Las Vegas. Research & Forecast Report Q Las Vegas. Economic Review

Las Vegas Research & Forecast Report Q4 2018 Las Vegas Economic Review

Glossary Industrial Definitions Incubator: Multi-tenant buildings without dock-high loading doors that have a parking ratio lower than 3.5/1,000 square feet and bay sizes lower than 3,500 square feet. Light Distribution: Multi- or single-tenant buildings that include dock-high loading doors and have bay sizes of less than 15,000 square feet. Light Industrial: Flex: Warehouse/Distribution: Multi- or single-tenant buildings without dock-high loading doors that have a parking ratio lower than 3.5/1,000 square feet and, in the case of multi-tenant buildings, bay sizes of at least 3,500 square feet. Multi- or single-tenant buildings without dock-high loading doors with parking ratios in excess of 3.5/1,000 square feet. Multi- or single-tenant buildings that include dock-high loading doors and have bay sizes of at least 15,000 square feet. Office Definitions Class A Office: Class B Office: Class C Office: Buildings with steel frame construction, high end exterior finish, distinctive lobbies featuring upgraded finishes, amenities including on-site security, state-of-the-art communications and data infrastructure and covered parking. Class A buildings are usually multi-story. Buildings with steel frame, reinforced concrete or concrete tilt-up construction. Class B buildings contain common bathrooms and hallways, and their lobbies may have granite and hardwood detailing. Class B buildings are often multi-story. Buildings of wood frame construction. Class C buildings are often garden-style and are built around courtyards. Retail Definitions Community Center: Neighborhood Center: Power Center: Strip Center: Retail centers anchored by supermarkets, drug stores and discount department stores. Tenants include offprice retailers selling apparel, home improvements/furnishings, toys, electronics or sporting goods. Retail centers anchored by supermarkets and drug stores. Neighborhood centers are intended for convenience shopping for day-to-day needs of consumers. Retail centers dominated by several large anchors including discount department stores, off-price stores, warehouse clubs or category killers. Power centers generally do not include much inline space. Unanchored retail centers that are 20,000 square feet in size or larger. Multifamily Definitions Class A Multifamily: Class B/C Multifamily: Buildings constructed in the last 5 years Buildings constructed more than 5 years ago General Definitions Vacant SF: Sublease SF: Net Absorption: Space in a building that is unoccupied and offered for lease by the owner of the company. Space in a building that is offered for sublease by the primary tenant. This space may or may not be occupied. Difference in occupied square footage from one period to another. 2 Las Vegas Research & Forecast Report Q4 2018 Economic Review Colliers International

Table of Contents Economic Review The Ghost of Economy Future Southern Nevada s economy continued to expand in the fourth quarter of 2018 in terms of gaming revenue and taxable revenue, despite a continued decrease in visitor volume numbers. The number of jobs in the Valley also continued to increase, and occupancy in commercial real estate was higher than one year ago. Industrial Review Industrial Market Booms in Southern Nevada At the dawn of 2018, it looked as though Southern Nevada was going to have trouble absorbing the millions of square feet of industrial product slated for completion during the year. Office Review The Office Market s A+ Year Pop the corks, because it has been a very happy year for Southern Nevada s office market. 4 8 14 Retail Review Extending Retail s Win Streak Southern Nevada s retail market had a strong finish in 2018, posting 283,177 square feet of net absorption in the fourth quarter of 2018, the highest quarterly net absorption all year. Multifamily Out with the Old, in with the New According to statistics provided by REIS, multifamily vacancy in Southern Nevada increased to 3.6 percent in the third quarter of 2018 (the most recent quarter of available data). Medical Office Medical Office s Renaissance After several years of post-recession ebb and flow, Southern Nevada s medical office market posted a second year of unambiguous growth. Hospitality Hospitality Sales Hit New High in 2018 You could say Southern Nevada s hospitality sector in 2018 was better than the 10-year average, but down from the past two years. Land The Land Tsunami of 2018 Southern Nevada s land market recorded a very strong 378 sales in 2018, more than in any year since 2014. 20 27 32 37 42 This report and other research materials may be found on our website at www.colliers.com/lasvegas. This quarterly report is a research document of Colliers International Las Vegas. Questions related to information herein should be directed to the Research Department at +1 702 836 3781. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. 2018 Colliers International 3 Las Vegas Research & Forecast Report Q4 2018 Economic Review Colliers International

Research & Forecast Report LAS VEGAS ECONOMIC REVIEW Q4 2018 The Ghost of Economy Future Southern Nevada s economy continued to expand in the fourth quarter of 2018 in terms of gaming revenue and taxable revenue, despite a continued decrease in visitor volume numbers. The number of jobs in the Valley also continued to increase, and occupancy in commercial real estate was higher than one year ago. Unemployment in the Las Vegas-Paradise MSA stood at 4.4 percent as of November 2018, down from 5.1 percent in November 2017. Unemployment peaked in Southern Nevada at 14 percent in January 2011, and has been generally headed down ever since. The area s previous low unemployment was 3.7 percent in December 2005. The latest national unemployment figure was 3.9 percent in December 2018, down from 4.1 percent in December 2017. The national labor force participation rate decreased to 63.1 percent in December 2018, 0.4 points higher than in December 2017. Clark County Economic Data Year Ago Current Recovery Index (Year-Over-Year) Employment (1000s) (Nov 2018) 1,031.2 1,072.9 Visitor Volume YTD (Nov 2018) 39.0 MM 38.8 MM Gaming Revenue YTD (Nov 2018) $9.16 BB $9.39 BB Taxable Sales YTD (Oct 2018) $34.1 BB $36.2 BB Commercial Occupancy (Q4-18) 92.2% 93.3% Source: The Center for Business & Economic Research, UNLV; Colliers International

From November 2017 to November 2018, total employment in Southern Nevada increased by 33,200 jobs. This was more than the 28,100 jobs that were added between November 2016 and November 2017. Total nonfarm employment was 1,029,100 in November 2018. After adding 35,275 new jobs in 2015, employment growth has slowed in Southern Nevada. Employment growth in 2018 has the potential to end that trend and add more jobs to the Valley than 2017. On a year-over-year basis, the majority of new jobs created in Southern Nevada were in leisure & hospitality (+9,200 jobs), transportation & warehousing (+7,200 jobs), government (+6,400 jobs), education and health services (+4,500 jobs), manufacturing (+2,000 jobs), wholesale (+1,400 jobs) and professional & business services (+1,300 jobs). Other sectors experiencing job growth were retail (+900 jobs), other services (+700 jobs) and financial activities (+600 jobs). The construction sector lost 900 jobs year-over-year. While the current construction employment of 67,200 jobs lags behind the 111,300 construction jobs the Valley had in August of 2006, it has improved significantly since the low of 34,800 construction jobs in early 2012. Southern Nevada is seeing new construction projects in industrial, multifamily, retail, office, hospitality, sports and infrastructure, and information from employers is that Southern Nevada is as many as 10,000 construction workers short for the projects planned in 2018, which could delay construction times. That being said, construction employment in the Valley appears to have peaked in August 2018 at 68,100 jobs, and fell in every subsequent month. Employment Change (November 2017 - Novemer 2018) Southern Nevada Commercial Real Estate Recovery Index According to Home Builders Research, 9,418 new homes sold from January to November 2018. This represented a 14.1 percent increase in new home sales over the same period in 2017. The median price for new homes increased, year-over-year, by 7 percent in November 2018, to $380,798. According to the Greater Las Vegas Association of Realtors, 30,497 existing homes sold from January to November 2018, a 6 percent decrease from the same period in 2017. The median sale price increased year-over year by 13 percent to $295,000 in November 2018. The gap between the median prices for a new home versus an existing home was $85,798 in November 2018, a 9.5 percent decrease from November 2017. After hitting a new high in 2016, visitor volume decreased in 2017 to 42.2 million visitors. During 2017 there were only two months, March and May, in which visitor volume increased compared to the previous year. Visitor volume from January to November 2018 was 38.8 million, approximately the same as in the same period in 2017. Gaming revenue was $9.39 billion from January to November 2018, up 2.5 percent from the same period in 2017. Jobs Added YEAR 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Jobs Added* -23,391 4,650 16,833 24,292 34,025 35,275 30,458 28,900 28,298 * Based on average number of jobs per month over the course of the year; data from NDETR 5 Las Vegas Research & Forecast Report Q4 2018 Economic Review Colliers International

Commercial real estate (i.e. industrial, office and retail) investment sales volume in 2018 was $1.9 billion in 273 sales totaling 12.8 million square feet at an average price per square foot of $148.07. This was an improvement over 2017 in terms of sales volume and square footage sold. The same number of properties traded in 2017 as in 2018, and the average price per square foot decreased in 2018 compared to 2017. Investment sales volume in the fourth quarter of 2018 increased on a year-over-year basis for industrial properties (+148.6 percent), medical office (+30.6 percent) and shopping centers (+28.5 percent). Sales volume was down over the same period for professional office (negative 79.7 percent) and single-tenant retail (negative 59.1 percent). Quantitative tightening by the Federal Reserve and other central banks should negatively impact the value of commercial real estate properties. This, paired with higher interest rates, could slow down investment sales in 2019. According to the Southern Nevada recovery index, economic growth in Southern Nevada showed some improvement over the past two months. One measure, visitor volume, is lower now than one year ago. All other measures showed year-over-year growth, although that growth is tiny for commercial occupancy and gaming revenue. The index was 113.3 in October 2018, 3.3 points higher than one year ago. The greatest improvement over the past twelve months was in taxable sales (+8.5 points), followed by port traffic in Los Angeles (+7.3 points), employment (+5.0 points) and new home sales (+3.4 points). Visitor volume saw a 1.2-point decrease over last year. We know where we have been (though we might wish to forget it), and we know where we are now. The question that looms in the fourth 6 quarter of every year is where will we be? The only honest answer, of course, is that nobody knows. An economy, after all, is just an aggregate of millions or billions of individuals producing and consuming. What these individuals will do from moment to moment is impossible to know. At best, we can look at how things are proceeding now, guess at some of the decisions that might be made by large corporate and government entities, and then reason how these might impact all of those aforementioned individuals that make up the economy. When one looks at current statistics, 2019 looks like it will have a strong economy. Employment growth is strong, but very low unemployment rates nationally and locally mean that companies could experience a lack of available workers unless people outside the workforce reenter it. Hospitality numbers show Southern Nevada attracting slightly fewer visitors, but making slightly more money in terms of gaming revenue and taxable sales in the leisure and hospitality sector. Things are less clear in terms of corporate and government decisions. The federal government is split between the two primary parties, and they are very much at odds with one another. This situation should maintain the generally pro-growth tax and regulatory environment, but will hamper the government s ability to respond to new challenges. The Federal Reserve s program of quantitative tightening and increasing interest rates could negatively impact commercial real estate sales in 2019. The trade war between the United States and China is another x-factor. In all, the big decisions being made in Washington, D.C., state capitals and corporate boardrooms may determine just how much economic growth we manage in 2019. Las Vegas Research & Forecast Report Q4 2018 Economic Review Colliers International

Economic Statistics Las Vegas Fourth Quarter 2018 TYPE NOVEMBER-18 AUGUST-18 NOVEMBER-17 2018 AVERAGE 2017 AVERAGE QUARTERLY GROWTH ANNUAL GROWTH 2017 TO 2018 GROWTH (AVERAGE) EMPLOYMENT DATA U.S. Employment 149,951,000 149,279,000 147,232,000 149,009,667 146,455,833 0.5% 1.8% 1.7% U.S. Unemployment Rate 3.7% 3.9% 4.1% 3.9% 4.4% -5.1% -9.8% -10.4% Las Vegas MSA Employment Las Vegas MSA Unemployment Rate Las Vegas MSA Construction Jobs Las Vegas MSA Hospitality Jobs 1,072,900 1,056,400 1,031,237 1,006,373 978,075 1.6% 4.0% 2.9% 4.4% 4.9% 5.1% 4.8% 5.1% -10.2% -13.7% -4.8% 67,200 68,100 68,100 65,600 63,675-1.3% -1.3% 3.0% 295,400 295,900 286,200 294,036 289,800-0.2% 3.2% 1.5% HOUSING/CONSTRUCTION DATA New Home Sales 903 927 871 856 769-2.6% 3.7% 11.3% New Home Median Price $380,798 $394,203 $355,905 $375,345 $343,548-3.4% 7.0% 9.3% Existing Home Sales 2,292 3,073 2,594 2,772 2,923-25.4% -11.6% -5.2% Existing Home Median Price $295,000 $295,000 $261,150 $288,093 $254,452 0.0% 13.0% 13.2% Residential Permits - 843 1,659 1,023 1,121-100.0% -100.0% -8.7% Case-Shiller Housing Price Index (LV)* Mortgage Rate (Fixed, 30-year) 189.7 184.5 167.9 n/a 162.7 2.8% 13.0% n/a 4.87% 4.55% 3.92% 4.54% 3.99% 7.0% 24.2% 13.7% Construction Employment 67,200 68,100 68,100 65,600 63,675-1.3% -1.3% 3.0% HOSPITALITY DATA Visitor Volume 3,478,500 3,659,600 3,300,500 3,531,755 3,517,342-4.9% 5.4% 0.4% Gaming Revenue $833,721,000 $839,052,000 $785,062,000 $853,532,273 $831,602,500-0.6% 6.2% 2.6% Room Inventory 147,545 147,587 146,222 147,435 147,268 0.0% 0.9% 0.1% Hotel/Motel Occupancy 88.1% 90.8% 84.5% 88.9% 88.6% -3.0% 4.3% 0.3% Passengers (McCarran Int'l Airport) 4,090,427 4,425,670 3,913,935 4,165,040 4,041,683-7.6% 4.5% 3.1% Convention Attendance 613,300 408,000 530,600 570,909 553,850 50.3% 15.6% 3.1% * Case-Shiller values from Oct 2018, July 2018 and Oct 2017 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 7 Las Vegas Research & Forecast Report Q4 2018 Economic Review Colliers International

Research & Forecast Report LAS VEGAS INDUSTRIAL Q4 2018 Industrial Market Booms in Southern Nevada > > Southern Nevada ended 2018 with its lowest vacancy rate in twelve years Economic Indicators > > The average asking rent for industrial space increased $0.08 in 2018 > > The amount of industrial space completed in 2019 will be significant INDUSTRIAL Employment RESIDENTIAL Permits TRANSPORTATION Taxable Sales +39.5 At the dawn of 2018, it looked as though Southern Nevada was going to have trouble absorbing the millions of square feet of industrial product slated for completion during the year. At the end of 2018, all we can say is, Mission accomplished! Southern Nevada ended the year with 3.6 percent vacancy, the lowest vacancy rate in the Valley since the end of 2006, and 0.7 points lower than one year ago. Net absorption was 5.2 million square feet in 2018, compared to 4.4 million square feet of new completions. Strong demand pushed the average asking rental rate to $0.72 per square foot (psf) on a triple net (NNN) basis. The Valley was firing on all cylinders over the past year in terms of hiring, with all categories showing improvement. Southern Nevada s construction sector added 11,700 jobs between October Historical Vacancy Rates and Asking Lease Rates +5.6% +20.04% Market Indicators Relative to prior period Q4 2018 Q1 2019* Vacancy Net Absorption Completions Rental Rate *Projected Summary Statistics Las Vegas Market Q4-17 Q3-18 Q4-18 Vacancy Rate 4.3% 4.5% 3.6% 6.0% 5.5% 5.0% 4.5% 4.0% $0.74 $0.72 $0.70 $0.68 $0.66 Asking Rent (PSF, NNN) $0.68 $0.66 $0.72 Net Absorption (SF) 2,414,808 1,420,986 1,881,155 New Completions (SF) 1,673,774 805,764 899,464 3.5% $0.64 3.0% $0.62 2.5% $0.60 2.0% $0.58 4 Q 2018 3 Q 2018 2 Q 2018 1 Q 2018 4 Q 2017 3 Q 2017 2 Q 2017 1 Q 2017 Vacancy Asking Rental Rate We think 2019 will see the general trend of 2017 and 2018 continue. Overall Asking Rents Per Square Foot Q4-17 Q3-18 Q4-18 Warehouse/Distribution $0.55 $0.52 $0.53 Light Distribution $0.67 $0.60 $0.63 Light Industrial $0.75 $0.77 $0.81 Incubator $0.86 $0.74 $0.82 Flex $0.87 $1.02 $1.10

2017 and October 2018. Transportation and warehousing jobs increased by 7,500 jobs over the same period, finally registering the job growth that had to accompany 4.4 million square feet of net absorption in the warehouse/distribution sector over the past four quarters. Manufacturing jobs increased by 2,200 jobs over the same period, stimulated by increased consumer spending and maybe by ex-patriot Californians seeking a more favorable business climate. Wholesale jobs increased by 1,400 jobs and the construction sector added 600 jobs amid cries of a construction worker shortage in the Valley. Unemployment in the Las Vegas-Paradise MSA stood at 4.7 percent in October 2018, down from 4.9 percent in October 2017. From October 2017 to October 2018, total employment in Southern Nevada increased by 35,500 jobs, a 3.5 percent increase. Historical Net Absorption vs. Completions 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0-1,000,000-2,000,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net Absorption Completions New completions of industrial space in 2018 totaled 4.4 million square feet, most of it in the warehouse/distribution sector. Industrial completions totaled 713,464 square feet in the fourth quarter of 2018, with 76 percent of this space preleased. An additional 4.4 million square feet of industrial space is slated for completion in the first quarter of 2019, with 38 percent of this space preleased. There is currently 8.3 million square feet slated for completion in 2019, with the bulk of this space slated for completion in the first half of the year. Occupancy vs. Industrial Employment 185,000 180,000 175,000 170,000 98.0% 97.0% 96.0% 95.0% Net absorption was 1,881,155 square feet in the fourth quarter 165,000 94.0% of 2018 and 5,156,186 square feet for 2018 as a whole. Only the 160,000 93.0% West Central submarket showed negative net absorption in 2018. 155,000 92.0% North Las Vegas had the Valley s highest net absorption this year at 150,000 91.0% 1,941,544 square feet, followed by Henderson and the Southwest. Industrial developments in the West Henderson area, as well as the 1 Q 2017 2 Q 2017 3 Q 2017 Industrial Jobs 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 Occupancy Rate 4 Q 2018 practice field and offices of the soon-to-be Las Vegas Raiders, are making that area a rival to North Las Vegas for transportation & warehousing development. The Valley s lowest vacancy rate at year s end was 2.5 percent, recorded in both the East Las Vegas and Southwest submarkets. Given the Southwest submarket s position as the second largest industrial submarket in Southern Nevada, 2.5 percent vacancy is a big deal. The Valley s highest vacancy rate was 4.7 percent in North Las Vegas, which added over 2.2 million square feet of new industrial space this year. The largest decrease in vacancy in the fourth quarter of 2018 was 1.8 points in the Henderson submarket. OCT 2017 OCT 2018 CHANGE Construction 67,600 68,200 + 600 Manufacturing 23,000 25,200 + 2,200 Transportation & Warehousing 37,300 44,800 + 7,500 Wholesale 21,200 22,600 + 1,400 Source: Nevada Department of Employment, Training and Rehabilitation. The industries most active in occupying industrial space over the past four quarters were involved in retail, manufacturing, wholesale and professional and business services. Local companies took 33.1 percent of the leased square footage we tracked over the past four quarters. Companies headquartered in the Southeast took 12.4 percent of the space occupied, Pacific Northwest companies 12.0 percent and Midwestern firms 11.6 percent. Southern Nevada s industrial market had broader national appeal in 2018 than in past years. 9 Las Vegas Research & Forecast Report Q4 2018 Industrial Colliers International

At the end of 2018, the weighted average asking lease rate for industrial space was $0.72 psf NNN, an increase of $0.04 from one year ago. On a quarter-over-quarter basis, asking rates increased by $0.07 psf for flex properties, $0.06 psf for incubator properties, $0.04 psf for light industrial properties, $0.03 psf for light distribution properties and $0.01 psf for warehouse/distribution properties. Industrial investment sales volume in 2018 was $656.2 million in 88 sales totaling 6,379,000 square feet at an average sales price of $102.86 psf. This is the highest investment sales volume in Southern Nevada since the boom preceding the Great Recession. The average cap rate in 2018 was 6.0 percent. Although investment sales were strong in 2018, there was a clear trend of diminishing sales over the course of the year; sales volume was a robust $287 million in the first quarter of 2018, but decreased in every quarter thereafter. Over this same period the asking price for industrial space increased from $118 psf to $146, while the actual sales price increased from $104 psf to $116 psf. These higher prices may be responsible for the year s decreasing sales activity. Southern Nevada s warehouse/distribution market experienced its second major boom in the past twenty years in 2018. The first boom occurred from 2005 to 2007 and was followed by the Great Recession. During those three years, Southern Nevada constructed 9.7 million square feet of warehouse/distribution product and absorbed 9.9 million square feet. Vacancy during this boom hit a low of 3.1 percent after peaking at 10.1 percent in the 2001/2002 recession. The current boom has not followed the same pattern. Whereas the 1 Using the Consumer Price Index, All Urban Consumers, West Region, Class A Cities, 1982-1984 = 100 Industrial Development Schedule PROJECT TYPE STATUS SUBMARKET SIZE PRE-LEASING 1ST QUARTER 2019 4,427,074 SF 38% Harsch Speedway Commerce Center III B Warehouse/Distribution UC North Las Vegas 333,704 SF 2% Henderson Industrial Center Light Industrial UC Henderson 12,000 SF 0% Prologis I-15 Speedway Logistics Center Bldg 3/4/5/6/7 Warehouse/Distribution PC North Las Vegas 2,144,900 SF 0% Prologis Warm Springs Freeway 1/2/3/4 Warehouse/Distribution UC Airport 219,810 SF 0% Southwest Sunset Corporate Center A/B/C/D/E/F Incubator UC Southwest 146,200 SF 66% Tropical Distribution Center 2 (Amazon) Warehouse/Distribution UC North Las Vegas 855,000 SF BTS Tropical Distribution Center 4 (Sephora) Warehouse/Distribution UC North Las Vegas 714,000 SF BTS 2ND QUARTER 2019 3,268,562 SF 1% 5855 La Costa Canyon Warehouse/Distribution UC Southwest 46,250 SF 0% Buffalo Industrial Park A/B/C Incubator UC Southwest 72,960 SF 2% Centennial Commerce Center Warehouse/Distribution PC North Las Vegas 213,818 SF 0% Cimarron Corporate Center Light Distribution UC Southwest 78,692 SF 0% Industry Center Drive Light Industrial UC North Las Vegas 32,705 SF 50% LogistiCenter at Las Vegas Blvd Warehouse/Distribution UC North Las Vegas 109,200 SF 0% Matter Business Park @ Warm Springs Warehouse/Distribution UC Southwest 132,450 SF 5% Nevada State Industrial Park Warehouse/Distribution UC Southwest 195,834 SF 0% North 15 Logistics ½ Warehouse/Distribution PC North Las Vegas 550,770 SF 0% Raceway Industrial Park Warehouse/Distribution UC North Las Vegas 670,752 SF 0% Sunpoint Crossing 1/2/3 Warehouse/Distribution PC North Las Vegas 752,526 SF 0% Sunset Business Center Flex UC Southwest 68,785 SF 21% West Craig Distribution Center 1/2/3 Warehouse/Distribution PC North Las Vegas 343,820 SF 0% 3RD QUARTER 2019 352,132 SF 0% 4456 E Craig Road Light Industrial UC North Las Vegas 19,150 SF 0% 7060 Arby Avenue Warehouse/Distribution PC Southwest 36,200 SF 0% Arroyo Industrial Center Warehouse/Distribution UC Southwest 69,732 SF 0% Beltway Business Park 10 Warehouse/Distribution PC Southwest 227,050 SF 0% 4TH QUARTER 2019 300,800 SF 0% South15 Airport Center Bldg E/F Warehouse/Distribution PC Henderson 300,800 SF 0% 2020 2,849,684 SF 28% 5785 N Hollywood Blvd Warehouse/Distribution PC North Las Vegas 36,000 SF BTS Blue Diamond Business Center Bldg 10 Warehouse/Distribution PC Southwest 457,180 SF 0% Escondido Airport Park Light Industrial PC Airport 30,897 SF 0% Google Data Center Light Industrial UC Henderson 750,000 SF BTS Matter Logistics Center @ West Cheyenne Warehouse/Distribution PC North Las Vegas 593,000 SF 0% Matter Park @ West Henderson Warehouse/Distribution PC Henderson 300,000 SF 0% Odyssey Industrial Park Warehouse/Distribution PC North Las Vegas 129,188 SF 0% South15 Airport Center Bldg C/D Warehouse/Distribution PC Henderson 266,560 SF 0% Tropical Industrial Logistics Center Warehouse/Distribution PC Southwest 340,855 SF 0% 10 Las Vegas Research & Forecast Report Q4 2018 Industrial Colliers International

previous boom started just after the 2001/2002 recession when the vacancy rate was still fairly high, the current boom began when the warehouse/distribution vacancy rate was hit a low of 3.2 percent in the second quarter of 2015. Since then, Southern Nevada added 15.1 million square feet of warehouse/distribution space to inventory while absorbing 14.9 million square feet. The first boom saw vacancy decrease rapidly and then increase even more rapidly with the onset of the Great Recession. The current boom has seen development respond to demand rather than being primarily speculative. We think the current boom is, as a result, more sustainable. While the warehouse/distribution sector was an unalloyed success in 2018, other industrial sectors experienced ups and downs over the course of the year. The light distribution sector ended the year on a high note, or more appropriately a low vacancy rate of 3.8 percent, the lowest light distribution vacancy rate recorded since Colliers began tracking the industrial market in 1999. Asking rents were down over the course of the year, ending at an average of $0.63 psf NNN. Light distribution inventory increased by 366,391 square feet in 2018, while the sector absorbed 486,697 square feet net. Forward supply was only 371,010 square feet at year s end, suggesting that asking rents for light distribution space should increase over the course of 2019 as the sector continues to tighten. Southern Nevada s light industrial sector had a sharp decline in vacancy in the fourth quarter of 2018, to 4.0 percent. Light industrial vacancy increased from 3.8 percent to 4.5 percent from the second quarter of 2017 to the third quarter of 2018. Net absorption was positive in the light industrial sector in the last two quarters, and the fourth quarter s performance was strong enough to pull net absorption into positive territory for 2018 as a whole. It is possible that the light industrial sector s uneven performance is due to a lack of new light industrial projects on the market. Light industrial vacancy has been under 6.0 percent for 13 quarters. During this time only 210,000 square feet of new space has been added to inventory, while net absorption totaled 925,711 square feet. Demand for incubator and flex space was uneven over the past year, but both sectors ended 2018 with lower vacancy rates than at the end of 2017. Both sectors are seeing tentative steps towards inventory expansion; the incubator sector had 218,072 square feet of forward supply at the end of 2018, while the flex market recorded 68,785 square feet of forward supply. The last time either sector saw meaningful inventory expansion was in 2008/2009, a decade ago. Southern Nevada s industrial market had a very strong 2018 and is poised to do much the same in 2019. Development in the market has been met by strong demand, and tenants are now coming from a broader section of the United States than in past years. We think 2019 will see the general trend of 2017 and 2018 continue. The current boom has seen development respond to demand rather than being primarily speculative. Investment Sales 2014 2015 2016 2017 2018 No. Sales 100 52 70 66 88 Square Feet Sold 5,832,000 2,759,000 3,299,000 3,241,000 6,379,000 Sales Volume $496.2 MM $248.8 MM $308.4 MM $316.2 MM $656.2 MM Average Price/SF $85.08 $90.20 $93.48 $97.56 $102.86 Average Cap Rate 7.3% 7.1% 7.4% 6.9% 6.0% Average Sale Size (SF) 58,000 53,000 47,000 49,000 72,000 *Using the Consumer Price Index, All Urban Consumers, West Region, Class A Cities, 1982-1984 = 100 11 Las Vegas Research & Forecast Report Q4 2018 Industrial Colliers International

NORTHWEST 95 215 NORTH LAS VEGAS 15 Significant Industrial Sale Activity South15 Airport Center 482,300 SF - $51,050,000 $105.85/SF November 2018 Warehouse/Distribution WEST CENTRAL EAST LAS VEGAS Berlin Industries Building 145,910 SF - $12,800,000 $87.73/SF October 2018 Warehouse/Distribution 95 El Camino Road @ Raphael Rivera 129,122 SF - $40,000,000 $309.78/SF October 2018 Warehouse/Distribution SOUTHWEST 215 AIRPORT HENDERSON Pama Corporate Center 86,244 SF - $11,300,000 $131.03/SF October 2018 Warehouse/Distribution South15 Industrial Park 86,880 SF - $8,865,000 $102.04/SF October 2018 Warehouse/Distribution Lease Activity PROPERTY NAME LEASE DATE LEASE TERM SIZE EFFECTIVE RATE TYPE LogistiCenter at Las Vegas Blvd Oct 2018 56 months 546,480 SF $0.45 NNN Warehouse/Distribution Eldorado Business Park Nov 2018 70 months 22,555 SF $0.84 NNN Light Distribution Arcata Way @ Alexander Road Oct 2018 60 months 13,650 SF $0.83 NNN Light Industrial Pace Business Center Oct 2018 60 months 3,996 SF $1.05 NNN Incubator Bodega Business Park Oct 2018 120 months 2,538 SF $1.26 NNN Flex 12 Las Vegas Research & Forecast Report Q4 2018 Industrial Colliers International

Market Comparisons - Las Vegas Industrial Market TYPE TOTAL INVENTORY SF DIRECT VACANT SF DIRECT VACANCY RATE SUBLEASE VACANCY SF TOTAL VACANT SF VACANCY RATE CURRENT QUARTER VACANCY RATE PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF COMPLETIONS YTD SF UNDER CONSTRUCTION SF PLANNED CONSTRUCTION SF WEIGHTED AVG ASKING RENTAL RATE AIRPORT SUBMARKET WH 5,870,937-0.0% - - 0.0% 0.0% - 177,357 - - 59,942 - $0.85 LD 3,341,603 97,613 2.9% 22,403 120,016 3.6% 4.0% 12,224 118,378 - - 159,868 - $0.74 LI 3,009,147 159,088 5.3% 11,543 170,631 5.7% 4.6% (21,870) (13,754) - - - 30,897 $0.87 INC 1,484,890 106,613 7.2% - 106,613 7.2% 8.4% 18,622 15,653 - - - - $1.00 FLX 1,533,648 141,447 9.2% 11,680 153,127 10.0% 9.5% (6,950) 12,317 - - - - $1.30 Total 15,240,225 504,761 3.3% 45,626 550,387 3.6% 3.5% 2,026 309,951 - - 219,810 30,897 $0.99 EAST LAS VEGAS SUBMARKET WH 1,115,454-0.0% - - 0.0% 0.0% - - - - - - $- LD 532,163 23,129 4.3% - 23,129 4.3% 2.7% (8,497) (23,129) - - - - $0.60 LI 1,824,198 64,881 3.6% - 64,881 3.6% 4.7% 20,157 19,691-21,804 - - $0.57 INC 280,959 4,526 1.6% - 4,526 1.6% 2.6% 2,736 17,386 - - - - $0.81 FLX 233,692 6,061 2.6% - 6,061 2.6% 3.0% 886 1,703 - - - - $0.71 Total 3,986,466 98,597 2.5% - 98,597 2.5% 2.9% 15,282 15,651-21,804 - - $0.60 HENDERSON SUBMARKET WH 9,072,273 218,029 2.4% 40,064 258,093 2.8% 5.4% 212,034 1,610,817-1,456,830-867,360 $0.79 LD 1,929,846 111,507 5.8% 7,250 118,757 6.2% 12.1% 114,612 170,889-430,100 - - $0.70 LI 3,680,569 133,879 3.6% 5,997 139,876 3.8% 3.6% (6,481) (35,149) - 14,000 762,000 - $0.76 INC 496,625 28,058 5.6% - 28,058 5.6% 5.2% (2,370) 573 - - - - $0.73 FLX 1,360,598 86,025 6.3% - 86,025 6.3% 5.1% (17,001) (10,162) - - - - $1.24 Total 16,539,911 577,498 3.5% 53,311 630,809 3.8% 5.8% 300,794 1,736,968-1,900,930 762,000 867,360 $0.83 NORTH LAS VEGAS SUBMARKET WH 29,921,194 1,206,509 4.0% 43,680 1,250,189 4.2% 5.3% 739,854 1,910,365 390,904 2,095,439 2,684,116 5,050,877 $0.46 LD 5,138,008 379,482 7.4% 16,300 395,782 7.7% 8.7% 46,760 16,786-122,291 - - $0.53 LI 9,139,582 404,313 4.4% 7,710 412,023 4.5% 5.2% 74,871 21,488 - - 51,855 - $0.77 INC 724,573 67,875 9.4% 0 67,875 9.4% 12.9% 25,539 (1,368) - - - - $0.57 FLX 803,833 104,316 13.0% 0 104,316 13.0% 12.4% (4,518) (5,727) - - - - $0.90 Total 45,727,190 2,162,495 4.7% 67,690 2,230,185 4.9% 5.9% 882,506 1,941,544 390,904 2,217,730 2,735,971 5,050,877 $0.55 NORTHWEST SUBMARKET WH 224,906-0.0% - - 0.0% 0.0% - - - - - - $- LD 50,000-0.0% - - 0.0% 0.0% - 11,097 - - - - $- LI 341,430 9,320 2.7% - 9,320 2.7% 3.2% 1,772 9,842 - - - - $0.89 INC 99,427 8,402 8.5% - 8,402 8.5% 15.5% 6,968 9,042 - - - - $1.12 FLX 740,230 47,464 6.4% - 47,464 6.4% 7.0% 4,060 7,663 - - - - $0.92 Total 1,455,993 65,186 4.5% - 65,186 4.5% 5.4% 12,800 37,644 - - - - $0.94 SOUTHWEST SUBMARKET WH 15,436,773 248,733 1.6% 21,425 270,158 1.8% 2.7% 482,061 744,750 322,560 322,560 444,325 551,784 $0.65 LD 7,296,676 119,167 1.6% 8,399 127,566 1.7% 2.2% 39,357 184,806 - - 78,692 132,450 $0.82 LI 10,549,078 393,677 3.7% - 393,677 3.7% 5.0% 132,393 164,018-90,520 - - $0.75 INC 2,369,251 76,875 3.2% 2,947 79,822 3.4% 3.1% (3,879) (28,600) - - 218,072 - $0.88 FLX 1,689,248 85,605 5.1% 9,274 94,879 5.6% 5.1% (89) 77,995 - - 68,785 - $1.03 Total 37,341,026 924,057 2.5% 42,045 966,102 2.6% 3.4% 649,843 1,142,969 322,560 413,080 809,874 684,234 $0.77 WEST CENTRAL SUBMARKET WH 2,253,842-0.0% - - 0.0% 0.0% - - - - - - $- LD 999,141 9,900 1.0% - 9,900 1.0% 2.2% 12,500 7,870 - - - - $0.40 LI 7,754,900 290,513 3.7% - 290,513 3.7% 3.4% (34,710) (58,336) - - - - $1.00 INC 2,511,825 130,997 5.2% 4,000 134,997 5.4% 6.6% 30,715 14,246 - - - - $0.77 FLX 161,603 7,740 4.8% - 7,740 4.8% 10.6% 9,399 7,679 - - - - $0.72 Total 13,681,311 439,150 3.2% 4,000 443,150 3.2% 3.4% 17,904 (28,541) - - - - $0.91 MARKET TOTAL WH 63,895,379 1,673,271 2.6% 105,169 1,778,440 2.8% 3.9% 1,433,949 4,443,289 713,464 3,874,829 3,188,383 6,470,021 $0.53 LD 19,287,437 740,798 3.8% 54,352 795,150 4.1% 5.3% 216,956 486,697-552,391 238,560 132,450 $0.63 LI 36,298,904 1,455,671 4.0% 25,250 1,480,921 4.1% 4.5% 166,132 107,800-126,324 813,855 30,897 $0.81 INC 7,967,550 423,346 5.3% 6,947 430,293 5.4% 6.3% 78,331 26,932 - - 218,072 - $0.82 FLX 6,522,852 478,658 7.3% 20,954 499,612 7.7% 7.3% (14,213) 91,468 - - 68,785 - $1.10 Total 133,972,122 4,771,744 3.6% 212,672 4,984,416 3.7% 4.6% 1,881,155 5,156,186 713,464 4,553,544 4,527,655 6,633,368 $0.72 QUARTERLY COMPARISON AND TOTALS Q4-18 133,972,122 4,771,744 3.6% 212,672 4,984,416 3.7% 4.6% 1,881,155 5,156,186 713,464 4,553,544 4,527,655 6,633,368 $0.72 Q3-18 133,258,658 5,939,435 4.5% 149,026 6,088,461 4.6% 5.1% 1,420,986 3,275,031 805,764 3,654,080 2,428,533 8,127,863 $0.66 Q2-18 132,452,894 6,554,657 4.9% 256,869 6,811,526 5.1% 5.6% 1,021,462 1,854,045 454,885 2,848,316 3,435,479 6,828,786 $0.66 Q1-18 131,998,009 7,121,234 5.4% 286,147 7,407,381 5.6% 4.4% 832,583 832,583 2,393,431 2,393,431 1,409,523 7,952,601 $0.64 Q4-17 129,604,578 5,560,386 4.3% 162,031 5,722,417 4.4% 5.0% 2,414,808 7,632,191 1,673,774 6,533,730 2,906,903 5,593,007 $0.68 WH = Warehouse LD = Light Distribution LI = Light Industrial INC = Incubator FLX = Flex The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 13 Las Vegas Research & Forecast Report Q4 2018 Industrial Colliers International

Research & Forecast Report LAS VEGAS OFFICE Q4 2018 The Office Market s A+ Year > > 2018 saw decreasing office vacancy and increasing office rental rates > > Net absorption was strong, especially compared to only 24,900 square feet of new completions > > Vacancy hit a ten year low of 13.6 percent Pop the corks, because it has been a very happy year for Southern Nevada s office market. By year s end, vacancy was heading down and asking rates were heading up. Southern Nevada s office market appeared to be a baby bear market not too hot, not too cold, just right for a decade-old recovery. Net absorption was slightly lower than one quarter ago at 386,622 square feet, but still quite strong. This drove vacancy down to 13.6 percent, its lowest level in ten years. The weighted average asking rate for office space in the fourth quarter was $2.13 per square foot (psf) on a full service gross (FSG) basis, a $0.07 increase from one year ago. Southern Nevada s office job market added 6,800 jobs between October 2017 and October 2018. The largest gain was in the healthcare and social assistance sector (+4,100 jobs), followed by the professional, scientific and technical sector (+3,400 jobs). Historical Vacancy Rates and Asking Lease Rates 18.0% 17.0% $2.16 $2.14 Economic Indicators Office Employment +3.9% Market Indicators Office SF/Job -0.6% Q4 2018 Sublease Vacancy -5.4 Relative to prior period Q4 2018 Q1 2019* VACANCY NET ABSORPTION COMPLETIONS RENTAL RATE *Projected Summary Statistics Las Vegas Market Q4-17 Q3-18 Q4-18 Vacancy Rate 15.4% 14.4% 13.6% 16.0% 15.0% $2.12 $2.10 Asking Rent (PSF, FSG) $2.04 $2.10 $2.13 14.0% $2.08 Net Absorption (SF) 147,073 421,352 386,622 13.0% $2.06 12.0% $2.04 New Completions (SF) 152,000 152,300 24,900 11.0% $2.02 10.0% 9.0% 4 Q 2016 1 Q 2017 2 Q 2017 Vacancy 3 Q 2017 4 Q 2017 3 Q 2018 2 Q 2018 1 Q 2018 Asking Rental Rate 4 Q 2018 $2.00 $1.98 Overall Asking Rents Per Square Foot Q4-17 Q3-18 Q4-18 Class A $2.65 $2.69 $2.72 There is little office space on the drawing board now, so an increase in demand for office space in 2019 could bring vacancy closer to the long-term average of 9.0 percent. Class B $2.05 $2.12 $2.17 Class C $1.72 $1.77 $1.80

We estimate approximately 5,290 of the jobs added in Southern Nevada over the past twelve months fed into professional office space. Over the same period, office net absorption totaled 1,247,976 square feet, thus 236 square feet of occupied office space per new office job. During the 2005-2007 boom businesses occupied 534 square feet per new office job. Unemployment in the Las Vegas-Paradise MSA stood at 4.7 percent in October 2018, down from 4.9 percent in October 2017. From October 2017 to October 2018, total employment in Southern Nevada increased by 35,500 jobs, a 3.5 percent increase. Historical Net Absorption vs. Completions 700,000 600,000 500,000 400,000 300,000 200,000 The Roberts Communications Complex office building was completed this quarter, adding 40,500 square feet of office inventory. The market also saw the conversion of 15,600 square feet of professional office space to medical office space, thus the net inventory expansion of only 24,900 square feet this quarter. In all, a total of 516,210 square feet of office space was completed in Southern Nevada. 2019 will likely see the completion of 177,289 square feet of office space, with pre-leasing at 18.0 percent in those properties. An additional 307,496 square feet of office space is planned for completion in 2020. 100,000 Occupancy vs. Office Employment 142,000 140,000 138,000 0 4 Q 2016 1 Q 2017 2 Q 2017 Net Absorption 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 Completions 3 Q 2018 4 Q 2018 88.0% 87.0% 86.0% Southern Nevada s office market had 1,247,976 square feet of net absorption in 2018, the highest annual net absorption recorded since Colliers began tracking the office market in 1999. Net absorption in 2018 was highest in the Northwest submarket at 323,658 square feet. This was followed by 301,843 square feet of net absorption in the Southwest submarket and 193,583 square feet of net absorption in the West Central submarket a trend of office tenancy moving west. In all, net absorption on the west side of the Las Vegas Valley in 2018 was almost double the net absorption on the east side, highlighting a demographic shift that began in the 1990 s. Class B office space reasserted itself as the demand leader among office classes in the fourth quarter, with net absorption reaching 720,941 square feet in 2018. Net absorption was 317,772 square feet for Class C office space and 209,263 square feet for Class A office space. The Northwest and Southwest submarkets continued to cannibalize East Las Vegas for Class A tenants, with the eastern submarket posting negative 119,796 square feet of net absorption in 2018. Demand for office space over the past four quarters came primarily from financial activities, health services and professional & business services companies. In the lease comps we tracked 136,000 134,000 132,000 130,000 128,000 126,000 124,000 122,000 Administration and Support Financial Activities Health Care 4 Q 2016 OCT 2017 OCT 2018 CHANGE 81,100 78,200-2,900 50,700 51,200 + 500 86,500 90,600 + 4,100 Information 10,900 10,900 0 Management of Companies 1 Q 2017 2 Q 2017 Office Jobs Professional, Scientific and Technical 3 Q 2017 85.0% 84.0% 83.0% 82.0% 81.0% 80.0% 79.0% 78.0% 20,600 22,300 + 1,700 39,900 43,300 + 3,400 Source: Nevada Department of Employment, Training and Rehabilitation. 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 Occupancy Rate 4 Q 2018 Vacancy by Size Range Q4, 2017 Q3, 2018 Q4, 2018 ANNUAL CHANGE Size Range Units Total SF Units Total SF Units Total SF Units Total SF Tiny (0 to 2,500 sf) 990 1,830,245 926 1,515,043 879 1,453,507 (111) (376,738) Small (2,501 to 5,000 sf) 442 1,784,385 412 1,706,452 403 1,621,455 (39) (162,930) Medium (5,001 to 10,000 sf) 190 1,354,821 191 1,400,002 172 1,247,772 (18) (107,049) Large (10,001 to 20,000 sf) 66 973,972 67 957,007 68 987,396 2 13,424 Huge (20,001 sf +) 34 1,168,347 36 1,077,736 36 1,060,683 2 (107,664) 15 Las Vegas Research & Forecast Report Q4 2018 Office Colliers International

Investment Sales Activity 2014 2015 2016 2017 2018 No. Sales 67 59 45 99 87 Square Footage 2,302,000 1,712,000 1,449,000 3,560,210 3,473,855 Sales Volume $250.0 MM $284.3 MM $200.9 MM $652.6 MM $602.4 MM Average Price/SF $108.59 $166.06 $138.70 $183.31 $173.40 Average Cap Rate 7.7% 7.5% 7.8% 7.5% 8.3% Average Sale Size (SF) 34,000 29,000 32,200 36,000 39,900 * Note Data in this table no longer includes medical office in 2018, local tenants took 64.6 percent of the leased space, followed by tenants from the Southwest at 11.9 percent, Midwest at 8.6 percent and Southeast at 6.3 percent. The office vacancy rate in Southern Nevada at the end of 2018 was 13.6 percent, a 1.8-point decrease from one year ago. While this represented a serious improvement from the Great Recession, vacancy remained significantly higher than the pre-2006 average of 9.0 percent. Office vacancy decreased in seven of the Valley s eight submarkets this year. The largest decrease was in North Las Vegas, the smallest office submarket in the Valley, at 8.2 points. Among larger submarkets, the largest decrease was 3.8 points in West Central, followed by 2.9 points in Airport and 2.0 points in Northwest. Vacancy increased year-over-year in East Las Vegas by 0.1-point. This drove vacancy down to 13.6 percent, its lowest level in 10 years. Office Development Schedule PROJECT CLASS SUBMARKET SIZE PRE-LEASING Q1-2019 15,867 SF 62% 601 Bridger Avenue B Downtown 15,867 SF 62% Q2-2019 0 SF - - - - - - Q3-2019 132,590 SF 17% University Gateway B East Las Vegas 21,885 SF 100% UNLV Harry Reid Tech Park A Southwest 110,705 SF 0% Q4-2019 23,832 SF 0% Gardner Plaza C Henderson 23,832 SF 0% 2020 307,496 SF 13% Canyon Ridge Business Park C Southwest 65,000 SF 62% Centennial Hills Center C Northwest 37,100 SF 0% Magnum Towers A Southwest 100,000 SF 0% Rainbow Commons B Southwest 25,396 SF 0% Tarkanian Professional Center A Southwest 80,000 SF 0% 16 Las Vegas Research & Forecast Report Q4 2018 Office Colliers International

The troubles experienced by East Las Vegas office were heightened during the Great Recession, but their roots are deeper than that. Southern Nevada s upper and middle class population began shifting from the east side of the Valley to the southeast and west in the 1990 s. In 2000, East Las Vegas was the Valley s largest submarket with 5.2 million square feet of inventory and 7.9 percent vacancy. By 2010, it had been surpassed in size by the Northwest and Southwest submarkets, which had much more room to build, and posted a recession-caused 22.5 percent vacancy, which was lower than vacancy in the Northwest and Southwest submarkets. As of 2018, East Las Vegas was now the fourth largest office submarket in the Valley, surpassed recently by Henderson, and while vacancy rates were below 15 percent for all other submarkets, vacancy in East Las Vegas remained above 20 percent, and actually higher than it was a decade ago. When examined by the size range of vacant units (including vacant units for sublease), the fourth quarter of 2018 continued the trend of high demand for small units. Tiny units saw the strongest demand, with vacant square footage falling by 376,738 square feet year-over-year. The next most active size range was small units, in which vacant square footage fell by 162,930 square feet. Available space in medium and huge units fell by approximately 107,000 square feet in each category, while large units increased available space by 13,424 square feet. Office space available for sublease decreased in 2018 to 420,198 square feet from last year s 444,132 square feet. Most of the available sublease space was in Class B properties, and was located in the Northwest submarket. The weighted average asking rental rate for office space in Southern Nevada was $2.13 psf FSG at the end of 2018. This was $0.07 higher than one year ago. The Southwest submarket became the Valley s most expensive, with an asking rate of $2.43 psf FSG. This was higher than the $2.34 psf FSG asking rate in the Downtown submarket and the $2.29 psf FSG asking rate in the Northwest submarket. The Valley s lowest average asking rate was in the West Central submarket at $1.82 psf FSG. Year-to-date, the office investment sales volume was $602.4 million in 87 sales totaling 3.5 million square feet with an average sales price of $173.40 psf. Investors have brought greater scrutiny to Southern Nevada s office market in 2018 than in 2017, with cap rates increasing to 8.3 percent this year and the average sales price decreasing. The market saw almost as much office space trade hands in 2018 as in 2017, but sales volume was $50 million lower. The office investment market remains a bull market, but the bulls are looking before they leap. The industrial market in Southern Nevada boomed slowly and then all at once. So far, the office market s improvement has been at a slow and steady pace. This pace could quicken in 2019 if economic fundamentals remain strong. There is little office space on the drawing board now, so an increase in demand for office space in 2019 could bring vacancy closer to the long-term average of 9.0 percent. 17 Las Vegas Research & Forecast Report Q4 2018 Office Colliers International

215 NORTH LAS VEGAS Significant Office Sale Activity Centennial Gateway Office 95 30,172 SF - $9,050,000 $299.95/SF December 2018 NORTHWEST 15 Class B Charleston Valley View Office Complex EAST LAS VEGAS 86,113 SF - $12,049,000 $139.92/SF October 2018 WEST CENTRAL DOWN TOWN 95 Class B Rancho Courtyard 23,089 SF - $5,555,000 $240.59/SF October 2018 Class C SOUTHWEST 215 AIRPORT HENDERSON Gibson Tech Center 29,999 SF - $6,989,000 $232.97/SF October 2018 Class B Westbay at Charleston 106,665 SF - $20,500,000 $192.19/SF October 2018 Class B Lease Activity Property Name Lease Date Lease Term Size Lease Rate Type Eastgate Plaza Sep 2018 66 months 11,743 SF $2.15 MG Class A Airport Corporate Center Oct 2018 63 months 7,353 SF $1.93 MG Class B Shadow Quail Park Oct 2018 91 months 5,793 SF $1.29 NNN Class B Seven Hills Business Center Oct 2018 64 months 4,029 SF $1.44 NNN Class C Southern Palms Pavilion Nov 2018 63 months 2,000 SF $1.68 NNN Class C 18 Las Vegas Research & Forecast Report Q4 2018 Office Colliers International

Market Comparisons - Las Vegas Office Market CLASS TOTAL INVENTORY SF DIRECT VACANT SF DIRECT VACANCY RATE SUBLEASE VACANT SF TOTAL VACANT SF VACANCY RATE CURRENT QUARTER VACANCY RATE PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF COMPLETIONS YTD SF UNDER CONSTRUCTION SF PLANNED CONSTRUCTION SF WEIGHTED AVG ASKING RENTAL RATE AIRPORT SUBMARKET A 729,174 97,506 13.4% 9,982 107,488 14.7% 25.5% 72,540 108,034 - - - - $2.99 B 2,403,646 254,608 10.6% 2,264 256,872 10.7% 11.0% 4,305 9,239 - - 15,867 - $2.10 C 3,210,746 444,325 13.8% 33,718 478,043 14.9% 15.1% 11,768 70,724 - - - - $1.82 Total 6,343,566 796,439 12.6% 45,964 842,403 13.3% 14.8% 88,613 187,997 - - 15,867 - $2.05 DOWNTOWN SUBMARKET A 1,232,341 254,178 20.6% 2,325 256,503 20.8% 20.8% - (4,262) - - - - $2.74 B 2,354,269 217,881 9.3% 2,353 220,234 9.4% 9.7% 8,561 26,985 - - - - $2.28 C 1,425,167 159,921 11.2% - 159,921 11.2% 12.2% 13,714 10,534 - - - - $1.80 Total 5,011,777 631,980 12.6% 4,678 636,658 12.7% 13.1% 22,275 33,257 - - - - $2.34 EAST LAS VEGAS SUBMARKET A 1,353,083 408,758 30.2% 11,686 420,444 31.1% 31.6% 1,147 (119,796) - - - - $2.88 B 1,542,404 386,093 25.0% 1,066 387,159 25.1% 24.6% (6,999) (7,759) - - 21,885 - $1.39 C 2,594,703 498,456 19.2% - 498,456 19.2% 19.6% 11,347 121,973 - - - - $1.45 Total 5,490,190 1,293,307 23.6% 12,752 1,306,059 23.8% 24.0% 5,495 (5,582) - - 21,885 - $1.88 HENDERSON SUBMARKET A 583,905 144,762 24.8% 5,945 150,707 25.8% 26.1% (2,312) 40,557 - - - - $2.59 B 2,737,835 406,263 14.8% 23,691 429,954 15.7% 17.3% 73,149 107,859 40,500 152,864-323,832 $2.34 C 2,178,092 229,140 10.5% - 229,140 10.5% 12.1% 19,828 (37) (15,600) (15,600) - - $1.75 Total 5,499,832 780,165 14.2% 29,636 809,801 14.7% 16.1% 90,665 148,379 24,900 137,264-323,832 $2.21 NORTH LAS VEGAS SUBMARKET A - - n/a - - n/a n/a - - - - - - $- B 245,696 40,173 16.4% 6,849 47,022 19.1% 22.8% 9,099 16,054 - - - - $2.06 C 542,659 41,457 7.6% 3,600 45,057 8.3% 12.8% 24,164 48,787 - - - - $1.73 Total 788,355 81,630 10.4% 10,449 92,079 11.7% 15.9% 33,263 64,841 - - - - $1.89 NORTHWEST SUBMARKET A 2,112,587 351,017 16.6% 35,120 386,137 18.3% 19.2% 30,713 173,398-152,300 - - $2.54 B 3,721,158 431,244 11.6% 41,690 472,934 12.7% 14.4% 61,303 116,395 - - - - $2.36 C 3,408,756 316,094 9.3% 2,943 319,037 9.4% 10.7% 43,158 33,865-6,000-37,100 $1.90 Total 9,242,501 1,098,355 11.9% 79,753 1,178,108 12.7% 14.1% 135,174 323,658-158,300-37,100 $2.29 SOUTHWEST SUBMARKET A 590,935 4,193 0.7% 14,690 18,883 3.2% 4.1% 5,081 18,994 - - 110,705 180,000 $3.01 B 3,412,135 444,027 13.0% 37,855 481,882 14.1% 13.9% 11,808 244,598-220,646-25,396 $2.60 C 3,563,997 381,911 10.7% 3,000 384,911 10.8% 11.6% 27,057 38,251 - - - 65,000 $2.23 Total 7,567,067 830,131 11.0% 55,545 885,676 11.7% 12.0% 43,946 301,843-220,646 110,705 270,396 $2.43 WEST CENTRAL SUBMARKET A 157,624 26,465 16.8% - 26,465 16.8% 13.1% (5,807) (7,662) - - - - $2.33 B 1,934,384 191,172 9.9% - 191,172 9.9% 9.8% (2,344) 207,570 - - - - $1.91 C 3,006,862 401,632 13.4% 760 402,392 13.4% 12.6% (24,658) (6,325) - - - - $1.74 Total 5,098,870 619,269 12.1% 760 620,029 12.2% 11.5% (32,809) 193,583 - - - - $1.82 MARKET TOTAL A 6,759,649 1,286,879 19.0% 79,748 1,366,627 20.2% 21.8% 101,362 209,263-152,300 110,705 180,000 $2.72 B 18,351,527 2,371,461 12.9% 115,768 2,487,229 13.6% 14.2% 158,882 720,941 40,500 373,510 37,752 349,228 $2.17 C 19,930,982 2,472,936 12.4% 44,021 2,516,957 12.6% 13.3% 126,378 317,772 (15,600) (9,600) - 102,100 $1.80 Total 45,042,158 6,131,276 13.6% 239,537 6,370,813 14.1% 14.9% 386,622 1,247,976 24,900 516,210 148,457 631,328 $2.13 QUARTERLY COMPARISON AND TOTALS Q4-18 45,042,158 6,131,276 13.6% 239,537 6,370,813 14.1% 14.9% 386,622 1,247,976 24,900 516,210 148,457 631,328 $2.13 Q3-18 45,017,258 6,492,998 14.4% 232,224 6,725,222 14.9% 15.6% 421,352 861,354 152,300 491,310 56,367 463,918 $2.10 Q2-18 44,864,958 6,762,050 15.1% 217,232 6,979,282 15.6% 15.7% 257,932 440,002 270,646 339,010 192,800 388,521 $2.11 Q1-18 44,594,312 6,749,336 15.1% 254,025 7,003,361 15.7% 16.0% 182,070 182,070 68,364 68,364 463,446 881,389 $2.05 Q4-17 44,525,948 6,863,042 15.4% 267,182 7,130,224 16.0% 16.0% 147,073 1,125,192 152,000 382,722 525,810 965,412 $2.04 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 19 Las Vegas Research & Forecast Report Q4 2018 Office Colliers International

Research & Forecast Report LAS VEGAS RETAIL Q4 2018 Extending Retail s Win Streak > > Retail ended 2018 on a high note > > Strong net absorption and a lack of new completions drove vacancy down to 7.7 percent > > Asking rental rates increased slightly at the end of 2018 Southern Nevada s retail market had a strong finish in 2018, posting 283,177 square feet of net absorption in the fourth quarter of 2018, the highest quarterly net absorption all year. This decreased the vacancy rate to 7.7 percent. Asking rental rates increased to $1.38 per square foot (psf) on a triple-net (NNN) basis from last quarter s $1.36 psf NNN. According to the Nevada Department of Employment, Training and Rehabilitation, Southern Nevada s retail job market improved in October 2018, adding 2,700 jobs since October 2017. Over this period Southern Nevada added 200 jobs in the food & beverage sector and 300 jobs in the health & personal care sector. The food services & drinking places sector, which is not technically included in the retail category, added 8,400 jobs in the last twelve months. According to our formula, retail employment that directly impacts anchored retail centers increased by 3,093 jobs over the past twelve Historical Vacancy Rates and Asking Lease Rates Economic Indicators RETAIL Employment Market Indicators Relative to prior period Q4 2018 Q1 2019* VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE *Projected +3.2% Summary Statistics RETAIL Taxable Sales +6.1 RETAIL SF/Job -2.2% Q4 2018 Las Vegas Market Q4-17 Q3-18 Q4-18 Vacancy Rate 8.2% 8.2% 7.7% 8.6% $1.42 Asking Rent (PSF, NNN) $1.36 $1.36 $1.38 8.4% $1.40 8.2% $1.38 Net Absorption (SF) 319,223 137,573 283,177 8.0% $1.36 New Completions (SF) 241,550 184,000 0 7.8% $1.34 7.6% $1.32 Overall Asking Rents 7.4% $1.30 Per Square Foot Q4-17 Q3-18 Q4-18 7.2% 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 $1.28 Power Center $1.55 $1.42 $1.43 Community Center $1.36 $1.42 $1.49 Vacancy Asking Rental Rate We think the retail market will match this performance in 2019, provided national economic fundamentals continue to be positive. Neighborhood Center $1.41 $1.32 $1.33 Strip Center $1.26 $1.32 $1.30

months. Unemployment in the Las Vegas-Paradise MSA stood at 4.7 percent in October 2018, down from 4.9 percent in October 2017. From October 2017 to October 2018, total employment in Southern Nevada increased by 35,500 jobs, a 3.5 percent increase. The Nevada Department of Taxation reports that Clark County s taxable retail sales for the twelve months ending in September 2018 (the most recent month of data available) totaled $30.3 billion, up from $29.7 billion in the previous twelve months. In the past twelve months taxable sales were $4.9 billion in the automotive sector, $10.4 billion in food services and $14.6 billion in other retail (excluding gas stations). The highest year-over-year taxable sales growth in September 2018 was in miscellaneous retail (27.1 percent), home and garden stores (6.7 percent growth) and gasoline stations (4.6 percent growth). Yearover-year taxable sales also increased in electronics and appliances and general merchandise stores. Taxable sales decreased in furniture, food & beverage stores, health & personal care stores, clothing stores, sporting goods and hobbies and food & drinking places. Non-store retailers posted 23.8 percent year-over-year growth in September 2018. Historical Net Absorption vs. Completions 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0-50,000 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 Net Absorption Occupancy vs. Retail Employment 91,000 Completions 93.0% No new retail projects were completed in the fourth quarter of 2018, leaving total new construction for the year at 227,637 square feet. All of this retail space built in 2018 was completed in the Henderson, Southwest and University East submarkets. The first quarter of 2019 should see the completion of 657,100 square feet of retail product, 53 percent of which was pre-leased. Another 683,003 square feet is slated for completion in the second quarter of 2018. If all of this space is completed, it will represent the largest increase in retail inventory in Southern Nevada since 2009. 89,000 87,000 85,000 83,000 81,000 79,000 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 92.5% 92.0% 91.5% 91.0% 90.5% 90.0% Net absorption was 528,459 square feet in 2018, slightly lower than the 578,914 square feet absorbed in 2017. Net absorption was highest this year in strip retail centers at 242,486 square feet and neighborhood centers at 223,974 square feet. Net absorption was negligible in community and power centers in 2018. Retail Jobs Occupancy Rate Net absorption was positive in six of the Valley s eight submarkets, including University East at 198,252 square feet, Southwest at 130,052 square feet, West Central at 97,257 square feet, North Las Vegas at 96,467 square feet and Northwest at 78,057 square feet. Net absorption was negative in Henderson and Downtown. Retail demand in 2018 was a reversal of the long term trend of people and retailers moving from the older eastern and northern parts of the Valley to the younger southern and western parts of the Valley. This reversal, which is probably temporary, could also represent the impact of e-commerce on the retail market. Brick-and-mortar retail in submarkets with lower median incomes may be less impacted by e-commerce than retail in more affluent areas. 21 Las Vegas Research & Forecast Report Q4 2018 Retail Colliers International

Aside from the internal migration of people and retail from the north and east to the south and west, the largest impact on the local retail market was e-commerce. In 2018, nine big box retailers vacated space totaling 1.1 million square feet in Southern Nevada. This tide of big box closures should be partially reversed in 2019 when several new grocery stores open their doors, but the long-term trend remains a challenge. Retail vacancy in Southern Nevada was 7.7 percent at the end of 2018, lower than the 8.2 percent retail vacancy one year ago. Retail vacancy bounced between 8.1 and 8.4 percent over the past five quarters, with a general trend of decreasing vacancy. Vacancy finally dropped beneath 8.0 percent in the fourth quarter of 2018. A prior significant decrease in retail vacancy occurred in 2016 when vacancy dropped from 9.4 percent to 8.6 percent. Among submarkets, the Valley s highest vacancy was 13.5 percent in Downtown, while the lowest vacancy rate was 4.9 percent in Southwest, another sign of that migration of the middle class from the east side of the Valley where they settled during the 1970 s and 1980 s, to the west side of the Valley and Henderson. Vacancy was 5.9 percent on the west side of the Valley, and 9.3 percent on the east side at the end of 2018, compared to 6.5 percent and 9.8 percent, respectively, at the end of 2017. Vacancy decreased this year in North Las Vegas, Northeast, Northwest, University East and West Central, and increased in Downtown, Henderson and Southwest. The increase in the Southwest was minor and due to new construction in that submarket. The demographic shift in Southern Nevada is not just one of population, but also of wealth. The older east side of the Valley, or more specifically the northeast quadrant of the Valley, has 382,000 households compared to the 371,000 households in the remainder of Retail Development Schedule Project Type Submarket Size (SF) Pre-Leasing Q1-2019 657,100 SF 53% Decatur Sprouts Neighborhood Center North Las Vegas 40,000 SF 100% Kaktus Life Strip Retail Southwest 28,800 SF 75% Maya Cinemas Center Community Center North Las Vegas 168,300 SF 43% Shanghai Plaza Strip Retail West Central 80,000 SF 0% Skye Canyon Marketplace Community Center Northwest 250,000 SF 50% Union Village LVAC Freestanding Henderson 90,000 SF 100% Q2-2019 683,003 SF 46% Shoppes on the Parkway Strip Retail Henderson 58,090 SF 50% St Rose Square Neighborhood Center Henderson 465,909 SF 45% University Gateway Strip Retail University East 19,124 SF 29% Warm Springs Sprouts Neighborhood Center Southwest 94,880 SF 48% Q3-2019 152,450 SF 24% Deer Springs Village Neighborhood Center Northwest 120,000 SF 30% Golden Spring Plaza Strip Retail West Central 32,450 SF 0% Q4-2019 46,660 SF 32% Gardner Plaza Strip Retail Henderson 21,860 SF 0% Shoppes on Sunset Strip Retail Southwest 24,800 SF 60% Q4-2019 46,660 SF 32% 215 Curve Community Center Southwest 207,000 SF 76% Ann @ Fifth Strip Retail North Las Vegas 20,350 SF 0% Blue Diamond Decatur Plaza Strip Retail Southwest 67,355 SF 32% Centennial Hills Center Strip Retail Northwest 31,000 SF 0% Craig & Camino Al Norte Strip Retail North Las Vegas 122,718 SF 0% Flamingo @ Valley View Strip Retail West Central 40,114 SF 90% Magnum Towers Retail Strip Retail Southwest 30,000 SF 0% Quail Bonita Strip Retail Henderson 41,745 SF 63% Rainbow @ Arby Neighborhood Center Southwest 61,282 SF 50% Sahara Crossing Strip Retail Downtown 41,000 SF 0% Silverado Promenade Neighborhood Center University East 129,588 SF 100% The Bend Community Center Southwest 200,000 SF 0% Union Village Strip Retail Henderson 225,000 SF 0% 22 Las Vegas Research & Forecast Report Q4 2018 Retail Colliers International

Retail Investment Sales Single-Tenant Retail 2014 2015 2016 2017 2018 No. Sales 61 66 67 60 54 Square Footage Sold 643,000 981,000 569,000 457,000 357,000 Sales Volume $187.5 MM $306.2 MM $174.4 MM $174.9 MM $129.0 MM Average Price/SF $291.50 $312.00 $306.57 $382.72 $361.65 Average Sale Size (SF) 10,500 14,900 8,500 7,600 6,600 Cap Rate 7.2% 7.2% 7.0% 6.5% 6.1% Shopping Center Retail 2014 2015 2016 2017 2018 No. Sales 60 58 41 48 44 Square Footage Sold 4,025,000 3,195,000 2,528,000 4,607,000 2,627,000 Sales Volume $504.5 MM $588.1 MM $419.7 MM $696.5 MM $513.3 MM Average Price/SF $125.33 $184.08 $166.00 $151.17 $195.37 Average Sale Size (SF) 67,000 55,000 62,000 96,000 60,000 Cap Rate 8.9% 7.7% 6.7% 7.8% 7.5% the Valley. The northeast quadrant continues to grow, with household growth of 8.9 percent from 2010 to 2018. The west side s population, however, grew 16.4 percent over the same period. This disparity in population growth is projected to continue, with the west projected to have 8.1 percent household growth over the next five years compared to 6.0 percent for the east. In terms of wealth, the average household income on the east side is $57,000, compared to an average household income of $92,000 on the west side. Just last year, the average household income on the west side of town was $88,000 compared to average household income of $56,000 on the east side. This is a sign that the middle and upper classes are moving from east to west, and while they are being replaced by new residents on the east side, those new residents are less wealthy, which impacts retail sales and thus retail real estate. The average asking rental rate for retail space in Southern Nevada was $1.38 psf NNN at the end of 2018, $0.02 psf higher than one year ago. Five submarkets saw asking rates increase in 2018; the Southwest by $0.16 psf, University East by $0.09 psf, West Central by $0.09 psf, Henderson by $0.06 psf and North Las Vegas by $0.04 psf. Asking rates decreased in Northwest by $0.16 psf, Northeast by $0.14 psf and Downtown by $0.11. Rates decreased this year in power centers by $0.12 psf and neighborhood centers by $0.08, and increased in community centers by $0.13 and strip retail centers by $0.04 psf. Single-tenant retail investment sales volume year-to-date was $129 million in 54 sales totaling 357,000 square feet at an average price per square foot of $361.65. Single-tenant retail sales volume has been on a downward trajectory since 2015, and 2018 did not reverse that trend. The average cap rate this year was 6.1 percent, a decrease from 2017 s average cap rate of 6.5 percent. Southern Nevada had a strong finish in 2018 23 Las Vegas Research & Forecast Report Q4 2018 Retail Colliers International

Significant Retail Sale Activity 215 NORTH LAS VEGAS Tropicana Beltway Center 220,000 SF - $59,000,000 $268.18/SF NORTHWEST 95 October 2018 Multi-Tenant/Walmart Supercenter 15 Rainbow Sunset Pavilion 63,579 SF - $19,500,000 WEST CENTRAL DOWN TOWN NORTHEAST LAS VEGAS $306.71/SF October 2018 Multi-Tenant/Port of Subs The Annex 51,556 SF - $8,925,000 95 $173.11/SF October 2018 UNIVERSITY AIRPORT Multi-Tenant/Black Bear Diner Green Valley Town & Country 215 130,773 SF - $8,500,000 $65.00/SF SOUTHWEST HENDERSON October 2018 Multi-Tenant RESORT CORRIDOR Sunset @ Annie Oakley 23,592 SF - $2,540,000 $107.66/SF October 2018 Multi-Tenant/State Farm Lease Activity Property Name Tenant Lease Date Lease Term Size Lease Rate Type Lynden Square Profile by Sanford Oct 2018 66 months 2,360 SF $1.93 NNN Strip Center Pecos Legacy Center The Dojang Oct 2018 54 months 2,100 SF $1.65 NNN Community Center Pecos Legacy Center Bimbo Bakeries Oct 2018 60 months 2,077 SF $2.25 NNN Community Center Cornet Plaza Legacy Martial Arts Oct 2018 60 months 1.860 SF $1.52 NNN Strip Center Rancho Alta Mira Plaza T&C Plus Sep 2018 60 months 1,440 SF $1.14 NNN Community Center 24 Las Vegas Research & Forecast Report Q4 2018 Retail Colliers International

Shopping center investment sales volume in 2018 was $513.3 million in 44 sales totaling 2.63 million square feet at an average price per square foot of $195.37. The average size of a shopping center sold in 2018 was 60,000 square feet, lower than 2017 s average and more in line with what we have seen in previous years. The average cap rate at midyear was 7.5 percent, a slight compression from 2017 s average of 7.8 percent. Despite headwinds from e-commerce and big box closures, Southern Nevada s retail market performed well in 2018. Vacancy is still higher than it was twenty years ago, but it improved over 2018 and demand for retail space was strong. We think the retail market will match this performance in 2019, provided national economic fundamentals continue to be positive. Southern Nevada is still witnessing the movement of the middle class to the southern and western portions of the Valley, and this movement will have as much impact on the market in 2019 as those aforementioned headwinds. Households (2018) Avg. HH Income (2018) Occupied Retail Space (2017 Avg.) Occupied Retail Space (2018 Avg.) Downtown 38,400 $42,000 2,030,000 1,916,000 Henderson 118,800 $90,000 9,579,000 9,526,000 North Las Vegas 75,600 $68,000 5,782,000 5,854,000 Northeast 83,700 $56,000 3,102,000 3,214,000 Northwest 190,300 $89,000 12,966,000 13,010,000 Southwest 101,500 $85,000 7,741,000 8,018,000 University East 109,500 $63,000 7,996,000 8,070,000 West Central 57,000 $55,000 6,191,000 6,274,000 Source of Demographic Data: Claritas 25 Las Vegas Research & Forecast Report Q4 2018 Retail Colliers International

Market Comparisons - Las Vegas Retail Market TYPE TOTAL INVENTORY SF DIRECT VACANT SF DIRECT VACANCY RATE SUBLEASE VACANT SF TOTAL VACANT SF VACANCY RATE CURRENT QUARTER VACANCY RATE PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF COMPLETIONS YTD SF UNDER CONSTRUCTION SF PLANNED CONSTRUCTION SF WEIGHTED AVG ASKING RENTAL RATE DOWNTOWN PC - - n/a - - n/a n/a - - - - - - $- CC 731,186 68,309 9.3% - 68,309 9.3% 9.9% 3,783 (2,147) - - - - $1.36 NC 470,630 119,078 25.3% - 119,078 25.3% 20.4% (22,982) (12,795) - - - - $0.92 SC 989,530 109,403 11.1% - 109,403 11.1% 11.0% (274) (21,577) - - - 80,614 $1.41 Total 2,191,346 296,790 13.5% - 296,790 13.5% 12.7% (19,473) (36,519) - - - 80,614 $1.17 HENDERSON PC 2,896,215 127,315 4.4% - 127,315 4.4% 7.9% 100,988 (49,739) - - - - $1.34 CC 2,724,168 241,252 8.9% - 241,252 8.9% 5.0% (103,777) (93,428) - - - - $1.57 NC 2,930,045 301,360 10.3% 61,548 362,908 12.4% 14.2% 52,925 71,039 - - 465,909 - $1.31 SC 1,948,160 292,739 15.0% 1,700 294,439 15.1% 15.3% 4,007 18,339-18,237 58,090 288,605 $1.40 Total 10,498,588 962,666 9.2% 61,548 1,024,214 9.8% 10.3% 54,143 (53,789) - 18,237 523,999 288,605 $1.41 NORTH LAS VEGAS PC 774,065 28,494 3.7% - 28,494 3.7% 3.6% (994) 3,485 - - - - $2.25 CC 2,150,284 109,904 5.1% - 109,904 5.1% 4.2% (19,510) 16,612 - - 168,300 - $1.63 NC 2,025,313 113,340 5.6% - 113,340 5.6% 6.0% 8,580 54,572 - - 40,000 - $1.77 SC 1,308,948 126,093 9.6% - 126,093 9.6% 10.2% 7,645 21,798 - - - 143,068 $1.38 Total 6,258,610 377,831 6.0% - 377,831 6.0% 6.0% (4,279) 96,467 - - 208,300 143,068 $1.64 NORTHEAST PC - - n/a - - n/a n/a - - - - - - $- CC 1,295,615 84,680 6.5% - 84,680 6.5% 6.4% (1,600) (2,548) - - - - $1.33 NC 1,404,861 79,774 5.7% - 79,774 5.7% 4.4% (17,258) 4,793 - - - - $0.98 SC 769,047 94,971 12.3% - 94,971 12.3% 13.8% 11,438 16,437 - - - - $0.94 Total 3,469,523 259,425 7.5% - 259,425 7.5% 7.3% (7,420) 18,682 - - - - $1.08 NORTHWEST PC 3,171,110 220,502 n/a - 220,502 7.0% 8.7% 55,900 77,846 - - - - $1.35 CC 4,800,446 171,271 3.6% 73,059 244,330 5.1% 4.4% (35,384) (12,992) - - 250,000 - $2.13 NC 3,492,056 323,447 9.3% 12,679 336,126 9.6% 9.8% 2,773 (17,834) - - 120,000 - $1.17 SC 2,484,597 186,103 7.5% 1,536 187,639 7.6% 8.0% 12,616 31,037 - - - 31,000 $1.38 Total 13,948,209 901,323 6.5% 85,738 987,061 7.1% 7.4% 35,905 78,057 - - 370,000 31,000 $1.44 SOUTHWEST PC 944,314 47,774 5.1% - 47,774 5.1% 5.1% - (30,074) - - - - $1.59 CC 2,688,783 173,732 6.5% - 173,732 6.5% 7.0% 14,699 67,535-133,000-407,250 $1.92 NC 2,472,100 86,571 3.5% - 86,571 3.5% 3.6% 3,539 17,224 - - 94,880 61,282 $2.03 SC 2,429,938 109,506 4.5% 14,954 124,460 5.1% 7.9% 67,086 75,367-25,400 19,124 122,155 $1.85 Total 8,535,135 417,583 4.9% - 417,583 4.9% 6.1% 85,324 130,052-158,400 114,004 590,687 $1.89 UNIVERSITY EAST PC 1,210,223 97,257 8.0% - 97,257 8.0% 9.8% 21,160 33,763 - - - - $1.41 CC 2,946,813 346,318 11.8% - 346,318 11.8% 12.2% 12,806 12,862 - - - - $1.09 NC 2,069,675 157,199 7.6% 116,881 274,080 13.2% 15.6% 2,284 72,818-51,000 - - $1.50 SC 2,990,552 445,660 14.9% - 445,660 14.9% 16.5% 47,830 78,809 - - 19,124 129,588 $1.10 Total 9,217,263 1,046,434 11.4% 116,881 1,163,315 12.6% 14.0% 84,080 198,252-51,000 19,124 129,588 $1.19 WEST CENTRAL PC 1,138,224 67,057 5.9% - 67,057 5.9% 5.2% (7,999) (9,981) - - - - $1.40 CC 1,673,939 161,173 9.6% - 161,173 9.6% 11.8% 35,711 50,805 - - - - $1.09 NC 1,777,642 81,212 4.6% 50,121 131,333 7.4% 8.8% 24,236 34,157 - - - - $1.36 SC 2,169,405 109,830 5.1% - 109,830 5.1% 5.2% 2,949 22,276 - - 80,000 32,450 $1.33 Total 6,759,210 419,272 6.2% 50,121 469,393 6.9% 7.8% 54,897 97,257 - - 80,000 32,450 $1.25 MARKET TOTAL PC 10,134,151 588,399 5.8% - 588,399 5.8% 7.5% 169,055 25,300 - - - - $1.43 CC 19,011,234 1,356,639 7.1% 73,059 1,429,698 7.5% 7.0% (93,272) 36,699-133,000 418,300 407,250 $1.49 NC 16,642,322 1,261,981 7.6% 241,229 1,503,210 9.0% 9.7% 54,097 223,974-51,000 720,789 61,282 $1.33 SC 15,090,177 1,474,305 9.8% 18,190 1,492,495 9.9% 10.9% 153,297 242,486-43,637 176,338 827,480 $1.30 Total 60,877,884 4,681,324 7.7% 332,478 5,013,802 8.2% 8.8% 283,177 528,459-227,637 1,315,427 1,296,012 $1.38 QUARTERLY COMPARISON AND TOTALS Q4-18 60,877,884 4,681,324 7.7% 332,478 5,013,802 8.2% 8.8% 283,177 528,459 0 227,637 1,315,427 1,296,012 $1.38 Q3-18 60,877,884 4,964,501 8.2% 384,148 5,348,649 8.8% 8.9% 137,573 245,282 184,000 227,637 866,713 1,507,913 $1.36 Q2-18 60,693,884 4,918,074 8.1% 458,635 5,376,709 8.9% 9.1% 133,512 107,709 25,400 43,637 445,680 2,073,604 $1.38 Q1-18 60,668,484 5,026,186 8.3% 502,607 5,528,793 9.1% 9.1% (25,803) (25,803) 18,237 18,237 270,800 1,947,327 $1.37 Q4-17 60,650,247 4,982,146 8.2% 527,950 5,510,096 9.1% 9.3% 319,223 497,892 241,550 414,359 209,237 2,143,245 $1.36 PC = Power Center CC = Community Center NC = Neighborhood Center SC = Strip Center The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 26 Las Vegas Research & Forecast Report Q4 2018 Retail Colliers International

Research & Forecast Report LAS VEGAS MULTIFAMILY Q4 2018 Out with the Old, in with the New > > Another 1,034 new units of multifamily were completed > > Class B/C properties suffered negative net absorption Economic Indicators > > Rental rates continued to increase, growing by 5.0 percent EXISTING HOME Median Price NEW HOME Median Price THIRTY YEAR Mortgage Rate According to statistics provided by REIS, multifamily vacancy in Southern Nevada increased to 3.6 percent in the third quarter of 2018 (the most recent quarter of available data). Vacancy was 0.5 points higher than one year ago. Quarter-over-quarter, vacancy in Class A properties increased by 0.2 points to 4.4 percent and vacancy in Class B/C properties increased by 0.2 points to 2.8 percent. Unemployment in the Las Vegas-Paradise MSA stood at 4.7 percent in October 2018, down from 4.9 percent in October 2017. From October 2017 to October 2018, total employment in Southern Nevada increased by 35,500 jobs, a 3.5 percent increase. The majority of the Valley s new jobs were in leisure and hospitality +7.0% +13.0% Market Indicators +0.7 Points Relative to prior period Q3 2018 Q4 2018* VACANCY NET ABSORPTION COMPLETIONS RENTAL RATE *Projected Historical Vacancy Rates and Rental Rates Summary Statistics Las Vegas Market Q3-17 Q2-18 Q3-18 Vacancy Rate 3.1% 3.4% 3.6% Rent (Per Unit) $988 $1,033 $1,055 Net Absorption (Units) 104 751 664 New Completions (Units) 643 1,074 1,034 Overall Asking Rents Per Unit Per Month Q3-17 Q2-18 Q3-18 Multifamily development may slow down in the second half of 2019. In the meantime vacancy could continue to edge up while the market digests the new inventory introduced to the market in 2018. Class A $1,136 $1,193 $1,220 Class B/C $831 $866 $878

(7,600 jobs), transportation and warehousing (7,500 jobs) and education and health services (4,400 jobs). Southern Nevada posted 664 units of net absorption in the third quarter of 2018 according to REIS. This was down from 751 units of net absorption in the second quarter of 2018, but an improvement over the 104 units of net absorption one year ago. All of this quarter s positive net absorption took place in Class A properties (774 units), while Class B/C properties had negative 110 units of net absorption. Demographic trends suggest that rental households will expand by an average of 4,450 units per year for the next five years, with most of that expansion taking place in the Northwest/Southwest and Henderson/Green Valley submarkets. Five of the Valley s eight submarkets had positive net absorption in the third quarter of 2018, with the highest net absorption, 457 units, occurring in the Northwest/Southwest submarket. Net absorption was negative in Northeast, University and West Central submarkets. According to REIS, 1,034 units of multifamily were completed this quarter, with 751 units completed in the Northwest/Southwest Historical Net Absorption vs. Completions Sales (Units) vs. Price Per Unit SCHEDULED COMPLETION SUBMARKET UNITS 4TH QUARTER 2018 902 Casabella Apartments Henderson/GV 120 C 3 Lofts Downtown 60 Elysian at Flamingo Northwest/Southwest 360 Silverado West Apartments Henderson/GV 362 1ST QUARTER 2019 2,011 Echo 1055 University 220 Empire Apartments Henderson/GV 536 Fortune Living Henderson/GV 192 Kaktus Life Henderson/GV 210 Revel Las Vegas Northwest/Southwest 132 U District The Degree University 226 Union Plaza Apartments Henderson/GV 275 UNLV Village University 220 2ND QUARTER 2019 414 Red Rock Pointe Northwest/Southwest 128 The Residence at Seven Hills Henderson/GV 286 2020 327 Flamingo Pines Northwest/Southwest 66 Vue at Centennial Phase II North Las Vegas 261 28 Las Vegas Research & Forecast Report Q4 2018 Multifamily Colliers International

Demographics Submarket Estimated Households (2018) Renter Occupied (2018) Median Household Income 2018) Average Household Size (2018) Proj. Annual Growth Rental Households (2018-2023) Downtown 65,100 61% $32,700 2.8 370 East Las Vegas 68,900 44% $44,100 2.7 375 Henderson/Green Valley 159,600 37% $67,500 2.6 895 North Las Vegas 136,500 35% $57,600 3.1 735 Northeast 51,200 49% $40,800 3.4 319 Northwest/Southwest 215,200 36% $68,600 2.6 1,229 University 36,300 77% $34,700 2.3 248 West Central 40,500 61% $42,900 2.3 279 TOTAL 773,300 43% $55,400 2.7 4,450 Source: Environics submarket and 283 units completed in the Downtown submarket. Among the projects completed this quarter were the The Abode Red Rock, The Gallery (Phase II), Evo Apartments and Fremont9. An additional 3,423 units were under construction and 6,329 units were planned to begin construction within the next twelve months. When all of the units currently under construction are added to inventory, it will represent 2.3 percent inventory growth. The average asking rent for a multifamily unit was $1,055 per unit in the third quarter of 2018. Asking rents increased by 0.5 percent this quarter and by 5.0 percent since last year. Class A properties had 5.2 percent annual rent growth to $1,220 per unit. Class B/C properties had 3.8 percent annual rent growth to $878 per unit. On a submarket basis, the highest annual rent growth was 6.4 percent in the Downtown submarket, followed by 5.6 percent growth in the West Central submarket. No submarket had a decrease in the average asking rent. A total of 6,877 units sold in the third quarter of 2018, with total sales volume of $789.4 million. The average sales price was $114,791 per unit. The average cap rate this quarter was 5.5 percent. Multifamily sales increased this quarter compared to one year ago, when 3,820 units traded with a sales volume of $477.5 million. The average cap rate one year ago was 5.8 percent. As apartment completions head over the 1,000 units per quarter level, Class B/C properties are having some difficulty competing. It probably does not help that asking rents in Class B/C properties are increasing right along with those in Class A properties, even though at a slower pace. Net absorption in older properties is now negative for the year, though a strong fourth quarter could reverse that. It seems likely that Class B/C rents will plateau or decrease in older properties in the coming months. In the meantime, investors remain bullish on Southern Nevada s multifamily market, making this quarter the Valley s best in terms of sales since the second quarter of 2016. Multifamily development may slow down in the second half of 2019. In the meantime vacancy could continue to edge up while the market digests the new inventory introduced to the market in 2018. Sales Data 2014 2015 2016 2017 2018 YTD Units Sold 14,019 15,408 22,074 19,633 9,377 Average Price Per Unit $73,627 $71,836 $96,720 $105,318 $129,429 Cap Rate 6.0% 7.3% 5.5% 5.6% 5.6% 29 Las Vegas Research & Forecast Report Q4 2018 Multifamily Colliers International

215 Significant Multifamily Sales Activity La Ventana Apartments NORTH LAS VEGAS 256 Units - $34,500,000 $134,800/Unit 95 15 NORTHEAST November 2018 Year Built - 1989 Cornerstone Crossing 544 Units - $49,750,000 $91,500/Unit DOWNTOWN October 2018 Year Built - 1984 WEST CENTRAL 95 EAST Evergreen Apartment Homes 313 Units - $29,800,000 $95,200/Unit November 2018 NORTHWEST/ SOUTHWEST UNIVERSITY Year Built - 1979 Lotus Apartments 215 HENDERSON/ GREEN VALLEY 295 Units - $77,000,000 $261,000/Unit November 2018 Year Built - 2018 Black Mountain Villas 296 Units - $64,100,000 $216,600/Unit September 2018 Year Built - 2006 Sales Activity Continued Property Name Sale Date Units Price Price/Unit Year Built Sequoia Meadows Apartments Oct 2018 136 $22,250,000 $163,600 1988 Evergreen Apartments Nov 2018 228 $20,425,000 $89,600 1986 Retreat Apartments Sep 2018 120 $17,450,000 $145,400 1996 Capistrano Pines Oct 2018 184 $17,020,000 $92,500 1999 Swenson Apartments Oct 2018 74 $4,350,000 $58,800 1972 Source: Real Capital Analytics 30 Las Vegas Research & Forecast Report Q4 2018 Multifamily Colliers International

Market Comparisons - Las Vegas Multifamily Market CLASS TOTAL INVENTORY UNITS CURRENT VACANCY RATE PRIOR QTR VACANCY RATE NET ABSORPTION NET ABSORPTION YTD UNITS CURRENT QTR COMPLETIONS YTD UNIT COMPLETIONS UNDER CONSTRUCTION UNITS PLANNED CONSTRUCTION UNITS TOTAL SALES UNITS TOTAL SALES VOLUME CAP RATE PRICE PER UNIT AVG. RENTAL RATE DOWNTOWN A 3,056 3.8% 1.8% 218 223 283 283 49 361 - n/a $1,167 n/a $1,167 B/C 13,394 1.8% 1.9% 11 7 - - - - 481 $49,324 $798 $49,324 $798 Total 16,450 2.2% 1.9% 229 230 283 283 49 361 481 $49,324 $866 $49,324 $866 EAST LAS VEGAS A 6,381 1.4% 1.7% 19 43 - - 120 50 - n/a $1,018 n/a $1,018 B/C 9,347 2.9% 2.7% (18) (12) - - - - 1,092 $116,300 $820 $116,300 $820 Total 15,728 2.3% 2.3% 1 31 - - 120 50 1,092 $116,300 $900 $116,300 $900 HENDERSON/GREEN VALLEY A 21,955 4.3% 4.5% 28 531-626 1,861 2,908 - n/a $1,328 n/a $1,328 B/C 8,068 3.1% 2.9% (16) 35 - - - - 1,621 $196,892 $1,115 $196,892 $1,115 Total 30,023 4.0% 4.0% 12 566-626 1,861 2,908 1,621 $196,892 $1,273 $196,892 $1,273 NORTH LAS VEGAS A 13,016 2.4% 2.6% 27 65 - - 261 1,413 - n/a $1,040 n/a $1,040 B/C 9,632 1.9% 1.9% (3) 25 - - - - 414 $113,002 $845 $113,002 $845 Total 22,648 2.2% 2.3% 24 90 - - 261 1,413 414 $113,002 $956 $113,002 $956 NORTHEAST A 2,172 4.5% 4.5% - - - - - - - n/a $843 n/a $843 B/C 6,643 3.6% 3.0% (35) (44) - - - - 1,713 $54,072 $807 $54,072 $807 Total 8,815 3.8% 3.4% (35) (44) - - - - 1,713 $54,072 $816 $54,072 $816 NORTHWEST/SOUTHWEST A 21,206 7.3% 6.1% 453 993 751 1,676 686 1,187 294 $218,537 $1,389 $218,537 $1,389 B/C 5,452 2.6% 2.7% 4 (52) - - - - - n/a $1,215 n/a $1,215 Total 26,658 6.4% 5.4% 457 941 751 1,676 686 1,187 294 n/a $1,355 n/a $1,355 UNIVERSITY A 2,180 1.3% 1.6% 6 8 - - 446 125 - n/a $965 n/a $965 B/C 12,321 4.3% 4.2% (17) (5) - - - - 390 $40,077 $790 $40,077 $790 Total 14,501 3.9% 3.8% (11) 3 - - 446 125 390 $40,077 $817 $40,077 $817 WEST CENTRAL A 6,146 3.8% 4.2% 23 49 - - - 285 - n/a $1,090 n/a $1,090 B/C 6,860 1.9% 1.4% (36) (36) - - - - 872 $114,958 $843 $114,958 $843 Total 13,006 2.8% 2.7% (13) 13 - - - 285 872 $114,958 $960 $114,958 $960 MARKET TOTAL A 76,112 4.4% 4.2% 774 1,912 1,034 2,585 3,423 6,329 294 $218,537 $1,220 $218,537 $1,220 B/C 71,717 2.8% 2.6% (110) (82) - - n/a n/a 6,583 $110,158 $878 $110,158 $878 Total 147,829 3.6% 3.4% 664 1,830 1,034 2,585 3,423 6,329 6,877 $114,791 $1,055 $114,791 $1,055 QUARTERLY COMPARISON AND TOTALS Q3-18 147,829 3.6% 3.1% 664 1,168 1,034 2,587 3,423 6,329 6,877 $114,791 $1,055 $114,791 $1,055 Q2-18 146,795 3.4% 3.2% 751 1,168 1,074 1,553 4,975 5,717 4,004 $136,252 $1,033 $136,252 $1,033 Q1-18 146,755 3.2% 3.1% 417 417 479 479 5,069 4,279 5,373 $124,345 $1,017 $124,345 $1,017 Q4-17 146,276 3.1% 3.1% 11 1,416 497 2,338 6,797 5,279 6,485 $87,726 $1,001 $87,726 $1,001 Q3-17 145,779 3.1% 2.8% 104 1,405 643 1,841 6,000 10,271 3,820 $125,004 $988 $125,004 $988 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 31 Las Vegas Research & Forecast Report Q4 2018 Multifamily Colliers International

Research & Forecast Report LAS VEGAS MEDICAL OFFICE Q4 2018 Medical Office s Renaissance > > The medical office market ended 2018 with 12.1 percent vacancy > > This was the lowest vacancy recorded in eight years > > Asking rates remained steady despite strong demand After several years of post-recession ebb and flow, Southern Nevada s medical office market posted a second year of unambiguous growth. Vacancy decreased to 12.1 percent at the end of 2018 on the strength of 350,040 square feet net absorption. This was less net absorption than in 2017 but more than was registered in any previous year we have tracked. The average asking rental rate was $2.24 per square foot (psf) on a full service gross (FSG) basis, slightly lower than last quarter, but $0.05 psf higher than one year ago. According to the Nevada Department of Employment, Training and Rehabilitation, Southern Nevada s medical office job market was strong in October 2018 (the latest month of data available) compared with October 2017. The ambulatory health care sector, which has the largest impact on the medical office market, increased by 3,400 jobs year-over-year. The hospital sector showed no meaningful Historical Vacancy Rates and Rental Rates Economic Indicators HEALTHCARE Employment +5.4% Market Indicators Summary Statistics HEALTHCARE Spending -3.6 Relative to prior period Q4 2018 Q1 2019* VACANCY NET ABSORPTION COMPLETIONS RENTAL RATE *Projected MEDICAL SF/Job +0.3% Q4 2018 17.0% $2.30 Las Vegas Market Q4-17 Q3-18 Q4-18 16.0% $2.25 Vacancy Rate 14.1% 12.2% 12.1% 15.0% $2.20 Asking Rent (PSF, FSG) $2.19 $2.25 $2.24 14.0% $2.15 Net Absorption (SF) 61,903 102,368 109,004 13.0% $2.10 New Completions (SF) 0 43,777 118,302 12.0% $2.05 Overall Asking Rents 11.0% $2.00 Per Square Foot Q4-17 Q3-18 Q4-18 4 Q 2016 1 Q 2017 2 Q 2017 3 Q 2017 Vacancy Rate 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 Rental Rate 4 Q 2018 Class A $2.74 $2.72 $2.72 Class B $2.17 $2.20 $2.22 Class C $1.85 $1.76 $1.76 The healthcare market still has significant challenges ahead of it, legislative, technological and demographic, but for now is on a better trajectory than it has been in many years.

change over the same period. Employment that feeds directly into the medical office properties increased by 645 jobs over the past twelve months. Unemployment in the Las Vegas-Paradise MSA stood at 4.7 percent in October 2018, down from 4.9 percent in October 2017. From October 2017 to October 2018, total employment in Southern Nevada increased by 35,500 jobs, a 3.5 percent increase. Historical Net Absorption vs. Completions 250,000 200,000 The Nevada Department of Taxation reported that taxable spending on ambulatory health care services in Clark County over the past twelve months (October 2017 to September 2018, the most recent month of data available) totaled $88.4 million dollars, a 1.9 percent increase in spending over the previous twelve months. Taxable sales in hospitals increased by 4.9 percent year-over-year to $34.2 million. Taxable sales in nursing and residential care facilities increased by 54.9 percent year-over-year to $2.1 million. 2018 saw the completion of 222,579 square feet of medical office buildings, less than the 391,788 square feet completed in 2017. There was only 73,577 square feet of medical office slated for completion in 2019 in Henderson and the Southwest, and 163,000 square feet of potential completions scheduled for 2020. We consider this forward supply of medical office product quite light when considering recent demand levels. Should demand continue to be as strong in 2019 as it was in 2018, more medical office projects may be announced. 150,000 100,000 50,000 0 4 Q 2016 1 Q 2017 2 Q 2017 Net Absorption Healthcare Jobs vs. Occupancy Rate 90.0% 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 Completions 3 Q 2018 4 Q 2018 18, 500 Vacancy in medical office space decreased at the end of 2018 to 12.1 percent, a decrease of 2.0 percentage points from one year ago. The highest vacancy rates this quarter were 19.8 percent in the Southwest, followed by 15.8 percent in the Airport submarket. The lowest vacancy rates were in 8.4 percent in West Central and 9.2 percent in Downtown. Vacancy this year increased in Downtown by 0.8 points and the Northwest by 0.1 points. Vacancy decreased in the Southwest by 5.7 points, West Central by 5.6 points, Airport by 4.4 points and North Las Vegas by 3.6 points. Vacancy remained the same in the East Las Vegas submarket. 88.0% 86.0% 84.0% 82.0% 80.0% 4 Q 2016 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 18,000 17,500 17,000 16, 500 16,000 Southern Nevada s medical office market had 350,040 square feet of net absorption in 2018. This was almost 100,000 square feet less than in 2017, but was still higher net absorption than in every other year since 2001. Net absorption was strongest this year in Henderson at 134,698 square feet. Net absorption was negative this year in Downtown (negative 2,727 square feet) and East Las Vegas (negative 173 square feet). Healthcare Jobs Occupancy Rate 33 Las Vegas Research & Forecast Report Q4 2018 Medical Office Colliers International

The weighted average asking rental rate for medical office space in 2018 was $2.24 psf FSG. The lowest average asking rate for medical office space in 2018 was in the West Central submarket at $1.74 psf followed by East Las Vegas at $1.90 psf. These submarkets represent the portion of the Valley built from the 1970 s to the 1980 s. The Southwest submarket became the Valley s most expensive for medical office with an asking rate of $2.58 psf, barely edging out the traditionally expensive Northwest submarket at $2.57 psf. Over the past twelve months, asking rents increased in the Southwest by $0.27 psf, North Las Vegas by $0.11 psf, Airport by $0.08 psf, Northwest by $0.04 psf and Downtown by $0.01 psf. Asking rents decreased in West Central by $0.21 psf, Henderson by $0.05 psf and East Las Vegas by $0.01 psf. Investment sales volume of medical office in 2018 was $127.2 million in twelve sales totaling 487,935 square feet at an average sales price of $260.70 psf. This was a significantly higher average sales price than in the four previous years. The average cap rate in 2018 was 6.4 percent, a contraction from previous years and a good indication of the current health of the Valley s medical office market. Southern Nevada s medical office market has posted two years of strong demand. Inventory grew by 614,367 square feet over the past two years, while net absorption over the same period totaled 796,726 square feet. This brought the vacancy rate down from 15.6 percent in the fourth quarter of 2016 to the current rate of 12.1 percent; an impressive recovery after several years of shallow improvement following the Great Recession. The healthcare market still has significant challenges ahead of it, legislative, technological and demographic, but for now is on a better trajectory than it has been in many years. Medical Office Development Schedule PROJECT CLASS SUBMARKET SIZE PRE-LEASING Q2-2019 28,900 SF 92% Atlas Professional Park Phase 2 C Henderson 28,900 SF 92% Q3-2019 43,777 SF 0% Cimarron Courtyard 4 B Southwest 43,777 SF 0% 2020 163,000 SF 0% Craig & Camino Al Norte C North Las Vegas 107,000 SF 0% Medical Pavilion at Southern Palms B Southwest 21,000 SF 0% The Peaks Corporate Park 1/2/3 C Northwest 35,000 SF 0% The Peaks Corporate Park C Northwest 35,000 SF 0% After several years of ebb and flow, Southern Nevada s medical office market post a second year of unambiguous growth. Medical Office Investment Sales 2014 2015 2016 2017 2018 No. Sales 13 8 9 14 12 Square Footage 533,835 196,824 305,790 412,174 487,935 Sales Volume $117.1 MM $41.3 MM $36.6 MM $89.8 MM $127.2 MM Average Price/SF $219.38 $209.92 $126.14 $217.94 $260.70 Average Cap Rate 7.5% 7.7% 6.8% 7.0% 6.4% Average Sale Size (SF) 41,100 24,600 34,000 29,400 40,700 *Using the Consumer Price Index, All Urban Consumers, West Region, Class A Cities, 1982-1984 = 100 34 Las Vegas Research & Forecast Report Q4 2018 Medical Office Colliers International

215 NORTH LAS VEGAS Significant Medical Office Sales Activity Dignity Health St Rose North Campus NORTHWEST 95 15 54,090 SF - $27,117,000 $501.34/SF November 2018 Class B Atlas Professional Park SUMMERLIN WEST CENTRAL DOWN TOWN EAST LAS VEGAS 4,994 SF - $1,770,000 $357.00/SF October 2018 Class C Atlas Professional Park 4,974 SF - $1,718,000 95 $345.44/SF October 2018 Class C AIRPORT Atlas Professional Park SOUTHWEST 215 HENDERSON 4,957 SF - $1,625,000 $327.82/SF October 2018 Class C Horizon Ridge Professional Park 4,994 SF - $1,375,000 $275.33/SF October 2018 Class C Significant Lease Activity Property Name Lease Date Lease Term Size Lease Rate Tenant Type Nevada Cancer Institute Campus Nov 2018 144 months 21,824 SF $2.39 FSG Gaming Partell Medical Tower Oct 2018 120 months 11,603 SF $1.13 MG Healthcare Shadow Quail Park Oct 2018 91 months 5,793 SF $1.29 NNN Research Seven Hills Business Center Oct 2018 64 months 4,029 SF $1.44 NNN Physicians Durango Courtyards Sep 2018 48 months 2,916 SF $1.30 NNN Home Care 35 Las Vegas Research & Forecast Report Q4 2018 Medical Office Colliers International

Market Comparisons - Las Vegas Medical Office Market CLASS TOTAL INVENTORY SF DIRECT VACANT SF DIRECT VACANCY RATE SUBLEASE VACANT SF TOTAL VACANT SF VACANCY RATE CURRENT QUARTER VACANCY RATE PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF COMPLETIONS YTD SF UNDER CONSTRUCTION SF PLANNED CONSTRUCTION SF WEIGHTED AVG ASKING RENTAL RATE AIRPORT SUBMARKET A - - n/a - - n/a n/a - - - - - - $- B - - n/a - - n/a n/a - - - - - - $- C 38,000 6,000 15.8% - 6,000 15.8% 15.8% - 1,690 - - - - $2.20 Total 38,000 6,000 15.8% - 6,000 15.8% 15.8% - 1,690 - - - - $2.20 DOWNTOWN SUBMARKET A 65,000-0.0% - - 0.0% 0.0% - - - - - - $- B 228,761 34,883 15.2% - 34,883 15.2% 16.2% 2,232 (2,727) - - - - $1.95 C 86,997-0.0% - - 0.0% 0.0% - - - - - - $- Total 380,758 34,883 9.2% - 34,883 9.2% 9.7% 2,232 (2,727) - - - - $1.95 EAST LAS VEGAS SUBMARKET A - - n/a - - n/a n/a - - - - - - $- B 708,064 153,901 21.7% 33,473 187,374 26.5% 21.0% (5,405) 16,669 - - - - $2.06 C 626,007 46,328 7.4% 9,055 55,383 8.8% 8.1% (4,787) (16,842) - - - - $1.36 Total 1,334,071 200,229 15.0% 42,528 242,757 18.2% 14.9% (10,192) (173) - - - - $1.90 HENDERSON SUBMARKET A 501,834 52,375 10.4% - 52,375 10.4% 10.4% 0 10,561 - - - - $3.09 B 361,179 91,818 25.4% - 91,818 25.4% 28.2% 27,422 32,221 24,000 24,000 - - $1.95 C 703,778 51,248 7.3% - 51,248 7.3% 6.8% 84,477 91,916 94,302 94,302 28,900 - $1.98 Total 1,566,791 195,441 12.5% - 195,441 12.5% 13.1% 111,899 134,698 118,302 118,302 28,900 - $2.26 NORTH LAS VEGAS SUBMARKET A - - n/a - - n/a n/a - - - - - - $- B 98,011 24,265 24.8% - 24,265 24.8% 24.8% - 502 - - - - $1.93 C 180,026 8,263 4.6% 4,408 12,671 7.0% 2.4% (8,263) 9,637 - - - 107,000 $2.70 Total 278,037 32,528 11.7% 4,408 36,936 13.3% 10.3% (8,263) 10,139 - - - 107,000 $2.13 NORTHWEST SUBMARKET A 889,160 161,539 18.2% - 161,539 18.2% 18.1% (283) (51,404) - - - - $2.60 B 1,128,889 43,864 3.9% - 43,864 3.9% 3.9% - 97,496-60,500 - - $2.42 C 202,434 1,977 1.0% - 1,977 1.0% 1.0% - 6,021 - - - 35,000 $1.95 Total 2,220,483 207,380 9.3% - 207,380 9.3% 9.3% (283) 52,113-60,500-35,000 $2.56 SOUTHWEST SUBMARKET A 115,300 21,571 18.7% - 21,571 18.7% 24.6% 6,843 9,270 - - - - $2.70 B 553,222 151,526 27.4% - 151,526 27.4% 29.7% 12,761 45,408-43,777-66,096 $2.60 C 281,220 15,188 5.4% - 15,188 5.4% 4.2% (3,460) 31,885 - - - - $2.04 Total 949,742 188,285 19.8% - 188,285 19.8% 21.5% 16,144 86,563-43,777-66,096 $2.57 WEST CENTRAL SUBMARKET A - - n/a - - n/a n/a - - - - - - $- B 327,699 10,391 3.2% - 10,391 3.2% 3.2% - 19,225 - - - - $2.22 C 871,355 90,139 10.3% - 90,139 10.3% 10.1% (2,533) 48,512 - - - - $1.68 Total 1,199,054 100,530 8.4% - 100,530 8.4% 8.2% (2,533) 67,737 - - - - $1.74 MARKET TOTAL A 1,571,294 235,485 15.0% - 235,485 15.0% 15.4% 6,560 (31,573) - - - - $2.72 B 3,405,825 510,648 15.0% 33,473 544,121 16.0% 15.5% 37,010 208,794 24,000 128,277-66,096 $2.22 C 2,989,817 219,143 7.3% 13,463 232,606 7.8% 7.0% 65,434 172,819 94,302 94,302 28,900 142,000 $1.76 Total 7,966,936 965,276 12.1% 46,936 1,012,212 12.7% 12.4% 109,004 350,040 118,302 222,579 28,900 208,096 $2.24 QUARTERLY COMPARISON AND TOTALS Q4-18 7,966,936 965,276 12.1% 46,936 1,012,212 12.7% 12.4% 109,004 350,040 118,302 222,579 28,900 208,096 $2.24 Q3-18 7,848,634 955,978 12.2% 13,463 969,441 12.4% 13.3% 102,368 241,036 43,777 104,277-252,427 $2.25 Q2-18 7,804,857 1,014,569 13.0% 20,931 1,035,500 13.3% 13.6% 30,440 138,668-60,500 67,777 167,527 $2.25 Q1-18 7,804,857 1,045,009 13.4% 18,685 1,063,694 13.6% 14.3% 108,228 108,228 60,500 60,500 43,777 212,527 $2.20 Q4-17 7,744,357 1,092,737 14.1% 16,316 1,109,053 14.3% 15.1% 61,903 210,527-391,788 43,777 210,527 $2.19 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 36 Las Vegas Research & Forecast Report Q4 2018 Medical Office Colliers International

Research & Forecast Report LAS VEGAS HOTEL Q4 2018 Hospitality Sales Hit New High in 2018 > > As year s end, hospitality sales volume was highest in four years > > Gaming revenue continued to improve, hitting highest level since 2007 > > Visitor volume continued its downward trend You could say Southern Nevada s hospitality sector in 2018 was better than the 10-year average, but down from the past two years. While this assessment is basically correct, it misses some important details. Visitor volume and room occupancy have decreased over the past two years after peaking in 2016, but gaming revenue, taxable sales and passenger traffic at McCarran International Airport were up over the same period. Southern Nevada looks to be experiencing a slight slowdown in post-recession growth, but not a significant reversal. Visitor volume in October 2018, the most recent month of statistics available, was 35.4 million people year-to-date. This represented year-over-year growth of negative 1.0 percent. Year-to-date, Southern Nevada had negative 1.2 percent growth in citywide occupancy, negative 0.1 percent growth in the Average Daily Room Rate (ADR) and negative 1.4 percent growth in Revenue Per Available Room (RevPAR). Revenue Per Available Room (RevPAR) $125.00 $120.00 $115.00 $110.00 $105.00 $100.00 RevPAR Economic Indicators AIR Passengers +4.5% Market Indicators Relative to prior period Q4 2018 Q1 2019* Room Inventory Room Occupancy Average Daily Rate Revenue Per Available Room *Data Not Available Summary Statistics CONVENTION Attendance +15.6 RevPAR +11.7% Nov 2018 Las Vegas Market Q4 2017 Q3 2018 Q4 2018 Room Inventory 141,853 142,182 142,781 Room Occupancy 84.0% 88.6% 91.4% Average Daily Rate $125.11 $123.66 $142.43 Revenue Per Available Room $105.53 $109.54 $130.18 $95.00 4 Q 2016 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018

Through September 2018, taxable sales in the leisure and hospitality sector was $8.8 billion dollars. This includes $912 million in taxable revenue in accommodations and $7.87 billion in eating and drinking places. This represented 3.2 percent growth over the same period last year. Employment in the leisure and hospitality sector increased by 7,600 jobs between October 2017 and October 2018. While visitor volume in 2018 continued a downward trend that started in 2017, gaming revenue continued an upward trend that began in 2016. Gaming revenue in Clark County year-to-date in October 2018 was up 2.2 percent year-over-year. Gaming revenue was up 1.6 percent year-over-year on the Las Vegas Strip, 1.0 percent in Downtown and 4.6 percent on the Boulder Strip, which mostly plays host to local casino patrons. Sales Volume $1,000,000,000 $900,000,000 $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0 Sales Volume 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 Total room inventory in October 2018 increased to 147,598 units, slightly more than the 146,582 units of inventory in October 2017. In properties with 100 or more rooms, inventory in the fourth quarter of 2018 was 142,781 units, compared to 141,853 units in the fourth quarter of 2017. Construction continued on the 3,400 room Resorts World Las Vegas and 3,889 room The Drew Las Vegas on the Las Vegas Strip, as well as the 135 room Home2 Suites in the West Vegas submarket. The 125-room Motel 6 located near the Las Vegas Speedway and 111 room TownePlace Suites were completed this quarter. An additional 1,017 rooms are slated for completion in 2019. In addition to new property development, Southern Nevada was slated for $880 million in property remodels and renovations over the next two years, including Park MGM, the Monte Carlo Resort and Casino, Palace Station Hotel & Casino, SLS Las Vegas and Hard Rock Hotel and Casino. New venues and expansions totaling $3.57 billion are slated for completion in the next two years, including the expansion of the Las Vegas Convention Center, the new Caesars Forum convention Sales vs. Price Per Unit 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Sales vs. Price Per Unit 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 Sales (Units) Average Price Per Unit $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Market Health Data Point 2014 2015 2016 2017 2018 Visitor Volume (millions; Jan-Oct) 34.7 35.7 36.5 35.7 35.4 Room Occupancy (Jan-Oct) 88.1% 88.8% 90.4% 90.2% 89.0% ADR (Jan-Oct) $117.86 $120.91 $127.14 $131.28 $129.68 RevPAR (Jan-Oct) $103.88 $107.32 $114.81 $118.42 $115.38 Convention Attendance (millions; Jan-Oct) 4.62 4.92 5.54 5.83 5.67 Passengers McCarran Int l (millions; Jan- Oct) Gaming Revenue (Clark County; billions; Jan-Oct) 36.1 37.9 39.9 40.8 41.7 $7.96 $7.92 $8.07 $8.37 $8.56 Gaming Revenue ( Strip ; millions; Jan-Oct) $5.31 $5.21 $5.27 $5.40 $5.49 Data from Las Vegas Convention & Visitors Authority 38 Las Vegas Research & Forecast Report Q4 2018 Hospitality Colliers International

center, the expansion of the MGM Grand conference center, Las Vegas Ballpark in Summerlin, Las Vegas Stadium, which will host the NFL Las Vegas Raiders, the All Net Resort & Arena, which will host the WNBA Las Vegas Aces, Madison Square Garden s Sphere Arena and an expansion of the Showcase Mall on the Las Vegas Strip. Southern Nevada registered the sale of 5,351 hospitality units with a sales volume of $1.36 billion and average sale price of $253,338 per unit in 2018. There were no hospitality sales in the first quarter of 2018, but sales picked up over the course of the year. Key sales included the 1,506-room Hard Rock Hotel & Casino to Virgin Hotels for $500 million and the 1,325-room SLS for $190 million. 2018 was the best year for hospitality sales in Southern Nevada since 2014. 2018 was a solid year for tourism in Southern Nevada, though it did not quite equal the last two years. Still, Southern Nevada is on the cusp of a major expansion of its entertainment product, and as these venues come online they should bring those visitor volume numbers up, as well as put Southern Nevada on track for a productive decade in the 2020 s. Hospitality Sales* Year Sales Volume Units Sold Price/Unit 2018 $1,355.6 MM 5,351 $253,000 2017 $917.4 MM 6,626 $138,000 2016 $1221.8 MM 4,776 $254,000 2015 $466.2 MM 5,445 $86,000 2014 $2001.3 MM 7,614 $263,000 2013 $57.8 MM 1,335 $43,000 2012 $159.8 MM 3,120 $51,000 2011 $1577.8 MM 7,507 $210,000 * Only includes properties with 100 or more units, arm s-length sales 39 Las Vegas Research & Forecast Report Q4 2018 Hospitality Colliers International

Significant Hotel Sale Activity NORTHWEST 215 NORTH LAS VEGAS SLS $190,000,000 1,325 Units - $143,000/Unit 95 April 2018 Casino Hotel - Strip 15 Stratosphere Las Vegas $421,000,000 2,427 Units - $174,000/Unit October 2017 SUMMERLIN WEST CENTRAL DOWNTOWN RESORT CORRIDOR EAST LAS VEGAS Casino Hotel - Strip Mandarin Oriental $214,000,000 THE STRIP 95 392 Units - $546,000/Unit April 2018 Full Service - Strip 215 AIRPORT Westin-Lake Las Vegas $195,500,000 SOUTHWEST HENDERSON $397,000/Unit September 2018 Full Service - Henderson SOUTH LAS VEGAS Hard Rock Hotel & Casino $500,000,000 1,506 Units - $332,000/Unit March 2018 Casino Hotel - Resort Corridor Sale Activity Continued Property Name Sale Date Units Price Price/Unit Submarket Property Type Renaissance Las Vegas Apr 2018 548 $177,921,000 $325,000 Resort Corridor Full Service Arizona Charlie s Casino Oct 2017 303 $53,000,000 $174,000 East Vegas Casino Hotel Siena Suites Nov 2018 600 $46,000,000 $77,000 East Vegas Limited Service Marriott TownePlace Henderson May 2018 108 $36,000,000 $333,000 Henderson Limited Service Emerald Suites Aug 2018 359 $18,689,000 $52,000 Resort Corridor Limited Service 40 Las Vegas Research & Forecast Report Q4 2018 Hospitality Colliers International

Market Comparisons - Las Vegas Hospitality Market TYPE TOTAL INVENTORY (UNITS) TOTAL SALES (UNITS) TOTAL SALES VOLUME AVERAGE SALES PRICE PER UNIT COMPLETIONS CURRENT QUARTER (UNITS) COMPLETIONS YTD (UNITS) FUTURE DEVELOPMENT (UNITS) DOWNTOWN CAS 7,428 - $0 n/a - - - FS - - $0 n/a - - - LS 204 - $0 n/a - - 300 Total 7,632 - $0 n/a - - 300 LAS VEGAS STRIP CAS 80,185 - $0 n/a - - 11,389 FS 5,450 - $0 n/a - - - LS 2,567 600 $46,000,000 $76,667 - - 253 Total 88,202 600 $46,000,000 $76,667 - - 11,642 RESORT CORRIDOR CAS 10,407 - $0 n/a (203) (203) - FS 4,830 - $0 n/a - - - LS 5,682 - $0 n/a - - - Total 20,919 - $0 n/a (203) (203) - AIRPORT CAS - - $0 n/a - - 640 FS - - $0 n/a - - - LS 1,175 - $0 n/a - - - Total 1,175 - $0 n/a - - 640 EAST LAS VEGAS SUBMARKET CAS 1,704 - $0 n/a - - - FS - - $0 n/a - - - LS 3,058 - $0 n/a - - - Total 4,762 - $0 n/a - - - HENDERSON SUBMARKET CAS 2,035 - $0 n/a - - - FS 732 493 $195,500,000 $396,552 - - - LS 1,465 - $0 n/a - - - Total 4,232 493 $195,500,000 $396,552 - - - NORTH LAS VEGAS SUBMARKET CAS 988 - $0 n/a - - - FS - - $0 n/a - - - LS 1,405 - $0 n/a 125 125 - Total 2,393 - $0 n/a 125 125 - SOUTH LAS VEGAS SUBMARKET CAS 2,463 - $0 n/a - - - FS - - $0 n/a - - - LS 1,404 - $0 n/a - - - Total 3,867 - $0 n/a - - - SUMMERLIN SUBMARKET CAS 1,770 - $0 n/a - - - FS 123 - $0 n/a - - 267 LS 515 - $0 n/a - - - Total 2,408 - $0 n/a - - 267 WEST CENTRAL SUBMARKET CAS 3,425 - $0 n/a - - - FS 118 - $0 n/a - - - LS 3,648 - $0 n/a 111 440 135 Total 7,191 - $0 n/a 111 440 135 MARKET TOTAL CAS 110,405 - $0 n/a (203) (203) 12,029 FS 11,253 493 $195,500,000 n/a - - 267 LS 21,123 600 $46,000,000 $76,667 236 565 688 Total 142,781 1,093 $241,500,000 $220,952 33 362 12,984 QUARTERLY COMPARISON AND TOTALS Q4-18 142,781 1,093 $241,500,000 $220,952 33 362 12,984 Q3-18 142,182 751 $232,688,525 $309,838 0 329 13,166 Q2-18 142,182 3,507 $881,421,032 $251,332 0 329 13,166 Q1-18 142,182 - $0 n/a 329 329 12,770 Q4-17 141,853 2,989 $518,923,611 $173,611 229 449 10,439 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. 41 Las Vegas Research & Forecast Report Q4 2018 Hospitality Colliers International

Research & Forecast Report LAS VEGAS LAND Q4 2018 The Land Tsunami of 2018 > > 2018 had the largest sales volume and most acreage sold in seven years Economic Indicators > > Strong sales were driven by residential and commercial development > > Lack of available land at the right price could slow sales in 2019 COMMERCIAL Forward Supply RESIDENTIAL Permits INDUSTRIAL Forward Supply Southern Nevada s land market recorded a very strong 378 sales in 2018, more than in any year since 2014. A total of 4,464 acres were sold with a sales volume of $1.2 billion and an average price of $6.16 per square foot the most acres sold in seven years and the highest sales volume in seven years. In all, 2018 was the strongest year of land sales in Southern Nevada since the Great Recession, and was likely spurred on by the frenzy of new construction taking place in the Valley. Occupancy in industrial buildings increased to 96.4 percent at the end of 2018, driven by continued strong industrial development and equally strong demand for industrial space. A total of 4.6 million square feet of industrial space was completed on 438 acres in 2018. An additional 11.2 million square feet of industrial space is either under construction or planned on 1,069 acres of land. In 2018, 1,327 acres of industrial land was sold, much of it at Apex, with total sales volume of $282.6 million. The average sales price of industrial land was $4.78 psf, an increase of $2.94 psf from 2017. Occupancy in commercial buildings in 2018 increased to 89.6 percent, 1.1 points higher than in 2017. All three commercial sectors, office, medical and retail, saw increased demand for space. A total of 966,426 square feet of new commercial space was completed on 138 acres in 2018. An additional 3.64 million square feet of office Market Indicators Relative to prior period Q4 2018 Q1 2019* NO. SALES ACREAGE SOLD SALES VOLUME PRICE PER SQUARE FOOT *Projected Land Sales Activity 1,800 1,600 1,400 1,200 1,000 800 600 400 200-11.2 +20.4 +31.2 Percent Percent Percent $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 0 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 $0.00 Acres Sold Price Per Square Foot