MIAMI MIAMI. Overview. Map. Summary of Last Twelve Months vs. Historical Minimum, Maximum, and Average

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1 PPR undamentals Overview Map HOLLYWOOD HIALEAH 195 Dade Summary of Last Twelve Months vs. Historical Minimum, Maximum, and Average Map Layers County PPR Markets U.S. Cities State Capital Major Cities Secondary Cities Miles 21 Property & Portfolio Research Apartment Office Retail Warehouse Hotel Current Vacancy* Net New Supply (S)** (S)** 7.1% 4,165 1, % 7.1% 963 5, ,69 93:1 9:4 93:2 87:4 94:3 92:4 15.7% 1, % 25.2% 82 4,675-1,19 4,448 82:1 88:2 93:4 86:2 2:1 93:3 13.5% 1, % 17.6% 292 2, ,913 :3 91:3 93:2 83:1 2:1 99:3 1.1% 2, % 1.1% 1,82 5, ,35 82:1 2:3 :4 82:1 2:3 82:1 59.7% 543-3, % 59.7% ,223-5,47 3,345 93:2 2:3 94:2 83:4 94:2 93:1 *Occupancy for Hotels **Apartment and Hotel data are in units. 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

2 PPR undamentals Analysis/Economy Notable Economic and Real Estate Market Events ECON continues to be resilient against a sluggish domestic economy, but is still susceptible to the political and financial woes plaguing Latin America. Employment growth advanced by 1. year-over-year as of September, translating into about 14,725 new jobs, the majority of which were gained in the services sector. s performance continues to be well above average, as most metros have posted declining payrolls on a year-over-year basis. s reliance on Latin America as its primary economic driver, especially for its tourism and international trade could become its Achilles heel as problems abroad persist. Currency issues in Argentina and Brazil along with political turmoil in Venezuela and Colombia have weighed heavily on. International trade traffic declined by 13% in the first half of 22 compared to an 8% decline nationwide and the Latin American ripple has reduced international passenger volume at the airport by 13% year-over-year. The impact of these declines are especially significant considering that Latin America accounts for three-quarters of s imported goods and more than 5% of its outside visitors. APT New construction amid tepid demand conditions has pushed vacancies above 7% for the first time in a decade. In addition to the approximately 3, units that have delivered year-to-date as of September, there are currently over 4, units under construction. While construction is robust, demand is flagging, as net absorption during the third quarter was down sharply compared to year-ago levels. With the downturn in South lorida s commercial real estate market, developers and financing sources have turned to the region s (historically less volatile) residential market by adding high- and mid-rise units. BAP Development is underway on the 3-unit first phase of Brickell View at South Avenue and Coral Way, and inger Cos. is now underway on the 422-unit Biscayne Village. Projects that have recently completed include the 226-unit Coral View Apartments at 269 Coral Way, and the 2-unit Alexan at at 2665 SW 37 th Avenue. O Vacancy rates have been curbed by a substantial improvement in demand and a decline construction. Construction during the third quarter has eased considerably as evidenced by a decline in starts, which fell to just one third of last year s level during the same period. urthermore, sizable projects that were expected to complete over a shorter time frame have been pushed back, including the 66-story, mixed-use our Seasons Hotel & Office Tower, which contains 225, S of office space, and is not projected to complete until late 23 at the earliest (and more likely early 24). The other large-scale projects that will significantly boost supply (i.e., those currently underway or soon to break ground) will deliver over the next two years. RET Intensely dependent on the spending by outside visitors, s retail sector has suffered during the current tourism drought. Economic vacancies have steadily risen over the past two years and are currently at 13.5%. The spate of projects underway does not portend relief over the near-term. Despite the dearth in tourism, Equity One broke ground this year on the 82, S Plaza Allegre project, anchored by a 44, S Publix. Gulfside Development s mixed-use Downtown Dadeland, with 15, S of retail space anchored by Borders Books and Office Depot, is now set to begin construction in 23. Rouse is planning a 2.1 million S mixed-use project, including a 1.35 million S super-regional mall dubbed Kendall Town Center. In a proactive response to the impending competition, Simon has begun a $3 million renovation of the 1.1 million S Dadeland Mall. WHS The concurrent Latin American and U.S. downturns have taken a toll on s warehouse market, weakening demand and causing vacancy rates to rise to a record 1.1% at mid-year. The response has been a serious retrenchment in construction, especially speculative building. The only project of note is Eagle Global Logistics 354, S build-to-suit at NW 72 nd Avenue and NW 58 th Street in the submarket. Coupled with Medley, the submarket is laden with the highest concentration of available sublease space, which is placing downward pressure on rents. One space, according to CB Richard Ellis, is being offered at $3.95/S in, where average rents are typically closer to $7./S. HOT Hotel occupancies and room rates are struggling to recover under the weight of decreased tourist traffic. In fact, many resorts have temporarily closed down with plans to reopen for the winter season. Demographic Trends Annual Growth Rates 22* Category Market U.S. Market U.S. Market U.S. Market U.S. Population 2, , % 1.% %.9%.9% Households ,955 1.% 1.3% 1.1% 1.3% 1.1% 1.1% Median Household Income $36,915 $45, % 4. 3.% 3.9% 3.2% 3.3% Apartment-Renting Households 32 36,362 1.% 1.7% -.1%.5% 1.7% 1.3% Real Retail Sales Per Capita $5,98 $4, % 1.8% 1.2% 1.2% Employment Trends 22* Annual Growth Rates Location SIC Category Employment Quotient Market U.S. Market U.S. Market U.S. Total Services % 4.3% 3.3% 3.7% 2.9% 2.6% Business Services % 6.5% 6.1% 4.1% 3.2% Other Services % 2. 3.% 2.5% 2. Retail Trade % 2.5% 1.9% 2.% 1.5% 1. Government % 1.6% 2.% 1.3%.3%.7% Manufacturing % -3.1% -.6% -.1% -..I.R.E % 2.2%.8% 1.6% 1..9% Wholesale Trade % 1.3%.9% 1.% 2.7% 1.% Trans., Comm., Util % 1.1% %.7%.6% Construction % % 3.9% 1.3%.5% Mining 1.1.1% -6.% -2.3% -1.6% -.% -.7% Total Employment 1, % 1.9% 1.9% 1.8% 1.3% Office-Using Employment % 3.% 3.3% 2.9% 2.8% 1.9% Trucking/Warehouse Employment % 1.5% 1.3% % 1.1% *All units (except for dollar denominated figures) in thousands. Current Economic Indicators Employment Labor orce Unemployment Employment Net Migration () Cost Indices (U.S. = 1) Growth 9/2 Growth 9/2 Rate 9/2 Volatility Ratio 21 Business Living % 7.1% Sources: PPR; Economy.com 3Q22 PPR undamentals 22 by P R O P E R T Y & P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

3 Supply, Demand, and Vacancy PPR undamentals Apartment Demand & Supply (Units) 8, 7, 6, 5, 4, 3, 2, 1, -1, -2, Vacancy Rate Percentage Vacant Apartment Market Statistics (Units) Apt. Vacancy % 6.% 5.5% 5.1% % 7.% % 6.% 5.3% 5.1% Apt. Multifamily Net Apt. Completions Apt. Inventory 239 1,71 2,284 3,257 1,851 1,626 2,756 2,22 2,66 3,14 2,971.1%.6% % 1.1%.9% 1.6% 1.2% % 1.6% 5,43 4,661 6,726 6,243 7,568 6,691 3,895 2,257 2,41 4,114 6, % -13.7% 44.3% -7.2% 21.2% -11.6% -41.8% -42.1% 6.8% 7.7% 54.% 1,474 1,738 1,421 2,678 4,5 3,316 2,634 1,82 1,316 1,648 2, , , , , , , ,66 193, , , ,493.8% 1.%.8% 1.5% 2.5% 1.8% 1..9%.7%.8% 1. Apt. Rent Index % 3.1% 3.8% 1.8% 3.7% -1.1% -2.%.9% 2.6% 3.5% 3.7% PPR/Dodge Pipeline Summary Multifamily Current Activity by Subclass Change in Rent vs. (Units) Change in Rent 8, 5% Bidding 7, inal 6, 3% 5, 2% 4, 1% Pre- (Units) % 3, % Deferred Apartments 5,275 46% Townhouse/Condo 6,16 53% 2, -1% Low Income Abandoned Unclassified - 17 % 1% 1, -2% -3% 5, 1, 15, 2, Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 25, 3, Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

4 Supply, Demand, and Vacancy Demand & Supply (S) 5, 4, 3, 2, 1, -1, Vacancy Rate PPR undamentals Office Percentage Vacant , Office Market Statistics (S) Vacancy Inventory Rent Index 13.2% % 11.% % 14.1% 12.2% % 9.5% 1,4 1,176 1,275 1, ,69 1,883 1,197 1,2 1, % 2.1% 2.2% %.3% 2.7% 3.1% 1.9% 1.9% 1.9% 1,221 3,267 1,39 3,948 2,12 1, % 167.7% -59.9% 21.6% -46.8% -43.6% -47.3% 26.8% -5.1% -13.1% -15.5% ,533 1,1 1,655 1, ,82 65,571 67,13 68,23 69,858 71,94 71,697 72,255 72,958 73,619 74,197.7% 1.2% 2.3% 1.6% %.8%.8% 1.%.9%.8% % 3.% 3.3% 3.7% -2.9% -4.6% % 3.6% 2.9% 2.5% PPR/Dodge Pipeline Summary Office Current Activity by Subclass Change in Rent vs. (S) Change in Rent 4,5 12% Bidding 4, 1% inal 3,5 8% 3, 6% 2,5 Pre- 2, 2% (S) % 1,5 % Deferred Low Rise 1,662 47% Mid Rise 1,91 31% 1, -2% Abandoned High Rise - % 5 - Office R&D 75 21% -6% Unclassified - % 5 1, 1,5 2, 2,5 3, 3,5 4, Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

5 PPR undamentals Retail Supply, Demand, and Vacancy Demand & Supply (S) 3,5 3, 2,5 2, 1,5 1, , Vacancy Rate Percentage Vacant Retail Market Statistics (S) Vacancy Inventory Rent Index 13.6% 12.% 9.7% 9.5% 12.1% 13.5% 12.8% 12.7% 12.7% 12.7% 13.2% 1,761 2,33 2,866 1, , , % 3.5% 4.2% 1.7% -.5%. 1.5% 1.1% 1.3% 1.5% 1.% 1,53 1,537 3,55 1,548 1,633 1, ,385 1,683 1,771 1, %.5% 13.9% % -13.6% -37.3% 56.6% 21.5% 5.2% -5.7% 2,5 1,256 1,175 1,28 1,951 1, ,135 1,348 1,424 76,912 78,168 79,343 8,551 82,52 84,191 84,794 85,537 86,672 88,2 89, % 1.6% 1.5% 1.5% 2. 2.%.7%.9% 1.3% 1.6% 1.6% % 3.7% 1.9% 1.2% -.2% 1.1%.5% 1.1%.7% 1.3%. PPR/Dodge Pipeline Summary Retail Current Activity by Subclass Change in Rent vs. (S) Change in Rent 4, 5% Bidding 3,5 inal 3, 3% 2,5 3% 2, 2% 1,5 2% 1% 1, 1% 5 % -1% Pre- reestanding Stores Deferred Neighborhood Center Community Center Abandoned Regional Super Regional Outlet Unclassified Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 5 1, 1,5 2, 2,5 3, 3,5 (S) 219 2% % - % - % - % - % % 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved

6 PPR undamentals Warehouse Supply, Demand, and Vacancy Demand & Supply (S) 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Vacancy Rate Percentage Vacant Warehouse Market Statistics (S) Vacancy % 7.3% 7.5% 7.% 8.8% 1.2% 8.7% 6.7% 6.% 5.9% 6.1% 2,45 3,125 3,165 2, ,54 2,798 1,973 2,21 1,994 3.% 3.8% 3.7% 2. 1.%.3% 2.2% 3.% 2.% 2.% 2.% 3,819 4,494 2,834 3,136 3,199 2, ,689 2,341 2, % 17.7% -37.% 1.7% 2.% % 36.5% 11.5% 38.6% 1.6% 3,745 3,852 3,623 1,82 2,9 1, ,335 2,41 2,363 Inventory 89,176 93,28 96,651 98,471 11,371 13,22 13,847 14,536 15,871 17,912 11, % 3.9% 1.9% 2.9% 1.8%.6%.7% 1.3% 1.9% 2.2% Rent Index % 3.3% 2.% % -2.8% -3.8% 1.1% 3.6% 4.2% 3.9% PPR/Dodge Pipeline Summary Warehouse Current Activity by Subclass Change in Rent vs. (S) Change in Rent 5, 5% Bidding 4,5 inal 4, 3% 3,5 2% 3, 1% Pre- 2,5 % (S) % 2, -1% Deferred Abandoned Distribution Warehouse/lex Light Industrial Unclassified 2, % 3% % 1,5 1, 5-2% -3% - -5% 2, 4, 6, 8, Sources: PPR; McGraw-Hill Construction - Dodge; National Real Estate Index 1, 12, Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

7 PPR undamentals Hotel Supply, Demand, and Occupancy Demand & Supply (Rooms) 4, 3, 2, 1, -1, -2, -3, -4, Occupancy Rate Percentage Occupied Hotel Market Statistics (Rooms) Occupancy 71.3% 68.3% 68.5% 69.9% 64.5% 59.9% 61.% 63.% 64.9% 66.6% 68.2% ,342-1,328-1, ,217 1, % -1.5% 2.9% 8.1% -4.3% -5.5% % % 3.1% 1,57 2,418 3, % 128.8% 43.7% % % -42.6% 54.5% 45.9% 39.6% -94 1,138 1,77 2,544 1, Inventory 39,791 4,929 42,6 44,55 46,192 47,15 47,76 48,133 48,355 48,57 48, % 2.9% 2.6% 6.1% 3.7% 1.5% 1..9%...6% Room Rate Index % 5.7% 8.6% 2.9% % -5.7% -4.2% -2.8% % RevPar Index % 4.9% 1.7% 2.% -28.8% -5.5% -3.2% -.6%.2% % PPR/Dodge Pipeline Summary Bidding inal Pre- Current Activity Change in Room Rate vs. (Rooms) Change in Room Rate 4, 1% 3,5 5% 3, 2,5 % 2, 1,5-5% Deferred Abandoned 1, 5-1% -15% , 1,2 1,4 1,6 1,8 2, Sources: PPR; McGraw-Hill Construction - Dodge; Smith Travel Research 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

8 PPR undamentals Single amily Housing Single amily Multifamily 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, Single amily Market Single amily Change in Home Price 9, 1 8, 12% 7, 6, 5, 4, 3, 2, 1% 8% 6% 2% % -2% 1, % Sources: PPR; Economy.com Single amily Market Statistics ,748 5,184 5,15 5,62 5,767 5,218 5,58 5,714 5,457 5,598 5, % -1.5% 1.1% 2.6% -9.5% 5.6% 3.7% -4.5% 2.6% -.3% Completions 4,638 4,92 5,3 5,324 5,917 5,138 5,563 5,64 5,577 5,499 5,624 Apartment Market Statistics Multifamily 5,43 4,661 6,726 6,243 7,568 6,691 3,895 2,257 2,41 4,114 6, % -13.7% 44.3% -7.2% 21.2% -11.6% -41.8% -42.1% 6.8% 7.7% 54.% Apartment Completions 1,474 1,738 1,421 2,678 4,5 3,316 2,634 1,82 1,316 1,648 2,661 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

9 PPR UNDAMENTALS Projects PPR undamentals Apartment Projects Title Address Units Stage Start Completion Blue Lagoon Apartments 7th St. and 52nd Ave 6 1/1 2/3 North Porto Billagio 171 North Bay Rd at 172nd, Sunny Isles Beach/Aventura 5 3/2 3/3 Northeast Dade Summit Brickell SE 1th and 11th - 11 South Ave., Brickell 45 Completed 7/ 6/2 Turnberry on the Green Country Club Drive east of Aventura Mall, Aventura 377 Completed 3/1 6/2 Northeast Dade Brickell View Phase I intersection of Coral Way and South Ave, Brickell 3 3/2 5/3 Cedar Grove Apts. NW 27th St. and 17th Ave. (2461 NW 17th Ave), Carol City/Opa-Locka 288 9/1 12/2 North Dade Coral View Apartments 269 Coral Way 226 Completed 6/1 1/2 Alexan at SW 37th Ave at SW 27th Street (2665 SW 37th) 2 Completed 1/1 1/2 One Aragon 55 Miracle Mile 184 4/2 6/3 Village of Merrick Park 34 San Lorenzo 12 1/2 3/3 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

10 PPR UNDAMENTALS Projects PPR undamentals Office Projects Title Address S () Stage Start Completion Espirito Santo Plaza 1395 Brickell Ave., Brickell 26 6/ 7/3 CBD Tenants: Espirito Santo Bank (62.4 ksf) our Seasons Hotel & Office Tower 1441 Brickell Avenue, Brickell 225 3/4 CBD Harbour Centre at Aventura NE 29th Avenue, Aventura 22 Completed 4/2 Northeast Dade BTS for Burger King Tenants: Burger King 555 Blue Lagoon Drive, Waterford at Blue Lagoon 213 Completed 6/1 7/2 Alhambra Towers 121 Alhambra Plaza 174 Completed 6/ 6/2 Tenants: International Bank of (45 ksf); idelity Brokerage Services; The Allen Morris Co.; PSEG Americas (22.5 ksf initially wi The Lincoln 94 17th Street 16 Completed 2/1 7/2 Beach One Riverview Square Tenants: GSA g where the former high-rise River Renaissance apartments were 157 Planned 1/2 4/3 CBD 4 Ponce 4 Ponce de Leon Blvd 145 Completed 4/2 The Village at Merrick Park 2 acres in South Gables at 34 San Lorenzo Ave 135 Completed 12/ 8/2 Lincoln Place 1691 Michigan 12 12/2 Beach Tenants: Colonial Bank 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

11 PPR UNDAMENTALS Projects PPR undamentals Retail Projects Title Kendall Town Center S () Stage Start Completion Address g j west of the lorida Turnpike in South Dade County, Kendall 1,4 Planned 8/4 Southwest The Village of Merrick Park corner of LeJeune Rd. and San Lorenzo Ave. 85 Completed 1/ 9/2 Tenants: Nordstrom (2 ksf in 3 stories), Neiman-Marcus Brickell Commons Phase I 75 S. Avenue, Brickell 586 Planned Brickell Mainstreet Phase I S. Ave b/w 9th and 1th Sts., Brickell 196 Planned Mary Brickell Village 95 S. Ave, Brickell 192 5/2 9/3 Tenants: Publix, P.. Chang's, The Oceanaire Seafood Room, Redstone Grill, Starbucks Downtown Dadeland (pka Dadeland Junction) Southwest Tenants: Borders Books, Office Depot, Starbucks, CVS Dadeland Blvd. near the Dadeland Mall, Kendall 15 Planned 9/2 11/3 Home Depot 7899 W lagler Street 147 5/2 2/3 Tenants: Home Depot Home Depot on US 1, Shores 13 1/2 9/2 Northeast Tenants: Home Depot El Dorado urniture 46 W. 18th Court 16 Completed 3/2 Hialeah Tenants: El Dorado urniture Biscayne Village Retail Biscayne Blvd and NW 2th Street, 19 5/2 9/3 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

12 PPR UNDAMENTALS Projects PPR undamentals Warehouse Projects Title Beacon Lakes Industrial Park S () Stage Start Completion Address p intersection with the Dolphin Expressway (SR 836), Beacon Lakes 5,9 Planned 12/8 Renaissance Airpark g side of Opa-Locka Airport with entrances on NW 57th at 154th St. 3,6 Deferred Airport North Rockefeller Group oreign Trade Zone SW 142 Ave & Kingman Road, Homestead 2,7 Planned South Dade Lakeview Commerce Park Phase II p y (former Vulcan site), Lakeview Commerce Park 7 Completed 4/1 4/2 BTS for LanChile International Airport 528 Completed 3/ 9/1 Tenants: LanChile Airlines, ine Air Services Build-to-suit for Eagle Global Logistics Tenants: Eagle Global Logistics NW 72nd Avenue and NW 58th Street, 354 2/2 3/3 BTS for Doles resh lowers NW 11st Ave & 12th St., 328 Completed 12/1 Airport North Tenants: Doles resh lowers BTS for Dade Paper & Bag Tenants: Dade Paper & Bag on acres of land in Medley, Beacon Station at Gran Park 231 9/2 6/3 Airport North 11 NW 29th Street 11 NW 29th Street, 12 1/2 1/2 128 NW 17th Court 128 NW 17th Court, 12 Completed 9/1 2/2 Northwest 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.

13 PPR UNDAMENTALS PPR undamentals Hotel Projects Projects Royal Palm Crowne Plaza Resort Title Address Rooms Stage Start Completion b/w Collins Ave and Ocean Drive just north of 15th St., South Beach 422 Completed 2/2 Ocean Grande Sonesta Resort Hotel Condominium & Pool 1811 Collins Ave, Sunny Isles 372 2/1 1/2 latotel Sea Spa Palace Condo/Hotel (336 Units) 5875 Collins Avenue, Beach 336 Planned Bel-Aire Condominium (Condominium/Hotel) 6515 Collins Ave, Beach 37 Planned The Setai - Hotel/Condo 29 Collins Ave, Beach 266 9/1 3/3 Marriott Residence Inn 199 W Country Club Dr, Aventura 191 1/1 8/2 North AmeriSuites at Blue Lagoon 67 NW 7th Street, 152 9/1 1/2 Studio Plus Hotel & Pool 775 NW 25th St, 98 Completed 5/1 3/2 Best Western Hotel 3875 NW 17th Ave, 95 1/2 9/2 Poinciana Motel Poinciana Avenue, Springs 5 Planned 4/2 Airport North 3Q22 PPR undamentals 22 by P R O P E R T Y P O R T O L I O R E S E A R C H, I N C. All Rights Reserved.