The CoStar Industrial Report

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1 The CoStar Industrial Report F I R S T Q U A R T E R

2 FIRST QUARTER 2014 DALLAS/FT. WORTH Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Building Type & Market Figures at a Glance by Building Type & Submarket Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters DFW Airport Market East Dallas Market Great SW/Arlington Market North Ft Worth Market Northeast Dallas Market Northwest Dallas Market South Dallas Market South Ft Worth Market South Stemmons Market 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT A

3 DALLAS/FT. WORTH FIRST QUARTER 2014 Methodology The CoStar Industrial Report calculates Industrial statistics using CoStar Group's base of existing, under construction and under renovation Industrial buildings in each given metropolitan area. All Industrial building types are included, including warehouse, flex / research & development, distribution, manufacturing, industrial showroom, and service buildings, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Industrial Report are calculated using the quoted rental rate for each property. The quoted rental rate is exclusive of the expense pass through associated with the rent. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2012 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC (800) NASDAQ: CSGP B THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

4 FIRST QUARTER 2014 DALLAS/FT. WORTH Terms & Definitions Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). CBD: Abbreviation for Central Business District. (See also: Central Business District) Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA. Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality. Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors. Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space. Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. 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. Unless otherwise noted Gross Absorption includes direct and sublease space. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are buildingtype specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C

5 DALLAS/FT. WORTH FIRST QUARTER 2014 Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD) Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied. Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construction and until it receives a certificate of occupancy. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

6 OVERVIEW FIRST QUARTER 2014 DALLAS/FT. WORTH Dallas/Ft. Worth s Stays at 7.3% Net Absorption Positive 4,677,626 SF in the Quarter The Dallas/Ft. Worth Industrial market ended the first quarter 2014 with a vacancy rate of 7.3%. The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 4,677,626 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 999,952 square feet. Rental rates ended the first quarter at $5.20, an increase over the previous quarter. A total of 18 buildings delivered to the market in the quarter totaling 4,997,415 square feet, with 14,440,861 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Dallas/Ft. Worth Industrial market was positive 4,677,626 square feet in the first quarter That compares to positive 6,594,311 square feet in the fourth quarter 2013, positive 4,493,873 square feet in the third quarter 2013, and positive 3,552,283 square feet in the second quarter Tenants moving out of large blocks of space in 2014 include: Vought Aircraft Industries, Inc. moving out of (2,647,974) square feet at Dallas Global Industrial Center and Quaker Oats Company moving out of (588,364) square feet at Prologis GSW 49. Tenants moving into large blocks of space in 2014 include: Whirlpool Corporation moving into 725,709 square feet at Carter Distribution Center - Building One, Cargill moving into 562,500 square feet at Westport 20, and Ace Hardware moving into 450,000 square feet at 1101 E Pleasant Run Rd. The Flex building market recorded net absorption of positive 568,088 square feet in the first quarter 2014, compared to positive 490,160 square feet in the fourth quarter 2013, negative (114,855) in the third quarter 2013, and positive 158,816 in the second quarter The Warehouse building market recorded net absorption of positive 4,109,538 square feet in the first quarter 2014 compared to positive 6,104,151 square feet in the fourth quarter 2013, positive 4,608,728 in the third quarter 2013, and positive 3,393,467 in the second quarter The Industrial vacancy rate in the Dallas/Ft. Worth market area remained at 7.3% at the end of the first quarter The vacancy rate was 7.3% at the end of the fourth quarter 2013, 7.9% at the end of the third quarter 2013, and 8.2% at the end of the second quarter Flex projects reported a vacancy rate of 10.1% at the end of the first quarter 2014, 10.5% at the end of the fourth quarter 2013, 10.9% at the end of the third quarter 2013, and 10.8% at the end of the second quarter Warehouse projects reported a vacancy rate of 6.7% at the end of the first quarter 2014, 6.6% at the end of fourth quarter 2013, 7.3% at the end of the third quarter 2013, and 7.6% at the end of the second quarter Largest Lease Signings The largest lease signings occurring in 2014 included: the 725,709-square-foot lease signed by Whirlpool Corporation at Carter Distribution Center - Building One in the South Ft Worth market; the 433,000-square-foot deal signed by JCPenney at 1650 S US Highway 67 in the South Dallas market; and the Rates by Building Type % Flex Warehouse Total Market 12% 10% Rate 8% 6% 4% 2% 0% q q q q q q q q q q q q q q q q q q q q q q q q q q 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 1

7 DALLAS/FT. WORTH FIRST QUARTER 2014 OVERVIEW 318,225-square-foot lease signed by Welton USA at Point West VI in the DFW Airport market. Sublease The amount of vacant sublease space in the Dallas/Ft. Worth market decreased to 999,952 square feet by the end of the first quarter 2014, from 1,291,439 square feet at the end of the fourth quarter There was 1,555,889 square feet vacant at the end of the third quarter 2013 and 1,794,596 square feet at the end of the second quarter Dallas/Ft. Worth s Flex projects reported vacant sublease space of 189,841 square feet at the end of first quarter 2014, down from the 229,191 square feet reported at the end of the fourth quarter There were 293,132 square feet of sublease space vacant at the end of the third quarter 2013, and 235,321 square feet at the end of the second quarter Warehouse projects reported decreased vacant sublease space from the fourth quarter 2013 to the first quarter Sublease vacancy went from 1,062,248 square feet to 810,111 square feet during that time. There was 1,262,757 square feet at the end of the third quarter 2013, and 1,559,275 square feet at the end of the second quarter Rental Rates The average quoted asking rental rate for available Industrial space was $5.20 per square foot per year at the end of the first quarter 2014 in the Dallas/Ft. Worth market area. This represented a 0.8% increase in quoted rental rates from the end of the fourth quarter 2013, when rents were reported at $5.16 per square foot. The average quoted rate within the Flex sector was $8.90 per square foot at the end of the first quarter 2014, while Warehouse rates stood at $4.08. At the end of the fourth quarter 2013, Flex rates were $8.67 per square foot, and Warehouse rates were $4.05. U.S. Comparison Past 7 Quarters Rate 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% Dallas/Ft Worth United States Deliveries and Construction During the first quarter 2014, 18 buildings totaling 4,997,415 square feet were completed in the Dallas/Ft. Worth market area. This compares to seven buildings totaling 2,356,851 square feet that were completed in the fourth quarter 2013, 11 buildings totaling 2,729,589 square feet completed in the third quarter 2013, and 741,459 square feet in five buildings completed in the second quarter There were 14,440,861 square feet of Industrial space under construction at the end of the first quarter Some of the notable 2014 deliveries include: Pepsico, a 1,224,688-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and Arlington Commerce Center - Building C, an 821,502-square-foot building that delivered in first quarter 2014 and is now 100% occupied. The largest projects underway at the end of first quarter 2014 were Dalport Trade Center - Building 5, a 1,400,000-square-foot building with 100% of its space pre-leased, and Alliance Center North 1 - LG Electronics, a 1,100,000-square-foot facility that is 100% pre-leased. Inventory Total Industrial inventory in the Dallas/Ft. Worth market area amounted to 791,463,556 square feet in 20,176 buildings as of the end of the first quarter The Flex sector consisted of 136,569,169 square feet in 7,007 projects. The Warehouse sector consisted of 654,894,387 square feet in 13,169 buildings. Within the Industrial market there were 3,250 owner-occupied buildings accounting for 209,104,643 square feet of Industrial space. Sales Activity Tallying industrial building sales of 15,000 square feet or larger, Dallas/Ft Worth industrial sales figures fell during the fourth quarter 2013 in terms of dollar volume compared to the third quarter of In the fourth quarter, 24 industrial transactions closed with a total volume of $136,581,413. The 24 buildings totaled 3,121,450 square feet and the average price per square foot equated to $43.76 per square foot. That compares to 23 transactions totaling $150,918,126 in the third quarter. The total square footage was 3,670,975 for an average price per square foot of $ Total year-to-date industrial building sales activity in 2013 is up compared to the previous year. In the twelve months of 2013, the market saw 102 industrial sales transactions with a total volume of $629,269,001. The price per square foot has averaged $43.76 this year. In the twelve months of 2012, the market posted 79 transactions with a total volume of $364,834,195. The price per square foot averaged $ % 0.0% q q Source: CoStar Property 2 THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

8 OVERVIEW FIRST QUARTER 2014 DALLAS/FT. WORTH Cap rates have been lower in 2013, averaging 6.67%, compared to the twelve months of last year when they averaged 8.25%. One of the largest transactions that has occurred within the last four quarters in the Dallas/Ft Worth market is the sale of Northfield Distribution Center in Grapevine. This 791,893- square-foot industrial center sold for $70,700,000, or $89.28 per square foot. The property sold on 5/22/2013, at a 5.50% cap rate. Report compiled by Brandon Skaggs, CoStar Senior Research Manager and CJ Dyson, CoStar Research Manager Absorption & Deliveries Past 7 Quarters Net Absorption Deliveries q q Source: CoStar Property 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 3

9 DALLAS/FT. WORTH FIRST QUARTER 2014 MARKETS CoStar Submarket Clusters & Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Submarket Clusters Submarkets DFW Airport Ind E DFW Air/Las Colinas Ind W DFW Air/Grapevine Ind East Dallas Ind Central East Dallas Ind East Dallas/Mesquite Ind Forney/Terrll/Kauf Cy Ind Outlying Kaufman Cnty Ind Great SW/Arlington Ind Arlington Ind Lower Great Southwest Ind Upper Great Southwest Ind North Ft Worth Ind Meacham Fld/Fossil Cr Ind NE Tarrant/Alliance Ind Parker County Ind West Tarrant Ind Wise County Ind Northeast Dallas Ind Allen/McKinney Ind Delta County Ind Hunt County Ind NE Dallas/Garland Ind Outlying Collin Cnty Ind Plano Ind Richardson Ind Rockwall Ind Northwest Dallas Ind Denton Ind Lewisville Ind Metropolitan/Addison Ind N Stemmons/Valwood Ind South Dallas Ind Henderson County Ind Outlying Ellis Cnty Ind Redbird Airport Ind SE Dallas/I-45 Ind SW Dallas/US 67 Ind South Ft Worth Ind East Ft Worth Ind Hood County Ind Johnson County Ind Mansfield Ind N Central Ft Worth Ind S Cen.Tarrant Cnty Ind S Central Ft Worth Ind Southwest Tarrant Ind South Stemmons Ind East Brookhollow Ind East Hines North Ind Eastern Lonestar/Tpke Ind North Trinity Ind West Brookhollow Ind West Hines North Ind Western Lonestar/Tpke Ind 4 THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

10 INVENTORY & DEVELOPMENT FIRST QUARTER 2014 DALLAS/FT. WORTH Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction RBA Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C North Ft Worth Ind 8 4,550,386 1,227, % 58, ,798 Northwest Dallas Ind 9 2,846,632 67, % 51, ,292 Great SW/Arlington Ind 7 2,271, , % 55, ,486 South Dallas Ind 2 2,223,371 1,400, % 44,203 1,111,685 DFW Airport Ind 6 2,094, , % 80, ,117 South Stemmons Ind 3 260, , % 28,064 86,667 Northeast Dallas Ind 2 187, , % 38,420 93,770 East Dallas Ind 1 6,829 6, % 25,048 6,829 South Ft Worth Ind % 27,787 0 Totals 38 14,440,861 3,482, % 39, ,023 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2010 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 8.0 Leased Un-Leased 7,000 Preleased Un-Leased 7.0 6,000 Millions of SF Thousands of SF 5,000 4,000 3,000 2,000 1,000 T q q q q 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 5

11 DALLAS/FT. WORTH FIRST QUARTER 2014 INVENTORY & DEVELOPMENT Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 8.0 Construction Starts Deliveries Millions of SF q q q q q q q q Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF 5 86,116 73, % $ ,077 26,039 50,000 SF - 99,999 SF 2 134, , % $ ,845 50, ,000 SF - 249,999 SF 3 339, , % $ , ,000 SF - 499,999 SF 4 1,361,572 1,361, % $0.00 1,079, ,000 >= 500,000 SF 4 3,075,345 2,046, % $0.00 1,224,688 1,850,657 Recent Development by Tenancy Existing Inventory Comparison Based on RBA Developed for Single & Multi-Tenant Use Based on Total RBA 2014 Deliveries Currently Under Construction By Building Type By Tenancy Type 56% 44% 46% 54% 83% 17% 54% 46% Multi Single Multi Single Flex Warehouse Multi Single 6 THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

12 INVENTORY & DEVELOPMENT FIRST QUARTER 2014 DALLAS/FT. WORTH 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 7

13 DALLAS/FT. WORTH FIRST QUARTER 2014 INVENTORY & DEVELOPMENT 8 THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

14 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Flex Market Statistics First Quarter 2014 Existing Inventory YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates DFW Airport Ind ,228,114 1,292,492 1,307, % 112, $8.98 East Dallas Ind 679 8,894,086 1,114,121 1,114, % 8,955 2,748 0 $14.24 Great SW/Arlington Ind ,065,707 1,636,465 1,636, % 14, ,000 $7.71 North Ft Worth Ind 280 6,551, , , % 9, ,492 $8.93 Northeast Dallas Ind 1,268 30,172,529 3,428,337 3,572, % 160, ,000 $8.71 Northwest Dallas Ind ,414,968 2,374,508 2,384, % 194, $8.99 South Dallas Ind 412 4,509, , , % (9,213) 5,472 0 $7.16 South Ft Worth Ind ,592, , , % 14, $7.04 South Stemmons Ind 1,875 31,140,719 2,161,286 2,181, % 61, ,000 $7.94 Totals 7, ,569,169 13,625,909 13,815, % 568,088 8, ,492 $8.90 Warehouse Market Statistics First Quarter 2014 Existing Inventory YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates DFW Airport Ind ,409,595 3,444,344 3,606, % 100, ,154 2,094,702 $4.50 East Dallas Ind 1,276 40,075,284 2,474,361 2,474, % (22,865) 0 6,829 $3.49 Great SW/Arlington Ind 1,221 83,656,435 4,544,501 4,619, % 1,444,980 1,098,502 2,259,401 $3.86 North Ft Worth Ind ,227,815 2,747,514 2,747, % 1,393, ,542,894 $3.87 Northeast Dallas Ind 1,593 79,746,517 6,645,668 6,788, % 489, , ,540 $4.67 Northwest Dallas Ind 1,194 80,177,872 5,369,366 5,589, % 836, ,155 2,846,632 $4.32 South Dallas Ind 1,283 70,414,808 3,854,155 4,055, % 1,992,663 2,441,962 2,223,371 $3.21 South Ft Worth Ind 2,227 73,519,113 2,814,877 2,814, % 103,988 54,000 0 $3.96 South Stemmons Ind 2, ,666,948 11,172,543 11,182, % (2,229,838) 105, ,000 $4.10 Totals 13, ,894,387 43,067,329 43,877, % 4,109,538 4,989,195 14,323,369 $4.08 Total Industrial Market Statistics First Quarter 2014 Existing Inventory YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates DFW Airport Ind ,637,709 4,736,836 4,913, % 212, ,154 2,094,702 $5.64 East Dallas Ind 1,955 48,969,370 3,588,482 3,588, % (13,910) 2,748 6,829 $7.06 Great SW/Arlington Ind 1,716 94,722,142 6,180,966 6,255, % 1,459,904 1,098,502 2,271,401 $4.60 North Ft Worth Ind 1,270 74,778,991 3,629,493 3,629, % 1,403, ,550,386 $5.26 Northeast Dallas Ind 2, ,919,046 10,074,005 10,360, % 650, , ,540 $6.32 Northwest Dallas Ind 1, ,592,840 7,743,874 7,973, % 1,031, ,155 2,846,632 $5.62 South Dallas Ind 1,695 74,924,437 3,982,254 4,183, % 1,983,450 2,447,434 2,223,371 $3.41 South Ft Worth Ind 3,135 87,111,354 3,423,499 3,423, % 118,544 54,000 0 $4.20 South Stemmons Ind 4, ,807,667 13,333,829 13,364, % (2,168,633) 105, ,000 $4.81 Totals 20, ,463,556 56,693,238 57,693, % 4,677,626 4,997,415 14,440,861 $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 9

15 DALLAS/FT. WORTH FIRST QUARTER 2014 FIGURES AT A GLANCE Flex Submarket Statistics First Quarter 2014 Existing Inventory YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney Ind 72 2,386,224 94, , % 27, $7.75 Arlington Ind 159 3,431, , , % (3,870) 0 0 $8.60 Central East Dallas Ind 474 5,553, , , % 11, $7.08 Delta County Ind % $0.00 Denton Ind 52 1,876, , , % 7, $7.46 E DFW Air/Las Colinas Ind 160 7,445,806 1,067,465 1,078, % 67, $9.32 East Brookhollow Ind 127 2,239, , , % (8,040) 0 0 $9.04 East Dallas/Mesquite Ind 152 2,808, , , % (4,520) 2,748 0 $16.07 East Ft Worth Ind 293 5,017, , , % (17,276) 0 0 $5.98 East Hines North Ind 410 6,897, , , % (1,215) 0 0 $6.37 Eastern Lonestar/Tpke Ind 166 2,321, , , % 4, $6.94 Forney/Terrll/Kauf Cy Ind ,289 4,188 4, % $10.89 Henderson County Ind ,601 9,000 9, % 6,472 5,472 0 $4.35 Hood County Ind ,663 8,403 8, % (1,903) 0 0 $9.23 Hunt County Ind ,401 4,500 4, % 10, $3.30 Johnson County Ind ,715 26,100 26, % (7,280) 0 0 $10.28 Lewisville Ind 141 3,219, , , % 60, $10.76 Lower Great Southwest Ind 194 3,376, , , % 4, $6.35 Mansfield Ind ,450 9,852 9, % $11.84 Meacham Fld/Fossil Cr Ind 123 2,927, , , % (19,378) 0 0 $9.26 Metropolitan/Addison Ind 290 8,945,785 1,189,617 1,199, % 99, $9.64 N Central Ft Worth Ind 182 2,121,939 61,785 61, % 10, $9.28 N Stemmons/Valwood Ind 268 6,372, , , % 27, $7.09 NE Dallas/Garland Ind ,532, , , % 33, $6.20 NE Tarrant/Alliance Ind 96 2,958, , , % 7, ,492 $8.65 North Trinity Ind 544 8,152, , , % (5,843) 0 0 $11.37 Outlying Collin Cnty Ind 8 58,783 9,436 9, % $9.87 Outlying Ellis Cnty Ind ,173 16,325 16, % (10,525) 0 0 $6.21 Outlying Kaufman Cnty Ind 6 54,705 2,500 2, % 2, $6.10 Parker County Ind ,095 25,310 25, % 2, $8.37 Plano Ind 212 6,891, , , % 4, ,000 $8.29 Redbird Airport Ind ,693 4,107 4, % 1, $8.14 Richardson Ind 307 9,778,541 1,578,723 1,642, % 85, $10.34 Rockwall Ind ,142 2,400 2, % $6.25 S Cen.Tarrant Cnty Ind 72 1,788, , , % (8,600) 0 0 $6.16 S Central Ft Worth Ind 224 2,433, , , % 10, $7.14 SE Dallas/I-45 Ind 95 1,252,367 54,214 54, % (10,080) 0 0 $7.61 Southwest Tarrant Ind ,210 12,400 12, % 29, $6.81 SW Dallas/US 67 Ind 178 1,853,795 44,453 44, % 3, $7.32 Upper Great Southwest Ind 142 4,257, , , % 14, ,000 $7.59 W DFW Air/Grapevine Ind 179 2,782, , , % 45, $7.63 West Brookhollow Ind 399 8,337, , , % 45, ,000 $5.60 West Hines North Ind 147 2,465, , , % 14, $6.99 West Tarrant Ind , % 18, $6.40 Western Lonestar/Tpke Ind ,359 42,100 42, % 11, $4.30 Wise County Ind 6 40, % $7.00 Totals 7, ,569,169 13,625,909 13,815, % 568,088 8, ,492 $ THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

16 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Warehouse Submarket Statistics First Quarter 2014 Existing Inventory YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney Ind 181 9,093,023 1,756,719 1,772, % 168, ,261 0 $6.31 Arlington Ind ,085,729 1,049,260 1,049, % 60, ,502 0 $5.15 Central East Dallas Ind ,872, , , % 10, $4.39 Delta County Ind 3 108, % $1.80 Denton Ind 221 7,932, , , % (48,832) 0 10,000 $5.05 E DFW Air/Las Colinas Ind ,957,434 3,000,378 3,155, % (576) 643,154 1,831,312 $4.06 East Brookhollow Ind 184 7,856, , , % 116, ,161 0 $4.86 East Dallas/Mesquite Ind ,874,724 1,226,873 1,226, % 34, $3.41 East Ft Worth Ind ,964, , , % 44,794 54,000 0 $4.39 East Hines North Ind ,322, , , % 116, $4.12 Eastern Lonestar/Tpke Ind ,788,882 2,269,851 2,269, % (13,513) 0 0 $3.27 Forney/Terrll/Kauf Cy Ind 297 8,083, , , % (12,000) 0 6,829 $2.93 Henderson County Ind 83 1,227,135 48,555 48, % 109,831 84,845 0 $3.67 Hood County Ind ,126 30,836 30, % (2,500) 0 0 $6.37 Hunt County Ind 97 6,556, , , % 14, $3.06 Johnson County Ind 280 7,353, , , % (11,757) 0 0 $4.29 Lewisville Ind ,777,478 1,828,582 1,869, % 355, ,155 2,460,632 $3.82 Lower Great Southwest Ind ,932,921 1,543,128 1,543, % 4, ,635 $3.72 Mansfield Ind 128 4,234, , , % 18, $3.69 Meacham Fld/Fossil Cr Ind ,073,795 1,641,862 1,641, % 100, $3.74 Metropolitan/Addison Ind ,630, , , % 214, $5.42 N Central Ft Worth Ind ,181, , , % 165, $4.72 N Stemmons/Valwood Ind ,837,442 2,690,760 2,869, % 315, ,000 $3.95 NE Dallas/Garland Ind ,065,397 3,472,370 3,555, % 129, $3.72 NE Tarrant/Alliance Ind ,142, , , % 1,266, ,542,894 $3.73 North Trinity Ind 431 7,287, , , % 30, ,000 $6.27 Outlying Collin Cnty Ind ,604 67,730 67, % (7,550) 0 0 $6.19 Outlying Ellis Cnty Ind ,076, , , % (17,300) 0 0 $2.31 Outlying Kaufman Cnty Ind ,323 62,100 62, % (56,000) 0 0 $2.63 Parker County Ind 138 1,979,444 44,165 44, % 21, $6.63 Plano Ind ,182, , , % 196, ,540 $6.06 Redbird Airport Ind ,139,313 1,013,428 1,013, % 19, ,572 0 $3.10 Richardson Ind 108 8,638, , , % (34,915) 0 0 $5.50 Rockwall Ind 102 2,367,618 64,760 64, % 22, $5.83 S Cen.Tarrant Cnty Ind ,076, , , % (163,206) 0 0 $3.20 S Central Ft Worth Ind 338 9,768, , , % 22, $5.89 SE Dallas/I-45 Ind ,523,138 1,803,831 1,803, % 1,819,663 1,956,688 1,400,000 $3.32 Southwest Tarrant Ind 78 1,399,806 37,189 37, % 30, $5.45 SW Dallas/US 67 Ind ,449, , , % 60,644 47, ,371 $3.42 Upper Great Southwest Ind ,637,785 1,952,113 2,026, % 1,380, ,000 1,591,766 $3.70 W DFW Air/Grapevine Ind ,452, , , % 100, ,390 $5.95 West Brookhollow Ind 1,039 34,790,469 2,041,936 2,041, % 118, ,000 $3.96 West Hines North Ind 218 5,412, , , % 49, $4.11 West Tarrant Ind 94 3,986,497 36,760 36, % $3.07 Western Lonestar/Tpke Ind 123 9,208,144 4,879,914 4,879, % (2,647,974) 0 0 $3.95 Wise County Ind 51 1,046,037 30,161 30, % 5, $6.13 Totals 13, ,894,387 43,067,329 43,877, % 4,109,538 4,989,195 14,323,369 $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 11

17 DALLAS/FT. WORTH FIRST QUARTER 2014 FIGURES AT A GLANCE Total Industrial Submarket Statistics First Quarter 2014 Existing Inventory YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney Ind ,479,247 1,851,142 1,890, % 195, ,261 0 $6.76 Arlington Ind ,517,197 1,842,228 1,842, % 56, ,502 0 $6.59 Central East Dallas Ind ,426,915 1,112,146 1,112, % 22, $5.18 Delta County Ind 3 108, % $1.80 Denton Ind 273 9,808, , , % (40,921) 0 10,000 $5.12 E DFW Air/Las Colinas Ind ,403,240 4,067,843 4,233, % 66, ,154 1,831,312 $5.44 East Brookhollow Ind ,096, , , % 108, ,161 0 $5.71 East Dallas/Mesquite Ind ,682,842 2,040,922 2,040, % 29,963 2,748 0 $9.07 East Ft Worth Ind ,981,886 1,100,060 1,100, % 27,518 54,000 0 $4.56 East Hines North Ind ,220,556 1,032,407 1,040, % 115, $4.71 Eastern Lonestar/Tpke Ind ,110,531 2,417,883 2,417, % (8,977) 0 0 $3.29 Forney/Terrll/Kauf Cy Ind 344 8,560, , , % (12,000) 0 6,829 $2.99 Henderson County Ind 107 1,339,736 57,555 57, % 116,303 90,317 0 $3.73 Hood County Ind ,789 39,239 39, % (4,403) 0 0 $6.64 Hunt County Ind 110 6,665, , , % 24, $3.07 Johnson County Ind 323 7,865, , , % (19,037) 0 0 $4.44 Lewisville Ind ,997,450 2,211,800 2,253, % 415, ,155 2,460,632 $5.62 Lower Great Southwest Ind ,309,749 1,781,758 1,781, % 8, ,635 $3.94 Mansfield Ind 151 5,059, , , % 18, $3.99 Meacham Fld/Fossil Cr Ind ,001,744 2,375,781 2,375, % 80, $5.03 Metropolitan/Addison Ind ,576,713 1,713,228 1,723, % 313, $7.74 N Central Ft Worth Ind ,303, , , % 176, $5.24 N Stemmons/Valwood Ind ,210,175 3,267,712 3,446, % 343, ,000 $4.50 NE Dallas/Garland Ind 1,413 49,597,654 4,307,651 4,406, % 162, $4.24 NE Tarrant/Alliance Ind ,100,761 1,117,316 1,117, % 1,274, ,550,386 $5.48 North Trinity Ind ,440,164 1,287,510 1,292, % 24, ,000 $8.31 Outlying Collin Cnty Ind ,387 77,166 77, % (7,550) 0 0 $6.35 Outlying Ellis Cnty Ind ,505, , , % (27,825) 0 0 $2.43 Outlying Kaufman Cnty Ind ,028 64,600 64, % (54,000) 0 0 $3.10 Parker County Ind 165 2,251,539 69,475 69, % 24, $6.86 Plano Ind ,073,362 1,708,255 1,750, % 201, ,540 $7.14 Redbird Airport Ind ,001,006 1,017,535 1,017, % 20, ,572 0 $3.16 Richardson Ind ,416,747 1,934,471 2,009, % 50, $9.18 Rockwall Ind 134 2,783,760 67,160 67, % 22, $5.95 S Cen.Tarrant Cnty Ind ,864, , , % (171,806) 0 0 $3.31 S Central Ft Worth Ind ,201, , , % 32, $6.11 SE Dallas/I-45 Ind ,775,505 1,858,045 1,858, % 1,809,583 1,956,688 1,400,000 $3.46 Southwest Tarrant Ind 134 2,169,016 49,589 49, % 59, $5.91 SW Dallas/US 67 Ind ,302, , , % 64,564 47, ,371 $3.74 Upper Great Southwest Ind ,895,196 2,556,980 2,631, % 1,395, ,000 1,603,766 $4.51 W DFW Air/Grapevine Ind ,234, , , % 145, ,390 $6.33 West Brookhollow Ind 1,438 43,127,584 2,597,261 2,599, % 163, ,000 $4.21 West Hines North Ind 365 7,878, , , % 63, $4.99 West Tarrant Ind 122 4,337,940 36,760 36, % 18, $3.19 Western Lonestar/Tpke Ind 205 9,934,503 4,922,014 4,922, % (2,636,324) 0 0 $3.97 Wise County Ind 57 1,087,007 30,161 30, % 5, $6.43 Totals 20, ,463,556 56,693,238 57,693, % 4,677,626 4,997,415 14,440,861 $ THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

18 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Flex Market Statistics First Quarter 2014 Existing Inventory Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 7, ,569,169 13,625,909 13,815, % 568, , ,492 $ q 7, ,596,066 14,181,544 14,410, % 490, , ,712 $ q 7, ,607,448 14,619,145 14,912, % (114,855) ,304 $ q 7, ,607,448 14,562,101 14,797, % 158, ,592 $ q 7, ,607,448 14,677,433 14,956, % 157, , $ , ,402,349 14,684,818 14,909, % 1,085, , ,099 $ , ,288,803 15,525,298 15,881, % 704, , ,746 $ , ,293,665 16,273,986 16,590, % (1,143,352) , ,400 $ , ,119,650 14,784,358 15,273, % (1,285,467) , ,705 $ , ,883,339 13,130,831 13,751, % 1,741, ,291, ,050 $ , ,593,216 13,598,287 14,203, % 1,393, ,016, ,208 $ , ,576,349 13,748,484 14,579, % 1,457, , ,041 $ , ,672,130 14,666,020 15,133, % 1,862, , ,360 $ , ,015,267 15,499,645 16,338, % 31, ,378, ,394 $ , ,719,092 13,754,330 15,073, % (1,304,278) , ,000,785 $ , ,575,943 12,499,154 13,625, % 1,463, ,955, ,598 $8.78 Quoted Warehouse Market Statistics First Quarter 2014 Existing Inventory Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 13, ,894,387 43,067,329 43,877, % 4,109, ,989, ,323,369 $ q 13, ,070,135 42,100,478 43,162, % 6,104, ,347, ,134,093 $ q 13, ,839,618 45,773,603 47,036, % 4,608, ,729, ,331,386 $ q 13, ,166,689 47,412,884 48,972, % 3,393, , ,266,407 $ q 13, ,425,230 50,643,025 51,624, % 2,612, ,213, ,359,096 $ , ,232,584 51,956,777 53,044, % 10,007, ,794, ,849,577 $ , ,587,397 60,483,785 61,406, % 11,753, ,906, ,555,705 $ , ,217,060 70,400,346 71,789, % 1,288, ,494, ,362,002 $ , ,851,030 69,491,020 71,712, % (2,573,261) 84 10,820, ,422,622 $ , ,520,050 56,703,693 58,808, % 9,213, ,503, ,259,371 $ , ,892,794 44,709,266 46,394, % 18,361, ,932, ,475,049 $ , ,196,868 47,632,461 50,059, % 16,111, ,939, ,088,429 $ , ,746,400 51,824,725 53,720, % 13,439, ,792, ,805,261 $ , ,506,737 56,428,864 59,920, % 7,439, ,789, ,414,020 $ , ,989,429 51,219,162 55,842, % 579, ,753, ,313,824 $ , ,504,843 45,715,809 49,937, % 9,194, ,779, ,386,648 $3.77 UC Inventory Quoted Total Industrial Market Statistics First Quarter 2014 Existing Inventory Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 20, ,463,556 56,693,238 57,693, % 4,677, ,997, ,440,861 $ q 20, ,666,201 56,282,022 57,573, % 6,594, ,356, ,259,805 $ q 20, ,447,066 60,392,748 61,948, % 4,493, ,729, ,374,690 $ q 20, ,774,137 61,974,985 63,769, % 3,552, , ,275,999 $ q 20, ,032,678 65,320,458 66,580, % 2,770, ,418, ,359,096 $ , ,634,933 66,641,595 67,953, % 11,093, ,908, ,054,676 $ , ,876,200 76,009,083 77,287, % 12,458, ,004, ,657,451 $ , ,510,725 86,674,332 88,380, % 145, ,707, ,398,402 $ , ,970,680 84,275,378 86,985, % (3,858,728) 98 11,109, ,572,327 $ , ,403,389 69,834,524 72,559, % 10,955, ,795, ,558,421 $ , ,486,010 58,307,553 60,598, % 19,754, ,949, ,388,257 $ , ,773,217 61,380,945 64,639, % 17,568, ,880, ,850,470 $ , ,418,530 66,490,745 68,853, % 15,301, ,506, ,559,621 $ , ,522,004 71,928,509 76,258, % 7,470, ,167, ,039,414 $ , ,708,521 64,973,492 70,915, % (724,367) 167 7,351, ,314,609 $ , ,080,786 58,214,963 63,563, % 10,657, ,735, ,781,246 $4.38 Quoted 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 13

19 DALLAS/FT. WORTH FIRST QUARTER 2014 LEASING ACTIVITY Historical Rental Rates Based on Quoted Rental Rates $10.00 Flex Warehouse Total Market $9.00 $8.00 Dollars/SF/Year $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $ q q by Available Space Type by Building Type Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type Dallas/Ft Worth United States Dallas/Ft Worth United States 2% 2% 76% 24% 85% 15% 98% 98% Direct Sublet Direct Sublet Flex Warehouse Flex Warehouse U.S. Rental Rate Comparison Based on Average Quoted Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* $5.60 Dallas/Ft Worth United States $ Dollars/SF/Year $5.20 $5.00 $4.80 $4.60 Millions $4.40 $4.20 $ q q q q q q q q * Includes Under Construction Space 14 THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

20 LEASING ACTIVITY FIRST QUARTER 2014 DALLAS/FT. WORTH Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2014 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Arlington Commerce Center - Building C Arlington Ind 821,502 1st N/A N/A CBRE 2 Carter Distribution Center - Building One S Cen.Tarrant Cnty Ind 725,709 1st Whirlpool Corporation N/A Lee & Associates S US Highway 67* SW Dallas/US 67 Ind 433,000 1st JCPenney JLL Direct Deal 4 Point West VI* E DFW Air/Las Colinas Ind 318,225 1st Welton USA NAI Robert Lynn Duke Realty LP 5 Turnpike 29 Eastern Lonestar/Tpke Ind 290,000 1st NFI N/A CBRE 6 Logistic Pointe Distribution Center - Buildin* NE Dallas/Garland Ind 261,984 1st NFI Cushman & Wakefield of Texas, Inc. CBRE 7 Prologis GSW 20* Lower Great Southwest Ind 227,120 1st Keller Logistics Group N/A Colliers International 8 Prologis GSW 36* Lower Great Southwest Ind 200,825 1st Android Industries N/A Prologis LP 9 Freeport IX* E DFW Air/Las Colinas Ind 105,981 1st Resolve Southwest Inc. N/A Duke Realty LP S Shiloh Rd* NE Dallas/Garland Ind 97,200 1st Liquidity Services Inc. N/A Stream Realty Partners, L.P. 11 Enterprise Distribution Center - Building C Allen/McKinney Ind 90,201 1st N/A N/A Lee & Associates 12 Park West Center II E DFW Air/Las Colinas Ind 61,355 1st Trakk fulfillment N/A CBRE 13 Park West Business Center I E DFW Air/Las Colinas Ind 60,000 1st N/A N/A Primera Companies, Inc E Beltline Rd* N Stemmons/Valwood Ind 58,202 1st L.E. Klein Company, Inc. NAI Robert Lynn Lincoln Property Company 15 Prologis Northgate 13 NE Dallas/Garland Ind 57,286 1st SAG LLC CBRE Prologis LP 16 Prologis GSW 42 Upper Great Southwest Ind 56,000 1st AIT inc. N/A Bradford Companies 17 Crosspoint II Upper Great Southwest Ind 54,670 1st N/A N/A JLL Avenue T Upper Great Southwest Ind 52,136 1st N/A N/A Holt Lunsford Commercial, Inc E Avenue F Lower Great Southwest Ind 52,032 1st Waste Track Services Bradford Companies Bradford Companies Billy Mitchell Dr Metropolitan/Addison Ind 52,000 1st N/A N/A NAI Robert Lynn 21 Riverbend Business Park - Bldg 37 East Ft Worth Ind 51,600 1st EcoLab Inc N/A Transwestern Ft Worth 22 Market Distribution Ctr - Bldg III-C* NE Dallas/Garland Ind 51,276 1st McFadden Transport TIG Real Estate Services, Inc. NAI Robert Lynn Riverside (Bldg A) Upper Great Southwest Ind 51,000 1st LMT Rustic N/A CBRE E Highway 80* East Dallas/Mesquite Ind 49,477 1st Dependable Auto Shippers N/A N/A Burns St* East Ft Worth Ind 46,000 1st ColorMatrix Corporation N/A NAI Robert Lynn W Mockingbird Ln West Brookhollow Ind 45,895 1st Fleetpride Cassidy Turley Holt Lunsford Commercial, Inc N 28th Ave E DFW Air/Las Colinas Ind 42,500 1st N/A N/A Stream Realty Partners, L.P. 28 Freeport Corporate Center 2 E DFW Air/Las Colinas Ind 40,100 1st Fresenius Medical Care N/A N/A N 28th Ave* E DFW Air/Las Colinas Ind 40,000 1st Nippon Express USA, Inc. N/A CBRE Stadium Dr Lower Great Southwest Ind 39,000 1st N/A N/A Peyco Southwest Realty 31 Frisco Center Building II Plano Ind 36,960 1st IDLife, LLC. N/A Lincoln Property Company N Miller Park Dr NE Dallas/Garland Ind 34,500 1st Alexander s Mobility Services N/A Lincoln Property Company 33 Northcourt Center Upper Great Southwest Ind 32,654 1st Re-Teck N/A Lincoln Property Company 34 Valwood Park VIII N Stemmons/Valwood Ind 30,156 1st BMC NAI Robert Lynn Younger Partners, LLC Simonton Rd Metropolitan/Addison Ind 30,000 1st Elite Appliance Direct Deal Lincoln Property Company 36 Turnpike 14 Eastern Lonestar/Tpke Ind 29,844 1st Kenco CBRE CBRE 37 GSW Distribution Center 8 Upper Great Southwest Ind 26,400 1st Avcor Health Care Products, Inc N/A Stream Realty Partners, L.P. 38 Prologis Valwood 20 N Stemmons/Valwood Ind 26,303 1st Exus The Lish Company Lincoln Property Company 39 Corporate Ridge - Building 2* Lewisville Ind 26,035 1st ThermoTek, Inc. N/A CBRE Shady Trl East Hines North Ind 25,734 1st Harper House N/A Stream Realty Partners, L.P. * Renewal 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 15

21 DALLAS/FT. WORTH FIRST QUARTER 2014 SALES ACTIVITY The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 10.0% Cap Rate Price/SF $ % 8.0% $100 Cap Rate Percentage 7.0% 6.0% 5.0% 4.0% 3.0% $80 $60 $40 Dollars/SF 2.0% 1.0% $20 0.0% q q q q q q q q q q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Bldg Sales From Jan Dec Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $200 $60 Millions of Sales Volume Dollars $180 $160 $140 $120 $100 $80 $60 $40 $20 $50 $40 $30 $20 $10 Price/SF < 25,000 SF ,024 $ 48,447,492 $ % 25K-99K SF 40 1,897,367 $ 89,632,645 $ % 100K-249K SF 14 2,270,250 $ 93,566,831 $ % $ q q q q q q q q $0 >250K SF 18 9,590,176 $ 415,303,025 $ % Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Industrial Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Industrial Building Sales of 15,000 SF and Larger $80 Dallas/Ft Worth US 12.0% Dallas/Ft Worth US Dollars per SF $70 $60 $50 $40 $30 $20 $10 Cap Rate Percentage 10.0% 8.0% 6.0% 4.0% 2.0% $ q q q q q q q q 0.0% q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 16 THE COSTAR INDUSTRIAL REPORT 2014 COSTAR GROUP, INC.

22 SALES ACTIVITY FIRST QUARTER 2014 DALLAS/FT. WORTH 2014 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 17

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