Since its acquisition of 274 Brannan Street, in 1996, Yale Properties USA has become one of the countries leading investors in premier telecommunications facilities. As an early entrant into this sector, Yale USA is not surprised by the sudden influx of players into the supply side of this market segment. Additionally, given the company's existing portfolio of established operating properties, low bases, and constant attention to alternative use, the recent capital markets turmoil affecting the demand side of the market has provided Yale USA with a flurry of opportunities. Yale USA continues to focus on building a North American telecom portfolio anchored by the major fiber networks in the industry.

In analyzing prospective telecom investments, Yale focuses on existing properties with top tier tenancies and in place infrastructure. Under special circumstances, we will pursue well located, in fill development projects or projects with compelling alternative use fundamentals. While recent events have proven that over time the individual industry players are sure to change, we believe in the overall growth of the sector, on a macro level. Consequently, Yale USA continues to target premier telecommunication
properties which house existing points of network convergence.

Yale USA's current portfolio of Telecommunication facilities consists of:

230 Congress St., Boston, MA
Greenspoint Technology Center, Houston, TX
274 Brannan Street, San Francisco CA
Kearny Mesa Complex, San Diego, CA