The Starrett Corporation
Pembroke manages and has a significant ownership stake in Starrett Corporation, a company which owns and/or operates in excess of 25,000 apartment units in the New York metropolitan area.

Pembroke has created substantial value in Starrett by initiating a series of transactions which include: (1) successful participation in various governmental regulatory programs (2) converting properties from rental to condominium; (3) renovation and reposition of properties to increase rental income; and (4) development of additional income-producing space by utilizing additional available Floor Area Ratio (“FAR”). Going forward, Pembroke will continue to create value by initiating more transactions for Starrett, continuing the successful condominium sales program and selectively expanding ownership holdings and management opportunities.

For more information, visit starrettcorp.com.

DVL Inc.
DVL, a publicly traded company, is a real estate and a commercial finance company. The company controls in excess of 40 limited partnerships which own properties comprising approximately 2 million square feet of commercial real estate. The vast majority of these properties are leased on single tenant triple net leases to a variety of tenants with the single largest tenant being Wal-Mart Stores, Inc. The Company also controls certain retail development sites which Pembroke is actively developing. In addition, the company owns a portfolio of other diversified commercial and consumer finance assets.

Pembroke owns a significant equity position and is actively involved in the executive management of the company. DVL, Inc provides all aspects of strategic asset and property management services including strategic planning, asset enhancement (e.g., development and redevelopment), releasing, negotiation of tenant buyouts, as well as the full range of other administrative services to the properties and the limited partnerships. Pembroke has coordinated a strategic review of the entire portfolio with the view toward maximization of value of the real estate. Through these activities, Pembroke has developed relationships with its tenants in an attempt to take advantage of leasing and redevelopment opportunities in the portfolio with its lenders and financial partners.

Additional Investments
Other Pembroke activities include development, redevelopment and leasing of projects including shopping centers and single tenant rent leased properties as well as investment in multi-family properties.