office

Convenience & Gas

Multi-Family

Industrial

Office

Acquisitions: Development:

Please see endnotes on page 46.

Exhibit 10

Fund V: Market Driven Sales (32 of 52 Sold) (1)

26

MultipleIRR

22% 1.8XProjected Gross Returns (4)

15% 1.5XProjected Net Returns (2), (4)

» $952M of equity raised in 2007-2008


» Closed investment period November 1, 2012

» Closed 53 transactions, 96% ($918M) of equity contributed to closed investments

» As of 4/1/2015, 33 sales (56% of contributed equity) generated a 32% gross IRR & a 2.0X gross multiple

» Net distributions as of 4/1/2015:

» $962M (approximately 106% of the total $908M contributed equity) (5)

» Current value of remaining investments as of 12/31/2014 - $460M, (114% of cost) (3)

» Due to unexpectedly improved market conditions, currently marketing 5 assets for sale (13% of contributed equity)

See endnotes beginning on page 46.

Exhibit 10

Fund IV: Well Positioned for Financial Crisis

27

MultipleIRR



» $847M of equity raised in 2005, $150M from Crow Family Holdings

» Capital placed 2006-2008

» As of 4/1/2015, realized 31 assets (57% of contributed equity)

» Marketing 1 asset for sale (1% of contributed equity)

» Net distributions to limited partners as of 4/1/2015:


» Current value of remaining investments as of 12/31/14 - $227M (3), (86% of cost) (4)

» Well positioned for downturn

» 92% fixed rate or hedged debt in place (5)

» Reserved $110 million in Summer of 2008


Exhibit 10

Fund III: Portfolio Premium Realized in Sale to GE

28

MultipleIRR

40% 1.9XGross Realized Returns

29% 1.6XNet Realized Returns (1)

» $596M of equity raised in 2003



» Fund III sale closed January 12, 2007

» Sold into peak of market when there was a premium for large deals

» Generally underwrote a 7-10 year hold

» Average hold period of 23 months

» Large real estate team crucial for quick sale to GE Capital Corporation

(1) Net of management fees, partnership costs and carried interest. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Exhibit 10

Fund II: Cashed In On Groceryworks.com Mania

29

MultipleIRR

26% 1.7XGross Realized Returns

17% 1.5XNet Realized Returns (1)

» $365M of equity raised in 2000



» Placed heavily in retail shopping centers – 44% allocation, 21 retail shopping centers

» Generated a 40% gross IRR and a 2.0X gross cash multiple

» Average hold period, 26 months

(1) Net of management fees, partnership costs and carried interest. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Exhibit 10

Fund I: Managed Through 9/11 & NASDAQ Crash

30

MultipleIRR



» $281M of equity raised in 1998, $75M from Crow Family Holdings


» Extended fund to February 2015

» Net cumulative distributions to limited partners as of 4/1/2015:


» Kimpton MGMT Company realized January, 2015; generated 21% gross IRR and a 6.2x gross cash multiple

» One remaining asset: (1% unrealized based on equity invested) (4)

» Daniel Island (2.75X gross realized multiple and 19% gross realized IRR as of 12/31/14)

» Daniel Island sale anticipated April 2015; projected gross IRR of 20% and a 3.2x gross cash multiple See endnotes on page 46.

Exhibit 10

31

Initial fund target size

» $1.0 - $1.5 billion

Sponsorship » $100 million commitment from Crow Family Holdings

Investment focus

» To acquire or develop a diversified portfolio including multi-family apartments, industrial warehouses, shopping centers, hotels, office buildings, convenience and gas stations, and medical office buildings.

Fundraising timing

» First close: November 7, 2014

» Anticipated final close 4Q2015

Investment period

» Ten years (with 2 one-year extension options)

Term» Commencement Date: December 10, 2014

» Four year Investment Period

Fund structure

» 1.25% Mgmt Fee for a Commitment $100 million and greater

» 1.50% Mgmt Fee for a Commitment under $100 million

» 9% Preferred Return

» 20% Carried Interest, with 50/50 catch-up

» Clawback with guarantee

Terms: Fund VII Overview

Exhibit 10

Appendix: Funds I – VII Summary and Returns

32

Projected Returns as of 12/31/14

Fully Realized Returns as of 12/31/14

I II (1) III (1) IV V

Fund Size $281M $365M $596M $847M $952M $1.067B

Crow Family Holdings Equity $75M $75M $150M $150M $150M $75M

Year Raised 1998 2000 2003 2006 2008 2012-2013

Year Placed 1998-2000 2000-2003 2003-2006 2006-2008 2008-2012 2012-2014

Number of Transactions 41 41 42 54 53 60

No. of Transactions Remaining 1 0 0 21 19 60

Average Equity Per Investment $5M $8M $11M $15M $18M $17M

Gross IRR to the Fund 15% N/A N/A 4% 22% 16%

Net IRR to the Fund 11% N/A N/A 2% 15% N/A

Gross Multiple to the Fund 2.0X N/A N/A 1.3X 1.8X 2.0X

Net Multiple to the Fund 1.6X N/A N/A 1.1X 1.5X N/A

Gross IRR to the Fund 14% 26% 40% 6% 32% N/A

Net IRR to the Fund (2) 11% 17% 29% N/A N/A N/A

Gross Multiple to the Fund 1.7X 1.7X 1.9X 1.3X 2.0X N/A

Net Multiple to the Fund (2) 1.4X 1.5X 1.6X N/A N/A N/A

VI


$591M (4)

$100M

2014-2015

2014-TBD

9 (3)

N/A

$20M

VII

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Exhibit 10

1.64X (3)

1.46X

1.61X

1.05X (3)

1.47X (3)

Fund I99% Realized

Fund II100% Realized

Fund III100% realized

Fund IV65% Realized

Fund V58% Realized

(1)(1)

Funds I-V Net Multiples as of 12/31/2014

33

Realized value

Unrealized value

Assumes unrealized assets are realized at their 12/31/2014 fair value. Multiples are calculated using net distributions to limited partners (“realized value”), net asset value of the fund net of promote as of 12/31/2014 (“unrealized value”) and cumulative contributions including asset management fees. (1) Percent realized includes partial realizations. Information as of 4/1/2015. (2) Percent realized does not include Highland Park Village, a mezzanine loan that is now realized. Information as of 4/1/2015. (3) Figures are calculated using the net asset value of the Fund, net of promote, at 12/31/2014. Please note that year end figures are not yet final and are therefore subject to change.

(2)

Exhibit 10

Fund IV Net Multiple as of 12/31/2014

34

Realized value

Unrealized value

(1) Assumes unrealized assets were realized at their 12/31/2009 fair value. Multiples were calculated using net distributions to limited partners (“realized value”), net asset value of the fund as of 12/31/2009 (“unrealized value”) and cumulative contributions including asset management fees.

(2) Assumes unrealized assets are realized at their 12/31/2014 fair value. Multiples are calculated using net distributions to limited partners as of 12/31/2014 ($626M or “realized value”), net asset value of the fund net of promote as of 12/31/2014 ($203M or “unrealized value”) and cumulative contributions including asset management fees ($790M).

(3) Based on 12/31/2014 Fund IV asset plan.(4) Figures are calculated using the net asset value of the Fund at 12/31/2014. Please note that year end figures are not yet final and are therefore subject to change. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

0.61X

1.05X (4)1.11X

Low: 2009 Current: 2014 Projection:100% Realization by

2018

(1) (2)

(3)

Exhibit 10

Fund V Net Multiple as of 12/31/2014

35

Unrealized value

Realized value

(1) Assumes unrealized assets are realized at their 12/31/2014 fair value. Multiples are calculated using net distributions to limited partners as of 12/31/2014 ($959M or “realized value”), net asset value of the fund net of promote as of 12/31/2014 ($376M or “unrealized value”) and cumulative contributions including asset management fees ($908M).

(2) Based on 12/31/2014 Fund V asset plan.(3) Figures are calculated using the net asset value of the Fund at 12/31/2014. Please note that year end figures are not yet final and are therefore subject to change. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

1.47X (3)1.54X

Current: 2014 Projection:100% Realization by 2018

(1)

(2)

Exhibit 10

Funds I-VII Investment Summary

36

MULTI-FAMILY

Fund I Fund II Fund III Fund IV Fund V (3) Fund VI (3) Fund VII Total

Number of Transactions 4 6 11 15 26 25 4 91

Total Number of Units 1,484 1,870 3,859 5,243 8,628 7,771 1,278 30,133

Total Equity (1) $31M $37M $115M $251M $471M $557M $91M $1.6B

Percent Realized (1) 100% 100% 100% 58% (2) 51% 0% 0%

Gross Fund IRR on Realized Investments 12% 46% 37% 9% (4) 25% N/A N/A

Gross Fund Multiple on Realized Investments 1.7X 2.1X 1.6X 1.7X (4) 1.8X N/A N/A

Units Owned Today 2,235 3,630 7,771 1,278 14,914

RETAIL

Fund I Fund II Fund III Fund IV (2) Fund V Fund VI Fund VII Total


Total Square Footage 2.8M 2.9M 3.6M 0.9M 1.2M 1.9M 0.1M 13.4M

Total Equity (1) $46M $153M $199M $118M $79M $183M $11M $789M

Percent Realized (1) 100% 100% 100% 45% (3) 79% (4) 0% 0%

Gross Fund IRR on Realized Investments 20% 40% 37% 10% 37% (4) N/A N/A

Gross Fund Multiple on Realized Investments 1.8X 2.0X 1.8X 1.6X 1.8X (4) N/A N/A

(1) Based on equity invested for Funds I-III. Fund IV is based on equity commitments to closed investments but does not include Concord Park, an investment that failed to close representing $5.5M in commitments. Fund V, VI & VII are based on equity committed to closed investments.

(2) Does not include Concord Park, an asset that failed to close with all pursuit cost lost. Includes partially realized assets

(3) Includes For-Sale Housing investment in Sullivan Street (Fund V) & Mulberry North (Fund VI).(4) Does not include Concord Park.

(4) Does not include Highland Park Village a mezzanine loan, for which no equity was called and that generated $8M in profit, that is now realized.

Please see important notice at the end of this presentation regarding gross/net performance.

(1) Based on equity invested for Funds I-III and equity committed to closed investments for Funds IV-VII.(2) Includes the NNN Joint Venture, which consists of 21 convenience stores purchased through three transactions.(3) Includes partially realized investments

Exhibit 10


37

HOTEL

Fund I Fund II Fund III Fund IV Fund V Fund VI Total

Number of Transactions 10 3 1 4 2 2 22

Total Number of Rooms 1,946 1,915 1,729 1,197 721 772 8,280

Total Equity (1) $54M $38M $54M $57M $77M $73M $353M

Percent Realized (1) 100% 100% 100% 100% 0% 0%

Gross Fund IRR on Realized Investments 14% 22% 29% 7% (2) N/A N/A

Gross Fund Multiple on Realized Investments 2.6X 1.9X 2.0X 1.5X (2) N/A N/A

INDUSTRIAL

Fund I Fund II Fund III Fund IV Fund V Fund VI Fund VII Total


Total Square Footage N/A (1) 1.4M 9.3M 4.7M 5.4M 5.9M 2.2M 28.9M


Percent Realized (2) 100% 100% 100% 48% (3) 71% 0% 0%

Gross Fund IRR on Realized Investments 18% 60% 50% 6% 34% N/A N/A

Gross Fund Multiple on Realized Investments 1.8X 1.7X 2.2X 1.3X 1.9X N/A N/A

(1) Based on equity invested for Funds I-III and equity committed to closed investments for Funds IV-VI.(2) Includes Dolce Atlanta – Peachtree, which was returned to the lender with all equity lost, Doubletree

Columbus, which was sold through a foreclosure sale with all equity lost, and Omni Royal Orleans where the Fund’s JV interest was sold to its JV partner.


(1) Fund I investment was a private industrial REIT which at the sale date owned 36M square feet of real estate. Fund I invested $50M in the REIT which had a total of $1.5B of capital upon sale in December 2002.

(2) Based on equity invested for Funds I-III and equity committed to closed investments for Funds IV-VII.(3) Includes partially realized investments. Calculation as of 4/1/2015.

Exhibit 10


38

OFFICE

Fund I Fund II Fund III Fund IV Fund V Fund VI Fund VII Total


Total Square Footage 3.6M 1.4M 0.5M 2.2M 0.1M 1.2M 0.2M 9.2M


Percent Realized (1) 100% 100% 100% 82%(2) 100% 0% 0%

Gross Fund IRR on Realized Investments 8% 0% 57% 4% 37% N/A N/A

Gross Fund Multiple on Realized Investments 1.3X 1.0X 1.7X 1.2X 1.8X N/A N/A

LAND

Fund I Fund II Fund III Fund IV Fund V Fund VI Total

Number of Transactions 2 3 4 4 0 0 13

Total Acres 1,857 2,659 3,148 101 0 0 7,765

Total Equity (1) $20M $13M $15M $25M $0M $0M $73M

Percent Realized 82% 100% 100% 100%(3) N/A 0%

Gross Fund IRR on Realized Investments 32% (2) 21% 76% - (3) N/A N/A

Gross Fund Multiple on Realized Investments 1.2X (2) 1.7X 1.9X 0.0X (3) N/A N/A

(1) Based on equity invested for Funds I-III and equity committed to closed investments for Funds IV-VI.(2) Includes partially realized investments. Calculation as of 4/1/2015.

(1) Based on equity invested for Funds I-III and equity committed to closed investments for Funds IV-VI. (2 ) Does not include Daniel Island because the asset has not been fully realized.

(3) All four investments were deeded back to the lenders by the investments’ General Partners, where all equity was lost.


Exhibit 10

Appendix: Fund IV Investments

39

All metrics presented for realized investments reflect gross realized returns to the Fund. All metrics presented for unrealized investments reflect projected gross returns to the Fund, calculated as of December 31, 2014. See endnotes on page 46. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Transaction Product Type Location#SF / Units / Gas Stations / Acres

Equity Commitment $M

Fund IRRgross

Fund Multiplegross

Realized / Unrealized

Dolce Atlanta-Peachtree (1) Hotel Atlanta, GA 233 $15.8 N/A 0.0x Realized

Doubletree Columbus/Worthington (1) Hotel Columbus, OH 306 $8.2 N/A 0.2x Realized

Doubletree Hotel IAH Hotel Houston, TX 313 $22.9 14.5% 2.0x Realized

Omni Royal Orleans Hotel New Orleans, LA 345 $10.4 25.4% 3.4x Realized

Amwiler-Gwinnett Industrial Park Industrial Atlanta, GA 435,535 $10.4 0.1% 1.0x Unrealized

Bethel Business Center Industrial Dallas, TX 162,650 $4.3 18.9% 2.7x Realized

Collington Center Industrial D.C. Metro (Bowie, MD) N/A $15.5 3.8% 1.2x Unrealized

Grand Lakes Distribution Center Industrial Dallas, TX 636,248 $17.7 - 0.8x Realized

Lakeview Business Park Industrial Houston, TX 240,959 $10.6 12.7% 1.8x Unrealized

Manana Truck Center Industrial Dallas, TX 67,500 $10.4 0.1% 1.0x Unrealized

Mark IV Truck Center Industrial Fort Worth, TX 67,500 $7.9 N/A 0.0x Unrealized

MK Industrial Portfolio Industrial Atlanta, GA 1,541,630 $24.6 4.1% 1.4x Unrealized

Penn Warner Industrial Philadelphia, PA 240,000 $6.4 - 0.5x Unrealized

South Kitchener Industrial Park Industrial Toronto, Ontario 327,000 $23.8 3.2% 1.1x Realized

The Pines Business Park Industrial Houston, TX 140,075 $2.7 36.0% 2.5x Realized

Trinity Overlook at GSW Industrial Dallas, TX 305,000 $5.4 12.9% 1.8x Realized

Westpark Industrial Park Industrial Orlando, FL 535,385 $10.8 - 0.6x Unrealized

Beacon Island (1) Land Houston, TX 35 $12.6 N/A 0.0x Realized

Quality Inn (3) Land Dallas, TX 5 $0.0 - 0.3x Realized

South Shore Waterfront (1) Land Houston, TX 26 $5.6 N/A 0.0x Realized

Versante Canyon Homes (1) Land Austin, TX 35 $6.8 N/A 0.0x Realized

Alta Woods Multi-Family Atlanta, GA 498 $30.0 6.5% 1.4x Realized

Aluna Largo Multi-Family Tampa/Clearwater, FL 288 $11.0 - 0.9x Unrealized

Casa Los Pinos (1) Multi-Family Atlanta, GA 386 $6.6 N/A 0.0x Realized

Concord Park (2) Multi-Family Charleston, SC N/A $5.5 N/A N/A Not Applicable

Crest at Lone Tree Multi-Family Denver, CO 400 $18.5 9.18% 1.9x Realized

Exhibit 10

Appendix: Fund IV Investments Continued

40



Fund IRRgross

Fund Multiplegross


Equinox Multi-Family Houston, TX 304 $15.7 8.9% 1.9x Unrealized

Estates at Memorial Heights Multi-Family Houston, TX 437 $17.1 16.8% 2.6x Realized

Mosaic at Mueller Multi-Family Austin, TX 441 $22.8 9.6% 1.9x Unrealized

Notting Hill Multi-Family Chapel Hill, NC 200 $8.0 5.4% 1.5x Realized

Post Collier Hills Multi-Family Atlanta, GA 396 $16.7 4.5% 1.4x Unrealized

Post Crest Multi-Family Atlanta, GA 410 $14.9 0.2% 1.0x Unrealized

Post Lindbergh Multi-Family Atlanta, GA 396 $20.0 1.4% 1.1x Unrealized

Preserve at Rolling Oaks Multi-Family Austin, TX 494 $13.2 7.5% 1.7x Realized

Ridglea Village Multi-Family Fort Worth, TX 253 $7.5 9.8% 1.8x Realized

Riverfront Village Multi-Family Beaver Creek, CO N/A $36.2 - 0.2x Unrealized

Thorncroft Farms Multi-Family Portland, OR 340 $13.0 10.6% 2.0x Realized

370 Lexington Office New York City, NY 273,063 $30.9 32.4% 1.8x Realized

55 Broadway Office New York City, NY 338,466 $36.0 14.0% 2.3x Realized

90 K Street Office Washington, D.C. 412,661 $72.6 4.6% 1.3x Unrealized

DaVinci Court Office Atlanta, GA 77,038 $6.4 6.6% 1.4x Realized

Marnell Corporate Center Office Las Vegas, NV 176,959 $26.4 - 0.5x Realized

Pecan Park Office Austin, TX 272,888 $19.9 - 0.6x Realized

Royal Centre Office Atlanta, GA 623,060 $34.5 N/A 0.3x Realized

2929 Oak Lawn Avenue Retail Dallas, TX 25,632 $6.5 13.9% 1.8x Realized

Backlick Plaza Retail D.C. Metro (Springfield, VA) 85,940 $7.1 12.5% 2.2x Unrealized

Conroe Marketplace Retail Houston, TX 298,232 $15.8 8.9% 2.0x Unrealized

Downing Center Retail San Jose, CA 71,861 $10.0 2.7% 1.2x Realized

Fremont Retail San Francisco, CA 118,365 $22.4 6.0% 1.6x Unrealized

North Ranch Gateway Retail Los Angeles, CA 86,582 $17.0 - 0.8x Unrealized

NRP - NNN Retail Properties Fund I Retail Various Locations, USA 115,614 $28.5 15.6% 1.8x Realized

St. Helena Plaza Retail Napa County, CA 10,800 $1.3 5.3% 1.6x Unrealized

Westgate North Retail Tacoma, WA 62,229 $7.9 3.3% 1.3x Realized


Exhibit 10

Appendix: Fund V Investments

41



Fund IRRgross

Fund Multiplegross


Brooklyn/Staten Island Exxon Portfolio Convenience & Gas Staten Island, Brooklyn 35 $10.1 31.7% 2.0x Realized

Chestnut Petroleum Portfolio Convenience & Gas Various, New Jersey 67 $27.5 20.6% 2.4x Unrealized

Chicago Exxon Portfolio Convenience & Gas Chicago, IL 89 $28.7 38.5% 2.4x Realized

DC/Northern Virginia Exxon Portfolio Convenience & Gas Washington, DC Metro 57 $41.0 33.1% 2.2x Realized

Fairfax Exxon Portfolio Convenience & Gas Various, Northern Virginia 29 $25.9 40.1% 2.1x Realized

K&G Petroleum Portfolio Convenience & Gas Las Vegas, NV 11 $9.8 28.6% 2.3x Unrealized

New York Exxon Portfolio Convenience & Gas Manhattan, Bronx, Queens 72 $38.7 39.8% 2.2x Realized

Hilton Alexandria Mark Center Hotel Alexandria (DC Metro), VA 496 $51.8 N/A 0.3x Unrealized

Westin Annapolis Hotel Annapolis, MD 225 $25.3 13.3% 1.9x Unrealized

Granite Commerce Center Industrial Phoenix, AZ 407,461 $9.5 8.4% 1.3x Unrealized

Lonestar Industrial Portfolio Industrial Dallas Metro/Houston Metro 1,231,351 $22.2 33.7% 2.0x Realized

Nashville Industrial Portfolio Industrial Nashville, TN 1,778,400 $25.3 43.0% 2.0x Realized

Tualatin Corporate Center Industrial Portland, OR 401,680 $10.7 35.1% 2.1x Realized

Valwood Metropolitan Portfolio Industrial Dallas, TX 667,702 $8.2 20.5% 1.6x Realized

Woodland Business Park Industrial Charlotte, NC 944,339 $16.9 14.0% 1.6x Unrealized

Artessa at Quarry Village Multi-Family San Antonio, TX 280 $31.7 18.9% 1.6x Realized

Bell Channelside Multi-Family Tampa, FL 422 $15.0 18.0% 1.8x Unrealized

Bell Riverside Multi-Family Jacksonville, FL 257 $7.8 16.1% 1.6x Unrealized

Briarcliff City Apartments Multi-Family Kansas City, MO 263 $15.9 22.1% 1.6x Realized

Elizabeth Lofts Multi-Family Charlotte, NC 366 $12.7 39.5% 2.6x Realized

Eon at Lindbergh Multi-Family Atlanta, GA 352 $16.5 20.5% 1.7x Realized

Eon at Maple Multi-Family Dallas, TX 300 $8.0 42.4% 1.9x Realized

Estates at Bellaire Multi-Family Houston, TX 385 $18.0 31.1% 1.8x Realized

Falcon Ridge Multi-Family Austin, TX 296 $11.8 17.1% 1.7x Unrealized

Gramercy Park Portfolio Multi-Family New York City, NY 208 $30.5 13.5% 1.6x Unrealized

Legacy Heights Multi-Family San Antonio, TX 306 $11.3 14.9% 1.7x Realized


Exhibit 10

Appendix: Fund V Investments Continued

42



Fund IRRgross

Fund Multiplegross


Mariposa Lofts Multi-Family Atlanta, GA 253 $13.9 37.3% 2.1x Realized

Park & Market Multi-Family Raleigh, NC 409 $26.0 15.2% 1.7x Unrealized

Pavilion Townplace Multi-Family Dallas, TX 236 $11.9 31.9% 2.3x Realized

Providence Uptown Multi-Family Houston, TX 420 $20.2 26.9% 1.7x Realized

Stoneridge Multi-Family Ashburn (DC Metro), VA 630 $43.8 9.9% 1.5x Unrealized

Sullivan Street Multi-Family New York City, NY 25 $35.1 25.2% 2.3x Unrealized

Terrawood Apartments Multi-Family Grapevine (DFW Metro), TX 291 $13.2 13.7% 1.6x Realized

The Ava Multi-Family Houston, TX 321 $20.8 7.1% 1.3x Unrealized

The Core Multi-Family Houston, TX 326 $19.0 26.4% 2.1x Realized

The Glen at Lauderhill Multi-Family Fort Lauderdale, FL 405 $7.3 8.9% 1.8x Unrealized

The Pradera Multi-Family Dallas, TX 360 $14.5 29.4% 1.9x Realized

The Preserve on Fredericksburg Multi-Family San Antonio, TX 376 $16.3 8.7% 1.4x Unrealized

The Standard Multi-Family Dallas, TX 281 $16.5 15.8% 1.8x Unrealized

Whispering Pines Ranch Multi-Family Houston, TX 300 $11.6 22.5% 1.7x Realized

Wyndchase Aspen Grove Multi-Family Nashville, TN 560 $22.1 25.2% 1.7x Realized

1755 Blake Street Office Denver, CO 112,928 $16.9 36.6% 1.8x Realized

Blalock Shopping Center Retail Houston, TX 72,762 $3.1 12.7% 1.5x Unrealized

Highland Park Village (1) Retail Dallas, TX 248,615 $0.0 N/A N/A Realized

Montgomery Village Plaza Retail Gaithersburg (DC Metro), MD 116,134 $9.4 36.2% 2.4x Realized

Northlake Commons Retail Charlotte, NC 78,839 $8.5 29.4% 1.9x Realized

Scottsdale Horizon Retail Scottsdale, AZ 154,766 $15.4 17.8% 1.4x Realized

Town & Country Village Retail Palo Alto, CA 174,403 $13.7 28.9% 2.3x Unrealized

Westbank Market Retail Austin, TX 138,422 $9.2 102.5% 1.8x Realized

WesTech Village Corner Retail Silver Spring (DC Metro), MD 41,261 $7.9 23.1% 1.6x Realized

Whitestone Plaza Retail New York City, NY 62,000 $5.8 24.9% 1.6x Realized

Whole Foods Center Retail Fort Collins, CO 68,334 $5.9 43.0% 2.0x Realized


Exhibit 10

Appendix: Fund VI Investments

43



Fund IRRgross

Fund Multiplegross


Cumberland Farms Convenience & Gas Various, NJ, DE, PA 27 $6.5 23.2% 1.6x Unrealized

Brown Palace & Holiday Inn Express Hotel Denver, CO 472 $49.9 20.4% 2.1x Unrealized

Cool Springs Marriott Hotel Franklin (Nashville), TN 300 $22.9 15.6% 1.7x Unrealized

10 West Logistics Center Industrial Phoenix, AZ 1,227,000 $23.5 19.1% 1.5x Unrealized

Carter Distribution Center Industrial Ft. Worth, TX 615,005 $10.7 14.4% 1.6x Unrealized

Frisco Commerce Center Industrial DFW Metro (Frisco, TX) 280,545 $11.9 15.5% 2.0x Unrealized

Highwoods Industrial Portfolio Industrial Atlanta, GA 1,676,588 $27.7 14.1% 2.1x Unrealized

International Crossing Industrial Charlotte, NC 277,000 $5.0 20.5% 1.5x Unrealized

Mountain Creek Industrial Dallas, TX 1,234,000 $21.4 15.7% 1.7x Unrealized

Nantucket Storage (1) Industrial Nantucket, MA 93,921 $7.8 15.6% 1.9x Unrealized

Satellite North Industrial Atlanta, GA 144,184 $2.9 19.1% 1.9x Unrealized

Turnpike Park Industrial Miami, FL 136,500 $5.7 23.0% 1.5x Unrealized

Tuscany Industrial Austin, TX 244,019 $9.6 14.5% 2.1x Unrealized

2400 Charlotte Multi-Family Nashville, TN 279 $16.2 18.3% 1.8x Unrealized

45 Madison Multi-Family Kansas City, MO 132 $8.3 13.6% 2.5x Unrealized

910 Texas Street Multi-Family Dallas, TX 420 $20.0 13.2% 1.7x Unrealized

Alta Warner Multi-Family Woodland Hills, CA 298 $37.5 13.6% 2.2x Unrealized

Aventine at Town Center Multi-Family Jacksonville, FL 320 $16.1 14.2% 2.1x Unrealized

Broadstone Citrus Multi-Family Tampa, FL 296 $12.7 13.7% 2.5x Unrealized

Broadstone Parkway Multi-Family Dallas, TX 333 $14.2 13.2% 2.6x Unrealized

Broadstone Van Dorn Multi-Family D.C. Metro (Alexandria, VA) 184 $10.4 15.9% 2.0x Unrealized

Citylake Multi-Family Houston, TX 319 $16.6 13.6% 2.0x Unrealized

Cityline Apartments Multi-Family Richardson, TX 532 $19.0 18.5% 1.7x Unrealized

EaDo Multi-Family Houston, TX 311 $13.7 18.7% 1.8x Unrealized

Elan Tysons West Multi-Family Fairfax, VA 400 $43.9 16.9% 1.9x Unrealized

Freestone Multi-Family D.C. Metro (Woodbridge, VA) 420 $17.3 17.6% 1.9x Unrealized

Grigio Metro Multi-Family Tempe, AZ 408 $17.2 13.7% 2.1x Unrealized

Hanover Buckhead Multi-Family Atlanta, GA 375 $29.0 17.4% 1.8x Unrealized

Mulberry North Multi-Family New York City, NY 76 $57.5 24.0% 2.1x Unrealized

Mulberry South Multi-Family New York City, NY 96 $36.0 13.1% 1.7x Unrealized

All metrics presented for unrealized investments reflect projected gross returns to the Fund, calculated as of December 31, 2014. See endnotes on page 46. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Exhibit 10

Appendix: Fund VI Investments Continued

44



Fund IRRgross

Fund Multiplegross


Paseo at Bee Cave Multi-Family Austin, TX 293 $14.8 11.5% 1.8x Unrealized

Pavilion at Lake Eve Multi-Family Orlando, FL 264 $13.5 13.1% 2.2x Unrealized

Pavilions on Central Multi-Family Phoenix, AZ 254 $19.2 13.4% 2.0x Unrealized

Post Rice Lofts Multi-Family Houston, TX 306 $35.7 13.9% 2.0x Unrealized

Suite 2801 Multi-Family Colleyville, TX 417 $20.7 13.5% 2.0x Unrealized

The Edge at Fairfax Corner Multi-Family D.C. Metro (Fairfax, VA) 460 $40.0 12.0% 2.6x Unrealized

Waterside Multi-Family Ft. Worth, TX 374 $18.5 17.8% 1.8x Unrealized

West Inman Lofts Multi-Family Atlanta, GA 204 $9.0 13.3% 2.9x Unrealized

304 Inverness Office Denver, CO 134,968 $7.7 14.5% 1.8x Unrealized

Forest Park Medical Office Office San Antonio, TX 234,000 $8.3 25.2% 2.4x Unrealized

Forest Park Medical Office Office Ft. Worth, TX 229,567 $10.1 27.2% 2.1x Unrealized

Forest Park Medical Office Office Austin, TX 225,000 $13.5 28.6% 2.7x Unrealized

One51 Office San Antonio, TX 101,181 $5.2 20.5% 1.9x Unrealized

Stonecreek I & II Office Austin, TX 239,819 $20.9 14.8% 2.0x Unrealized

Boardwalk Shopping Center Retail Austin, TX 184,598 $8.1 14.5% 2.1x Unrealized

Camelback Center Retail Phoenix, AZ 32,963 $6.2 14.9% 1.9x Unrealized

Collier Town Square Retail Pittsburgh, PA 63,445 $5.4 16.6% 2.2x Unrealized

Crossroads Retail Naples, FL 126,895 $10.5 13.4% 2.0x Unrealized

Cypress Center Retail Cypress, CA 46,047 $6.4 14.1% 2.8x Unrealized

Fairfax Retail Portfolio Retail D.C. Metro (Fairfax, VA) 48,669 $15.7 14.7% 1.7x Unrealized

Festival at Bellaire Retail Bel Air, Maryland 437,227 $36.2 13.8% 2.1x Unrealized

Lake Mary Village Retail Orlando, FL 106,189 $9.2 13.5% 2.0x Unrealized

Market at Parmer Retail Austin, TX 122,349 $9.2 12.7% 2.0x Unrealized

Neapolitan Way Retail Naples, FL 137,646 $14.1 13.8% 2.0x Unrealized

Preston Center Pavilion & Square Retail Dallas, TX 230,842 $26.5 13.7% 1.7x Unrealized

Retail at Midtown Retail D.C. Metro (Reston, VA) 17,473 $6.2 13.4% 1.7x Unrealized

Riverlakes Village Retail L.A. Metro (Bakersfield, CA) 92,211 $6.7 13.7% 2.1x Unrealized

Village at Townpark Retail Atlanta, GA 64,703 $6.6 14.4% 1.7x Unrealized

Wood Ridge Plaza Retail Houston, TX 211,673 $15.9 16.2% 1.8x Unrealized

All metrics presented for unrealized investments reflect projected gross returns to the Fund, calculated as of December 31, 2014. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Exhibit 10

45

Appendix: Fund VII Investments:



Fund IRRgross (1)

Fund Multiplegross (1)


Annapolis Multi-Family Annapolis, MD 236 $15.3 17.3% 1.8x Unrealized

The Virage Multi-Family Houston, TX 372 $34.0 13.0% 2.7x Unrealized

Dwell Multi-Family Franklin (Nashville), TN 370 $26.6 13.2% 2.6x Unrealized

Hanover Lantana Multi-Family Austin, TX 300 $15.3 17.9% 1.8x Unrealized

Acadian Village Retail Baton Rouge, LA 79,920 $11.4 13.9% 2.6x Unrealized

West 79th Industrial Phoenix, AZ 378,645 $8.4 15.3% 1.8x Unrealized

Redlands Gateway Logistics Center Industrial Redlands, CA 927,798 $27.3 14.8% 1.9x Unrealized

360 GWS Global Logistics Center Industrial Grand Prairie, TX 926,720 $18.4 15.4% 1.8x Unrealized

Esplanade III Office Phoenix, AZ 218,266 $27.0 13.9% 2.0x Unrealized

(1) Metrics presented for Fund VII investments reflect underwritten returns at time of acquisition. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Exhibit 10

46

Footnotes

Page 3 (1) Based on equity invested for Funds I-III and equity committed to closed investments for Funds IV and V.

Page 3 (2) Represents average hold period for fully realized assets.

Page 3 (3) Calculation includes partial realizations.

Page 3 (4) Please see important notices at the end of this presentation regarding gross/net performance and Fund projections.

Page 3 (5) Real Estate Net Assets Under Management as of 12/31/14, $2.3 billion.

Page 13 (1) On December 10, 2014, the General Partner terminated the Fund VI Investment Period. Fund VI equity commitments to closed investments total $1,011 million. Page 13 (2) The Funds have substantial flexibility when implementing their investment strategy; targeted investments, portfolio composition and investment strategy may change over time and there can be no assurance Fund objectives will be achieved.

Page 12 (1) Reflects 2013 actual yield on cost. Page 12 (2) Average of listed assets.Page 12 (3) In 2014, Fund IV realized 10 investments, representing $182M of contributed equity. These 10 realizations generated an 8% IRR & a 1.6x cash multiple (gross to the Fund).

Page 6 (1) Includes major markets and surrounding areas. As of 4/1/2015, major markets & surrounding areas represent 81% of Fund IV, Fund V, and Fund VI commitments. Percent based on equity commitments to closed investments. Florida markets included in calculation: Orlando (Funds IV & V), Tampa (Funds IV, V & VI) & Miami (Fund VI).

Page 9 (1) Fund V Multi-Family includes the For-Sale Housing development investment in Sullivan Street (NYC Greenwich Village Condos). Fund VI Multi-Family includes the For-Sale Housing development investment in Mulberry North (in New York City).

Page 26 (1) Generally underwrite 7-10 year holds. Page 26 (2) Net of management fees, partnership costs and carried interest. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Page 26 (3) Values are estimated and based on internal valuations of each underlying real estate project. The valuations are based on, among other things, tenant lease terms and various assumptions as to future events, including assumptions regarding future property rentals, room rates, property operating expenses, vacancies, sales proceeds, capitalization rates, and risk-adjusted discount rates. Variations between assumptions and actual future events may occur and may be material. Please note that December 13, 2014 valuations are not yet final and are therefore subject to change.

Page 8 (1) On 12/10/14, the General Partner terminated the Fund VI Investment Period. Fund VI closed with 59 investments total.

Page 25 (1) Net of management fees, partnership costs and carried interest. Please see important notice at the end of this presentation regarding gross/net performance and Fund projections.

Page 25 (2) Assuming approximately 5% of total Fund VI commitments in reserves ($56M), Fund VI is 100% placed.

Exhibit 10

47

Footnotes

Page 42 (1) Highland Park Village provided CHRP V with the opportunity to finance a $40 million mezzanine loan at an interest only rate of 12%. The capital for the mezzanine loan was provided utilizing the CHRP V Line of Credit in lieu of calling equity. The investment generated $8 million in profit

Page 39 (1) Investment was returned to the lender in a foreclosure or a deed in lieu of foreclosure. Page 39 (2) Equity committed to a deal in advance of closing. Investment did not close. Page 39 (3) 100% of CHRP IV’s $6.5 million investment in Quality Inn was carried on the CHRP IV Line of Credit in lieu of calling equity. Investment was sold to a multi-family developer resulting in 33% of CHRP IV’s investment in the asset being returned.

Page 32 (1) Funds II and III are fully realized.

Page 32 (2) Due to the small number of realized transactions in Funds IV and V, determination of the net IRRs and net multiples is not yet meaningful. Fund VI and Fund VII do not have any realized transactions.

Page 32 (3) Fund transactions as of 4/1/2015.

Page 32 (4) Reflects equity raised for Fund VII as of 4/1/2015.

Page 27 (1) Net of management fees, partnership costs and carried interest. Please see important notice at the end of this presentation regarding gross/net performanceand Fund projections.Page 27 (2) Contributed equity includes asset management fees.Page 27 (3) Figure includes Collington and MK NQ, a portion of which are held through a note receivable.Page 27 (4) Values are estimated and based on internal valuations of each underlying real estate project. The valuations are based on, among other things, tenant lease terms and various assumptions as to future events, including assumptions regarding future property rentals, room rates, property operating expenses, vacancies, sales proceeds, capitalization rates, and risk-adjusted discount rates. Variations between assumptions and actual future events may occur and may be material. Please note that December 13, 2014 valuations are not yet final and are therefore subject to change. Page 27 (5) Percent fixed or hedged as of 12/31/2008.Page 27 (6) Projections are as of the 12/31/2014 asset plan.

Page 43 (1) Investment was acquired on February 27, 2014. Metrics presented reflect underwritten returns at the time of acquisition.

Page 30 (1) Net of management fees, partnership costs and carried interest. Please see important notice at the end of this presentation regarding gross/net performanceand Fund projections.Page 30 (2) Contributed equity includes asset management fees.Page 30 (3) Projections are as of the 12/31/2014 asset plan.Page 30 (4) Kimpton Management Company was realized in January of 2015. A portion of the sales proceeds were escrowed at closing to cover post closing costs andliabilities associated with reps and warranties. This amount will be outstanding until January of 2017.

Page 26 (4) Projections are as of the 12/31/2014 asset plan. Page 26 (5) Contributed equity includes asset management fees.

Exhibit 10

Notice

48

» Please also read Disclaimers at the front of these materials for other important disclosures regarding projections and the information contained herein.

Important Note Regarding Property-Level and Fund-Level Projections:

» All projections in this presentation are as of 12/31/2014, unless otherwise indicated. Projections are prepared for each investment as part of producing a semi-annual Asset Plan. Asset Plans are updated semi-annually and are used internally to assess the investment’s performance and assist in strategic planning. Each Asset Plan includes the investment’s transaction details, including any financing, and projects net operating income throughout the investment’s anticipated hold period. Asset Plans also project an investment’s total return (property-level internal rate of return and multiple) at the anticipated disposition date based on the assumed net operating income and capitalization rate at the time of sale. As discussed more fully below, the projected property-level total return is based on certain assumptions that, while reviewed semi-annually for reasonableness, maynot prove to be accurate. Neither the Asset Plan nor the projected performance or terminal value has been reviewed by independent parties.

» Each semi-annual Asset Plan includes a revised projected net operating income and cash flow, which is based on the latest annual budget for the investment. The annual budget is usually prepared in the fourth quarter of the prior year but is adjustedfor material changes in market conditions before the Asset Plan is finalized. The investment’s internal rate of return and multiple are then calculated using actual cash flow to date and revised estimated net operating income, exit capitalization rateand holding period.

» Projected fund-level returns are calculated by aggregating the projected returns of individual investments with the total estimated Fund expenses, including asset management fees, and General Partner carried interest, if applicable, when the returns are shown net of fees.

» Asset Plans and accompanying property-level projected returns are typically only calculated twice a year. Because capitalization rates and an investment’s net operating income can vary, projected returns based on the estimated net operating income may change or become outdated before the Asset Plan’s next semi-annual update. Additionally, it is difficult to accurately predict total Fund expenses. As such, these projected returns should not be relied upon. Actual results will vary and may be materially different than these projections, which are provided for informational purposes only.

Exhibit 10

Disclaimer

49

Important Note Regarding Gross IRR and Multiples:

» Unless stated otherwise, the gross IRR and gross multiple data provided in this presentation are calculated based upon the actual timing of investment inflows and outflows (without regard to the actual timing of contributions from Partners) and calculated using the total realized proceeds the Funds received, or are projected to receive, and does not take into account any asset management fees, fund expenses, fund carried interest, and as applicable, any REIT-related expenses. Prospective investors should note that the net proceeds ultimately realized by limited partners will be less than the gross amount realized by the Funds because of asset management fees, fund expenses, fund carried interest, and, for investors in the REITs, the additional REIT-related expenses. Property or portfolio level gross IRR and gross multiple do not include investment vehicle and other non-property level expenses. The net proceeds ultimately realized by the Funds will be less than the gross amount realized for the property or portfolio. Asset management fees and the General Partner carried interest are detailed in each Funds’ PPM and in CHC-RE’s Part 2A of Form ADV.

» For example assume a fund with $500 million of commitments with those commitments contributed from partners evenly over a four year investment period with a ten year fund life, with sales of investments and distributions of those sales proceeds evenly over the final three years of the fund’s life. Also assume management fees are 1.5% per annum based on commitments during the investment period and based on commitments in respect of investments not disposed of or completely written off after the investment period, with no investments completely written off prior to disposition, and these management fees are contributed from investors during the investment period and paid out of distributions after the investment period. If the investments of the fund generate a 6% annual operating cash return that is distributed to investors as generated, and the fund has operating expenses of $1 million per year, a fund gross IRR of 16% with the general partner receiving total carried interest of 20% of the total profits of the fund at the termination of the fund would result in a net IRR to the limited partners of approximately 11.75%.

Important Note Regarding Fund Projections:

» The projected information set forth in this presentation is based on the most recent underwriting analysis of each of the Funds’ assets presented to CHC-RE’s Investment Committee. The ability of the Funds to achieve these projections depends on many factors beyond the General Partner’s control, including, without limitation: (i) changes in general economic conditions; (ii) a ready market for the Fund’s assets at the current anticipated sale date, including competing properties in an area; (iii) changes in interest rates; (iv) changes to land-use and zoning restrictions; and (v) the financial condition of tenants, including the ability to attain expected occupancy rates. Markets for Fund investments can also change rapidly and capitalization rates vary materially over time, are generally sensitive to interest rates and are subjective.

» All performance projections with respect to the Funds are unaudited and calculated on a pro-forma basis. These projections are provided for informational purposes only. There can be no assurance that these internal rate of return and/or cash multiple projections will be achieved. CHC-RE did not serve as the Investment Adviser for Funds II and III.

Exhibit 10

50

CROW HOLDINGS CAPITAL – REAL ESTATELEADERSHIP TEAM

Anne RaymondBob McClainKevin BryantDodge CarterDan FeeneyCarlos Rainwater

CROW HOLDINGS CAPITAL – REAL ESTATE

Old Parkland Campus

3819 Maple Avenue | Dallas, Texas 75219

214.661.8000info@crowholdingscapital-RE.comwww.CrowHoldingsCapital-RE.com

Contact information

Exhibit 10

Documents

Crow Holdings Capital Real Estate · Crow Holdings Retail Fund commitments to date total $259 million (2) Crow Family Holdings has committed $100 million to Fund VII and $20 million