Tarragon Corporation, incorporated on April 2, 1997, is a homebuilder and real estate developer. The Company operates through two divisions: the Homebuilding Division and the Investment Division. The Homebuilding Division develops, renovates, builds and markets homes in urban locations and communities. Tarragon Corporation's activities in the Homebuilding Division include condominium conversions of existing apartment communities, the development of townhomes and new mid-rise or high-rise condominiums for sale to residents, land development and sale, and development of new rental properties, primarily apartment communities. The Investment Division owns and operates residential and commercial rental properties, including approximately 5,400 rental apartments developed by the Company. As of December 31, 2005, Tarragon Corporation had 46 residential communities with 8,006 homes or home sites in inventory or under development in six states. Homebuilding Division The Company's high and mid-rise condominium multi-year projects are designed for urban living. Homes at Las Olas River House, a 42-story, 287-unit, 1.2 million-square-foot tower in downtown Ft. Lauderdale, Florida, feature high ceilings, oversized rooms and opulent bathrooms. Development, construction and sale of homes in these buildings generally take 2 to 5 years. Properties in this category also include The Upper Grand neighborhood of Hoboken, New Jersey; One Hudson Park in Edgewater, New Jersey; Trio in Palisades Park, New Jersey, and Alta Mar, with 131 units and a marina in Ft. Myers, Florida, among others. Tarragon Corporation acquires rental apartment communities either from its Investment Division or from a third party in order to sell the individual apartments as condominiums. A majority of these homes are targeted at first-time homebuyers. As of December 31, 2005, the Company had condominium conversion projects in Florida, Texas, and South Carolina, with a total of 5, 150 units. The Company's projects in the townhomes, traditional new developments and low-rise condominiums category typically involve locations adjacent to developed areas. This category also includes adult communities featuring spacious homes that are located in suburban communities, such as East Hanover, New Jersey, Warwick, New York and East Haven, Connecticut. Tarragon Corporation's projects in the land development category involve developing and subdividing land for mixed-use or residential development. It has active or planned land development projects in central and south Florida, Tennessee and Connecticut. The Company also builds rental properties to sell on completion and lease-up. These include garden apartments, such as the 262-unit Cason Estates in Murfreesboro, Tennessee; the 328-unit Deerwood development in Ocala, Florida, and the 180-unit Newbury Village development in Meriden, Connecticut. It is also developing 1118 Adams, a 90-unit, mid-rise project in Hoboken, New Jersey. Tarragon Corporation's urban communities are targeted at several market segments, including first-time, move-up, retirement, empty nester, and second-home buyers. Tarragon Corporation undertakes homebuilding projects in partnership with third parties. The Company has two mid-rise condominiums and one high-rise with a total of 562 units under development in Hoboken in joint venture with Ursa Development Group, LLC. It has substantially completed two additional mid-rise developments and delivered all 277 units during the year ended December 31, 2005. The Company has also started construction of 1100 Adams, a 76-unit, mid-rise condominium project, and 1118 Adams, a 90-unit housing project in a separate joint venture with Frank Raia. The first apartments in 1118 Adams were completed and leased in December 2005. Investment Division In March 2005, the Company announced a plan to divest a substantial portion of its Investment Division properties. During 2005, Tarragon Corporation sold 16 properties with 2,583 apartments and 360,000 square feet of commercial space. As of December 31, 2005, the C

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