


| Ashford on the Bayou 1001 South Dairy Ashford Houston, Texas |
| A 128,000 square-foot office building, Ashford is located in Houston’s Energy Corridor. RPD acquired the property in August 2005 from its disputing institutional owners. Although Ashford was 25% leased when RPD signed the purchase and sale agreement, RPD was able to secure a 28,000 square foot ease with a division of Waste Management during the sixty- day due diligence and closing period. Leasing activity has continued to exceed expectations. |

