EPS Growth (MRQ) (13.78%) Actual 44.94% Industry Average EPS Growth (TTM) 499.63% Actual 73.47% Industry Average Revenue Growth (MRQ) 5.44% Actual 20.58% Industry Average Revenue Growth (TTM) 19.75% Actual 19.78% Industry Average

Possible red flag: Gross Profit Margin (TTM) 23.05% Actual 57.38% Industry Average Operating Profit Margin (TTM) (16.40%) Actual 30.68% Industry Average Net Profit Margin (TTM) (21.19%) Actual 25.17% Industry Average Based on its gross, operating, and net margins, FCH has a cost structure that eats up a percentage of its revenues that is among the highest of any company in the Real Estate Operations industry. To make matters worse, the company is losing money on an operating basis.

Possible red flag: Because HME is in the Real Estate Operations industry and has positive earnings, the PEG, PE, and Price to Book ratios are the most appropriate valuation measures. The Price to Sales ratio is less instructive than the PEG or PE since the company has positive earnings. Therefore HME seems highly valued with a PEG value of 19.6355, one of the highest in the Real Estate Operations industry, which is supported by a PE of 99.432 that is also among the highest in the industry.

Maguire Properties, Inc. (Maguire Properties) is a full-service real estate company and operates as a real estate investment trust. The Company, through its controlling interest in Maguire Properties, L.P. (the Operating Partnership), of which the Company is the sole general partner, and the subsidiaries of its Operating Partnership, including Maguire Properties TRS Holdings, Inc. and Maguire Properties Services, Inc. and its subsidiaries, owns, manages, leases, acquires and develops real estate located in: the greater Los Angeles area of California; Orange County, California; San Diego, California, and Denver, Colorado. These locales primarily consist of office properties, related parking garages, a retail property and a hotel. Maguire Properties also owns undeveloped land. On October 26, 2005, the Company entered into definitive agreements with Macquarie Office Trust (MOF) to form Maguire Macquarie Office LLC. Because MPG is in the Real Estate Operations industry and has positive earnings, the PEG, PE, and Price to Book ratios are the most appropriate valuation measures. The Price to Sales ratio is less instructive than the PEG or PE since the company has positive earnings. Therefore MPG seems fairly valued with a PEG of 6.0472 that is inline with the Real Estate Operations industry median of 6.14, which is supported by a PE of 36.922 that is also inline with the industry median of 19.6. Possible red flag: declining revenue growth: EPS Growth (MRQ) 31.37% Actual 44.94% Industry Average EPS Growth (TTM) 214.39% Actual 73.47% Industry Average Revenue Growth (MRQ) (3.20%) Actual 20.58% Industry Average Revenue Growth (TTM) (5.13%) Actual 19.78% Industry Average

Sunstone Hotel Investors, Inc. is a hospitality company that owns primarily luxury, upper upscale and upscale hotels in the United States. Through its 100% controlling interest in Sunstone Hotel Partnership, LLC, including Sunstone Hotel TRS Lessee, Inc. (TRS Lessee) and its subsidiaries, the Company is engaged in owning, acquiring, selling and renovating hotel properties. The hotels are operated under brand names franchised or licensed from others, such as Marriott, Hilton, Hyatt, Fairmont and Starwood. During the year ended December 31, 2006, the Company owned 49 hotels, comprising 15,758 rooms, located in 13 states in the United States and in Washington, D.C. Its portfolio also includes mid-scale hotels. In June, 2006, it acquired W Hotel, in Dan Diego, California. On January 4, 2007, the Company acquired the 499-room LAX Renaissance hotel located in Los Angeles, California. On December 21, 2006, it sold the 170-room Holiday Inn at Rochester, Minnesota. Price/Earnings (TTM) 73.65x Actual 77.21x Industry Average Price/Sales (TTM) 1.90x Actual 9.47x Industry Average Price/Book (MRQ) 1.99x Actual 4.06x Industry Average PEG Ratio (TTM) 7.37x Actual 10.83x Industry Average Mouse over display for more details Because SHO is in the Real Estate Operations industry and has positive earnings, the PEG, PE, and Price to Book ratios are the most appropriate valuation measures. The Price to Sales ratio is less instructive than the PEG or PE since the company has positive earnings. Therefore SHO seems fairly valued with a PEG of 7.3654 that is inline with the Real Estate Operations industry median of 6.14, although their PE is 73.654, above the industry median of 19.6. EPS Growth (MRQ) (29.16%) Actual 44.94% Industry Average EPS Growth (TTM) 28.70% Actual 73.47% Industry Average Revenue Growth (MRQ) 18.05% Actual 20.58% Industry Average Revenue Growth (TTM) 53.98% Actual 19.78% Industry Average Mouse over display for more details Although earnings at SHO grew over the last twelve months, they failed to keep pace with the growth in revenues. This may mean that the company is becoming less efficient at using its resources. However, this result was better than that of the average company in the Real Estate Operations industry.

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