INDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS. Current Quarter. Direct Vacancy 2.

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1 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 QUICK STATS Direct Vacancy 2.2% Overall Vacancy 2.5% Lease Rate NNN $.95 Gross Absorption Under Construction MARKET TRENDS Current Quarter 2,956,71 SF 1,367,18 SF Change from Last Quarter Year Overall Vacancy Rental Rates Gross Absorption Under Construction SUMMARY & OUTLOOK INDUSTRIAL The Orange industrial market witnessed vacancy rates remain unchanged during the quarter at 2.5%. Average asking rents increased 8.%, year over year, moving from $.88nnn to $.95nnn. Gross absorption finished the quarter with 3. million square feet of activity, while net absorption gained 53, square feet of occupied space. Under construction activity increased during the quarter with nearly 1.4 million square feet currently underway, as the market has delivered 149, square feet of new space for the year. Unemployment rates have declined from 3.7% to 3.3%, year over year, and are well below California (4.2%) and the U.S. average of 4.%. The industrial market continues to see available supply remain at extremely low levels, and while new construction has recently been trending higher it has had a difficult time keeping pace with strong demand, resulting in vacancy remaining near all-time lows and rental rates and sale prices still rising well above inflation. Demand for industrial space will continue to be driven by domestic and global consumption levels. In 217, the Los Angeles and Long Beach Port container traffic recorded its highest container total ever with million TEU s, up 8% from 216 and 7% higher than its second highest year during 26. During the first half of 218, total TEU s totaled nearly 8.3 million, up 4.1% from 1H 217 and up 11.4% compared to 1H 216. The investment and sale market for industrial real estate in Orange remains extremely strong, as total transaction volume reached a record high in 216 with $1.3 billion, and was followed up by $1. billion in 217, its second highest total and should reach or surpass that total in 218. Median prices in 217 increased 13.3%, year over year, and has risen another 7.7% in 218 to an all-time high of $22 PSF. The capital markets remain solid with plenty of liquidity, but with the Fed expected to raise rates another 3-4 times in the coming year, we expect the current rate of price growth to slow considerably. The overall industrial market remains a landlord controlled market, and we expect vacancy to remain in the 2% range, with rents expected to rise another 4% to 6% in the coming year. VACANCY & NET ABSORPTION ECONOMIC STATS Current Month Previous Year Jun. 18 Jun. 17 Unemployment 3.3% 3.7% Rate (MSA) Change in # +2,4 +17, Of Jobs (MSA) % Change for +.1% +1.% Jobs (MSA) 2,5, 2,, 1,5, 1,, 5, (5,) (1,,) (1,5,) 6.% 5.% 4.% 3.% 2.% 1.%.% Net Absorption SF Overall Vacancy

2 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 VACANCY RENTAL RATES & TIME ON THE MARKET 6.% $ % $ % 3.% 2.% $.8 $.7 $.6 $ % $.4 1..% $.3. Direct Vacancy Overall Vacancy Avg. Rent (NNN) Time to Lease (Months) Overall vacancy rates (including sublease space) were unchanged during the quarter at 2.5%. Of the four major submarkets within the Orange industrial market, the North submarket ended the quarter with the lowest total vacancy of 1.7%, followed by the West and the submarkets at 3.%, and the South submarket finishing the quarter at 3.2%. Since the second quarter of 217, overall vacancy has decreased from 2.7% to 2.5%, and remains near its lowest level in more than a decade. ABSORPTION Standard industrial asking rents increased 8.%, year over year, moving from $.88nnn to $.95nnn. Of the four major submarkets within the Orange market, the South submarket ended the quarter with the highest standard industrial rental rate of $1.8nnn, followed by the at $.98nnn, the West at $.9nnn, and the North submarket finishing the quarter at $.86nnn. Average industrial asking rents increased 2.2% during the quarter, moving from $.93nnn to $.95nnn, while the median time to lease edged lower to 2.8 months. CONSTRUCTION ACTIVITY 7,, 1,6, 6,, 1,4, 5,, 1,2, 4,, 1,, 3,, 2,, 1,, (1,,) 8, 6, 4, 2, (2,,) Net Absorption SF Gross Absorption SF SF Newly Completed SF Under Construction Gross absorption finished with 3. million square feet of activity during the quarter, down 32% from the previous quarter, and lower by 2% compared to a year ago. Net absorption finished the quarter with a gain of 53, square feet of occupied space and for the year has gained 49, square feet. During 217, the market gained 74, square feet, after gaining 2.1 million square feet during 216, +4.3 million square feet in 215, and +4.2 million square feet during 214. Overall demand still remains strong and we expect demand to remain near current levels in the coming quarters, as the market will remain reliant on the delivery of new product to spur further absorption gains and growth in 218. Under construction activity moved higher during the quarter, with 1.4 million square feet currently underway, as the market has delivered 149, square feet of new space for the year. In 217, the market added 498, square feet, after delivering 796, square feet during 216, 1. million square feet in 215, and 1.2 million square feet in 214. During the past five years, the market has averaged approximately 82, square feet of new deliveries, annually. Among the space currently under construction, only 15% has been pre-leased or is committed. New construction continues to be welcomed, as available space still remains very tight in most sizes and submarkets.

3 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 MARKET SNAPSHOT Total Direct Direct Total Vacant Vacancy Inventory Vacant Vacancy w/ Sublet with Sublet SUBMARKETS Square Footage Square Footage Rate Square Footage Rate 78,51,85 2,157, % 2,356,585 3.% North 125,3,924 1,897, % 2,76, % South 45,28,39 1,97, % 1,447, % West 48,686,892 1,327, % 1,474,397 3.% Orange Totals 297,229,66 6,48, % 7,355, % Industrial Market Inventory 3.5% Industrial Vacancy Rates South 15% West 16% 27% 3.% 2.5% 2.% 1.5% North 42% 1.%.5%.% North South West Direct Vacancy Vacancy with Sublet Average Average Square Feet Square Feet Gross Absorption Industrial R&D / Flex Built in Under Square Feet SUBMARKETS Rent Rent 218 Construction Current Quarter $.98 $ ,272 North $.86 $ ,93 1,367,18 1,7,669 South $1.8 $ ,15 West $.9 $ ,25 Orange Totals $.95 $ ,93 1,367,18 2,956,71 $1.6 $1.4 $1.2 $1. $.8 $.6 $.4 $.2 $. Industrial Rental Rates North Average Industrial Rent South West Orange Totals Average R&D / Flex Rent 1,6, 1,4, 1,2, 1,, 8, 6, 4, 2, New Construction Activity North Square Feet Built in 218 South West Orange Totals Square Feet Under Construction

4 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 SOUTHERN CALIFORNIA INDUSTRIAL SALES TREND ANALYSIS TOTAL SALES TRANSACTIONS Market Q LA ,4 1,44 1,191 1,345 1,591 1,48 1, Orange Inland Empire Ventura Totals 1,38 1,261 1,785 2,536 2,261 2,42 2,815 2,663 3,224 1,33 TOTAL TRANSACTION DOLLAR VALUE (MILLIONS) Bldg. SF Q LA $855.3 $1,235.9 $1,559.9 $2,161.6 $2,28.4 $2,294.6 $3,255.2 $2,975.6 $3,358.8 $1,98.4 Orange $268.7 $425.3 $621.6 $645.3 $855.7 $99. $91. $1,272. $1,41.2 $673.7 Inland Empire $61.1 $879.4 $1,2.3 $98.8 $1,29.5 $1,489.1 $1,571.8 $1,379.3 $2,89.8 $1,191.3 Ventura $41.7 $13.4 $16. $191.3 $117.5 $221.5 $152.9 $198.4 $284.1 $61.6 Totals $1,775.8 $2,644.1 $3,289.9 $3,97. $4,292.1 $4,995.2 $5,88.8 $5,825.3 $6,773.9 $3,834.9 TOTAL SQUARE FEET SOLD Bldg. SF Q LA 12,691,687 22,52,12 21,426,612 32,29,453 23,468,199 23,693,396 32,98,269 24,131,62 29,86,736 13,727,177 Orange 3,22,715 4,642,255 6,868,258 9,18,256 9,447,3 9,681,4 8,823,354 8,774,786 7,981,422 3,991,299 Inland Empire 12,141,232 19,982,228 18,252,564 18,681,359 23,314,81 22,994,384 21,752,33 15,653,353 21,58,963 11,276,452 Ventura 446,275 1,217,138 1,386,321 3,495,113 1,669,355 3,161,937 1,85,571 2,713,314 3,78, ,339 Totals 28,499,99 47,893,723 47,933,755 63,494,181 57,899,367 59,53,757 64,524,227 51,273,73 61,655,36 29,819,267 AVERAGE PRICE / SF Bldg. SF Q LA $93.28 $72.17 $97.61 $95.68 $11.9 $114.9 $ $15.8 $16.21 $ Orange $ $12.72 $12.53 $11.16 $18.83 $129.3 $ $ $178.9 $22.6 Inland Empire $54.82 $53.34 $62.39 $66.5 $7.93 $73.68 $9.55 $12.2 $ $121.3 Ventura $13.65 $92.43 $11.31 $68.67 $84.3 $93.19 $15.7 $1.8 $11.19 $ Averages $81.6 $67.79 $85.1 $87.69 $89.73 $99.85 $ $ $143.5 $16.95 MEDIAN PRICE / SQUARE FOOT Bldg. SF Q LA $115.7 $14.13 $17.84 $18. $ $127.8 $ $ $ $ Orange $15. $ $125.4 $126. $ $144.7 $ $ $24.54 $22.38 Inland Empire $86.85 $75.29 $7.35 $72.6 $76.33 $88.46 $1. $ $125. $ Ventura $ $ $14.9 $99.77 $97.1 $ $124.7 $ $ $15.1 Median Average $17.97 $94.5 $95.92 $99.71 $11.85 $ $131. $ $16.94 $ MEDIAN $ PSF INCREASE Bldg. SF Q LA -1.% 3.6%.1% 5.% 12.% 11.7% 11.5% 12.5% 6.1% Orange -15.8% -1.%.8% 8.7% 5.2% 17.1% 6.5% 13.8% 7.7% Inland Empire -13.3% -6.6% 3.2% 5.1% 15.9% 13.% 17.9% 6.1% 14.2% Ventura -28.3% -9.% -4.2% -2.7% 17.% 9.8% -1.9% 11.2% 1.3% Totals -12.5% 1.5% 4.% 2.1% 12.1% 14.7% 12.8% 8.9% 8.5% The following information has been obtained from sources deemed reliable. While we do not doubt its accuracy, we make no warranty or representation about it. This report contains verified arms-length transactions, but excludes all portfolio sales.

5 Median Price PSF Annual Increase Square Footage Sold Average Price PSF Number of Transactions Transaction $ Volume (Millions) ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 SOUTHERN CALIFORNIA INDUSTRIAL SALES TREND ANALYSIS Number of Transactions Transaction Volume $ 2, 1,8 1,6 1,4 $4,. $3,5. $3,. 1,2 $2,5. 1, $2, Q LA ,4 1,44 1,191 1,345 1,591 1,48 1, Orange Inland Empire Ventura ,, Square Footage Sold $1,5. $1,. $5. $ Q LA $855.3 $1,235.9 $1,559.9 $2,161.6 $2,28.4 $2,294.6 $3,255.2 $2,975.6 $3,358.8 $1,98.4 Orange $268.7 $425.3 $621.6 $645.3 $855.7 $99. $91. $1,272. $1,41.2 $673.7 Inland Empire $61.1 $879.4 $1,2.3 $98.8 $1,29.5 $1,489.1 $1,571.8 $1,379.3 $2,89.8 $1,191.3 Ventura $41.7 $13.4 $16. $191.3 $117.5 $221.5 $152.9 $198.4 $284.1 $61.6 $25. Average Price PSF 3,, $2. 25,, 2,, $15. 15,, $1. 1,, $5. 5,, Q 12,691,687 22,52,12 21,426,612 32,29,453 23,468,199 23,693,396 32,98,269 24,131,62 29,86,736 13,727,177 LA Orange 3,22,715 4,642,255 6,868,258 9,18,256 9,447,3 9,681,4 8,823,354 8,774,786 7,981,422 3,991,299 Inland Empire 12,141,232 19,982,228 18,252,564 18,681,359 23,314,81 22,994,384 21,752,33 15,653,353 21,58,963 11,276,452 Ventura 446,275 1,217,138 1,386,321 3,495,113 1,669,355 3,161,937 1,85,571 2,713,314 3,78, ,339 $ Q LA $93.28 $72.17 $97.61 $95.68 $11.9 $114.9 $ $15.8 $16.21 $ Orange $ $12.72 $12.53 $11.16 $18.83 $129.3 $ $ $178.9 $22.6 Inland Empire $54.82 $53.34 $62.39 $66.5 $7.93 $73.68 $9.55 $12.2 $ $121.3 Ventura $13.65 $92.43 $11.31 $68.67 $84.3 $93.19 $15.7 $1.8 $11.19 $ Median Price PSF % Change Median Price PSF $25. 3.% $ % $2. $ % $15..% $ % $1. $ % $5. -3.% $25. $ Q LA $115.7 $14.13 $17.84 $18. $ $127.8 $ $ $ $ Orange $15. $ $125.4 $126. $ $144.7 $ $ $24.54 $22.38 Inland Empire $86.85 $75.29 $7.35 $72.6 $76.33 $88.46 $1. $ $125. $ Ventura $ $ $14.9 $99.77 $97.1 $ $124.7 $ $ $ % Q LA -1.% 3.6%.1% 5.% 12.% 11.7% 11.5% 12.5% 6.1% Orange -15.8% -1.%.8% 8.7% 5.2% 17.1% 6.5% 13.8% 7.7% Inland Empire -13.3% -6.6% 3.2% 5.1% 15.9% 13.% 17.9% 6.1% 14.2% Ventura -28.3% -9.% -4.2% -2.7% 17.% 9.8% -1.9% 11.2% 1.3%

6 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 PORTS OF LONG BEACH & LOS ANGELES HISTORICAL CONTAINER STATS & TRENDS Quarter & Year Loaded Inbound (Imports) Loaded Outbound (Exports) Total Loaded Empties Total Containers % Change (Prior Qtr.) % Change (Prior Yr.) % Change (Prior 2 Yrs.) 2Q 218 2,27,186 9,327 3,17,513 1,148,24 4,255, % 3.6% 11.2% 1Q 218 2,5,19 865,171 2,87,28 1,136,253 4,6, % 4.7% 11.5% 4Q 217 2,236, ,951 3,11,463 1,329,531 4,43,994-2.% 6.7% 14.3% 3Q 217 2,339,73 811,292 3,15,365 1,372,386 4,522, % 11.4% 6.% 2Q 217 2,117, ,178 2,943,641 1,163,392 4,17,33 7.3% 7.4% 5.% 1Q 217 1,886,23 868,29 2,754,259 1,72,668 3,826, % 6.5% 1.1% 4Q 216 2,87, ,267 2,966,765 1,186,955 4,153,72 2.3% 7.1% 12.4% 3Q 216 2,99,2 853,33 2,952,233 1,17,223 4,59, % -4.8% 7.6% 2Q 216 2,96, ,215 2,818,94 1,7,246 3,825,34 6.5% -2.2% 3.4% 1Q 216 2,94, ,44 2,598, ,27 3,593, % 3.4% -.1% 4Q 215 1,991, ,65 2,736,45 1,14,516 3,876, % 4.9% 1.4% 3Q 215 1,817, ,562 2,661,724 1,284,213 4,265,623 9.% 13.% 7.1% 2Q 215 1,754, ,98 2,567,351 1,82,394 3,913, % 5.8% 2.1% 1Q 215 1,89,18 789,51 2,598, ,445 3,476, % -3.4% -3.3% 4Q 214 1,931, ,835 2,691,559 1,4,845 3,696,44-2.% -3.4%.3% 3Q 214 1,928, ,74 2,685,261 1,88,28 3,773,541 2.% -5.2% -2.8% 2Q 214 1,949,84 787,366 2,736,45 963,69 3,7,59 2.8% -3.4% 5.1% 1Q 214 2,37, ,934 2,817,58 78,456 3,597, %.1% 15.5% 4Q 213 2,138, ,898 2,934,461 89,168 3,824, % 3.8% 22.6% 3Q 213 2,168,57 812,93 2,981,41 1,,38 3,981, % 2.6% 16.% 2Q 213 2,128,54 834,75 2,963, ,882 3,832, % 8.9% 6.5% 1Q 213 2,38,181 84,821 2,879,3 716,573 3,595, % 15.5%.2% Ports of Long Beach & Los Angeles Historical Container Stats Container Trade in TEUs* 5,, 4,5, 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, 2Q 29 4Q 29 2Q 21 4Q 21 2Q 211 4Q 211 2Q 212 4Q 212 2Q 213 4Q 213 2Q 214 4Q 214 2Q 215 4Q 215 2Q 216 4Q 216 2Q 217 4Q 217 2Q 218 Loaded Inbound (Imports) Loaded Outbound (Exports) Empties

7 ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 MARKET REPORT OVERVIEW SOUTHERN CALIFORNIA MARKET MAP METHODOLOGY & TERMINOLOGY Methodology Industrial and flex (R & D) buildings that are 5, square feet and greater. Direct Vacant SF Space that is vacant and ready for occupancy by a user. The space is being offered for lease or sale directly from the landlord. Total Vacant W/ Sublet SF Space that is vacant and ready for occupancy by a user. The space is being offered for lease or sale by the landlord or for sublease by the current tenant. DAUM OFFICES LOS ANGELES, CALIFORNIA 81 S. Figueroa Street, Suite 6 Los Angeles, CA LOS ANGELES NORTH, CALIFORNIA 2182 Burbank Boulevard, Suite 21 Woodland Hills, CA SANTA CLARITA VALLEY, CALIFORNIA Westinghouse Place, Suite 312 Valencia, CA MID-COUNTIES, CALIFORNIA 1381 Cerritos Corporate Drive, Suite C Cerritos, CA ORANGE COUNTY, CALIFORNIA 44 MacArthur Boulevard, Suite 95 Newport Beach, CA VENTURA & SANTA BARBARA, CALIFORNIA 751 Daily Drive, Suite 15 Camarillo, CA Direct Vacancy Rate Total vacant direct space (vacant space for lease or sale from the landlord or owner) divided by the total rentable square footage for existing buildings only. Vacancy W/ Sublet Rate Total vacant direct space and sublease space divided by the total rentable square footage for existing buildings only. Gross Absorption The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing activity, which is the sum of all space leased over a certain period of time. SAN GABRIEL VALLEY, CALIFORNIA Crossroads Pkwy. N, Suite 1 City of Industry, CA SOUTH BAY, CALIFORNIA 125 W. 19th Street, Suite 42 Gardena, CA INLAND EMPIRE, CALIFORNIA 3595 E. Inland Empire Boulevard, Bldg. 5 Ontario, CA PHOENIX ARIZONA 172 E. Highland Avenue, Suite 12 Phoenix, AZ The information contained in this report has been obtained from sources deemed reliable and has incorporated fourth-party data which has not been independently verified by DAUM. While we do not doubt its accuracy, DAUM makes no guarantee or warranty as to its completeness or accuracy. Due to the dynamic (constantly changing) database which DAUM uses to compile and analyze markets contained in this report, previously published statistics may vary from the data published in this report. Statistics and data have been revised to reflect changes in the following categories: existing buildings being verified and added to the database, new or revised occupancy information gathered, new construction being added to the inventory, building demolitions and renovations, as well as other factors that would necessitate revisions to the data and the properties surveyed. This methodology allows us to present the most current and up-to-date information, trend analysis and comparative statistics for this report. Net Absorption The net change in occupied space over a given period of time, calculated by summing all the positive changes in occupancy (move ins) and subtracting all the negative changes in occupancy (move outs). Under Construction Planned buildings for which construction has started but have not yet been granted a Certificate of Occupancy. Planned buildings are not included. Completed in 218 New buildings with original construction completed in the year 218 and granted a Certificate of Occupancy. Renovated buildings are not included.

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