Metro: Orlando. Copyright 2015 Reis, Inc.

Contents Reis Observer 2 Metro Trend Futures 15 Current Metro Rent Details Rent Growth Comparisons Current Metro Vacancy Details Vacancy Rate Comparisons Metro Unit Mix Rent Details Metro Unit Mix Inventory Details Metro Inventory Details Inventory Growth Comparisons Construction/Absorption Change Economic and Demographic Trends Metro Area Map Metro Data Metro Class Cut Market Data by Building Class - Class A Properties Market Data by Building Class - Class B/C Properties Submarket Overview Submarket Overview New Construction Listing Construction Deliveries Metro Construction Breakdown Submarket New Construction Project Tally Metro Inventory Details Inventory Growth Rankings Forecast Construction/Absorption Change Occupancy at Completion Stabilization Data Metro Area Map New Construction Listing Sales Trend Activity Map Most Recent Transactions Comparable Group Details Copyright 2015 Reis, Inc. 16 16 16 17 17 18 18 19 19 20 21 23 24 25 26 27 28 29 30 30 30 30 31 31 31 32 32 34 42 43 43 44 45

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 THE ECONOMY With its major economic supports housing, residential development, tourism, and high rates of population in-migration swept away by the recession, Orlando not long ago seemed depleted of hope for a strong economic recovery. But these foundations largely have been restored. Moody s Economy.com is projecting 2014 population growth at 2.2%, not quite the 3.0% to 4.0% gains common prior to the recession, but still twice the projected national rate. The region s persistent appeal to retirees is joined by job creation in lower-paying services and tourism sectors in drawing new residents. In addition, job growth has been notably strong. Indeed, metro Orlando has joined the ever-growing list of Metropolitan Statistical Areas (MSA s) that, statistically speaking, have redeemed all recession-related job losses. According to data provided by the U.S. Bureau of Labor Statistics (BLS), total non-farm employment in the local MSA as of October was up fully 37,600 jobs (3.5%) from 12 months prior and was up 74,400 jobs (7.1%) over 24 months. As the largest single employment sector accounting for fully 23.2% of total private non-farm employment, health in the Leisure and Hospitality sector with its large tourism component remains essential to the health of the local economy. Growth in this sector has been remarkable: according to BLS data, employment as of October was up 37,300 jobs (19.2%) from the pre-recession October high recorded for 2008. Employment in Leisure and Hospitality over the 12-month period ending with October 2014, meanwhile, grew by 9,400 jobs (4.2%). Job creation is strong in other sectors as well. Growth at 6.2% in the Professional and Business Services sector October-to-October represented the net addition of 11,100 jobs. The highest rate of growth for the period and another strong sign for the local economy at large was the 12.3% increase reported for Construction, a net gain of 6,500 jobs and a virtual repetition of the strong job creation reported for the preceding 12 months. A gain of 6,800 jobs (growth at 3.3%) is indicated for Trade, Transportation, and Utilities. Employment: The BLS reports a seasonally unadjusted unemployment rate of 5.7% in September for the Orlando-Kissimmee-Sanford MSA, down from 6.6% one year earlier. Moody s Economy.com reports a third quarter 2014 average household income of $103,778 for Orlando. Average household incomes of $134,683 and $122,879 are reported for the top metros in the nation and South Atlantic region, respectively. Employment Growth: Employment by Sector: The latest news from the metro area housing market includes a 6.6% decline in construction starts year-over-year during the third quarter, Orlando Business Journal reported in December citing Metrostudy. However, adds the report, the annual starts rate of 9,286 units has increased by 4.0% over the past year. In addition, the rate of price 1 Copyright 2015 Reis, Inc. Page 4

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 increases for new homes also is slowing. Still, While new housing starts have flattened and pricing growth over the past 18 to 24 months has slowed new home sales paces, closing prices remain strong, and builder profit margins are good. According to Florida Realtors as cited by the Journal in November, the median selling price for October was $179,000, a gain of 2.4% year-over-year. MSA sales were reported up 22.9% over the same span. Central Florida s housing market is considered a bellwether for the region s overall economic health. OUTLOOK While quite different in composition than the national economy as a whole, Orlando swims in the national current. As long as national economic trends lend support to Orlando s tourism and retirement sectors, job creation should proliferate through the regional economy. The projected increases in population growth are favorable to that end. 2 Copyright 2015 Reis, Inc. Page 5

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 THE REAL ESTATE MARKET OFFICE Orlando is a major worldclass tourist destination animated by major world-class tourist attractions. It is, however, not a major destination for corporate relocation or expansion or a choice site for corporate headquarters. Its low-priced office market, rather, chiefly serves the needs of the local economy. Its existing inventory base stands at only 32.7 million square feet, about half of which is categorized as Class A. Still, the improving health of Orlando s economy brings enhanced demand for office space. Though net absorption numbers are less than spectacular, they have enjoyed a comfortable margin over new supply since 2012. Indeed, while construction activity, including a speculative component, may increase in the period ahead (see Special Real Estate Factors), activity remains subdued at present. Special Real Estate Factors: Office: The return of spec? Job growth and tenant expansions are pushing speculative office development closer to reality, states Cushman & Wakefield s third quarter report on the local market. Over the 12-month span ending with the quarter, Several blocks of premium Class A space were leased and taken out of the market. As space options became more limited across the market, rates for all classes of office product (A, B, and C) have started to rise as tenant demand remains solid. Construction activity in the office market is starting to pick up. The lack of competitive supply deliveries during the first three quarters of 2014 was accompanied by fully 220,000 square feet of positive net absorption. The total for the third quarter alone was 199,000. October, also with no new supply coming online, added 32,000 square feet to the year s absorption count. 2014 completions will consist solely of a 40,000- square-foot office component at the third phase of the Cascades at Isleworth mixed-use development in south Orlando. Per the date of this report, three competitive non-medical office projects with a combined total of 120,100 square feet were under construction metrowide. The newest, with an August groundbreaking, is the 45,000-square-foot Lake Nona Town Center at highways 528 and 417 in south Orlando. Breaking ground in May was the 17,100-square-foot 800 N. Orange Avenue building from Ulster Development. This boutique project, due online in May 2015, has been fully leased to three tenants, Orlando Business Journal has reported. Meanwhile, Cushman & Wakefield reports the third quarter announcement by University of Central Florida of plans for a $150 million to $200 million campus at the Creative Village development downtown. 3 Copyright 2015 Reis, Inc. Page 6

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 This project could signal the start of further office development in the core submarkets if current market conditions continue and a large user is willing to commit. Also downtown, plans for the redevelopment of the Orlando Sentinel building by Tribune Real Estate Holdings LLC call for 746 apartments, 280,000 square feet of office space, 56,000 square feet of retail, a parking garage, and a 144-unit hotel, Orlando Sentinel reported in September. Build-out could take a decade or more. Third quarter marketwide vacancy was 17.4%, down 60 basis points for the period alone, down 80 year-over-year. 10 additional points were subtracted in October. Rent growth remains sluggish. At $21.54 psf and $17.08 psf, third quarter average asking and effective rents were up one cent each for the period (growth measured at 0.0% and 0.1%), following modest increases over the first half of the year and increases of about 1.0% in 2013 all told. October brought a gain of a penny to each rate. Demand should maintain its substantial lead over new supply over the remainder of the year as the vacancy rate slips to about 17.0%. Rent growth below 1.0% is expected on average for the year, however. Improvement is expected for 2015. The possibility of new speculative development bears watching. APARTMENT More than two years ago, Orlando Business Journal announced a new apartment construction boom for the metro Orlando area. But the market has reaped its richest harvest of new units in 2014 with the completion of 15 projects with a combined total of 4,112 market-rate units year-to-date through October within local submarkets. While no additional projects are expected to deliver by the end of the year, 2015 will add another large volume of new supply. Reis s early-december report on individual metro Orlando apartment construction projects names 11 with a combined total of 2,953 market-rate units under way. Of these, eight that will deliver a combined total of 2,183 units broke ground since January. The firm s third quarter analysis, meanwhile, anticipates the delivery of 3,064 marketrate apartments in 2015. Special Real Estate Factors: Continued Apartment: Perspective on investment. Institutional real estate investors are hot for metro Orlando multifamily properties and are plunking down capital to buy up even older properties, showing continued interest in our region and attracting more investors to the area, Orlando Business Journal reported in December. Additionally, new owners sometimes invest into renovations on the properties, helping generate construction and vendor opportunities. Reported this source at the end of October, Apartment investors are hot for Orlando-area properties as occupancies grow and rental rates increase. As new investors come into the market and buy up older complexes, the next tier down from the hard-to-find Class A sites, construction and vendor opportunities are created as they work to refresh those properties. As described in the Transaction Analytics section, investment in Orlando area apartment properties was particularly strong during the third quarter. 4 Copyright 2015 Reis, Inc. Page 7

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 While net absorption has slipped below the recent large completion totals, demand remains strong; the current imbalance is not great. Until 2014 s surge in deliveries, demand has been running well in excess of same-year new supply totals since 2010. This has afforded the market a comfortable cushion of high occupancy from which to manage the excesses of supply over demand now seen. The completion of 2,715 market-rate units through the first three quarters of 2014 met with net absorption at 2,301. Respective totals for the third quarter alone were 915 units in four projects and 626 units. The delivery of 633 units in three projects that followed in October met with net absorption at 358. Indeed, new supply for the year as a whole is expected to run ahead of same-term net absorption by about 550 units. With vacancy running low, however, the current excess of supply poses little danger. Third quarter vacancy was just 5.3%, a gain of 20 basis points for the period, a gain of 30 year-over-year. Rent growth proceeds undeterred. At $957 and $906 per month, asking and effective averages for the third quarter were up fully 1.1% and 1.4% for the period, following smaller gains earlier in the year and gains of 3.3% and 3.6% all told in 2013. By the end of October, the vacancy rate had added 20 additional basis points while both mean rents showed gains of 0.2% New projects, meanwhile, continue to move forward. In November, The Pizzuti Companies broke ground for The Sevens, a $42.6 million, ninestory, 333-unit development at 777 N. Orange Avenue, Orlando Business Journal reported at the time. Pizzuti had originally planned an office tower for the site. In December, Benjamin Partners and American Land Ventures received permission to build the $60 million, six-story (enlarged from four), 296-unit Ravaudage complex in Winter Park, the Journal reported at the time. Among the next major projects to deliver, planned for an April 2015 finish, will be the 350-unit Preserve at Celebration complex at Celebration Boulevard and World Drive in Kissimmee. The project broke ground in January 2014. Downtown Orlando also has been active with development. And significant transit-oriented development (TOD) is indicated for sites along Orlando s expanding SunRail commuter rail network. With no supply delivering during the final two months of 2014, ongoing absorption should result in a modest decline in the vacancy rate by year-end. Rent growth for the year is projected at about 3.5% on average. Ongoing active construction could raise the vacancy rate to about 6.0% by year-end 2015. Rent growth could dip slightly. TOD development and downtown Orlando bear watching. 5 Copyright 2015 Reis, Inc. Page 8

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 RETAIL Economic recovery trends have brought the return of strong fundamentals for retailing, including new residential development and the resumption of substantial population growth through inmigration. While not as active as in past cycles, development has responded (retail development across the country is suppressed to some extent by the growth of online retailing). Reis s early December report on individual Orlando area retail construction projects of all types reports the completion of nine with a combined total of 320,325 square feet year-to-date. Remaining under way per report date were four with a combined total of 236,550 square feet. Notes Cushman & Wakefield in a recent report, new construction outside of the tourist areas has been tenant driven and focused on areas with significant household growth expectations. Along these lines, Orlando s expanding SunRail commuter rail network is providing opportunities for retail projects at mixed-use TOD s. Reis s data on the local community and neighborhood shopping center market indicate improvement. The completion of 124,000 square feet of such space through the first three quarters of 2014 met with 127,000 square feet of positive net absorption. Respective totals for the third quarter alone were 47,000 and negative 21,000. October quickly redeemed the loss with 110,000 square feet on the positive side accompanied by 36,000 square feet of new supply, all in the LakeSide neighborhood center in Winter Park. The downward movement in the vacancy rate under way since 2012 has slowed. Third quarter communityneighborhood sector vacancy at 12.3% was up 10 basis points for the period and was down 40 year-over-year. The rate shed 20 additional points in October. At $18.17 psf and $15.60 psf, third quarter average asking and effective rents were up 0.7% and 0.6% for the period, following similar gains the two preceding quarters. October s positive net absorption was accompanied by small gains in the mean asking and effective rents. Special Real Estate Factors: Continued Retail: Investment: a seller s market. Central Florida has seen more than $300 million worth of retail and apartment properties sell in the last couple of months, the Journal reported at the end of October, and all that demand has created a strong seller s market. Some local Publix- and other grocery-anchored shopping centers now are selling for more than $200 psf, which makes them more expensive to buy than build. There s a lot of money out there ready to go toward solid commercial real estate investments coming from banks, commercial mortgage-backed securities, life insurance companies, mortgage real estate investment trusts, debt funds, and the like. If liquidity in the debt markets stays good, we ll continue to see higher pricing for suburban multifamily and grocery-anchored shopping centers, maybe even some suburban office, an executive with HFF LP in Orlando informed the source. The development of large-format projects remains restrained. One exception is the 134,300-square-foot retail space component at the Plaza 6 Copyright 2015 Reis, Inc. Page 9

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 on University mixed-use development in northeast Orlando, which completed earlier in 2014. Another large project, expected to break ground in 2015, is developer DDR s $51 million Lee Vista Promenade intended for a site near the airport, the Business Journal reported in December. The 295,500-square-foot center (once planned at 675,000 square feet) was approved earlier this year. A SuperTarget store, once planned for the project, has been withdrawn. The tightening trend in the community-neighborhood center market should continue as demand remains favorable amid constrained development. Vacancy could end 2015 below 11.5%. Rent growth at about 2.5% to 3.0% in 2014 could be followed by larger gains the year after. 7 Copyright 2015 Reis, Inc. Page 10

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 TRANSACTION ANALYTICS Office A busy quarter, a huge sale. The sale during the third quarter of nine office properties for a combined total of fully $478 million brought the year-to-date total to $597.3 million for 23 transactions, more than four times the dollar total recorded for all of 2013 s 22 sales.* The average selling price for the latest quarter was $176 psf. The year-to-date average was $163. In the third quarter s largest transaction, largest of the latest four-quarter span, AEW Capital Management paid FDG Southpark III $260 million ($173 psf) for the 1.5-millionsquare-foot SouthPark Center in Orlando. The sale of the 12- building, Class A multi-tenant office complex, built from 1998 to 2007, closed in August at a 3.4% cap rate. The mean cap rate for all third quarter sales was 4.3%. The mean 12-month rolling cap rate per quarter-end was 7.4%, down from 7.5% a year earlier. Reis expects the 12-month rolling cap rate to remain slightly above 7.0% in the period ahead. Highwoods Properties Inc. further cemented its stake in downtown Orlando with its $68.3 million cash purchase of Lincoln Plaza, one of downtown s prime office towers, Orlando Sentinel reported in December citing Highwoods. Built in 2000, the Plaza has 246,000 square feet and is about 82.0% occupied. The transaction brings Highwoods downtown Orlando holdings to 1.5 million square feet The acquisition comes at a time when downtown office vacancy rates are approaching half of Recessionary levels of about 20.0% As vacancies have declined, both Highwoods and CNL have positioned themselves to become developers of the next office tower that would be constructed in the downtown core. * Reis Transaction Analytics includes single sale transactions of $2,000,000 and greater, and excludes portfolio sales where pricing 8 Copyright 2015 Reis, Inc. of individual buildings cannot be confirmed. Page 11

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 Apartment A very active third quarter saw 17 apartment properties change hands for a combined total of $518 million at an average selling price of $90,000 per unit. The average cap rate was 6.4%. The year-to-date total for 28 transactions was $710.6 million, 76.2% of the total recorded for all of 2013. The average selling price and mean cap rate year-to-date were $81,000 per unit, same as for all of 2013, and 6.8%. In the third quarter s largest sale, largest in a year, Sun Key Holdings LLC paid VIII Sun Key Apartments LLC $57.7 million ($96,812 per unit) in September for the 596-unit Sun Key Apartments in Winter Park. Three other $50-million-plus sales closed during the quarter. Deals since the quarter ended include Sabal Club Holdings LLC s $51.5 million ($118,119 per unit) acquisition of the 436-unit, 30-year-old Camden Club apartments at 525 Sabal Lake Drive, Orlando Business Journal reported in December. Camden Property Trust was the seller. Retail The 20 properties that changed hands for a combined total of $247.6 million during the third quarter brought the year-todate total to $434.4 million for 52 sales, off the pace seen the year before. Average selling prices for the quarter and yearto-date were $153 psf and $158 psf, well above the $118 psf average calculated for all of 2013. In the latest quarter s largest deal, largest in a year, MetLife Inc. paid AEW Capital Management $120 million ($273 psf) for The Loop, a 440,000-square-foot power center at 3200 N. John Young Parkway, Kissimmee. The center, built in 2005 and anchored by Kohl s, was 1.0% vacant at date of sale. The sale closed in August at a 4.4% cap rate. The mean cap rate for third quarter transactions was 5.2%. The 12-month mean rolling cap rate per quarter-end was 7.3%, up from 6.3% four quarters prior. A gradual descent is expected for the 12-month cap rate for the period ahead. 9 Copyright 2015 Reis, Inc. Page 12

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 INDUSTRIAL Confidence in the area s growth prospects has caused an explosion in new speculative construction and only cements Orlando as a viable choice for industrial tenants and operators, states Cushman & Wakefield in its third quarter report on the local market. Of course, one city s explosion might be just a modest surge somewhere else. In August, Prologis broke ground for the $10 million, 124,480-square-foot Building 600 spec warehouse at its Beltway Commerce Center industrial park on Lee Vista Boulevard and State Road 417, the Journal reported at the time. A December completion date has been reported. Prologis took on this project because the market is starting to show some demand for larger Class A warehouse and distribution space, as much of the best existing space already has been snapped up. Special Real Estate Factors: Continued Industrial: A mystery firm. There s a quiet but fervent buzz in Central Florida s industrial real estate market as a mystery firm is touring sites along the I-4 corridor for a possible 1-millionsquare-foot industrial building, Orlando Business Journal reported in November. The [unspecified] company has met with agents in the area and wants enough space to build or have a developer do a build-to-suit for a massive distribution center somewhere between Tampa and Orlando. The end user is likely a national retailer or logistics company growing its presence in the region and needs a facility for faster delivery of its goods/services in the region. Indeed, Cushman & Wakefield reports favorable leasing in Orlando s new spec projects. Reis reports the completion of 243,200 square feet in two spec buildings, II and III, at McCraney Property s speculative John Young Business Park during April. The same month saw completion of the 109,500-square-foot spec Building I at developer EastGroup s Horizon Commerce Park on Sand Lake Road. The 122,700-square-foot Building II followed in August. Duke Realty s speculative 297,600-square-foot Crossroads in the Airport submarket, due online in the fourth quarter, was 73.9% preleased per the end of the third quarter, reports Cushman & Wakefield. Other sources cite a 102,600-square-foot building (550 Gills Drive) recently completed at Crossroads by Duke. A number of significant build-to-suit projects also are included in the current profile. The largest of these, completing in October, is the 970,000-square-foot distribution center for grocer Publix at S. Goldenrod and McCoy roads. The first phase of McCraney s $70 million, 700,000- square-foot speculative Bent Oak Industrial Park in south Orlando includes a 200,000-square-foot build-to-suit for apparel distributor Bodek & Rhodes Inc., according to the Journal. Bent Oak broke ground in July, Who could it be? Sources cite Walmart and FedEx as possible tenants. Walmart, which is aggressively expanding its Walmart Neighborhood Market concept throughout the region, may need additional warehouse capacity to support that growth plus more space for e-commerce initiatives being pursued by the parent company. Along e-commerce lines, Lakeland, along the I-4 between Orlando and Tampa, is the site of a new, 1-million-squarefoot e-commerce fulfillment center for Amazon.com. Tampa has captured another from Amazon of similar size. 10 Copyright 2015 Reis, Inc. Page 13

CustomerID: Reis Observer Reis Observer December ORLANDO 22, 2014 Published December 22, 2014 according to local sources. Meanwhile, FedEx has leased 60.0% (85,600 square feet) of the above-cited recently completed Building III at John Young Business Park, the Journal reported at the end of September. Conceivably, however, these BTS projects could all be dwarfed by a 1- million-square-foot deal from a mystery tenant (with possible e- commerce connections) that may be in the works. See Special Real Estate Factors for details. The 352,700 square feet of warehouse/distribution space that delivered at the Horizon Commerce and John Young business parks year-to-date in 2014 through the third quarter (all in April) was accompanied by 747,000 square feet of net absorption, 426,000 of which is attributed to the third quarter. Not included in either sum is the August delivery of Building II at Horizon, cited above. EastGroup, however, reports the building 53.3% available; additional net absorption for the third quarter is thus indicated. Third quarter vacancy was 14.4%, down 70 basis points for the quarter alone, down 80 year-over-year. By the end of October, the rate had shed 40 additional points amid 220,000 square feet of additional net absorption. Rent growth, poor in recent years, has picked up. At $4.59 psf and $4.14 psf, third quarter average asking and effective rates were up 0.4% and 0.5% for the period, following similar increases the two quarters preceding on the heels of gains of 0.7% in 2013. October s strong performance included respective gains of 0.4% and 0.5%. Strong demand over the remainder of 2014 could drop the warehouse/distribution vacancy rate below 14.0%. Rent growth at about 2.5% on average, best in a number of years, is projected for the year. Additional declines in vacancy and higher rates of rent growth are anticipated for 2015. The new spec development trend bears watching, as does the mystery deal that may be in the works along I-4 (see Special Real Estate Factors). Vacancy Sector 3Q14 3Q13 Chg Office 17.4% 18.2% -80 bps Multifamily 5.3% 5.0% 30 bps Retail 12.3% 12.7% -40 bps Warehouse 14.4% 15.2% -80 bps Flex/R&D 10.7% 11.0% -30 bps Sector Rents 3Q14 3Q13 Chg Office $21.54 psf $21.43 psf 0.5% Multifamily $957 month $925 month 3.5% Retail $18.17 psf $17.66 psf 2.9% Warehouse $4.59 psf $4.51 psf 1.8% Flex/R&D $7.37 psf $7.31 psf 0.8% For additional metro and submarket level information on the top 82 markets for the four principal property types, visit www.reis.com or call Reis at: (800) 366-REIS. Unless otherwise indicated, economic and demographic data provided by Moody s Economy.com 11 Copyright 2015 Reis, Inc. Page 14 Publication Date: December 2014 2014 Reis, Inc.

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 2 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $756 1970-1979 $741 1980-1989 $866 1990-1999 $997 2000-2009 $1,134 After 2009 $1,365 All $957 As of 09/30/14 Number of Properties Low 25% Mean Median 75% High $612 $771 $957 $936 $1,125 $1,485 90 87 67 64 42 37 22 21 Low 25% Mean Median 75% High - 6.3% - 0.9% 1.1% 0.4% 2.1% 9.9% 152 Number of Properties 88 49 44 19 25 27 22 Under $721 $722 $830 $831 $940 $939 $1,048 $1,049 $1,158 $1,267 $1,376 $1,157 $1,266 $1,375 Over Under - 6.0% - 4.0% - 2.0% 0.0% - 6.1% - 4.1% - 2.1% - 0.1% 1.9% 2.0% 3.9% 4.0% 5.9% 6.0% Over 159 Negative Growth Positive Growth 267 As of 09/30/14 Qtr Ending 09/30/14 Section 3 - Rent Growth Comparisons Quarterly Asking Rent Growth Annualized 3Q14 2Q14 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Orlando 1.1% 0.6% 0.8% 3.3% 2.6% 1.0% 2.4% South Atlantic 1.0% 0.9% 0.9% 2.7% 2.5% 1.6% 2.8% United States 1.1% 1.0% 0.9% 3.2% 2.8% 1.5% 3.0% Period Ending: 09/30/14 06/30/14 09/30/14 12/31/13 12/31/13 12/31/13 12/31/18 Metro Rank Total Metro Ranks Compared to: Metros 3Q14 2Q14 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic 26 6 20 12 8 11 25 15 United States 82 22 56 34 23 31 71 55 % Asking Rent Growth Rate Trends and Forecast 3.0 2.0 1.0 0.0-1.0-2.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Orlando South Atlantic US Period ending 12/31/18 Copyright 2015 Reis, Inc. Page 16

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 4 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before 1970 6.0% 1970-1979 3.8% 1980-1989 4.1% 1990-1999 5.0% 2000-2009 4.6% After 2009 17.0% All 5.3% As of 09/30/14 Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 2.1% 5.3% 4.0% 6.3% 20.3% 157 127 78 24 17 17 5 5 Under 2.5% 2.6% 5.0% 5.1% 7.5% 7.6% 10.1% 12.6% 15.1% 17.6% 10.0% 12.5% 15.0% 17.5% Over As of 09/30/14 Section 5 - Vacancy Rate Comparisons Quarterly Vacancy Rates Annualized 3Q14 2Q14 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Orlando 5.3% 5.1% 5.1% 5.4% 6.5% 7.8% 5.7% South Atlantic 5.1% 5.0% 5.0% 5.2% 5.9% 6.8% 6.0% United States 4.2% 4.1% 4.1% 4.4% 5.2% 5.9% 5.0% Period Ending: 09/30/14 06/30/14 09/30/14 12/31/13 12/31/13 12/31/13 12/31/18 Metro Rank Total Metro Ranks Compared to: Metros 3Q14 2Q14 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic 26 15 14 14 19 20 21 12 United States 82 63 61 60 64 65 72 57 % 11.0 10.0 9.0 8.0 7.0 6.0 5.0 Vacancy Rate Trends and Forecast Orlando South Atlantic US 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Period ending 12/31/18 Copyright 2015 Reis, Inc. Page 17

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 6 - Metro Unit Mix Rent Details Current Metro Average Rents and Sizes Asking Rent Growth 3Q 2014 Quarterly Annualized Rent Avg. SF Avg. Rent PSF 3Q14 2Q14 YTD 1 Year 3 Year 5 Year Studio/Efficiency $653 494 $ 1.32 0.6% - 0.2% 0.9% 3.4% 3.1% 0.5% One Bedroom $823 732 $ 1.13 1.0% 0.6% 2.0% 3.1% 2.6% 0.9% Two Bedroom $1,011 1060 $ 0.95 1.0% 0.7% 2.5% 3.5% 2.6% 1.0% Three Bedroom $1,247 1313 $ 0.95 2.0% 0.5% 2.9% 2.7% 1.8% 1.0% Average over period ending: 09/30/14 06/30/14 09/30/14 12/31/13 12/31/13 12/31/13 Asking Rent Comparisons Asking Rent Per SF $1,500 $2.00 $1,000 $500 $1.50 $1.00 $0.50 $0 $0.00 Studio 1 BR 2 BR 3 BR Orlando South Atlantic US Studio 1 BR 2 BR 3 BR Orlando South Atlantic US Studio 1 BR 2 BR 3 BR Orlando $653 $823 $1,011 $1,247 South Atlantic $1,125 $1,029 $1,169 $1,371 United States $1,169 $1,162 $1,374 $1,564 As of 09/30/14 Studio 1 BR 2 BR 3 BR Orlando $ 1.32 $ 1.13 $ 0.95 $ 0.95 South Atlantic $ 2.01 $ 1.26 $ 1.02 $ 0.95 United States $ 2.11 $ 1.46 $ 1.22 $ 1.10 As of 09/30/14 Section 7 - Metro Unit Mix Inventory Details 11.6% Metro Unit Mix 3.2% 1,500 Average Unit Size (SF) 1,000 37.2% 500 48.0% Studios 1 BR 2 BR 3 BR + 0 Studio 1 BR 2 BR 3 BR Orlando South Atlantic US As of 09/30/14 As of 09/30/14 Copyright 2015 Reis, Inc. Page 18

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 8 - Metro Inventory Details Inventory By Building Age Year Built Percent Before 1970 4.0% 1970-1979 18.0% 1980-1989 28.0% 1990-1999 19.0% 2000-2009 23.0% After 2009 7.0% All 100.0% As of 09/30/14 Apartment Stock Traits Metro Low Mean Median High Year Built 1968 1989 1988 2014 Size (units) 51 255 252 786 Distance to Highway (miles) 0 0.7 0.5 3.4 Distance to CBD (miles) 2.4 8 6.5 18.4 Distance to Landmark (miles) 7.2 18.8 18.8 33.1 As of 09/30/14 Landmark =Disney World Average Metro Lease Terms Free Rent (mos) Expenses % (Apartment) 0.64 40.8% As of 09/30/14 Section 9 - Inventory Growth Comparisons Inventory Growth Rates Quarterly Annualized 3Q14 2Q14 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Orlando 0.7% 0.5% 0.7% 1.3% 1.0% 1.2% 1.9% South Atlantic 0.6% 0.6% 0.5% 1.7% 1.1% 1.2% 2.0% United States 0.5% 0.4% 0.4% 1.3% 0.8% 1.0% 1.6% Period Ending: 09/30/14 06/30/14 09/30/14 12/31/13 12/31/13 12/31/13 12/31/18 Metro Rank Total Metro Ranks Compared to: Metros 3Q14 2Q14 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic 26 11 15 8 17 15 14 14 United States 82 22 25 11 34 31 25 24 % Inventory Growth Comparisons and Forecast 2.5 2.0 1.5 1.0 0.5 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Orlando South Atlantic US Period ending 12/31/18 Copyright 2015 Reis, Inc. Page 19

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Units Built Section 10 - Construction/Absorption Change Construction and Absorption Quarterly 3Q14 2Q14 YTD Avg Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed Orlando 915 626 1.5 628 593 1.1 905 767 1.2 South Atlantic 13,878 11,111 1.2 14,033 11,993 1.2 12,813 11,447 1.1 Con/Abs Ratio Average over period ending: 09/30/14 09/30/14 09/30/14 06/30/14 06/30/14 06/30/14 09/30/14 09/30/14 09/30/14 Units Built Annualized 1 Year History 3 Year History 5 Year History Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed Orlando 1,656 2,356 0.7 1,314 2,611 0.5 1,490 2,553 0.6 South Atlantic 40,497 45,211 0.9 26,295 43,162 0.6 29,172 40,675 0.7 Con/Abs Ratio Average over period ending: 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 Units Built Annualized 5 Year Forecast Units Absorbed Con/Abs Ratio Orlando 2,521 2,169 1.2 South Atlantic 50,863 41,177 1.2 Average over period ending: 12/31/18 12/31/18 12/31/18 Construction/Absorption and Vacancy 4,000 10 Number of Units 3,000 2,000 1,000 8 6 4 2 Vacancy Rate (%) 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Vacancy Rate Construction Absorption Period ending 12/31/18 Copyright 2015 Reis, Inc. Page 20

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 11 - Economic and Demographic Trends Orlando Economic/Demographic Trends and Forecast Percentage Change 4.0% 2.0% 0.0% -2.0% -4.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Employment Households Avg HH Income Population Provided by Moody's Economy.com, Period ending 12/31/18 Total Employment Growth Trends and Forecast Metro vs. Region & U.S. Percentage Change 2.0% 0.0% -2.0% -4.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Orlando South Atlantic US Provided by Moody's Economy.com, Period ending 12/31/18 Percentage Change 3.00% 2.50% 2.00% 1.50% Orlando Population/Household Growth Trends and Forecast 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Population Households Provided by Moody's Economy.com, Period ending 12/31/18 Copyright 2015 Reis, Inc. Page 21

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 12 - Metro Area Map: Orlando Orlando Submarkets 1 Far North 2 West Altamonte Springs 3 East Altamonte/Casselberry 4 Northwest/441 5 Maitland/Winter Park 6 Northeast/436/551 7 Southeast/Airport/436/15 8 South Central/527/441 9 Southwest/435 10 Far South/Lake Buena Vista 11 Kissimmee/Osceola Copyright 2015 Reis, Inc. Page 22

CustomerID: Metro Trend Futures Apartment - 3rd Quarter 2014 Section 13 - Metro Data Year Qtr Inventory SF/Units Completions Inventory Growth% Vacant Stock Vacancy Rate Vacancy Change(BPS) Occupied Stock Net Absorption Asking Rent Ask Rent % Chg 2009 Y 120,158 2,176 1.8% 13,398 11.2% 120 106,760 620 $870-2.3% 2010 Y 121,489 1,331 1.1% 10,414 8.6% -260 111,075 4,315 $867-0.3% 2011 Y 121,801 514 0.3% 8,209 6.7% -190 113,592 2,517 $875 0.9% 2012 Q4 123,573 755 0.6% 7,022 5.7% -30 116,551 1,138 $905 1.0% 2012 Y 123,573 1,772 1.5% 7,022 5.7% -100 116,551 2,959 $905 3.5% 2013 Q1 123,945 372 0.3% 6,735 5.4% -30 117,210 659 $911 0.6% 2013 Q2 124,271 326 0.3% 6,573 5.3% -10 117,698 488 $918 0.7% 2013 Q3 124,271 0 0.0% 6,212 5.0% -30 118,059 361 $925 0.8% 2013 Q4 125,229 958 0.8% 6,322 5.0% 0 118,907 848 $935 1.1% 2013 Y 125,229 1,656 1.3% 6,322 5.0% -70 118,907 2,356 $935 3.3% 2014 Q1 126,401 1,172 0.9% 6,412 5.1% 10 119,989 1,082 $941 0.6% 2014 Q2 127,029 628 0.5% 6,447 5.1% 0 120,582 593 $947 0.6% 2014 Q3 127,944 915 0.7% 6,736 5.3% 20 121,208 626 $957 1.1% 2014 Y 128,909 3,680 2.9% 6,862 5.3% 30 122,047 3,140 $968 3.5% 2015 Y 131,973 3,064 2.4% 7,797 5.9% 60 124,176 2,129 $995 2.8% 2016 Y 133,813 1,840 1.4% 7,760 5.8% -10 126,053 1,877 $1,017 2.2% 2017 Y 136,014 2,201 1.6% 7,871 5.8% 0 128,143 2,090 $1,037 2.0% 2018 Y 137,834 1,820 1.3% 8,082 5.9% 10 129,752 1,609 $1,054 1.6% Year Qtr Effective Rent Eff Rent % Cons/Abs Chg Abs/Occ Stock% Population Pop% Chg Employment Emp% Chg Households HH% Chg Avg HH Income AHHI% Chg 2009 Y $806-2.3% 3.5 0.6% 2,125,020 1.2% 984,370-5.3% 798,590 1.1% $89,064-4.3% 2010 Y $805-0.1% 0.3 3.9% 2,155,180 1.4% 996,600 1.2% 809,810 1.4% $92,792 4.2% 2011 Y $815 1.3% 0.2 2.2% 2,197,780 2.0% 1,013,570 1.7% 818,920 1.1% $94,678 2.0% 2012 Q4 $851 1.2% 0.7 1.0% 2,247,920 0.5% 1,044,330 1.1% 832,550 0.4% $99,981 2.6% 2012 Y $851 4.4% 0.6 2.5% 2,247,920 2.3% 1,044,330 3.0% 832,550 1.7% $99,981 5.6% 2013 Q1 $857 0.7% 0.6 0.6% 2,258,660 0.5% 1,050,670 0.6% 835,990 0.4% $98,111-1.9% 2013 Q2 $864 0.8% 0.7 0.4% 2,267,850 0.4% 1,060,130 0.9% 839,970 0.5% $99,191 1.1% 2013 Q3 $871 0.9% 0.0 0.3% 2,278,630 0.5% 1,070,770 1.0% 845,020 0.6% $99,697 0.5% 2013 Q4 $881 1.2% 1.1 0.7% 2,290,080 0.5% 1,078,530 0.7% 848,670 0.4% $100,240 0.5% 2013 Y $881 3.6% 0.7 2.0% 2,290,080 1.9% 1,078,530 3.3% 848,670 1.9% $100,240 0.3% 2014 Q1 $887 0.6% 1.1 0.9% 2,302,080 0.5% 1,087,970 0.9% 852,210 0.4% $100,886 0.6% 2014 Q2 $893 0.7% 1.1 0.5% 2,314,600 0.5% 1,101,600 1.3% 856,680 0.5% $102,279 1.4% 2014 Q3 $906 1.4% 1.5 0.5% 2,327,570 0.6% 1,110,070 0.8% 861,790 0.6% $103,778 1.5% 2014 Y $914 3.7% 1.2 2.6% 2,340,920 2.2% 1,116,730 3.5% 866,930 2.2% $104,618 4.4% 2015 Y $940 2.8% 1.4 1.7% 2,398,250 2.4% 1,153,710 3.3% 890,860 2.8% $109,592 4.8% 2016 Y $960 2.1% 1.0 1.5% 2,462,370 2.7% 1,190,960 3.2% 917,460 3.0% $114,712 4.7% 2017 Y $977 1.8% 1.1 1.6% 2,531,480 2.8% 1,214,290 2.0% 945,320 3.0% $119,338 4.0% 2018 Y $993 1.6% 1.1 1.2% 2,602,200 2.8% 1,233,230 1.6% 973,210 3.0% $123,139 3.2% Copyright 2015 Reis, Inc. Page 23

CustomerID: Metro Class Cut Apartment - 3rd Quarter 2014 Year Quarter Inventory (Units) Section 14 - Market Data by Building Class - Class A Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 1999 Y 41,910 5,065 7.3% 3,079 38,831 4,235 $778 3.9% 1.2 10.9 $720.84 2000 Y 50,311 8,401 7.2% 3,609 46,702 7,871 $816 4.9% 1.1 16.9 $757.47 2001 Y 57,749 7,438 8.6% 4,943 52,806 6,104 $847 3.8% 1.2 11.6 $774.50 2002 Y 62,811 5,062 10.9% 6,876 55,935 3,129 $857 1.2% 1.6 5.6 $763.18 2003 Y 65,456 3,111 8.9% 5,796 59,660 3,725 $878 2.5% 0.8 6.2 $800.25 2004 Y 64,688 1,899 6.7% 4,341 60,347 687 $906 3.2% 2.8 1.1 $845.20 2005 Y 54,852 2,254 5.0% 2,735 52,117-8,230 $956 5.5% -0.3-15.8 $908.33 2006 Y 48,058 1,340 4.8% 2,325 45,733-6,384 $1,007 5.3% -0.2-14.0 $958.28 2007 Y 49,851 1,417 7.3% 3,633 46,218 485 $1,013 0.6% 2.9 1.0 $939.18 2008 Y 53,565 3,714 10.0% 5,370 48,195 1,977 $1,034 2.1% 1.9 4.1 $930.34 2009 Y 55,316 1,751 9.1% 5,035 50,281 2,086 $1,006-2.7% 0.8 4.1 $914.43 2010 1 55,774 458 9.5% 5,284 50,490 209 $1,005-0.1% 2.2 0.4 $909.79 2010 2 56,583 809 9.2% 5,229 51,354 864 $998-0.7% 0.9 1.7 $905.77 2010 3 56,583 0 7.8% 4,393 52,190 836 $1,002 0.4% 0.0 1.6 $924.21 2010 4 56,583 0 6.8% 3,865 52,718 528 $1,002 0.0% 0.0 1.0 $933.56 2010 Y 56,583 1,267 6.8% 3,865 52,718 2,437 $1,002-0.4% 0.5 4.6 $933.56 2011 1 56,583 0 6.6% 3,712 52,871 153 $1,007 0.5% 0.0 0.3 $940.94 2011 2 56,949 366 6.7% 3,826 53,123 252 $1,010 0.3% 1.5 0.5 $942.15 2011 3 56,949 0 6.6% 3,767 53,182 59 $1,017 0.7% 0.0 0.1 $949.73 2011 4 56,949 0 5.9% 3,350 53,599 417 $1,010-0.7% 0.0 0.8 $950.59 2011 Y 56,949 366 5.9% 3,350 53,599 881 $1,010 0.8% 0.4 1.6 $950.59 2012 1 57,369 420 5.7% 3,291 54,078 479 $1,018 0.8% 0.9 0.9 $959.60 2012 2 57,666 297 5.5% 3,151 54,515 437 $1,026 0.8% 0.7 0.8 $969.94 2012 3 57,966 300 5.5% 3,169 54,797 282 $1,033 0.7% 1.1 0.5 $976.53 2012 4 58,721 755 5.5% 3,252 55,469 672 $1,046 1.3% 1.1 1.2 $988.07 2012 Y 58,721 1,772 5.5% 3,252 55,469 1,870 $1,046 3.6% 0.9 3.4 $988.07 2013 1 59,093 372 5.4% 3,211 55,882 413 $1,056 1.0% 0.9 0.7 $998.62 2013 2 59,419 326 5.5% 3,270 56,149 267 $1,061 0.5% 1.2 0.5 $1,002.61 2013 3 59,419 0 5.2% 3,097 56,322 173 $1,064 0.3% 0.0 0.3 $1,008.54 2013 4 60,377 958 5.5% 3,298 57,079 757 $1,076 1.1% 1.3 1.3 $1,017.23 2013 Y 60,377 1,656 5.5% 3,298 57,079 1,610 $1,076 2.9% 1.0 2.8 $1,017.23 2014 1 61,249 872 5.8% 3,552 57,697 618 $1,081 0.5% 1.4 1.1 $1,018.31 2014 2 61,877 628 5.9% 3,628 58,249 552 $1,088 0.6% 1.1 0.9 $1,024.21 2014 3 62,792 915 6.2% 3,915 58,877 628 $1,100 1.1% 1.5 1.1 $1,031.42 Copyright 2015 Reis, Inc. Page 25

CustomerID: Metro Class Cut Apartment - 3rd Quarter 2014 Year Quarter Inventory (Units) Section 15 - Market Data by Building Class - Class B/C Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 1999 Y 71,698 1,094 4.4% 3,157 68,541 1,933 $596 3.5% 0.6 2.8 $569.76 2000 Y 71,962 264 3.1% 2,254 69,708 1,167 $612 2.7% 0.2 1.7 $592.83 2001 Y 72,278 316 4.5% 3,249 69,029-679 $632 3.3% -0.5-1.0 $603.59 2002 Y 72,698 420 7.1% 5,172 67,526-1,503 $637 0.8% -0.3-2.2 $591.68 2003 Y 72,950 300 7.3% 5,290 67,660 134 $645 1.3% 2.2 0.2 $598.23 2004 Y 72,654 272 6.7% 4,876 67,778 118 $666 3.3% 2.3 0.2 $621.30 2005 Y 66,728 300 4.7% 3,165 63,563-4,215 $706 6.0% -0.1-6.6 $672.51 2006 Y 64,075 240 4.9% 3,156 60,919-2,644 $757 7.2% -0.1-4.3 $719.71 2007 Y 64,417 0 7.1% 4,560 59,857-1,062 $770 1.7% 0.0-1.8 $715.49 2008 Y 64,417 0 10.0% 6,470 57,947-1,910 $770 0.0% 0.0-3.3 $692.66 2009 Y 64,842 425 12.9% 8,361 56,481-1,466 $753-2.2% -0.3-2.6 $655.91 2010 1 64,906 64 13.2% 8,556 56,350-131 $752-0.1% -0.5-0.2 $652.87 2010 2 64,906 0 12.5% 8,130 56,776 426 $746-0.8% 0.0 0.8 $652.56 2010 3 64,906 0 11.6% 7,519 57,387 611 $747 0.1% 0.0 1.1 $660.46 2010 4 64,906 0 10.1% 6,546 58,360 973 $749 0.3% 0.0 1.7 $673.46 2010 Y 64,906 64 10.1% 6,546 58,360 1,879 $749-0.5% 0.0 3.2 $673.46 2011 1 64,906 0 9.2% 5,942 58,964 604 $752 0.4% 0.0 1.0 $683.16 2011 2 64,834 130 8.7% 5,658 59,176 212 $758 0.8% 0.6 0.4 $691.85 2011 3 64,852 18 8.1% 5,284 59,568 392 $758 0.0% 0.0 0.7 $696.24 2011 4 64,852 0 7.5% 4,861 59,991 423 $756-0.3% 0.0 0.7 $699.33 2011 Y 64,852 148 7.5% 4,861 59,991 1,631 $756 0.9% 0.1 2.7 $699.33 2012 1 64,852 0 6.9% 4,493 60,359 368 $759 0.4% 0.0 0.6 $706.42 2012 2 64,852 0 6.8% 4,406 60,446 87 $767 1.1% 0.0 0.1 $714.89 2012 3 64,852 0 6.5% 4,236 60,616 170 $774 0.9% 0.0 0.3 $723.44 2012 4 64,852 0 5.8% 3,769 61,083 467 $778 0.5% 0.0 0.8 $732.79 2012 Y 64,852 0 5.8% 3,769 61,083 1,092 $778 2.9% 0.0 1.8 $732.79 2013 1 64,852 0 5.4% 3,526 61,326 243 $779 0.1% 0.0 0.4 $736.65 2013 2 64,852 0 5.1% 3,301 61,551 225 $786 0.9% 0.0 0.4 $745.99 2013 3 64,852 0 4.8% 3,116 61,736 185 $797 1.4% 0.0 0.3 $758.71 2013 4 64,852 0 4.7% 3,024 61,828 92 $805 1.0% 0.0 0.1 $767.46 2013 Y 64,852 0 4.7% 3,024 61,828 745 $805 3.5% 0.0 1.2 $767.46 2014 1 65,152 300 4.4% 2,859 62,293 465 $808 0.4% 0.6 0.7 $772.54 2014 2 65,152 0 4.3% 2,816 62,336 43 $812 0.5% 0.0 0.1 $776.90 2014 3 65,152 0 4.3% 2,824 62,328-8 $819 0.9% 0.0 0.0 $783.50 Copyright 2015 Reis, Inc. Page 26

CustomerID: Submarket Overview Apartment - 3rd Quarter 2014 Section 16 - Submarket Overview Submarket Inventory (Buildings) Inventory (Units) Asking Rent $ Vac % Free Rent (mos) Expenses % (Apartment) Far North 40 10,158 $982 6.7% 0.73 40.6% W Altamonte Spgs 27 6,622 $958 1.9% 0.60 41.2% E Altamonte 51 11,723 $907 4.4% 0.53 40.8% Northwest/441 57 9,742 $682 8.6% 0.60 40.8% Maitland/Winter Pk 29 4,582 $1,126 11.3% 1.08 40.8% Northeast/436/551 60 14,827 $936 3.3% 0.58 40.5% Southeast/Airport 68 18,108 $982 6.1% 0.62 41.3% S Central/527/441 96 19,499 $941 4.9% 0.65 40.9% Southwest/435 56 15,617 $1,058 4.5% 0.76 40.9% Far South 21 7,626 $1,119 6.1% 0.77 40.2% Kissimmee/Osceola 41 9,440 $916 3.7% 0.36 40.9% Copyright 2015 Reis, Inc. Page 28

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 Section 17 - Construction Deliveries Completed Units Units Under Construction Totals Planned Proposed Totals 2014 YTD 2015 2015 2016 and Later 2014 and Later Market Rate Rentals 4,304 0 1,676 1,457 7,437 9,089 4,603 13,692 Condominiums 0 0 0 0 0 163 421 584 Other 1,543 0 300 654 2,497 697 98 795 Totals 5,847 0 1,976 2,111 9,934 9,949 5,122 15,071 Section 18 - Metro Construction Breakdown Metro Construction by Project Type 2013 and Later Metro Construction by Top Five Submarket Share 2013 and Later 18.6 % 17.6 % 2.1 % 82.6 % 15.3 % 19.4 % 9.5 % Market Rate Rentals Condominiums Other 27.4 % 7.4 % Southeast/Airport Maitland/Winter Pk S Central/527/441 Southwest/435 Far North Other Submarkets in Metro Includes all recently completed, under construction, planned, and proposed properties from the table above. Note that some verified listings for planned and proposed properties do not yet have a firm completion date. Section 19 - Submarket New Construction Project Tally 1. Completed 2. Under Construction 3. Planned/Proposed Submarket Apartment Condo Other Apartment Condo Other Apartment Condo Other Far North 404 0 113 200 0 171 933 121 0 1,942 W Altamonte Spgs 0 0 0 0 0 0 272 0 0 272 E Altamonte 275 0 161 0 0 60 300 0 270 1,066 Northwest/441 0 0 0 0 0 0 234 0 0 234 Maitland/Winter Pk 804 0 104 333 0 0 3,144 421 0 4,806 Northeast/436/551 588 0 823 0 0 0 554 0 0 1,965 Southeast/Airport 1,062 0 259 1,113 0 319 2,329 0 0 5,082 S Central/527/441 0 0 83 299 0 0 3,899 42 0 4,323 Southwest/435 548 0 0 200 0 104 935 0 208 1,995 Far South 356 0 0 0 0 0 338 0 0 694 Kissimmee/Osceola 75 0 0 808 0 250 454 0 0 1,587 Non-Submarketed Areas 192 0 0 180 0 50 300 0 317 1,039 Grand Total Copyright 2015 Reis, Inc. Page 30

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 Section 20 - Metro Inventory Details Inventory By Building Age Year Built Percent Before 1970 4.0% 1970-1979 18.0% 1980-1989 28.0% 1990-1999 18.0% 2000-2009 23.0% After 2009 9.0% All 100.0% As of 09/30/14 % 2.5 2.0 1.5 1.0 0.5 Apartment Inventory Growth Trend and Forecast 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Orlando South Atlantic US Section 21 - Inventory Growth Rankings Forecast South Atlantic Region Cumulative Inventory Growth Forecast Ranking 2014 and Later National Cumulative Inventory Growth Forecast Ranking 2014 and Later Metro Cumulative Growth Forecast Rank Metro Cumulative Growth Forecast Rank Charleston 22.3% 1 Jacksonville 10.7% 12 Columbia 10.2% 13 Orlando 10.1% 14 Louisville 10.0% 15 Richmond 9.0% 16 Lexington 0.8% 26 Charleston 22.3% 1 Portland 10.2% 22 Columbia 10.2% 23 Orlando 10.1% 24 Kansas City 10.0% 25 Louisville 10.0% 26 Lexington 0.8% 82 Units Built Section 22 - Construction/Absorption Change Construction and Absorption Quarterly 3Q14 2Q14 YTD Avg Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed Orlando 915 626 1.5 628 593 1.1 905 767 1.2 South Atlantic 13,878 11,111 1.2 14,033 11,993 1.2 12,813 11,447 1.1 Con/Abs Ratio Average over period ending: 09/30/14 09/30/14 09/30/14 06/30/14 06/30/14 06/30/14 09/30/14 09/30/14 09/30/14 Units Built Annualized 1 Year History 3 Year History 5 Year History Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed Orlando 1,656 2,356 0.7 1,314 2,611 0.5 1,490 2,553 0.6 South Atlantic 40,497 45,211 0.9 26,295 43,162 0.6 29,172 40,675 0.7 Con/Abs Ratio Average over period ending: 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 12/31/13 Copyright 2015 Reis, Inc. Page 31

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 Section 23 - Occupancy at Completion 100 Occupancy at Completion Comparisons 80 Occupancy (%) 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 Orlando Overall Occupancy Orlando Occupancy at Completion South Atlantic Occupancy at Completion US Occupancy at Completion Occupancy at Completion Comparisons Properties Built in: 2008 2009 2010 2011 2012 2013 2014 Orlando 41.3% 55.4% 55.0% 69.9% 71.0% 64.2% 58.5% South Atlantic 44.2% 41.3% 52.5% 80.0% 64.9% 66.7% 66.3% United States 54.1% 39.0% 48.7% 67.7% 61.7% 68.1% 67.0% *Occupation at completion is calculated for all properties completed during each individual calendar year % Section 24 - Stabilization Data New Construction Quarters to Stabilization 50.0 40.0 Vacancy (%) 30.0 20.0 10.0 0.0 0 1 2 3 4 5 6 7 8 Quarters After Completion 2008 2009 2010 2011 2012 2013 2014 Long Term Metro Vacancy Average Stabilization Data Construction Year: 2008 2009 2010 2011 2012 2013 2014 YTD No.of Properties Tracked 16 8 4 4 6 6 9 Properties Stabilized 0-4 Quarters After Completion 1 0 0 3 3 1 1 Properties Stabilized 5-8 Quarters After Completion 10 0 0 1 0 1 0 Properties Stabilized 9-12 Quarters After Completion 3 0 0 0 0 0 0 Properties Stabilized 13+ Quarters After Completion 2 0 0 0 0 0 0 Properties That Have Not Yet Stabilized 0 8 4 0 3 4 8 Stabilization is reached when the average vacancy of the properties built in any given year equals or is less than the metro's average overall vacancy for the last five years. "0" in the Quarters After Completion chart above represents the vacancy at completion. Copyright 2015 Reis, Inc. Page 32

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 Section 25 - Metro Area Map: Orlando Completed Projects Under Construction Planned/Proposed Orlando Submarkets 1 Far North 2 West Altamonte Springs 3 East Altamonte/Casselberry 4 Northwest/441 5 Maitland/Winter Park 6 Northeast/436/551 7 Southeast/Airport/436/15 8 South Central/527/441 9 Southwest/435 10 Far South/Lake Buena Vista 11 Kissimmee/Osceola Copyright 2015 Reis, Inc. Page 33

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 Section 26 - New Construction Listing No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 1 2 3 4 5 Submarket: E Altamonte TITAN LAND CO AFFORDABLE HOUSING PROJECT FERN PARK BLVD @ FERNWOOD RD CASSELBERRY, FL 32730 OVIEDO LUXURY LIVING MIXED-USE (APARTMENTS) OVIEDO MALL RD @ BROADWAY ST OVIEDO, FL 32765 PARK PLACE AT OVIEDO ON THE PARK 940 CITY PLAZA WAY @ OVIEDO BLVD OVIEDO, FL 32765 GREENS AT TUSCAWILLA WINTER SPRINGS BLVD @ GREENBRIER LN WINTER SPRINGS, FL 32708 NORTHVIEW STUDENT HOUSING LOCKWOOD BLVD @ E MCCULLOCH RD OVIEDO, FL 32765 11-11-2014 Subsidized/Low Income SEMINOLE 100 0 1 3 Planned 09-18-2014 Apartment SEMINOLE 300 300 Proposed 09-02-2014 Apartment SEMINOLE 275 275 4 7/2013 9/2014 Complete 08-12-2014 Townhomes SEMINOLE 60 0 15 2 10/2012 Under Constr. 08-12-2013 Other SEMINOLE 180 0 7 8/2013 Complete 6 JESUP'S RESERVE 131 MCLEODS @ DORAN BLVD WINTER SPRINGS, FL 32708 07-07-2014 Townhomes SEMINOLE 161 0 30 3 2/2013 3/2014 Complete 7 8 9 10 11 12 OVIEDO ON THE PARK TOWNHOMES E MITCHELL HAMMOCK BLVD @ OVIEDO BLVD OVIEDO, FL 32765 Submarket: Far North COLONIAL GRAND LAKE MARY PH III 1035 HEATHROW PARK LN @ SUNLIGHT LN LAKE MARY, FL 32746 WESTON PARK AT LONGWOOD STATION E CHURCH AVE @ N LONGWOOD ST LONGWOOD, FL 32750 GRANDEVILLE AT TOWN CENTER DORAN BLVD @ SANFORD OVIEDO RD WINTER SPRINGS, FL 32708 COLONIAL TOWNPARK INTERNATIONAL PKWY @ C.R. 46A SANFORD, FL 32771 COLONIAL GRAND LAKE MARY PH II 225 SUNLIGHT LN @ HEATHROW PARK LN LAKE MARY, FL 32746 03-29-2013 Townhomes SEMINOLE 170 0 Planned 11-07-2014 Apartment SEMINOLE 132 132 10 2 10/2013 4/2014 Complete 10-17-2014 Apartment SEMINOLE 208 208 Proposed 08-11-2014 Apartment SEMINOLE 244 244 4 Planned 08-07-2014 Apartment SEMINOLE 272 272 Proposed 07-10-2013 Apartment SEMINOLE 108 108 1/2013 Complete 13 JESUP'S LANDING ORANGE AVE @ MILL STREAM LN WINTER SPRINGS, FL 32708 07-07-2014 Townhomes SEMINOLE 171 0 3 1/2013 Under Constr. 14 SOLARA 2441 CHERRY LAUREL DR @ CO RD 46A SANFORD, FL 32771 06-11-2014 Apartment SEMINOLE 272 272 5 4 2/2013 5/2014 Complete Copyright 2015 Reis, Inc. Page 34

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 15 16 17 18 19 20 21 22 23 24 25 26 27 28 INTEGRA VILLAGE AT LAKE FORREST W SR 46 @ N HENDERSON AVE SANFORD, FL 32771 CAPITAL PLAZA CONDO PROJECT S ROSALIND AVE @ E PINE ST ORLANDO, FL 32801 THE RESERVES AT LOCH LAKE 1021 ALUREL RIDGE LN @ STERLING PINE RD LAKE MARY, FL 32746 THE STATION HOUSE AT LAKE MARY E CRYSTAL LAKE AVE @ N 2ND ST LAKE MARY, FL 32746 Submarket: Far South SEA ISLE RESORT APARTMENTS 6801 SEA CORAL WAY @ CENTRAL FLORIDA PKWY ORLANDO, FL 32821 INTEGRA COVE CENTRAL FLORIDA PKWY @ WESTWOOD BLVD ORLANDO, FL 32821 ALTA AT LAKE EVE 12515 LAKE SQUARE CIR @ VINELAND AVE ORLANDO, FL 32821 Submarket: Kissimmee/Osceola SPRINGS AT FLORA RIDGE DYER BLVD S @ BALL PARK RD KISSIMMEE, FL 34741 COURTYARDS AT MONTELENA 2477 PALM TREE DR @ S POINCIANA BLVD KISSIMMEE, FL 34759 VISTA DEL SOL 751 CYPRESS PKWY @ N DOVERPLUM AVE KISSIMMEE, FL 34759 THE PRESERVE AT CELEBRATION 1900 CELEBRATION BLVD @ WORLD DR KISSIMMEE, FL 34747 MADISON CROSSING 2299 E IRLO BRONSON PKWY @ SHADY LN ORLANDO, FL 32804 THISTLE LAKE DYER BLVD @ THACKER AVE KISSIMMEE, FL 34741 FOUNTAINS AT CHAMPIONS GATE S GOODMAN RD @ CHAMPIONS GATE BLVD ORLANDO, FL 32804 05-21-2014 Apartment SEMINOLE 209 209 Planned 05-08-2014 Condominiums ORANGE 121 0 1 13 Planned 04-02-2014 Townhomes SEMINOLE 113 0 22 2 4/2014 Complete 01-30-2014 Apartment SEMINOLE 200 200 1 4 2/2014 4/2015 Under Constr. 05-13-2014 Apartment ORANGE 356 356 5 4 9/2012 5/2014 Complete 05-07-2014 Apartment ORANGE 338 338 25 4 Planned 03-05-2013 Apartment ORANGE 264 264 6 4 12/2011 3/2013 Complete 12-23-2014 Apartment OSCEOLA 368 368 17 3 Proposed 12-03-2014 Townhomes OSCEOLA 170 0 85 2 12/2015 Under Constr. 10-30-2014 Apartment POLK 75 75 1 2 5/2013 10/2014 Complete 07-10-2014 Apartment OSCEOLA 350 350 34 3 1/2014 4/2015 Under Constr. 06-27-2014 Apartment ORANGE 86 86 1 7 12/2015 Planned 06-16-2014 Apartment OSCEOLA 152 152 9 3 6/2014 10/2015 Under Constr. 06-16-2014 Townhomes ORANGE 80 0 15 2 4/2014 12/2015 Under Constr. 29 CELEBRATION LOFTS CELEBRATION BLVD @ WORLD DR KISSIMMEE, FL 34747 05-15-2013 Apartment OSCEOLA 306 306 6 5 2/2013 Under Constr. Copyright 2015 Reis, Inc. Page 35

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status Submarket: Maitland/Winter Pk 30 RAVAUDAGE APARTMENTS MORGAN AVE @ ORLANDO AVE MAITLAND, FL 32751 12-16-2014 Apartment ORANGE 296 296 1 6 2/2015 10/2016 Planned 31 VILLAGE PARK SENIOR LIVING DENNING AVE @ CANTON AVE WINTER PARK, FL 32782 12-10-2014 Subsidized/Low Income ORANGE 104 0 1 4 2/2014 Complete 32 33 34 35 36 37 38 39 40 41 42 43 44 THE SEVENS 777 N ORANGE AVE @ PARK LAKE ST ORLANDO, FL 32801 THE GALLERY AT MILLS PARK 1650 N MILLS AVE @ MILLS AVE ORLANDO, FL 32803 THE IVY RESIDENCES AT HEALTH VILLAGE 2650 DADE AVE @ DADE AVE ORLANDO, FL 32804 MAITLAND CITY CENTER HORATIO AVE @ ORLANDO AVE MAITLAND, FL 32751 1000 N ORANGE RESIDENTIAL 1000 N ORANGE AVE @ LEGION PL ORLANDO, FL 32804 NORA 899 N ORANGE AVE @ E MARK ST/PARK LAKE ST ORLANDO, FL 32803 POLO GLEN AT LAKE BETTY MAITLAND BLVD @ ORANGE BLOSSOM TRL ORLANDO, FL 32810 ORLANDO FASHION SQUARE (APARTMENTS) 3201 E COLONIAL DR @ I-4 ORLANDO, FL 32803 THE RESIDENCES AT WINTER PARK VILLAGE 940 W CANTON AVE @ N DENNING DR WINTER PARK, FL 32789 THE PRINCETON AT COLLEGE PARK W PRINCETON ST @ EDGEWATER ST ORLANDO, FL 32804 THE ESTATES OF MAITLAND 400-450 N ORLANDO AVE @ E GEORGE AVE MAITLAND, FL 32751 ELAN AT AUDUBON PARK 980 WAREHOUSE RD @ SEABEE ST ORLANDO, FL 32801 STEEL HOUSE APARTMENTS 750 N ORANGE AVE @ COLONIAL DR ORLANDO, FL 32801 11-13-2014 Apartment ORANGE 333 333 1 9 11/2014 5/2016 Under Constr. 11-03-2014 Apartment ORANGE 310 310 1 5 7/2013 10/2014 Complete 09-29-2014 Apartment ORANGE 248 248 1 4 5/2013 10/2014 Complete 09-05-2014 Apartment ORANGE 291 291 Proposed 09-03-2014 Apartment ORANGE 650 650 Planned 08-26-2014 Apartment ORANGE 246 246 1 6 11/2012 8/2014 Complete 07-29-2014 Apartment ORANGE 408 408 18 3 Planned 07-15-2014 Apartment ORANGE 593 593 Proposed 06-02-2014 Apartment ORANGE 206 206 1 4 Planned 05-22-2014 Apartment ORANGE 250 250 Proposed 05-01-2014 Condominiums ORANGE 421 0 Proposed 04-10-2014 Apartment ORANGE 450 450 11 4 Planned 03-29-2013 Apartment ORANGE 326 326 4 12/2011 4/2013 Complete Copyright 2015 Reis, Inc. Page 36

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status Submarket: Northeast/436/551 45 46 47 48 49 50 51 BALDWIN HARBOR 1711 JAKE ST @ LAKE BALDWIN LN ORLANDO, FL 32814 AZUL BALDWIN PARK 4460 LOWER PARK RD @ LAKEMONT AVE ORLANDO, FL 32814 PLAZA ON UNIVERSITY 12101 UNIVESRSITY BLVD @ UNIVERSITY BLVD ORLANDO, FL 32826 THE RETREAT AT ORLANDO 11325 UNIVERSITY BLVD @ ROUSE RD ORLANDO, FL 32817 THE SAGE APARTMENTS 4801 N GOLDENROD RD @ ALOMA AVE WINTER PARK, FL 32792 POST LAKES AT BALDWIN PARK PH III 4688 NEW BROAD ST @ CHATFIELD PL ORLANDO, FL 32814 Submarket: Northwest/441 CITY CENTER APARTMENTS MAINE ST @ MONTGOMERY AVE OCOEE, FL 34761 10-21-2014 Apartment ORANGE 483 483 2 4 Planned 09-02-2014 Apartment ORANGE 178 178 3 5 5/2013 9/2014 Complete 08-26-2014 N/A ORANGE 602 602 6 6 8/2014 Complete 07-07-2014 Other ORANGE 221 0 8/2013 8/2014 Complete 03-13-2014 Apartment ORANGE 71 71 3 3 Planned 03-04-2014 Apartment ORANGE 410 410 14 4 8/2012 3/2014 Complete 07-16-2014 Apartment ORANGE 234 234 Planned 52 EMERALD VILLAS 5450 CHOLLA WAY @ PINE HILLS BLVD ORLANDO, FL 32808 02-14-2013 Subsidized/Low Income ORANGE 264 0 1 1/2012 1/2013 Complete 53 54 55 56 Submarket: S Central/527/441 LUCERNE PROMENADE PH I APARTMENTS S ORANGE AVE @ W GORE ST ORLANDO, FL 32801 LUCERNE PROMENADE PH II W GORE ST @ S KUHL AVE / LUCERNE TER ORLANDO, FL 32801 COPLEY SQUARE 2595 JOSLIN PL @ E MICHIGAN ST ORLANDO, FL 32806 SKYHOUSE ORLANDO 335 N MAGNOLIA AVE @ LIVINGSTON ST ORLANDO, FL 32801 12-23-2014 Apartment ORANGE 252 252 1 21 Proposed 12-23-2014 Apartment ORANGE 400 400 Proposed 09-22-2014 Townhomes ORANGE 83 0 66 3 8/2014 Complete 09-19-2014 Apartment ORANGE 320 320 1 23 11/2012 11/2013 Complete 57 58 59 ARTISAN 420 420 E CHURCH ST @ LAKE AVE ORLANDO, FL 32801 ORLANDO LUTHERAN TOWERS PHASE A E CHURCH ST @ LAKE AVE ORLANDO, FL 32801 ORLANDO LUTHERAN TOWERS PHASE B E CHURCH ST @ LAKE AVE ORLANDO, FL 32801 09-17-2014 Apartment ORANGE 299 299 1 9 6/2014 12/2016 Under Constr. 07-30-2014 Apartment ORANGE 223 223 1 Planned 07-30-2014 Apartment ORANGE 299 299 1 Planned Copyright 2015 Reis, Inc. Page 37

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 60 61 ORLANDO LUTHERAN TOWERS PHASE C E CHURCH ST @ LAKE AVE ORLANDO, FL 32801 THE ESTATES AT MILLENIA PH II I-4 @ CONROY RD ORLANDO, FL 32839 07-30-2014 Apartment ORANGE 108 108 1 Planned 07-28-2014 Apartment ORANGE 403 403 5 Planned 62 CENTRAL STATION 400 N ORANGE AVE @ E AMELIA ST/LIVINGSTON ST ORLANDO, FL 32801 07-23-2014 Apartment ORANGE 280 280 1 6 Planned 63 64 65 66 WESTON PARK APARTMENTS E PALMETTO AVE @ E ROBINSON ST/E JEFFERSON ST ORLANDO, FL 32801 BROADSTONE GATEWAY APARTMENTS N FRONTAGE RD @ MCCOY RD ORLANDO, FL 32812 EAST ON PARK 217 N EOLA DR @ E ROBINSON ST ORLANDO, FL 32801 944 S ORANGE AVE 944 S ORANGE AVE @ ANNIE ST ORLANDO, FL 32806 07-23-2014 Apartment ORANGE 208 208 1 Planned 07-08-2014 Apartment ORANGE 360 360 Planned 07-07-2014 Condominiums ORANGE 42 0 1 13 Planned 06-05-2014 Apartment ORANGE 184 184 Planned 67 68 69 70 71 72 73 74 TUSCANY PLACE AMERICANA BLVD @ GRAND CENTRAL PKWY ORLANDO, FL 32839 COLONIAL TOWN PARK AT RANDAL PARK SR 417- SW OF INTERSEC @ SR 528 ORLANDO, FL 32824 MILLENIA NORTH APARTMENTS 4550 MILLENIA BLVD @ S JOHN YOUNG PKWY ORLANDO, FL 32839 THE GARDENS ON MILLENIA (APARTMENTS) MILLENIA BLVD @ S JOHN YOUNG PKWY ORLANDO, FL 32804 Submarket: Southeast/Airport ART AVENUE 10201 LEE VISTA BLVD @ ECONLOCKHATCHEE TR S ORLANDO, FL 32829 LAKE NONA WATERMARK 7650 LOWER GATEWAY LOOP @ CENTRAL FLORIDA GREENWAY ORLANDO, FL 32827 EAGLE CREEK PH II 10350 EMERSON LAKE BLV @ NARCOOSEE RD ORLANDO, FL 32832 BELTWAY COMMERCE CENTER APARTMENTS 10668 LEE VISTA BLVD @ CENTRAL FLORIDA GREENWAY ORLANDO, FL 32832 02-04-2013 Townhomes ORANGE 200 0 16 2 4/2010 2/2013 Complete 01-26-2015 Apartment ORANGE 600 600 Planned 01-19-2015 Apartment ORANGE 288 288 8 4 Planned 01-13-2015 Apartment ORANGE 294 294 3/2015 11/2016 Planned 11-12-2014 Apartment ORANGE 300 300 10 3 3/2013 9/2014 Complete 11-12-2013 Apartment ORANGE 278 278 22 3 11/2012 12/2013 Complete 10-17-2014 Townhomes ORANGE 169 0 34 2 2/2010 Under Constr. 09-26-2014 Apartment ORANGE 275 275 Planned Copyright 2015 Reis, Inc. Page 38

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 75 LAKE NONA TOWN CENTER RTE 528 @ RTE 417 ORLANDO, FL 32801 09-19-2014 Townhomes ORANGE 150 0 8/2014 Under Constr. 76 77 78 SANCTUARY PH I NARCOOSSEE RD @ BOGGY CREEK RD ORLANDO, FL 32832 WATER'S EDGE TOWNHOMES AT LAKE NONA 10140 HARTFORD MAROON RD @ NORTHLAKE PKWY ORLANDO, FL 32827 TC3 APARTMENTS 13300 AVALON PARK E BLVD @ TANJA KING BLVD ORLANDO, FL 32828 08-20-2014 Apartment ORANGE 275 275 3 4/2014 Under Constr. 08-12-2014 Townhomes ORANGE 164 0 29 2 2/2009 8/2014 Complete 08-11-2014 Other ORANGE 95 0 1 4 5/2013 8/2014 Complete 79 THE COURTNEY AT LAKE SHADOW DOWDEN RD @ NARCOOSSEE RD ORLANDO, FL 32827 07-21-2014 Apartment ORANGE 244 244 6 6/2014 Under Constr. 80 81 82 83 84 85 86 87 88 89 CAMDEN AT WATERFORD LAKES 1301 WATERFORD OAK DR @ WOODBURY RD ORLANDO, FL 32828 EAGLE CREEK APARTMENTS PH II NARCOOSSEE RD @ BOGGY CREEK RD ORLANDO, FL 32832 JUBILEE PARK PH II 7074 EAGLE WATCH DR @ HAZELINE NATIONAL DR ORLANDO, FL 32822 JUBILEE PARK PH III EAGLE WATCH DR @ HAZELINE NATIONAL DR ORLANDO, FL 32822 VILLAGES AT MOSS PARK 10273 SAVANNAH PARK DR @ NARCOOSSEE RD ORLANDO, FL 32832 COLONIAL GRAND AT RANDAL LAKES 9200 RANDAL PARK BLVD @ CENTRAL FLORIDA GREENEWAY ORLANDO, FL 32832 GRANDVILLE AT JUBILEE PARK PH I GOLDENROD RD @ HAZELTINE NATIONAL DR ORLANDO, FL 32822 GRANDVILLE AT JUBILEE PARK PH II AND III GOLDENROD RD @ HAZELTINE NATIONAL DR ORLANDO, FL 32822 JUBILEE PARK PH I 7074 EAGLE WATCH DR @ HAZELINE NATIONAL DR ORLANDO, FL 32822 RESERVE AT ALAFAYA 3101 S ALAFAYA TR @ S AVALON PARK BLVD ORLANDO, FL 32828 07-08-2014 Apartment ORANGE 300 300 12 3 11/2012 4/2014 Complete 06-16-2014 Apartment ORANGE 98 98 1 8 Planned 05-13-2013 Apartment ORANGE 342 342 Planned 05-13-2013 Apartment ORANGE 392 392 Planned 04-22-2014 Apartment ORANGE 158 158 5 4 Planned 02-04-2014 Apartment ORANGE 462 462 21 3 9/2012 2/2014 Complete 01-31-2014 Apartment ORANGE 330 330 2/2014 3/2015 Under Constr. 01-31-2014 Apartment ORANGE 734 734 Proposed 01-30-2014 Apartment ORANGE 330 330 Planned 01-08-2015 Apartment ORANGE 264 264 9 3 9/2013 3/2015 Under Constr. Copyright 2015 Reis, Inc. Page 39

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status Submarket: Southwest/435 90 91 92 93 94 95 96 97 CITRA AT WINDERMERE 11353 CITRA CIRCLE @ ORLANDO, FL 32836 STILLWATER CROSSINGS SUMMERPORT VILLAGE PKWY @ BRIDGEWATER VILLAGE RD WINDERMERE, FL 34786 THE RETREAT AT WINDERMERE 5820 NATURE VIEW DR @ SUMMERPORT VILLAGE PKWY WINDERMERE, FL 34786 THE RIALTO 7341 TURKEY LAKE RD @ W SAND LAKE RD ORLANDO, FL 32819 LEXINGTON COURT 315 W CONCORD ST @ LEXINGTON AVE / N HUGHEY AVE ORLANDO, FL 32801 WINDERMERE CAY PH I 13340 REAMS RD @ GREENBANK BLVD WINDERMERE, FL 34786 CASA MIRELLA 101 CASA MIRELLA WAY @ ROBERSON RD WINDERMERE, FL 34786 PARK PLACE MAGUIRE RD @ TOMYN BLVD OCOEE, FL 34761 11-12-2013 Apartment ORANGE 360 360 18 3 11/2012 12/2013 Complete 11-07-2014 Apartment ORANGE 348 348 Proposed 09-29-2014 Apartment ORANGE 332 332 14 3 10/2012 6/2014 Complete 09-29-2014 Apartment ORANGE 200 200 1 5 2/2013 2/2015 Under Constr. 09-16-2014 Subsidized/Low Income ORANGE 104 0 1 5 9/2014 Under Constr. 09-11-2013 Other ORANGE 272 0 5 4 8/2012 10/2013 Complete 08-26-2014 Apartment ORANGE 216 216 8 3 2/2013 7/2014 Complete 07-16-2014 Apartment ORANGE 242 242 8 3 Proposed 98 PALM PKWY @ CENTRAL FLORIDA PKWY ORLANDO, FL 32836 07-16-2014 Apartment ORANGE 345 345 Proposed 99 WINDERMERE CAY PH II REAMS RD @ GREENBANK BLVD WINDERMERE, FL 34786 Submarket: W Altamonte Spgs 04-22-2014 Other ORANGE 208 0 Planned 100 MARDEN RIDGE MARDEN RD @ MAITLAND BLVD EXT APOPKA, FL 32703 11-19-2014 Apartment ORANGE 272 272 Planned Submarket: Not in a Reis submarket 101 102 103 104 TOWNHOMES AT CAGANS CROSSING CAGAN CROSSING BLVD @ US 27/US 192 CLERMONT, FL 34711 HICKORY HAMMOCK 1000 AVALON RD @ MARSH RD WINTER GARDEN, FL 34787 THE VINEYARDS AT HAMMOCK RIDGE HWY 27 @ HAMMOCK RIDGE RD CLERMONT, FL 34711 VISTA AT LOST LAKE PH II 2550 CITRUS TOWER BLVD @ CROSS RIDGE RD CLERMONT, FL 34713 09-17-2014 Townhomes LAKE 110 0 15 Planned 09-03-2014 Townhomes ORANGE 109 0 Planned 07-29-2014 Apartment LAKE 300 300 2/2016 Planned 03-04-2014 Apartment LAKE 192 192 8 3 3/2013 3/2014 Complete Copyright 2015 Reis, Inc. Page 40

CustomerID: New Construction Listing Apartment - 3rd Quarter 2014 As of 26-Jan-2015 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 105 106 107 GRASSMERE RESERVE ORANGE BLOSSOM TR @ JUNCTION RD ZELLWOOD, FL 32798 GRANDE OAKS AT HEATHROW PH II 1450 LAKE GEORGE DR @ GREYBULL RUN/GULLGROVE LAKE MARY, FL 32746 THE GLEN AT CAGAN CROSSINGS PH II 16554 CAGAN CROSSINGS BLVD @ AVIENDA TERCERA CLERMONT, FL 34714 01-19-2015 Townhomes ORANGE 98 0 15 3 Proposed 01-07-2015 Townhomes SEMINOLE 50 0 3 7/2015 Under Constr. 01-07-2015 Apartment LAKE 180 180 6 3 1/2014 7/2015 Under Constr. Copyright 2015 Reis, Inc. Page 41

CustomerID: 3Q 2014 Metro Statistics Metro Statistics - 12 Month Rolling Mean Median 25th Percentile Mean Median 75th Percentile Cap Rate 6.4% 6.1% 5.5% 6.8% 7.0% 8.5% Sale Price $27,263,400 $21,300,000 $9,937,500 $23,149,174 $18,100,000 $32,700,000 Sale Price Per Unit $96,772 $105,625 $53,595 $84,121 $69,359 $106,055 Number of Units 282 340 206 275 292 345 Number of Floors 2 2 2 2 2 3 Year Built 1991 1989 1984 1991 1989 1997 Sales Trend Apartment - 3Q 2014 Dollar Volume (M) # Units # Transactions Atlanta $414 3,997 27 Orlando $300 3,099 11 Suburban Virginia $287 1,344 6 Nashville $285 3,693 18 Raleigh-Durham $216 2,192 12 Tampa-St. Petersburg $207 2,917 28 Norfolk/Hampton Roads $165 1,833 13 Memphis $148 2,587 13 Fort Lauderdale $139 1,018 49 Miami $122 1,094 78 Other South Atlantic $644 9,078 75 South Atlantic Total $2,926 32,852 330 Dollar Volume $400 $300 $200 $100 $0 Apartment Transaction Trends 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 # $M 20 15 10 5 0 # Transactions Gross Rent Multiplier Trends Cap Rate Trends 8.2 7.40% 8.0 7.8 7.20% 7.6 7.00% 7.4 7.2 6.80% 7.0 6.8 6.6 6.60% 6.40% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Orlando South Atlantic US Based on 12 month averages 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Orlando South Atlantic US Based on 12 month averages Supply and Demand Trends Weighted Average Price Per Unit Trends 6 $120,000 Units 1,000 500 4 2 Vacancy Rate % $110,000 $100,000 $90,000 $80,000 $70,000 0 0 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Vacancy Percent Completions Net Absorption 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Orlando South Atlantic US Based on 12 month averages Key Submarket and Pricing Activity # Transactions # Units Dollar Volume (M) Price Per Units Southwest/435 7 2,542 $278 $109,547 Northeast/436/551 5 2,009 $178 $88,626 Southeast/Airport 8 2,020 $172 $85,179 Northwest/441 8 1,821 $103 $56,425 E Altamonte 3 1,080 $99 $91,204 S Central/527/441 5 1,210 $83 $68,397 Far South 2 552 $81 $147,101 Based on 12 month averages For details on individual transactions, please go to the sales comparables section of the Reis website. www.reis.com Copyright 2015 Reis, Inc. Page 43

CustomerID: Sales Trend Apartment - 3Q 2014 Submarkets 1. Far North 2. West Altamonte Springs 3. East Altamonte/Casselberry 4. Northwest/441 5. Maitland/Winter Park 6. Northeast/436/551 7. Southeast/Airport/436/15 8. South Central/527/441 9. Southwest/435 10. Far South/Lake Buena Vista 11. Kissimmee/Osceola Most Recent Transactions City, State Submarket Year Built Floors Price Per Units Range Sale Date Reis Sales Comparables Number 1. Orlando, FL Northwest/441 1995 2 $25,000 - $49,999 Q4 2014 594614 2. Winter Park, FL Northeast/436/551 1986 3 $75,000 - $99,999 Q4 2014 592530 3. Orlando, FL Southwest/435 2000 3 $125,000 - $149,999 Q4 2014 594620 4. Orlando, FL Southeast/Airport 2008 3 $125,000 - $149,999 Q4 2014 594621 5. Orlando, FL Northwest/441 2002 3 $100,000 - $124,999 Q3 2014 578786 6. Orlando, FL Northeast/436/551 1989 3 $100,000 - $124,999 Q3 2014 576946 7. Orlando, FL Northwest/441 1999 2 $25,000 - $49,999 Q3 2014 577022 8. Winter Park, FL E Altamonte 1970 2 $100,000 - $124,999 Q3 2014 586667 9. Orlando, FL Southeast/Airport 1985 2 $50,000 - $74,999 Q3 2014 574776 10. Windermere, FL Southwest/435 2013 3 $150,000 - $199,999 Q3 2014 567553 11. Orlando, FL Maitland/Winter Pk 1971 2 $50,000 - $74,999 Q3 2014 578149 12. Kissimmee, FL Kissimmee/Osceola 1965 2 $100,000 - $124,999 Q3 2014 580460 13. Orlando, FL Northeast/436/551 1974 2 $50,000 - $74,999 Q3 2014 577134 14. Orlando, FL Northwest/441 1989 2 $25,000 - $49,999 Q3 2014 570338 15. Orlando, FL S Central/527/441 2007 3 $125,000 - $149,999 Q3 2014 564997 16. Orlando, FL Southeast/Airport 1996 3 $50,000 - $74,999 Q2 2014 567723 17. Kissimmee, FL Kissimmee/Osceola 1988 2 $50,000 - $74,999 Q2 2014 569590 18. Orlando, FL Maitland/Winter Pk 1984 2 $50,000 - $74,999 Q2 2014 553315 19. Orlando, FL Southeast/Airport 1984 2 $50,000 - $74,999 Q2 2014 553316 20. Orlando, FL Northeast/436/551 2004 2 $100,000 - $124,999 Q2 2014 548322 For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions or transactions in another Reis market, please go to the Sales Comparables section of the Reis website. www.reis.com Copyright 2015 Reis, Inc. Page 44