For more information: Gabe Holmstrom Public Affairs Specialist - CJRW Gabe.holmstrom@cjrw.

com 501-975-7211 Kenny Van Patten Corporate Marketing Director Little Rock Office Kenny.VanPatten@bsrtrust.com 501-371-6306 Greg Fox Chief Financial Officer Montgomery Office Greg.Fox@bsrtrust.com 334-954-4458 ext. 258 FOR IMMEDIATE RELEASE

Bailey Properties, LLC and Summit Housing Partners, LLC Announce Merger to Create BSR Trust, LLC

Merger Creates One-Billion-Dollar Multifamily Entity

LITTLE ROCK, Ark. (April 12, 2012) Bailey Properties, LLC of Little Rock, Arkansas, and Summit Housing Partners, LLC of Montgomery, Alabama, announced today they have merged to form a new company, BSR Trust, LLC. The mission of BSR Trust will be to continue to provide an exceptional living experience for the residents in its communities.

The merger signifies a strategy of growth and expansion for both companies, creating a portfolio of 111 multifamily properties located in 10 states with almost 600 employees. The management of BSR Trust will be a combination of the leadership teams from Bailey Properties, LLC and Summit Housing Partners, LLC. Daniel Hughes, founder of Summit Housing Properties, LLC will serve as the new companys CEO. Patti Bailey and John Bailey, CEO of Bailey Properties, will both serve on the BSRs board of directors. John Bailey will also serve on BSRs Finance Committee.

We are pleased to announce this merger of two industry leaders to create a stronger company with a focus to provide an exceptional living experience for each of our communities, said Daniel Hughes, CEO of BSR Trust. We will rely on the traditional values that built our two companies, and look for opportunities to continue to grow our business in the future.

Our companies were aligned in many ways, said John Bailey. We both shared similar values and with our strength, we will look for opportunities to grow our business.

This merger is the result of many months of planning and research to align both companies and plan for future growth. Together, the companies bring combined assets of over one billion dollars, representing 18,689 units in 111 communities. The companys strategy for growth will be centered at growing markets with below-average unemployment rates including Oklahoma City, Tulsa, Shreveport, Houston, Dallas, Little Rock, New Orleans and Baton Rouge. BSR Trust will continue to maintain Corporate offices in Montgomery and Birmingham, Alabama and Little Rock, Arkansas.

BSR Trust has a bright future and we are excited about the opportunity to continue to provide value to our residents while building value for our shareholders, said Hughes. The merger has been approved by both companies board of directors and remains subject to regulatory approval and project lender consent.

About BSR Trust BSR Trust owns and operates 18,689 units, which are a part of 111 multifamily communities in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas. Headquartered in Montgomery, Alabama and Little Rock, Arkansas, BSR Trust, LLC has nearly 600 employees across 10 states. The primary mission of BSR Trust is to provide an exceptional living experience for residents at a community they are proud to call home. www.bsrtrust.com
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