Rent ranking for counties in Seattle-Tacoma-Bellevue WA MSA. 1. King $1, Snohomish $1, Pierce $905

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1 1 of 8 Pierce is 1 of 3 counties in Seattle-Tacoma-Bellevue WA (with at least 5 communities) Rent ranking for counties in Seattle-Tacoma-Bellevue WA County Avg Rent 1. King $1, Snohomish $1, Pierce $905 Occupancy ranking for counties in Seattle-Tacoma-Bellevue WA County Avg Occ. 1. Pierce 94.8% 2. King 94.2% 3. Snohomish 93.0% Rent growth % Rankings Yr. over Yr. for counties in Seattle-Tacoma-Bellevue WA County Avg Rent 1. King 6.1% 2. Pierce 5.6% 3. Snohomish 3.4% Occupancy growth Rankings Yr. over Yr. for counties in Seattle-Tacoma-Bellevue WA County Avg Occ. 1. Pierce -0.6% 2. King -0.6% 3. Snohomish -1.8%

2 2 of 8 Seattle-Tacoma-Bellevue WA is 1 of 6 s in Washington Rent ranking for s in Washington Avg Rent 1. Seattle-Tacoma-Bellevue WA $1, Bremerton-Silverdale WA $ Olympia WA $ Portland-Vancouver-Beaverton $865 OR-WA 5. Spokane WA $ Kennewick-Richland-Pasco WA $685 Occupancy ranking for s in Washington Avg Occ. 1. Kennewick-Richland-Pasco 97.3% WA 2. Olympia WA 95.5% 3. Portland-Vancouver- 95.0% Beaverton OR-WA 4. Bremerton-Silverdale WA 94.6% 5. Spokane WA 94.4% 6. Seattle-Tacoma-Bellevue WA 94.1% Rent growth % Rankings Yr. over Yr. for s in Washington Avg Rent 1. Kennewick-Richland-Pasco 10.3% WA 2. Seattle-Tacoma-Bellevue WA 5.7% 3. Portland-Vancouver- 3.3% Beaverton OR-WA 4. Olympia WA 3.1% 5. Spokane WA 2.8% 6. Bremerton-Silverdale WA 1.8% Occupancy growth Rankings Yr. over Yr. for s in Washington 1. Kennewick-Richland-Pasco WA 2. Bremerton-Silverdale WA 3. Seattle-Tacoma-Bellevue WA 4. Portland-Vancouver- Beaverton OR-WA Avg Occ. 3.2% 1.6% -0.8% -1.0% 5. Olympia WA -1.4% 6. Spokane WA -2.6%

3 3 of 8 Inventory Analysis Pierce County Properties/Units 77 / 16,393 Class A 13 / 2,354 Class B 31 / 6,737 Class C 33 / 7,302 Average units per property 212 Average year built 1987 Size range (units) Age range Unit Mix (all unit types appear in this report) % Benchmark Average Benchmark Average Benchmark Avg. Rent Benchmark Avg. Rent Totals Units of Mix % of Mix Sq. Ft Avg Sq Ft Rent Avg. Rent Sq. Ft. Sq. Ft. All 16, % 100.0% $905 $988 $1.04 $1.11 Urban Loft studio % 3.4% $682 $827 $1.33 $1.72 jr 1bd % 0.6% $786 $803 $1.36 $1.30 1bd 1bth 6, % 34.2% $773 $870 $1.13 $1.24 1bd 1.5bth 1bd TH 2bd 1bth 4, % 18.1% $889 $901 $1.00 $1.02 2bd 1.5bth % 2.1% $932 $961 $0.95 $1.03 2bd 2bth 3, % 26.4% 1,004 1,016 $1,006 $1,093 $1.00 $1.08 2bd 2.5th 2bd TH % 2.9% 1,171 1,161 $1,190 $1,191 $1.02 $1.03 3bd 1bth % 0.4% 1,022 1,032 $1,117 $1,015 $1.09 $0.98 3bd 1.5bth % 0.4% 1,041 1,088 $1,135 $931 $1.09 $0.86 3bd 2bth 1, % 9.0% 1,173 1,199 $1,179 $1,206 $1.01 $1.01 3bd 3bth 3bd TH % 1.4% 1,482 1,433 $1,397 $1,407 $0.94 $0.98 4bd 5bd 2bth 5bd TH Age of Existing Inventory Area: Pierce County Benchmark: Pacific Northwest Region

4 4 of 8 All Classes Quarterly Trend Rental Trends for Pierce County Average Asking Rent 3Q2006 4Q2006 1Q2007 2Q2007 3Q2007 4Q2007 1Q2008 2Q Yr. Change AVERAGE $795 $805 $820 $831 $857 $867 $886 $904 $ % studio $617 $602 $604 $630 $635 $646 $637 $664 $ % jr 1bd $692 $692 $725 $662 $875 $852 $793 $905 $ % 1bd 1bth $671 $684 $699 $711 $733 $741 $762 $778 $ % 2bd 1bth $771 $782 $797 $813 $832 $849 $868 $880 $ % 2bd 2bth $888 $896 $912 $917 $952 $969 $989 $1,011 $1, % 2bd TH $1,001 $1,047 $1,028 $1,042 $1,052 $1,070 $1,065 $1,169 $1, % 3bd 2bth $1,039 $1,048 $1,073 $1,082 $1,143 $1,144 $1,150 $1,186 $1, % 3bd TH $1,226 $1,220 $1,226 $1,253 $1,213 $1,242 $1,253 $1,280 $1, % Average Occupancy Rate 3Q2006 4Q2006 1Q2007 2Q2007 3Q2007 4Q2007 1Q2008 2Q Yr. Change AVERAGE 94.2% 93.0% 94.9% 94.5% 95.4% 95.4% 96.0% 96.2% 94.8% -0.6%

5 5 of 8 All Classes Annual Trend Rental Trends for Pierce County Average Asking Rent Yr. Change AVERAGE $676 $705 $733 $749 $757 $777 $802 $844 $ % studio $497 $495 $495 $495 $495 $496 $588 $629 $ % jr 1bd $601 $651 $695 $690 $735 $745 $724 $778 $ % 1bd 1bth $572 $594 $616 $623 $630 $651 $675 $721 $ % 2bd 1bth $669 $692 $712 $723 $736 $757 $780 $823 $ % 2bd 2bth $726 $769 $805 $827 $837 $853 $891 $936 $1, % 2bd TH $917 $973 $964 $930 $924 $957 $1,034 $1,048 $1, % 3bd 2bth $880 $916 $967 $978 $982 $1,017 $1,052 $1,111 $1, % 3bd TH $1,035 $1,112 $1,111 $1,117 $1,118 $1,156 $1,221 $1,233 $1, % Average Occupancy Rate Yr. Change AVERAGE 96.6% 95.7% 94.0% 93.6% 91.2% 93.6% 93.9% 95.1% 95.7% 4.9%

6 6 of , All Classes Sales Trends for Pierce County Total Transactions Total Dollar Value $26,500,000 $58,729,250 $115,304,674 $86,400,000 Total Square Feet 212, ,852 1,059, ,997 Total Units ,252 1,000 Median Year Built Average Square Footage 212, , , ,332 Average Sale Price $26,500,000 $19,576,416 $19,217,445 $28,800,000 Average Price Per Square Foot $ $ $ $99.20 Average CAP Rate 5.9% 10.1% Average GRM 9.86 Average Units Average Price Per Unit $132,500 $85,486 $92,096 $86, Average Rent/sf (All) $1.04 $0.99 $0.93 $0.89 Class A $1.11 $1.07 $1.00 $0.93 Class B $1.05 $0.97 $0.92 $0.88 Class C $1.00 $0.95 $0.89 $0.83 Average Occupancy (All) 95% 95% 93% 93% Class A 96% 96% 93% 93% Class B 95% 94% 93% 93% Class C 96% 96% 94% 94%

7 7 of 8 Absorption Pierce County Units Absorbed Units Built Total Units Occupancy Rate Occupied Units Units Absorbed , % 13,660 N/A , % 14, , % 14, , % 14, , % 14, , % 14, , % 14, , % 15, , % 15, , % 15,

8 8 of 8 Area Analysis Pierce County Cities with at least 5 communities City Communities % of Total Avg. Avg. Yr /Yr Change Occupancy Yr /Yr Change Rent Tacoma % 95.3% -0.4% $ % Puyallup % 94.6% 0.4% $ % Lakewood 5 7.7% 92.7% -1.9% $1, %