Metro: New Haven. Copyright 2016 Reis, Inc.

Contents Metro Trend Futures Current Metro Rent Details Rent Growth Comparisons Current Metro Vacancy Details Vacancy Rate Comparisons Metro Unit Mix Rent Details Metro Unit Mix Inventory Details Metro Inventory Details Inventory Growth Comparisons Construction/Absorption Change Economic and Demographic Trends Metro Area Map Metro Data Metro Class Cut Market Data by Building Class - Class A Properties Market Data by Building Class - Class B/C Properties 4 4 4 5 5 6 6 7 7 8 9 11 12 13 14 Submarket Overview 15 New Construction Listing 17 Construction Deliveries New Construction Listing Sales Trend Activity Map Most Recent Transactions Comparable Group Details Metro Trend Futures Copyright 2016 Reis, Inc. 2 18 19 23 24 24 24 25

CustomerID: Metro Trend Futures Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $1,138 1970-1979 $1,095 1980-1989 $1,110 1990-1999 $1,429 2000-2009 $1,564 After 2009 $2,014 All $1,233 As of 06/30/16 Number of Properties Low 25% Mean Median 75% High $693 $939 $1,233 $1,081 $1,369 $2,199 45 28 12 13 8 4 2 3 Low 25% Mean Median 75% High - 4.8% - 0.1% 0.6% 0.8% 1.5% 6.7% 74 Number of Properties 17 6 7 8 1 0 1 Under $824 $825 $1,077 $1,329 $1,581 $1,833 $2,085 $2,337 $1,076 $1,328 $1,580 $1,832 $2,084 $2,336 Over Under - 3.8% - 1.0% 1.8% - 3.9% - 1.1% 1.7% 4.5% 4.6% 7.3% 7.4% 10.2% 13.0% 10.1% 12.9% Over 13 Negative Growth Positive Growth 101 As of 06/30/16 Qtr Ending 06/30/16 Section 2 - Rent Growth Comparisons Quarterly Asking Rent Growth Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast New Haven 0.6% 1.0% 0.8% 2.2% 1.9% 1.8% 2.3% Northeast 1.0% 0.2% 0.6% 4.8% 3.9% 3.4% 3.0% United States 0.9% 0.5% 0.7% 5.0% 4.0% 3.4% 2.9% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Northeast 15 11 2 2 14 13 15 7 United States 82 64 9 21 75 78 81 61 % 5.0 Asking Rent Growth Rate Trends and Forecast 4.0 3.0 2.0 1.0 New Haven Northeast US 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 4

CustomerID: Metro Trend Futures Section 3 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before 1970 1.6% 1970-1979 2.8% 1980-1989 2.2% 1990-1999 1.5% 2000-2009 3.3% After 2009 16.6% All 3.0% As of 06/30/16 Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 1.2% 3.0% 2.5% 3.9% 10.3% 104 9 0 0 1 0 0 1 Under 5.5% 5.6% 11.2% 16.8% 22.4% 28.0% 33.6% 39.2% 11.1% 16.7% 22.3% 27.9% 33.5% 39.1% Over As of 06/30/16 Section 4 - Vacancy Rate Comparisons Quarterly Vacancy Rates Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast New Haven 3.0% 2.6% 2.8% 2.3% 2.3% 2.5% 3.9% Northeast 3.9% 3.8% 3.8% 3.6% 3.5% 3.7% 4.6% United States 4.5% 4.5% 4.5% 4.3% 4.4% 4.9% 5.1% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Northeast 15 4 4 4 1 1 1 9 United States 82 10 6 7 1 1 1 24 % Vacancy Rate Trends and Forecast 5.0 4.5 4.0 3.5 3.0 2.5 New Haven Northeast US 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 5

CustomerID: Metro Trend Futures Section 5 - Metro Unit Mix Rent Details Current Metro Average Rents and Sizes Asking Rent Growth 2Q 2016 Quarterly Annualized Rent Avg. SF Avg. Rent PSF 2Q16 1Q16 YTD 1 Year 3 Year 5 Year Studio/Efficiency $954 547 $ 1.74 2.5% 0.3% 2.8% - 1.1% 1.0% 2.1% One Bedroom $1,079 780 $ 1.38 0.1% 0.4% 0.5% 1.8% 1.7% 1.8% Two Bedroom $1,426 1074 $ 1.33 1.1% 1.7% 2.7% 3.2% 2.2% 1.9% Three Bedroom $1,769 1311 $ 1.35 0.9% 0.7% 1.7% 0.7% 1.9% 1.2% Average over period ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 Asking Rent Comparisons Asking Rent Per SF $3,000 $2,000 $1,000 $0 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Studio 1 BR 2 BR 3 BR New Haven Northeast US Studio 1 BR 2 BR 3 BR New Haven Northeast US Studio 1 BR 2 BR 3 BR New Haven $954 $1,079 $1,426 $1,769 Northeast $1,749 $1,943 $2,329 $3,082 United States $1,130 $1,255 $1,465 $1,687 As of 06/30/16 Studio 1 BR 2 BR 3 BR New Haven $ 1.74 $ 1.38 $ 1.33 $ 1.35 Northeast $ 2.77 $ 2.13 $ 1.84 $ 1.87 United States $ 2.03 $ 1.56 $ 1.30 $ 1.18 As of 06/30/16 Section 6 - Metro Unit Mix Inventory Details Metro Unit Mix 3.9% 7.3% 1,500 Average Unit Size (SF) 1,000 39.0% 500 49.7% Studios 1 BR 2 BR 3 BR + 0 Studio 1 BR 2 BR 3 BR New Haven Northeast US As of 06/30/16 As of 06/30/16 Copyright 2016 Reis, Inc. Page 6

CustomerID: Metro Trend Futures Section 7 - Metro Inventory Details Inventory By Building Age Year Built Percent Before 1970 31.0% 1970-1979 32.0% 1980-1989 11.0% 1990-1999 9.0% 2000-2009 12.0% After 2009 5.0% All 100.0% As of 06/30/16 Apartment Stock Traits Metro Low Mean Median High Year Built 1925 1978 1974 2016 Size (units) 41 148 107 754 Distance to Highway (miles) 0.1 1.4 1.2 4.9 Distance to CBD (miles) 0.2 8.4 5.6 18.7 Distance to Landmark (miles) 0.2 6.8 3.6 18.7 As of 06/30/16 Landmark =Long Island Sound Average Metro Lease Terms Free Rent (mos) Expenses % (Apartment) 0.12 44.9% As of 06/30/16 Section 8 - Inventory Growth Comparisons Inventory Growth Rates Quarterly Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast New Haven 0.8% 1.0% 0.9% 0.0% 0.1% 0.0% 1.1% Northeast 0.5% 0.4% 0.4% 1.6% 1.4% 1.1% 1.3% United States 0.5% 0.4% 0.4% 1.9% 1.7% 1.2% 1.2% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Northeast 15 3 2 2 14 14 15 6 United States 82 14 10 9 81 81 82 38 % Inventory Growth Comparisons and Forecast 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 New Haven Northeast US Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 7

CustomerID: Metro Trend Futures Units Built Section 9 - Construction/Absorption Change Construction and Absorption Quarterly 2Q16 1Q16 YTD Avg Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed New Haven 125 66 1.9 160 73 2.2 143 70 2.1 Northeast 7,407 4,282 1.7 5,119 4,185 1.2 6,263 4,234 1.5 Con/Abs Ratio Average over period ending: 06/30/16 06/30/16 06/30/16 03/31/16 03/31/16 03/31/16 06/30/16 06/30/16 06/30/16 Units Built Annualized 1 Year History 3 Year History 5 Year History Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed New Haven 0 43 0.0 12 37 0.3 7 31 0.2 Northeast 23,695 19,618 1.2 19,167 16,819 1.1 15,354 16,561 0.9 Con/Abs Ratio Average over period ending: 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 Units Built Annualized 5 Year Forecast Units Absorbed Con/Abs Ratio New Haven 175 97 1.8 Northeast 18,846 14,738 1.3 Average over period ending: 12/31/20 12/31/20 12/31/20 Construction/Absorption and Vacancy 500 4 400 Number of Units 300 200 100 0 3 2 1 0 Vacancy Rate (%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Vacancy Rate Construction Absorption Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 8

CustomerID: Metro Trend Futures Section 10 - Economic and Demographic Trends New Haven Economic/Demographic Trends and Forecast Percentage Change 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Employment Households Avg HH Income Population Provided by Moody's Economy.com, Period ending 12/31/20 Total Employment Growth Trends and Forecast Metro vs. Region & U.S. Percentage Change 2.0% 1.5% 1.0% 0.5% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 New Haven Northeast US Provided by Moody's Economy.com, Period ending 12/31/20 New Haven Population/Household Growth Trends and Forecast Percentage Change 0.80% 0.60% 0.40% 0.20% 0.00% -0.20% -0.40% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Population Households Provided by Moody's Economy.com, Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 9

CustomerID: Metro Trend Futures Section 12 - Metro Data Year Qtr Inventory SF/Units Completions Inventory Growth% Vacant Stock Vacancy Rate Vacancy Change(BPS) Occupied Stock Net Absorption Asking Rent Ask Rent % Chg 2011 Y 16,245 0 0.0% 414 2.5% -40 15,831 54 $1,126 1.5% 2012 Y 16,245 0 0.0% 422 2.6% 10 15,823-8 $1,147 1.9% 2013 Y 16,245 0 0.0% 363 2.2% -40 15,882 59 $1,174 2.4% 2014 Q3 16,281 0 0.0% 336 2.1% -10 15,945 16 $1,190 0.3% 2014 Q4 16,281 0 0.0% 391 2.4% 30 15,890-55 $1,186-0.3% 2014 Y 16,281 36 0.2% 391 2.4% 20 15,890 8 $1,186 1.0% 2015 Q1 16,281 0 0.0% 370 2.3% -10 15,911 21 $1,191 0.4% 2015 Q2 16,281 0 0.0% 382 2.3% 0 15,899-12 $1,200 0.8% 2015 Q3 16,281 0 0.0% 367 2.3% 0 15,914 15 $1,209 0.7% 2015 Q4 16,281 0 0.0% 348 2.1% -20 15,933 19 $1,213 0.3% 2015 Y 16,281 0 0.0% 348 2.1% -30 15,933 43 $1,213 2.2% 2016 Q1 16,441 160 1.0% 435 2.6% 50 16,006 73 $1,225 1.0% 2016 Q2 16,566 125 0.8% 494 3.0% 40 16,072 66 $1,233 0.6% 2016 Y 16,801 520 3.2% 636 3.8% 170 16,165 232 $1,250 3.1% 2017 Y 16,801 0 0.0% 584 3.5% -30 16,217 52 $1,277 2.2% 2018 Y 16,897 96 0.6% 602 3.6% 10 16,295 78 $1,308 2.4% 2019 Y 17,037 140 0.8% 744 4.4% 80 16,293-2 $1,331 1.8% 2020 Y 17,158 121 0.7% 742 4.3% -10 16,416 123 $1,359 2.1% Year Qtr Effective Rent Eff Rent % Cons/Abs Chg Abs/Occ Stock% Population Pop% Chg Employment Emp% Chg Households HH% Chg Avg HH Income AHHI% Chg 2011 Y $1,097 1.8% 0.0 0.3% 864,050 0.0% 362,600 0.9% 336,440 0.3% $118,231 2.3% 2012 Y $1,126 2.6% 0.0-0.1% 863,310-0.1% 367,390 1.3% 337,140 0.2% $125,705 6.3% 2013 Y $1,154 2.5% 0.0 0.4% 861,850-0.2% 370,150 0.8% 337,660 0.2% $124,096-1.3% 2014 Q3 $1,174 0.7% 0.0 0.1% 860,900 0.0% 371,570 0.4% 335,620-0.2% $129,365 0.9% 2014 Q4 $1,172-0.2% 0.0-0.3% 860,500 0.0% 372,210 0.2% 335,700 0.0% $130,863 1.2% 2014 Y $1,172 1.6% 4.5 0.1% 860,500-0.2% 372,210 0.6% 335,700-0.6% $130,863 5.5% 2015 Q1 $1,177 0.5% 0.0 0.1% 860,040-0.1% 371,940-0.1% 336,050 0.1% $131,201 0.3% 2015 Q2 $1,187 0.9% 0.0-0.1% 859,470-0.1% 371,230-0.2% 336,890 0.2% $132,620 1.1% 2015 Q3 $1,196 0.7% 0.0 0.1% 860,150 0.1% 371,960 0.2% 337,810 0.3% $132,313-0.2% 2015 Q4 $1,201 0.4% 0.0 0.1% 861,030 0.1% 372,540 0.2% 338,760 0.3% $133,039 0.5% 2015 Y $1,201 2.5% 0.0 0.3% 861,030 0.1% 372,540 0.1% 338,760 0.9% $133,039 1.7% 2016 Q1 $1,211 0.9% 2.2 0.5% 861,690 0.1% 373,520 0.3% 339,600 0.2% $133,196 0.1% 2016 Q2 $1,219 0.7% 1.9 0.4% 862,550 0.1% 374,440 0.2% 340,240 0.2% $133,490 0.2% 2016 Y $1,236 2.9% 2.2 1.4% 863,840 0.3% 376,520 1.1% 341,690 0.9% $134,847 1.4% 2017 Y $1,268 2.6% 0.0 0.3% 866,450 0.3% 380,410 1.0% 344,980 1.0% $139,334 3.3% 2018 Y $1,295 2.1% 1.2 0.5% 868,810 0.3% 383,530 0.8% 347,330 0.7% $143,336 2.9% 2019 Y $1,315 1.5% -70.0 0.0% 870,910 0.2% 384,890 0.4% 348,890 0.4% $146,645 2.3% 2020 Y $1,339 1.8% 1.0 0.7% 872,920 0.2% 385,250 0.1% 349,950 0.3% $150,043 2.3% Copyright 2016 Reis, Inc. Page 11

CustomerID: Metro Class Cut Year Quarter Inventory (Units) Section 13 - Market Data by Building Class - Class A Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 2001 Y 6,202 0 2.5% 158 6,044-52 $1,076 6.4% 0.0-0.9 $1,048.59 2002 Y 6,278 76 4.0% 249 6,029-15 $1,109 3.1% -5.1-0.2 $1,065.01 2003 Y 6,278 0 5.5% 343 5,935-94 $1,115 0.5% 0.0-1.6 $1,054.08 2004 Y 6,722 444 6.9% 465 6,257 322 $1,175 5.4% 1.4 5.1 $1,093.72 2005 Y 7,143 421 6.0% 428 6,715 458 $1,216 3.5% 0.9 6.8 $1,143.14 2006 Y 7,150 56 4.8% 342 6,808 93 $1,264 3.9% 0.6 1.4 $1,203.54 2007 Y 7,150 0 3.4% 241 6,909 101 $1,330 5.2% 0.0 1.5 $1,285.17 2008 Y 7,444 294 3.3% 249 7,195 286 $1,346 1.2% 1.0 4.0 $1,300.98 2009 Y 7,444 0 2.5% 188 7,256 61 $1,320-1.9% 0.0 0.8 $1,286.66 2010 Y 7,924 480 2.4% 190 7,734 478 $1,349 2.2% 1.0 6.2 $1,316.65 2011 Y 7,924 0 2.5% 199 7,725-9 $1,361 0.9% 0.0-0.1 $1,326.82 2012 1 7,924 0 3.3% 263 7,661-64 $1,375 1.0% 0.0-0.8 $1,329.36 2012 2 7,924 0 3.0% 234 7,690 29 $1,370-0.4% 0.0 0.4 $1,329.54 2012 3 7,924 0 3.0% 237 7,687-3 $1,387 1.2% 0.0 0.0 $1,345.52 2012 4 7,924 0 2.8% 225 7,699 12 $1,382-0.4% 0.0 0.2 $1,342.76 2012 Y 7,924 0 2.8% 225 7,699-26 $1,382 1.5% 0.0-0.3 $1,342.76 2013 1 7,924 0 2.9% 226 7,698-1 $1,379-0.2% 0.0 0.0 $1,339.67 2013 2 7,924 0 2.7% 210 7,714 16 $1,385 0.4% 0.0 0.2 $1,348.30 2013 3 7,924 0 3.0% 241 7,683-31 $1,397 0.9% 0.0-0.4 $1,354.51 2013 4 7,924 0 2.7% 212 7,712 29 $1,407 0.7% 0.0 0.4 $1,369.36 2013 Y 7,924 0 2.7% 212 7,712 13 $1,407 1.8% 0.0 0.2 $1,369.36 2014 1 7,960 36 3.0% 235 7,725 13 $1,408 0.1% 2.8 0.2 $1,366.43 2014 2 7,960 0 2.9% 229 7,731 6 $1,420 0.9% 0.0 0.1 $1,379.15 2014 3 7,960 0 2.8% 223 7,737 6 $1,414-0.4% 0.0 0.1 $1,374.39 2014 4 7,960 0 3.1% 250 7,710-27 $1,409-0.4% 0.0-0.4 $1,364.75 2014 Y 7,960 36 3.1% 250 7,710-2 $1,409 0.1% -18.0 0.0 $1,364.75 2015 1 7,960 0 3.2% 251 7,709-1 $1,412 0.2% 0.0 0.0 $1,367.48 2015 2 7,960 0 3.3% 266 7,694-15 $1,420 0.6% 0.0-0.2 $1,372.55 2015 3 7,960 0 3.2% 257 7,703 9 $1,422 0.1% 0.0 0.1 $1,376.09 2015 4 7,960 0 3.0% 242 7,718 15 $1,423 0.1% 0.0 0.2 $1,379.74 2015 Y 7,960 0 3.0% 242 7,718 8 $1,423 1.0% 0.0 0.1 $1,379.74 2016 1 8,120 160 3.5% 288 7,832 114 $1,442 1.3% 1.4 1.5 $1,390.86 2016 2 8,245 125 3.7% 308 7,937 105 $1,450 0.6% 1.2 1.3 $1,395.83 Copyright 2016 Reis, Inc. Page 13

CustomerID: Metro Class Cut Year Quarter Inventory (Units) Section 14 - Market Data by Building Class - Class B/C Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 2001 Y 8,179 0 3.0% 242 7,937-77 $775 3.7% 0.0-1.0 $752.07 2002 Y 8,179 0 5.8% 474 7,705-232 $781 0.8% 0.0-3.0 $735.74 2003 Y 8,179 0 4.6% 374 7,805 100 $783 0.3% 0.0 1.3 $747.20 2004 Y 8,151 46 4.7% 381 7,770-35 $786 0.4% -1.3-0.5 $749.26 2005 Y 8,326 175 4.7% 394 7,932 162 $804 2.3% 1.1 2.0 $765.95 2006 Y 8,321 45 4.7% 393 7,928-4 $833 3.6% -11.2-0.1 $793.66 2007 Y 8,321 0 4.8% 399 7,922-6 $869 4.3% 0.0-0.1 $827.33 2008 Y 8,321 0 3.7% 305 8,016 94 $877 0.9% 0.0 1.2 $844.85 2009 Y 8,321 0 3.5% 289 8,032 16 $881 0.5% 0.0 0.2 $850.40 2010 Y 8,321 0 3.3% 278 8,043 11 $881 0.0% 0.0 0.1 $851.57 2011 Y 8,321 0 2.6% 216 8,105 62 $902 2.4% 0.0 0.8 $878.59 2012 1 8,321 0 2.4% 198 8,123 18 $903 0.1% 0.0 0.2 $881.51 2012 2 8,321 0 2.2% 185 8,136 13 $919 1.8% 0.0 0.2 $898.57 2012 3 8,321 0 2.0% 170 8,151 15 $920 0.1% 0.0 0.2 $901.20 2012 4 8,321 0 2.4% 196 8,125-26 $923 0.3% 0.0-0.3 $901.26 2012 Y 8,321 0 2.4% 196 8,125 20 $923 2.3% 0.0 0.2 $901.26 2013 1 8,321 0 2.1% 176 8,145 20 $930 0.8% 0.0 0.2 $910.33 2013 2 8,321 0 1.9% 157 8,164 19 $943 1.4% 0.0 0.2 $925.21 2013 3 8,321 0 1.7% 138 8,183 19 $950 0.7% 0.0 0.2 $934.24 2013 4 8,321 0 1.8% 152 8,169-14 $952 0.2% 0.0-0.2 $934.61 2013 Y 8,321 0 1.8% 152 8,169 44 $952 3.1% 0.0 0.5 $934.61 2014 1 8,321 0 1.7% 145 8,176 7 $959 0.7% 0.0 0.1 $942.29 2014 2 8,321 0 1.5% 123 8,198 22 $962 0.3% 0.0 0.3 $947.78 2014 3 8,321 0 1.4% 114 8,207 9 $975 1.4% 0.0 0.1 $961.64 2014 4 8,321 0 1.7% 140 8,181-26 $973-0.2% 0.0-0.3 $956.63 2014 Y 8,321 0 1.7% 140 8,181 12 $973 2.2% 0.0 0.1 $956.63 2015 1 8,321 0 1.4% 120 8,201 20 $980 0.7% 0.0 0.2 $965.87 2015 2 8,321 0 1.4% 115 8,206 5 $990 1.0% 0.0 0.1 $976.32 2015 3 8,321 0 1.3% 110 8,211 5 $1,005 1.5% 0.0 0.1 $991.71 2015 4 8,321 0 1.3% 106 8,215 4 $1,012 0.7% 0.0 0.0 $999.11 2015 Y 8,321 0 1.3% 106 8,215 34 $1,012 4.0% 0.0 0.4 $999.11 2016 1 8,321 0 1.8% 146 8,175-40 $1,013 0.1% 0.0-0.5 $995.23 2016 2 8,321 0 2.2% 186 8,135-40 $1,018 0.5% 0.0-0.5 $995.24 Copyright 2016 Reis, Inc. Page 14

CustomerID: Submarket Overview Section 15 - Submarket Overview Submarket Inventory (Buildings) Inventory (Units) Asking Rent $ Vac % Free Rent (mos) Expenses % (Apartment) Harborside 63 7,523 $1,221 3.2% 0.11 45.4% North Haven 38 6,098 $1,354 2.8% 0.18 44.3% Naugatuck 22 2,945 $1,011 2.8% 0.03 44.6% Copyright 2016 Reis, Inc. Page 16

CustomerID: New Construction Listing As of 30-Jun-2016 Section 16 - Construction Deliveries Completed Units Units Under Construction Totals Planned Proposed Totals 2015 YTD 2016 2016 2017 and Later 2015 and Later Market Rate Rentals 0 285 235 0 520 1,328 2,413 3,741 Condominiums 0 0 0 22 22 0 13 13 Other 0 0 60 515 575 286 1,444 1,730 Totals 0 285 295 537 1,117 1,614 3,870 5,484 Copyright 2016 Reis, Inc. Page 18

CustomerID: New Construction Listing As of 30-Jun-2016 Section 17 - New Construction Listing No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 1 2 Submarket: Harborside NEW HAVEN COLISEUM SITE REDEVELOPMENT (FUTURE APT PHASE) GEORGE ST @ ORANGE ST NEW HAVEN, CT 06510 COLLEGE AND CROWN 200 College St New Haven, CT 06510 12-18-2014 Apartment NEW HAVEN 500 300 1 Proposed 09-23-2016 Apartment New Haven 160 160 1 5 12/2014 3/2016 Complete 3 87 UNION STREET 87 UNION ST NEW HAVEN, CT 06511 08-30-2016 Apartment NEW HAVEN 299 299 6/2017 Planned 4 701 NORTH ST 701 NORTH ST MILFORD, CT 06461 08-24-2016 Subsidized/Low Income New Haven 63 0 1 Proposed 5 6 7 8 9 10 ATLANTIC WIRE REDEVELOPMENT CHURCH ST @ MEADOW ST BRANFORD, CT 06405 COMCAST BUILDING REDEVELOPMENT 630 CHAPEL ST NEW HAVEN, CT 06511 ST LUKES CHURCH HOUSING DEVELOPMENT WHALLEY AVE @ SPERRY ST NEW HAVEN, CT 06511 148 BRADFORD AVENUE 148 BRADFORD AVE EAST HAVEN, CT 06512 HAROLD'S BRIDAL SHOP - REDEVELOPMENT 19 ELM ST NEW HAVEN, CT 06510 GEORGE STREET APARTMENTS GEORGE ST @ HIGH ST NEW HAVEN, CT 06511 08-23-2016 Apartment NEW HAVEN 205 205 10 3 Proposed 06-28-2016 Apartment NEW HAVEN 188 188 2 4 Planned 06-28-2016 Apartment New Haven 40 22 Planned 06-28-2016 Apartment NEW HAVEN 108 108 1 Proposed 06-14-2016 Apartment New Haven 46 46 1 5 Planned 05-25-2016 Other NEW HAVEN 108 0 1 Planned 11 FARNAM COURTS REDEVELOPMENT 210 HAMILTON ST NEW HAVEN, CT 06511 05-24-2016 Subsidized/Low Income New Haven 160 0 17 2 Planned 12 BELLA VISTA EXPANSION 339 EASTERN ST NEW HAVEN, CT 06513 05-05-2016 Subsidized/Low Income New Haven 399 0 2 Proposed 13 274 CROWN STREET 274 CROWN ST NEW HAVEN, CT 06510 04-29-2016 Apartment NEW HAVEN 78 78 1 5 Proposed 14 BROOKSIDE ESTATES - ROCKVIEW PH II 6 SOLOMON CROSSING NEW HAVEN, CT 06515 04-13-2016 Subsidized/Low Income New Haven 78 0 30 2 Proposed Copyright 2016 Reis, Inc. Page 19

CustomerID: New Construction Listing As of 30-Jun-2016 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 15 16 17 BROOKSIDE ESTATES - ROCKVIEW PH II HOME OWNERSHIP 6 SOLOMON CROSSING NEW HAVEN, CT 06515 BROOKSIDE ESTATES - ROCKVIEW PH I 6 SOLOMON CROSSING NEW HAVEN, CT 06515 CHURCH STREET SOUTH 34 CINQUE GREEN NEW HAVEN, CT 06519 04-13-2016 Subsidized/Low Income 04-13-2016 Subsidized/Low Income New Haven 18 0 9 2 Proposed New Haven 77 0 22 2 Proposed 03-23-2016 Apartment NEW HAVEN 800 511 1 Proposed 18 THE HILL DEVELOPMENT GOLD ST/PRINCE ST & WASHINGTON AVE NEW HAVEN, CT 06519 01-26-2016 Subsidized/Low Income NEW HAVEN 140 0 1 Proposed 19 20 21 C. COWLES & COMPANY (REDEVELOPMENT) 83 WATER ST NEW HAVEN, CT 06511 NEW HAVEN COLISEUM SITE REDEVELOPMENT (APTS) GEORGE ST @ ORANGE ST NEW HAVEN, CT 06510 STATE STREET LOFTS 1040 STATE ST NEW HAVEN, CT 06511 01-19-2016 Apartment NEW HAVEN 210 210 3 5 Proposed 01-19-2016 Apartment New Haven 340 340 Planned 01-13-2016 Apartment New Haven 235 235 1 5 7/2015 11/2016 Under Constr. 22 Submarket: Naugatuck WATERBURY TOWNHOMES 357 HITCHCOCK RD WATERBURY, CT 06705 07-25-2016 Townhomes New Haven 40 0 Proposed 23 589 SOUTH MAIN STREET 589 S MAIN ST CHESHIRE, CT 06410 04-29-2016 Condominiums NEW HAVEN 13 0 1 Proposed 24 REGENCY AT PROSPECT 120 SCOTT RD PROSPECT, CT 06712 04-25-2016 Townhomes NEW HAVEN 366 0 2 3/2007 Under Constr. Submarket: North Haven 25 24 COLONY STREET 24 COLONY ST MERIDEN, CT 06451 10-28-2015 Subsidized/Low Income New Haven 60 0 1 4 5/2015 12/2016 Under Constr. 26 177 STATE STREET 177 STATE ST MERIDEN, CT 06450 09-22-2016 Apartment NEW HAVEN 75 75 1 4 Proposed 27 380 MATHER STREET 380 MATHER ST HAMDEN, CT 06514 08-24-2016 Apartment NEW HAVEN 393 393 7 5 Planned 28 10 MAIN STREET 10 MAIN ST CHESHIRE, CT 06410 07-15-2016 Apartment NEW HAVEN 13 13 1 Proposed 29 138 HIGHLAND AVENUE 138 HIGHLAND AVE CHESHIRE, CT 06410 07-13-2016 Apartment NEW HAVEN 11 11 1 2 Proposed Copyright 2016 Reis, Inc. Page 20

CustomerID: New Construction Listing As of 30-Jun-2016 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 30 31 THE OUTLETS AT CHESHIRE (APARTMENTS) 2037 HIGHLAND AVE CHESHIRE, CT 06410 11 CROWN STREET 11 CROWN ST MERIDEN, CT 06450 06-28-2016 Apartment NEW HAVEN 160 160 14 3 Proposed 05-19-2016 Apartment NEW HAVEN 81 81 1 Proposed 32 143 WEST MAIN STREET 143 W. MAIN ST MERIDEN, CT 06451 05-18-2016 Apartment NEW HAVEN 51 51 1 Proposed 33 34 35 36 PARKER PLACE BLDG B 75 PARKER ST WALLINGFORD, CT 06492 PARKER PLACE BLDG A 367 WASHINGTON ST WALLINGFORD, CT 06492 PARKER PLACE BLDG C 53 PARKER ST WALLINGFORD, CT 06492 THE FLATS @ 520 520 WASHINGTON AVE NORTH HAVEN, CT 06473 05-11-2016 Apartment NEW HAVEN 53 53 1 3 Proposed 05-11-2016 Apartment NEW HAVEN 83 83 1 3 Proposed 05-11-2016 Apartment NEW HAVEN 57 57 1 4 Proposed 05-06-2016 Apartment New Haven 125 125 3 4 4/2016 Complete 37 WOODHOUSE AVENUE APARTMENTS 88 WOODHOUSE AVE WALLINGFORD, CT 06492 04-29-2016 Subsidized/Low Income New Haven 40 0 1 3 Proposed 38 3139 @ WHITNEY 3139 WHITNEY AVE HAMDEN, CT 06518 03-29-2016 Apartment New Haven 73 51 1 3 Proposed 39 55 W WOODS ROAD 55 W WOODS RD HAMDEN, CT 06518 03-21-2016 Apartment NEW HAVEN 50 50 1 3 Proposed 40 PIERMONT HILL OF NORTH HAVEN BENEDICT DR @ WARNER RD NORTH HAVEN, CT 06473 02-19-2016 Townhomes NEW HAVEN 149 0 7/2015 2/2021 Under Constr. 41 105 POMEROY AVENUE 105 POMEROY AVE MERIDEN, CT 06450 02-03-2016 Apartment NEW HAVEN 42 42 1 Proposed Submarket: Not in a Reis submarket 42 460 BIC DRIVE 460 BIC DR MILFORD, CT 06461 09-19-2016 Apartment New Haven 257 179 Proposed 43 29 MAPLE STREET (SCHOOL CONVERSION) 29 MAPLE ST SEYMOUR, CT 06483 08-24-2016 Apartment NEW HAVEN 40 40 1 10/2016 Planned 44 PALMER BUILDING REDEVELOPMENT 153 MAIN ST ANSONIA, CT 06401 05-16-2016 Apartment NEW HAVEN 45 45 Proposed Copyright 2016 Reis, Inc. Page 21

CustomerID: New Construction Listing As of 30-Jun-2016 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 45 ANSONIA TECHNOLOGY PARK REDEVELOPMENT 497 E MAIN ST ANSONIA, CT 06401 05-12-2016 Apartment NEW HAVEN 50 50 Proposed 46 GREAT OAK RIDGE PH II 246 PEARL ST SEYMOUR, CT 06483 03-04-2016 Condominiums NEW HAVEN 22 0 4 3 9/2008 Under Constr. Copyright 2016 Reis, Inc. Page 22

CustomerID: 2Q 2016 Metro Statistics Metro Statistics - 12 Month Rolling Mean Median 25th Percentile Mean Median 75th Percentile Cap Rate n/a n/a n/a n/a n/a n/a Sale Price $2,200,000 $2,200,000 $423,500 $1,155,750 $1,036,500 $1,768,750 Sale Price Per Unit $23,158 $23,158 $30,662 $30,414 $60,332 $93,625 Number of Units 95 95 4 38 27 61 Number of Floors 4 4 3 3 3 3 Year Built 1970 1970 1909 1951 1944 1969 Sales Trend Apartment - 2Q 2016 Submarkets 1. New Haven Harborside 2. North Haven/Wallingford/Meriden 3. Naugatuck/Waterbury Most Recent Transactions City, State Submarket Year Built Floors Price Per Units Range Sale Date Reis Sales Comparables Number 1. Waterbury, CT Naugatuck 1970 4 $10,000 - $24,999 Q2 2016 1149736 2. Waterbury, CT Naugatuck 1920 3 $25,000 - $49,999 Q4 2015 1075819 3. New Haven, CT Harborside 1968 2 $75,000 - $99,999 Q3 2015 1003325 4. New Haven, CT Harborside 1874 3 $100,000 - $124,999 Q3 2015 996931 5. East Haven, CT Harborside 1989 3 $125,000 - $149,999 Q2 2015 667318 6. Waterbury, CT Naugatuck 1988 2 $50,000 - $74,999 Q2 2015 667939 7. New Haven, CT Harborside 1950 2 $50,000 - $74,999 Q2 2015 657949 8. West Haven, CT Harborside 1972 2 $50,000 - $74,999 Q2 2015 657958 9. West Haven, CT Harborside 1970 3 $50,000 - $74,999 Q2 2015 657955 10. New Haven, CT Harborside 1900 3 $50,000 - $74,999 Q2 2015 657950 11. New Haven, CT Harborside 1966 2 $50,000 - $74,999 Q2 2015 674637 12. New Haven, CT Harborside 1910 2 $100,000 - $124,999 Q1 2015 661263 13. New Haven, CT Harborside 1900 4 $200,000 - $249,999 Q1 2015 657472 14. New Haven, CT Harborside 1900 5 $50,000 - $74,999 Q1 2015 655978 15. New Haven, CT Harborside 1910 3 $75,000 - $99,999 Q1 2015 650641 16. Wallingford, CT North Haven 1966 2 $75,000 - $99,999 Q1 2015 654730 17. New Haven, CT Harborside 1900 2 $25,000 - $49,999 Q1 2015 637771 18. Hamden, CT North Haven 1965 2 $75,000 - $99,999 Q4 2014 629081 19. New Haven, CT Harborside 1910 2 $150,000 - $199,999 Q4 2014 617509 20. North Haven, CT North Haven 2000 3 $200,000 - $249,999 Q4 2014 608970 For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions or transactions in another Reis market, please go to the Sales Comparables section of the Reis website. www.reis.com Copyright 2016 Reis, Inc. Page 24

CustomerID: Sales Trend Apartment - 2Q 2016 Property Location and Physical Characteristics Property Name Property Type Market Rate Rental Address 29 Terrace St Building Area (SF) 4,256 City New Haven No. of Bldgs./Floors 1 / 2 State/ZIP/County CT / 06512 / New Haven Year Built/Renovated 1968 / -- Metro (Submarket) New Haven (Harborside) Total Units/Asset Class 4 / BC Comments Sale Details and Analysis Sale Date 22 Jul 2015 Reis Cap Rate Analysis Proforma Sale Price $350,000 (Verified: Pub Rcrd) All per unit figures are monthly Sale Price/Unit $87,500 Total Units -- Sale Price PSF $82 Potential Rent Revenue -- Vacancy at Sale -- Vacancy Loss/Rate -- Seller 1. George St Properties LLC Effective Rent Revenue -- Free Rent Concessions -- Credit Loss -- Buyer 1. 29 Terrace Street LLC / 125 Underhill St, Yonkers, NY 10710 Additional Income -- Effective Gross Revenue -- Operating Expenses/Ratio -- Capital Reserve -- Comments Net Operating Income -- Estimated Going-in Cap Rate -- 12-Month Rolling Metro Cap Rate 6.7% (Q3 2015) Reported Cap Rate, This Sale None Additional Details When Available Seller's Broker Buyer's Broker Other Broker Interest Purchased -- Lot Size 12,632 SF / 0.29 Acres Parcel Number 000057-000942 - 000101 Number Monthly Rent Efficiencies -- -- 1 Bedrooms -- -- 2 Bedrooms -- -- 3 Bedrooms -- -- Deed Reference 9308000010 4 Bedrooms -- -- Time on Market Total 4 -- Financing Details Other: Copyright 2016 Reis, Inc. Page 25

CustomerID: Sales Trend Apartment - 2Q 2016 Property Location and Physical Characteristics Property Name Property Type Market Rate Rental Address 275 Dwight St Building Area (SF) 2,394 City New Haven No. of Bldgs./Floors 1 / 3 State/ZIP/County CT / 06511 / New Haven Year Built/Renovated 1874 / -- Metro (Submarket) New Haven (Harborside) Total Units/Asset Class 4 / BC Comments Sale Details and Analysis Sale Date 01 Jul 2015 Reis Cap Rate Analysis Proforma Sale Price $448,000 (Verified: Pub Rcrd) All per unit figures are monthly Sale Price/Unit $112,000 Total Units -- Sale Price PSF $187 Potential Rent Revenue -- Vacancy at Sale 32.0% Vacancy Loss/Rate -- Seller 1. Dwight St Associates LLC / 151 Park St, New Haven, CT, 06511 Effective Rent Revenue -- Free Rent Concessions -- Credit Loss -- Buyer 1. Hilary Grant / 275 Dwight St, New Haven, CT 06511 Additional Income -- Effective Gross Revenue -- Operating Expenses/Ratio -- Capital Reserve -- Comments Net Operating Income -- Estimated Going-in Cap Rate -- 12-Month Rolling Metro Cap Rate 6.7% (Q3 2015) Reported Cap Rate, This Sale None Additional Details When Available Seller's Broker Buyer's Broker Other Broker Interest Purchased -- Lot Size 2,614 SF / 0.06 Acres Parcel Number 000296000285001900 Number Monthly Rent Efficiencies -- -- 1 Bedrooms -- -- 2 Bedrooms -- -- 3 Bedrooms -- -- Deed Reference 9301000222 4 Bedrooms -- -- Time on Market Total 4 -- Financing Details Webster Bank provided a 30 year $330,000 loan. Other: Copyright 2016 Reis, Inc. Page 26

CustomerID: Sales Trend Apartment - 2Q 2016 Property Location and Physical Characteristics Property Name Stony Brook Villlage Property Type Market Rate Rental Address 100-140 Mill St Building Area (SF) City East Haven No. of Bldgs./Floors 20 / 3 State/ZIP/County CT / 06512 / New Haven Year Built/Renovated 1989 / 2009 Metro (Submarket) New Haven (Harborside) Total Units/Asset Class 165 / BC Comments 4,500-SF clubhouse. Sun deck. Library. Sale Details and Analysis Sale Date 02 Jun 2015 Rec Reis Cap Rate Analysis Proforma Sale Price $21,050,000 All per unit figures are monthly Sale Price/Unit $127,576 Total Units 165 Sale Price PSF -- Potential Rent Revenue $2,214,372 Vacancy at Sale -- Vacancy Loss/Rate ($68,345) [ 3.1%] $1,118 Market Rent x 12 Months x 165 Units x 3.1% Seller 1. HP Stony Brook LLC / 1030 New Britain Ave, West Hartford, CT 06110 Buyer 1. Par Mill Street LLC / 76 S Lexington Ave, White Plains, NY 10606 Effective Rent Revenue $2,146,027 $1,118 In Place Rent x 12 Months x 165 Units x 96.9% Free Rent Concessions ($3,756) [$23 Per Unit] Credit Loss ($22,144) [ 1.0%] Additional Income $0 [$0 Per Unit] Effective Gross Revenue $2,120,128 Operating Expenses/Ratio ($992,039) [ 44.8%] Capital Reserve ($57,750) [$350 Per Unit] Comments Net Operating Income $1,070,339 Estimated Going-in Cap Rate 5.1% Based on Sale Price of $21,050,000 12-Month Rolling Metro Cap Rate 7.6% (Q2 2015) Reported Cap Rate, This Sale None Additional Details When Available Seller's Broker Other Broker Interest Purchased -- Steve Witten & Victor Nolletti, Institutional Property Advisors, New Haven, CT, (203) 672-3320 Buyer's Broker Lot Size 862,923 SF / 19.81 Acres Parcel Numbers 420 5426 004, 420 5426 001 Number Monthly Rent Efficiencies -- -- 1 Bedrooms 50 -- 2 Bedrooms 101 -- 3 Bedrooms 14 -- Deed Reference 02426/75 4 Bedrooms -- -- Time on Market Total 165 $0 Financing Details Other: Click here for a glossary of terms, or go to https://se.reis.com/reisseglossary.pdf Copyright 2016 Reis, Inc. Page 27

About Reis Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing properties and affordable housing, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers. Copyright 2016 Reis, Inc.