Forms Board Committee of Independent Directors to Explore Strategic Alternatives and Retains Independent Financial Advisor to Support Process Agrees to Appoint Leland Abrams and Lazar Nikolic , Who Possess Strong Single-Family Market Experience and REIT Expertise, as Independent Directors

Highlights Incumbent Board’s Actions Designed to Enhance Long-Term Stockholder Value, Track Record of Execution, and Relevant Skills and Industry Expertise Necessary to Continue to Position Company for Success Underscores Snow Park’s Serious Conflicts of Interest, Misalignment with Stockholders and