Vacancy Net Absorption Construction Rental Rate. Vacancy Rate 2.5% Change from Q2 17 (Basis Points) +30 BPS. GLA Industrial Market.

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1 Q Forecast Vacancy Net Absorption Construction Rental Rate Vacancy Rate 2.5% Change from Q2 17 (Basis Points) +30 BPS Net Absorption 4,787,900 SF Construction Completions 11,127,200 SF Under Construction 26,382,400 SF Average Asking Rent Change from Q4 16 GLA Industrial Market $0.70 PSF NNN $0.05 PSF NNN Y.O.Y. Change (%) +8.5% 12-mo Employment Growth (%) 12-mo Actual Employment Change Construction Manufacturing Transportation, Trade & Utilities +9.0% -1.6% +0.4% +29,200-8,400 +4,500

2 Central Los Angeles Asking rental rates increased $0.01 PSF NNN to $0.67. Asking rents hit their highest recorded point despite having only slightly increased over the past year. Much of the gain in asking rents was seen in the infill Central Los Angeles submarket. Sales and leasing activity totaled 2,043,200 square feet, broken out into 16 sales (666,000 square feet) and 39 leases (1,377,200 square feet). Industrial space remains scarce in the downtown industrial core as industrial product continues to be converted to nonindustrial uses. The former American Apparel manufacturing space, for example, has been converted to creative office and retail. A significant downturn impacting manufacturing may lead to more industrial assets being repositioned to suit the changing nature of the downtown industrial core. Historical Vacancy v. Rents GLA Industrial Market Q $ PSF PER MONTH (NNN) $0.75 $0.70 $0.65 $0.60 $0.55 $0.50 $0.45 $0.40 RENTS VACANCY 4Q13 4Q14 4Q15 4Q16 4Q17 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% % VACANT (TOTAL) South Bay Net absorption recorded negative 295,400 square feet this quarter; the first quarter of negative absorption in the past 30. Industrial rents increased $0.01 PSF NNN over the quarter to $0.82. Rents increased 9.3% over the last 12 months and are at their highest recorded point. Sales and leasing activity totaled 1,515,700 square feet, which breaks down into seven sales (328,300 square feet) and 34 leases (1,187,400 square feet). New space totaling 700,700 square feet is currently under construction and will complete in the next 12 months. San Fernando Valley & Ventura County Asking rental rates rose $0.01 PSF NNN to $0.70. Rents have surpassed the previous peak of $0.68 PSF NNN set in The vacancy rate decreased 20 basis points to 1.7% as industrial demand has remained strong. The vacancy rate remains near historic lows. Sales and leasing activity totaled 1,495,600 square feet, broken out into 11 sales (509,700 square feet) and 28 leases (985,900 square feet). Net absorption totaled 394,400 square feet for the quarter and ended 2017 with 1,930,300 square feet of positive net absorption for the year. Construction activity remained strong at 757,000 square feet. Net Absorption by Submarket GLA Industrial Market, Q SF (MILLIONS) (0.5) (0.30) ORANGE COUNTY Historical Sales & Leasing Activity by Submarket GLA Industrial Market Q SF (MILLIONS) SFV & VENTURA CO. SFV & VENTURA CO ORANGE CO

3 San Gabriel Valley Net absorption totaled 938,200 square feet for the quarter, the 29th concecutive quarter of growing industrial demand. This was due to fully occupied newly constructed buildings. Average asking lease rates increased $0.02 PSF NNN to end at $0.72, the highest for the San Gabriel Valley ever. Rents have steadily increased as vacancy rates hit historic lows. A total of 1,191,600 square feet remains under construction. The San Gabriel Valley is a tight infill market with few oportunities to develop additional industrial space. Mid-Counties Average asking rents increased $0.02 PSF NNN over the prior quarter to $0.72. The overall vacancy rate was 0.8%, up 20 basis points from the previous quarter. Vacancy has remained below 1% for the last nine quarters. Approximately 1,616,800 square feet remains under construction with much expected to be completed in Vacancy by Submarket GLA Industrial Market, Q % VACANT (TOTAL) 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0.8% 1.2% 1.4% Historical Net Absorption & Construction Completions GLA Industrial Market Q % 1.7% SFV & VENTURA CO. 2.7% ORANGE CO. 4.3% Orange County The vacancy rate decreased 10 basis points to 2.6% during the fourth quarter. Vacancy stood at 2.2% one year ago. Asking rental rates increased 14.5% from one year ago to $0.87 PSF NNN. Industrial demand recorded 46,100 square feet of net absorption. Much of this positive demand was in the North County submarket. SF (MILLIONS) NET ABSORPTION CONSTRUCTION COMPLETIONS Inland Empire The market finished the year strong, with sales and leasing activity totaling 11,314,700 square feet for the quarter, broken out into 16 sales (787,500 square feet) and 101 leases (10,527,200 square feet). Year to date, gross absorption was 42,240,200 square feet. Construction completions totaled 8,728,700 square feet, much of which was pre-leased prior to completion. Asking rents increased $0.02 PSF NNN over the quarter and have increased $0.05 over the past 12 months to end at $0.58 in the fourth quarter of Rents were also $0.13 higher than the previous peak of $0.45 PSF NNN in Q13 4Q14 4Q15 4Q16 4Q17 Unemployment Rate Los Angeles Basin November % 4.6% 4.6% 4.4% 4.2% 4.1% 4.0% 3.9% 3.8% 3.6% 3.4% United States California Los Angeles Basin 3

4 Market Description The Los Angeles Basin boasts the largest industrial base in the nation, comprised of 1.58 billion square feet in buildings 10,000 square feet and greater. It is a relatively decentralized market, with only 20 percent of the space located in Central Los Angeles, and 80 percent dispersed throughout the region. Los Angeles and Orange Counties are fairly built-out and are mostly infill markets, while the Inland Empire remains the last expansion area for industrial space in the region. The industrial market is beginning to mature, particularly in Los Angeles and Orange Counties, as 60 percent of the buildings in the LA Basin are greater than 20 years old. Submarket Map RECENT TRANSACTIONS & MAJOR DEVELOPMENTS GLA Industrial Market Q SALES ACTIVITY PROPERTY ADDRESS SIZE SF SALE PRICE PRICE PSF BUYER SELLER 2301 Pacifica, Rancho Dominguez 1,170,800 SF $210.5 Million $180 PSF Rexford Industrial CBRE Global Investors 1350 S Coast Dr., Costa Mesa 361,500 SF $64.8 Million $180 PSF SteelWave, Inc. Tribune Media Company Avalon, Gardena 210,700 SF $46.4 Million $220 PSF Liberty Property TIAA CREFF Latigo, Oxnard 399,300 SF $42.2 Million $106 PSF ZDI Prudential 6300 Providence Way, Eastvale 271,100 SF $23.8 Million $88 PSF Parkhouse Furniture Banbury Lake Village, Co Santa Fe, Vernon 53,900 SF $15 Million $278 PSF Los Angeles Vegetable Nakamura Equity LEASING ACTIVITY PROPERTY ADDRESS LEASED SF LEASE TYPE BLDG CLASS LESSEE LESSOR 6720 Kimball, Chino 1,022,700 SF Direct - New Distribution Walmart.com Majestic Realty Co Lower Azusa, Arcadia 529,200 SF Direct - New Distribution Samuel Son & Co. Yellow Iron Investments S Citrus, Fontana 424,400 SF Direct - New Distribution Electrolux Home Products Clarion Partners 9400 Santa Fe Springs, Santa Fe Springs 411,000 SF Renewal Distribution XPO Logistics SDCO SFS Logistics Center, Inc 5630 Rickenbacker, Bell 124,500 SF Direct - New Distribution Hain Celestial Pacific Industrial 1431 Via Plata, Long Beach 98,000 SF Direct - New Light Classic Brands, LLC 1431 Via Plata, LLC Glenoaks, Pacoima 94,900 SF Direct - New Light Quixote Studios Xebec Development MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SF SUBMARKET STATUS ESTIMATED COMPLETION Nandina, Moreno Valley First Industrial 1,388,200 SF Moreno Valley Under Construction CBRE Global Investors Beckman Business Center Development (6 Bldgs) Cardinal Development 793,100 SF North County Under Construction CBRE Global Investors Normandie, Torrance Bridge Development 512,500 SF Torrance Under Construction Q Conejo Spectrum Sares Regis Group 505,378 Conejo Valley Under Construction CBRE Global Investors Florence, Santa Fe Springs Goodman Birtcher 403,600 SF Mid Counties Under Construction CBRE Global Investors Lower Azusa, Arcadia Yellow Iron 328,800 SF Foothill Freeway Completed CBRE Global Investors 4

5 INDUSTRIAL OVERVIEW GLA Industrial Market Q EXISTING PROPERTIES CONSTRUCTION VACANCY AVAILABILITY ACTIVITY ABSORPTION RENTS Market Bldgs Total Inventory SF Completions Current Qtr SF Under Construction Vacancy Vacancy Prior Qtr SF Availability Sales Number of Activity SF Sales Lease Activity SF Number of Leases Total Gross Activity Current Qtr SF Total Gross Activity YTD SF Net Absorption Current Qtr SF Net Absorption YTD SF SUBTOTAL 5, ,703,300 95, , % 1.4% 4.1% 666, ,377, ,043,200 8,755,200 16,800 (54,900) $0.67 Weighted Avg Asking Lease Rates SUBTOTAL 4, ,875,400 32, , % 1.0% 2.9% 328, ,187, ,515,700 8,994,600 (295,400) 595,300 $0.82 SAN FERNANDO VALLEY & VENTURA COUNTY SUBTOTAL 4, ,254, , , % 1.9% 3.4% 509, , ,495,600 6,840, ,400 1,930,300 $0.70 SUBTOTAL 3, ,436,100 1,185,200 1,191, % 1.4% 3.6% 443, ,768, ,212,600 8,052, ,200 1,793,200 $0.72 SUBTOTAL 1, ,065, ,000 1,616, % 0.6% 4.3% 167, ,183, ,350,800 4,983, , ,700 $0.72 LOS ANGELES SUBTOTAL SUBTOTAL 20, ,334,500 2,056,900 4,700, % 1.3% 3.6% 2,115, ,502, ,617,900 37,626,300 1,352,500 4,789,600 $0.73 SUBTOTAL 5, ,164,500 8,728,700 20,719, % 3.7% 6.0% 787, ,527, ,314,700 42,240,200 3,417,300 18,243,100 $0.58 ORANGE COUNTY SUBTOTAL 1, ,072, , , % 2.7% 4.2% 2,029, ,729, ,407,100 11,121,100 18, ,200 $0.87 GREATER LOS ANGELES BASIN MARKET TOTAL TOTAL 27,720 1,579,571,200 11,127,200 26,382, % 2.2% 4.4% 4,932, ,759, ,339,700 90,987,600 4,787,900 22,905,500 $0.70 5

6 Definitions of key terms in this report Total Rentable Square Feet: Industrial space in buildings with 10,000 SF or more of industrial space. Includes speculative as well as owner-occupied buildings. Excludes Research & Development (R&D) buildings (industrial buildings with at least 30% office build-out, 3/1000 parking ratio and a high level of finish). Excludes space that is under-construction or renovation. Vacancy: Space in existing buildings that is vacant and immediately available during the quarter for direct lease, for sublease or for sale, plus space that is vacant but not available for direct lease or sublease. Availability: All space that is being currently marketed for occupancy, includes space which may be currently occupied or which may be under construction or renovation. Net Absorption: Net change in occupied square feet from one period to the next (includes the impact of change in vacant space available for sublease). Gross Activity: Square feet sold and leased for all known transactions completed during the quarter. Excludes lease renewals. Excludes investment sale transactions. Weighted Average Asking Rental Rates: Weighted by square feet available for direct lease. Data is based on triple net rents, and excludes expenses such as taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per SF basis. Construction Completions: Total square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off-market due to demolitions or conversions. Technical Note Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at www. colliers.com/greaterlosangeles. 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111 UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste Los Angeles, CA > $2.6 billion in annual revenue > 2.0 billion square feet under management > Over 15,000 professionals TEL: FAX: Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. HANS MUMPER Executive Managing Director, GLA Thomas Galvin Research Analyst Research Services 6

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