MDC / G.E. Asset Management Joint Venture

In an effort to streamline the process of acquiring new real estate assets, MDC formed a $180 M joint venture with the G.E. Pension Trust in October 2006. MDC has the authority to commit the venture to new acquisitions provided the opportunity meets a predetermined set of parameters. Acquisitions are funded on an ALL CASH basis and there are NO FINANCING CONTINGENCIES. The venture has acquired the following properties since its inception and is actively pursing new acquisitions.