Quarterly Update
Q2 2017

Offering Summary

$ 2.3 B

Total Asset Value
(at fair value)1

$ 1.5 B

Net Asset Value (NAV)

69

Properties

11.2 M

Commercial Sq Ft

1,983

Apartment Units

706

Parking Stalls

97 %

Occupancy Rate

34%

Company Leverage Ratio

6.1 YRS

Average Remaining Lease Term2

Returns Summary1

Class M-IShares

ZIPIMX
Class MShares

ZIPTMX
Class A-IShares

ZIPIAX
Class AShares

ZIPTAX
Q4 Return (Gross) 1.81% 1.81% 1.81% 1.81%
Q4 Return (Net) 1.71% 1.65% 1.73% 1.47%
2016 YTD RETURN (GROSS) 3.66% 3.66% 3.66% 3.66%
ESTIMATED 2017 YTD RETURN (NET) 3.64% 3.52% 3.51% 3.16%
SINCE INCEPTION RETURN (GROSS)2 8.00% 7.31% 8.00% 7.31%
ESTIMATED SINCE INCEPTION RETURN (NET)2 7.96% 6.93% 7.69% 6.28%

Distributions Summary3

Class M-IShares

ZIPIMX
Class MShares

ZIPTMX
Class A-IShares

ZIPIAX
Class AShares

ZIPTAX
ESTIMATED Q2 DISTRIBUTION PER SHARE (NET) $0.124 $0.117 $0.116 $0.097
ESTIMATED YTD DISTRIBUTION PER SHARE (NET) $0.247 $0.234 $0.233 $0.194
  1. Past performance is no guarantee of future results. Returns shown reflect the percent change in the NAV per share from the prior period, plus the amount of any distribution paid out in the period. All returns shown in the table are net of Company expenses and advisory fees and assume reinvestment of distributions. Net returns shown are net of applicable share class specific fees. Class A and A-I shares are available for brokerage accounts, subject to suitability requirements. Class M and M-I shares are available through fee-based programs, wrap accounts, registered investment advisors, and other institutional and fiduciary accounts, subject to suitability requirements. See Notes section on back page for share class specific fees. The returns have been prepared using unaudited data and valuations of the underlying investments in the Company’s portfolio, which are done by our independent valuation advisor. Valuations based upon unaudited or estimated reports from the underlying investments may be subject to later adjustments or revisions. The returns are net of all advisory fees (e.g. the fixed and performance advisory fee) and Company expenses (e.g. administration, organization, legal and accounting fees, and transaction expenses) and include capital gains and other earnings. Current performance may be higher or lower than the performance quoted herein. The investment return and principal value of an investment will fluctuate so that an investment may be worth more or less than its original cost. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved.

Portfolio Diversification