Section 1 - Current Metro Rent Details. Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution $788 $859 $860 $931

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1 Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $ $ $ $702 After 1999 $680 All $625 Number of Properties Low 25% Mean Median 75% High $427 $528 $625 $605 $695 $1, Under $499 $500 $ $572 $643 8 $644 $ $716 $787 $788 $859 0 $860 $931 3 $932 Over Number of Properties Low 25% Mean Median 75% High - 6.7% - 0.7% - 0.3% 0.1% 1.1% 3.9% Under - 6.5% - 5.2% - 3.9% - 2.6% - 1.3% 0.0% - 6.6% - 5.3% - 4.0% - 2.7% - 1.4% - 0.1% 1.2% % Over 35% Negative Growth Positive Growth65% Qtr Ending 03/31/09 Section 2 - Rent Growth Comparisons Asking Rent Growth Quarterly Annualized 1Q09 4Q08 YTD Avg 1 Year Appleton-Oshkosh - 0.3% 0.0% - 0.3% 2.6% Midwest - 0.3% 0.0% - 0.3% 2.0% United States - 0.5% - 0.1% - 0.5% 2.4% Average over period ending: 03/31/09 12/31/08 03/31/09 12/31/08 YTD Rent Growth Comparisons 2007 Metro Rank Total Metro Ranks Compared to: Metros 1Q09 4Q08 YTD 1 Year Midwest United States % 1.0% 2.0% 3.0% 4.0% Rent Growth % Appleton-Oshkosh Midwest United States Copyright 2009 Reis, Inc. Page 1

2 Section 3 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before % % % % After % All 3.1% Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 1.7% 3.1% 2.5% 4.6% 8.3% Under 1.0% 1.1% 2.0% 2.1% 3.0% 3.1% 4.0% 4.1% 5.0% 5.1% 6.0% 6.1% 7.0% 7.1% Over Section 4 - Vacancy Rate Comparisons Vacancy Rates Quarterly Annualized 1Q09 4Q08 YTD Avg 1 Year Appleton-Oshkosh 3.1% 2.9% 3.1% 3.5% Midwest 6.7% 6.2% 6.7% 6.1% United States 7.1% 6.6% 7.1% 6.2% Average over period ending: 03/31/09 12/31/08 03/31/09 12/31/08 YTD Vacancy Rate Comparisons 2007 Metro Rank Total Metro Ranks Compared to: Metros 1Q09 4Q08 YTD 1 Year Midwest United States % 2.0% 4.0% 6.0% Vacancy Rate Appleton-Oshkosh Midwest United States Copyright 2009 Reis, Inc. Page 2

3 Section 5 - Unit Mix Rent Details Current Metro Average Rents and Sizes Asking Rent Growth 1Q 2009 Avg. SF Avg. Rent PSF YTD 1 Year Studio/Efficiency $ $ % - 0.5% One Bedroom $ $ % 1.0% Two Bedroom $ $ % 3.6% Three Bedroom $ $ % - 3.2% Average over period ending: 03/31/09 12/31/08 Asking Rent Comparisons Asking Rent Per SF $1,500 $1.50 $1,000 $1.00 $500 $0.50 $0 $0.00 Appleton-Oshkosh Midwest US Appleton-Oshkosh Midwest US Appleton-Oshkosh $427 $518 $663 $620 Midwest $823 $852 $1,035 $1,326 US $1,036 $1,062 $1,277 $1,497 as of 03/31/09 Appleton-Oshkosh $ 0.91 $ 0.71 $ 0.62 $ 0.51 Midwest $ 1.48 $ 1.00 $ 0.84 $ 0.81 US $ 1.84 $ 1.26 $ 1.06 $ 0.97 as of 03/31/09 Section 6 - Trend Data Year Qtr Vacancy Rate Vacancy % Point Chg Asking Rent Ask Rent % Chg Population Pop % Chg Households HH % chg Avg HH Income AHHI% Chg Employment Emp% Chg 2005 Y 6.2 n/a $590 n/a 375, % 143, % $87, % 209, % 2006 Y % $ % 378, % 144, % $91, % 211, % 2007 Y % $ % 381, % 145, % $95, % 213, % % $ % 382, % 145, % $96, % 212, % % $ % 382, % 145, % $97, % 212, % % $ % 383, % 146, % $97, % 211, % % $ % 383, % 146, % $95, % 210, % 2008 Y % $ % 383, % 146, % $95, % 210, % % $ % 384, % 146, % $95, % 208, % Note: Selected economic and demographic data are provided by Moody's Economy.com Copyright 2009 Reis, Inc. Page 3

4 Section 7 - Metro Inventory Characteristics Inventory By Building Age Multifamily Permit Filings Market-Rate Properties by Number of Floors Year Built Percent Before % % % % After % All 100.0% Current Inventory Level Properties Units 54 6,340 Apartment Stock Traits Size (units) Mean 121 Median 96 Low 40 High 450 Year Total Units , , , YTD Source:US Census Data Section 8 - Economy 4% 96% One to Three Floors Four Floors and Up County Market Rate Units by County Pct% of Total MSA OUTAGAMIE 53% WINNEBAGO 44% CALUMET 3% Labor Force Data (*000) 04/23/2009 Civilian Labor Force 95.4 Employment 87.7 Unemployment 7.6 Unemployment Rate 8 Appleton-Oshkosh Non-Farm Employment by Sector 2.9% 2.0% 4.0% 4.8% 25.3% Nonfarm Wage and Salary Employment By Sector (*000) Total Nonfarm 92.1 Manufacturing 23.3 Trade, Transportation, and Utilities 14.3 Government 13.5 Education and Health Services 12.1 Professional and Business Services 10.2 Leisure and Hospitality 6.1 Other Services 4.4 Financial Activities 3.7 Mining, Logging, and Construction 2.7 Information 1.8 Bureau of Labor Statistics April 23, % 11.1% 13.1% 14.7% Bureau of Labor Statistics April 23, % Manufacturing Trade, Transportation, and Utilities Government Education and Health Services Professional and Business Services Leisure and Hospitality Other Services Financial Activities Mining, Logging, and Construction Information Copyright 2009 Reis, Inc. Page 4

5 Section 9 - Metro Area Copyright 2009 Reis, Inc. Page 5

6 Section 1-Current Metro Rent Details Asking Rent - Reis apartment asking rents are weighted averages by unit. Section 10 - Glossary Asking Rent by Age - the chart defines current weighted average monthly asking rent per unit for apartment buildings built during the listed time periods. N/A for any age bracket indicates there are not enough buildings built within that age period to be tabulated. Asking Rent Distribution - the column chart shows the current number of properties falling with the various asking rent buckets. The tabular data above defines the asking rent by percentile ranking of the current asking rents into low (3rd percentile), high (97th percentile), 25%, 75% as well as current mean and median asking rents for the metro. Asking Rent Growth Rate Distribution - measures growth from previous quarter to current quarter. The column chart defines number of properties in the metro falling within their associated asking rent growth rate bucket. The tabular data above defines mean asking rent growth for the metro as well as the low and high asking rent growth benchmarks for properties in the metro. Section 2-Rent Growth Comparisons Metro Ranks - ranks the metro's rent growth versus other metros in the region and US. Please refer to the "Reis Coverage by State and Region" link on your market's Reis metro page for a breakout of metros included in the region and US. Note that US and regional rent growth figures may differ from the figures on our primary market reports which benchmark only primary markets in the region and US. Section 3-Current Metro Vacancy Comparisons Vacancy Rate - Reis vacancies asking rents are weighted averages by unit. Vacancy Rate by Age - current average vacancy for apartment buildings by year built Vacancy Rate Distribution - the column chart shows the current number of properties falling with the various vacancy rate buckets. The tabular data defines the asking rent by percentile ranking of the current asking rents into low (3rd percentile), high (97th percentile), 25%, 75% as well as current mean and median asking rents for the metro. Section 4-Vacancy Rate Comparisons Metro Ranks - ranks the metro's vacancy rate versus other metros in the region and US. Please refer to the "Reis Coverage by State and Region" link on your market's Reis metro page for a breakout of metros included in the region and US. Note that US and regional vacancy figures may differ from the figures on our primary market reports which benchmark only primary markets in the region and US. Section 5 - Unit Mix Rent Details Unit Mix Inventory Details - "3 BR+" is inclusive of all three or more bedroom type units. All rents and sizes listed elsewhere for "3 BR" are for three bedroom units exclusively. N/A - for any unit mix data indicates there are not enough units for that particular bedroom type to be tabulated. Section 6 - Trend Data All selected economic and demographic data are sourced from Moody's Economy.com. Average Household Income - The average income per household as defined by the US Bureau of the Census. Households - The number of occupied housing units, as defined by the U.S. Bureau of the Census. Office Employment - The number of persons employed in the finance, insurance and real estate (FIRE) industries as service industries. Population - Total number of inhabitants in the defined geographic area as defined by the U.S. Bureau of the Census. Quarter - 1, 2, 3 or 4 to denote the applicable 3 month period or Y for an annualized number. Vacancy % Point Change - Percentage point change in the Vacancy rate from the previous period. Vacancy Rate - Amount of available space expressed as a percentage of total inventory. Section 7- Metro Inventory Characteristics Inventory by Building Age - number of buildings built within each age period expressed as a percentage of the total amount of buildings. Current Inventory Level - the total number of buildings and units for the metro in Reis's database. Reis includes market-rate rentals over 40 units for research purposes and 20+ units in California. Apartment Stock Traits - mean, median, low and high (3rd and 97th percentile) apartment sizes in the metro. Multifamily Permit Filings - Census data totaling the amount of New Privately Owned Housing Units for 5+ unit structures authorized in the Metropolitan Area by year. Note that while this is an indication of planned construction activity, Reis multifamily inventory is based on market rentals over 40 units (20+ in California) and variance may occur when comparing data sets. Market Rate Properties by Number of Floors - total number of properties that fall between one to three floors and four floors and up expressed as a percentage of the entire inventory of buildings. Market Rate Units by County - total number of units in each county in the MSA defined as a percentage of the total number of units. Section 8-Economy Data on local economy sourced from US Department of Labor, Bureau of Labor Statistics. Please note that employment data by metro is not seasonally adjusted. Note that while Reis uses both Economy.com and BLS data for illustrative purposes in its tertiary markets, there may be variances in employment figures due to differing metro boundary definitions. Labor Force data is delineated into employment and unemployment along with the resulting unemployment rate. Nonfarm Wage and Salary Employment is delineated into the various employment sectors tracked by the BLS. All figures in thousands. Section 9-Metro Boundaries Reis tertiary metro boundaries are sourced from Census definitions of the Metropolitan Statistical Area but may be limited to only those areas of the MSA where there is significant multifamily inventory. Copyright 2009 Reis, Inc. Page 6