3,840,646 SF Direct Y-T-D net absorption as of 4Q-2018

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1 New Industrial Supply Struggling to Keep up with Persistent Demand as Major Projects Begin to Deliver with Another.5 Million sf Underway Tampa Bay s industrial engine continues to perform, fueled by healthy U.S. macroeconomic fundamentals, vigorous population and job growth, strong investment interest, and persistent demand for distribution space due in large part to the thriving e-commerce sector. Within Tampa Bay, the area's unemployment rate stood at 3.0% as of November 2018, a healthy -basis point (bps) decrease from the previous year, and the steady pace of job growth has continued with over 25,000 new jobs added in the trailing 12-month period. Leasing activity was impressive during 2018, with several key deals closing during the fourth quarter. Asking rental rates have experienced notable gains, growing by 8.2% in the trailing 12-month period ending with the fourth quarter of 2018, and the overall vacancy rate has declined by 38 basis points during the same period of time even as 2.6 million sf of space delivered during Heading into 20, industrial demand is expected to remain strong, particularly for prime new development sites, and 2. million sf is expected to deliver during the first quarter. Net absorption of distribution space should remain solid in the coming months, investment activity is anticipated to remain strong, and leasing demand will remain brisk provided accelerating rental rate growth is kept somewhat in check. Industrial has led all CRE sectors for the last few years due to e-commerce s need for warehousing and distribution Industrial Market Snapshot Office Market Snapshot Total industrial investment sales volume during 2018 totaled $389. million, accounting for over 6.1 million sf, a.7% increase in total volume from the previous year. 88% of all transactions were acquired by institutional and private buyers, followed by users (7.7%), with limited investment from REITs and cross-border capital. The largest investment sale during the fourth quarter was DHL's acquisition of Key Logistics Center 100 in Lakeland. The German global logistics form acquired the 520,000-sf newly delivered bulk distribution property from a joint venture of PCCP LLC and Blue Steel Development LLC for $2.5 million, or $82 per sf. The I- Corridor continues to dominate new development activity, accounting for 9% of all industrial buildings under construction. Blue Steel Development, McCraney Property Company, Duke Realty Corporation, McDonald Development, PCCP, LLC, Cabot Industrial, Becknell Industrial and Scannell Properties all have significant speculative warehouse or bulk distribution facilities planned or underway on the East Side and in Lakeland. The Federal Reserve raised short-term interest rates once again in December, a widely expected move that the central bank felt was necessary to keep the U.S. economy thriving. The latest move by the Fed brings interest rates up a quarter point to a range of 2.25 percent to 2.5 percent with two additional hikes expected during 20. Keating Resources broke ground at the end of the year on a 179,080-sf warehouse/distribution project in the Downtown Tampa submarket that will be able to accommodate up to six tenants and is targeting last-mile fulfillment users critical to the e-commerce industry. There are more than one million residents within a 30-minute drive of the building. Transwestern Development Co. in partnership with Crow Holdings will be developing a new class A, 1 million-sf speculative industrial project called University Park at Bridgewater in Lakeland. Groundbreaking is planned for the first quarter of MSF Total industrial inventory in the Tampa Bay market 3,80,66 SF Direct Y-T-D net absorption as of Q % Overall Vacancy $6.3/SF/NNN Average rental rate for industrial space

2 Direct Vacancy Rate YTD Net Absorption (SF) Average Asking Rent Rate ($/SF/NNN) 7.00% 6.00% 5.00%.00% 3.00% 2.00% 1.00% 0.00% 5.80% 5.95% 5.00%.3% 3.87% Q-2018 Square Feet,500,000,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 (500,000) Bulk Distribution Flex Manufacturing Warehouse/Distribution $1.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $.00 $9.7 $. $5.63 $5.68 $7.73 $11.8 $9.61 $6.67 $6.61 $6.3 $.98 TAMPA BAY INDUSTRIAL MARKET AT A GLANCE AVERAGE CLEAR HEIGHT FOR NEW DISTRIBUTION BUILDINGS UNDERWAY ON THE EAST SIDE RENTAL RATE INCREASE OVER THE TRAILING 12-MOS ENDING Q-2018 OF ALL NEW DEVELOPMENT IS OCCURRING ALONG THE RAPIDLY EXPANDING I- CORRIDOR SUPPLY CHAIN NEEDS DOMINATE INDUSTRIAL DEMAND ACCORDING TO ULI S EMERGING TRENDS IN REAL ESTATE REPORT FOR % NOV-2017 SQUARE FEET CURRENTLY UNDER CONSTRUCTION 3.0% NOV-2018 CHANGE IN TAMPA BAY'S TOTAL UNEMPLOYMENT RATE MILLION IN TOTAL INDUSTRIAL INVESTMENT SALES FOR T-12 MOS ENDING Q-2018 Tampa International Airport $971 MILLION IN UPGRADES RECENTLY COMPLETED $30 MILLION IN ADDITIONAL UPGRADES PLANNED AVERAGE SIZE OF THE BULK DISTRIBUTION BUILDINGS CURRENTLY UNDERWAY IN NEW FLORIDIANS EVERY DAY FLORIDA S POPULATION CONTINUES TO GROW AT A BRISK PACE - BY 205, THE STATE S POPULATION IS EXPECTED TO SWELL TO 27. MILLION PRICE PAID FOR THE NEWLY DELIVERED 520,000-SF KEY LOGISTICS 100 IN, PURCHASED BY DHL SUPPLY CHAIN

3 TAMPA BAY MSA TOTAL Bulk Distribution 27,35,955 $.73 1,139, %.16% 0.%.57% 2,996,153 2,053,035 Flex 16,115,272 $10. 1,109, % 6.88% 1.02% 7.90% 0 176,786 Manufacturing 28,789,687 $5.0 89, % 1.70% 0.0% 1.7% 0 353,12 Warehouse / Distribution 83,727,158 $5.96 3,30, % 3.95% 0.59%.5% 1,55,708 1,257,683 Market Total 155,987,072 $6.3 6,02, % 3.87% 0.50%.37%,550,861 3,80,66 Airport/Westshore Flex 3,950,136 $10.87, %.% 0.% 5.67% 0 51,79 Manufacturing 1,210,732 $ % 0.00% 0.00% 0.00% 0 7,39 Warehouse / Distribution 8,27,10 $ , % 1.39% 0.00% 1.39% 0 3,569 Airport/Westshore Total 13,3,972 $ , % 2.30% 0.22% 2.52% 0 252,2 Downtown Tampa Bulk Distribution 550,09 $ % 0.00% 0.00% 0.00% 179,080 0 Flex 1,6 $ % 0.00% 0.00% 0.00% 0 0 Manufacturing 886,171 $ , % 13.32% 0.00% 13.32% 0 0 Warehouse / Distribution 3,720,135 $ , % 0.85% 1.36% 2.21% 0 6,016 Downtown Tampa Total 5,301,326 $. 19, % 2.82% 0.95% 3.78% 179,080 6,016 East Side Bulk Distribution 8,165,301 $.2 61, % 5.65% 0.00% 5.65% 1,209,22 157,858 Flex 3,63,221 $ , % 6.31% 0.09% 6.39% 0 (32,261) Manufacturing 5,58,9 $ , % 0.09% 0.20% 0.30% 0 62,801 Warehouse / Distribution 29,895,5 $5.28 1,500, % 5.02% 1.06% 6.08% 1,162, ,652 East Side Total 7,252,515 $5.63 2,6, %.65% 0.70% 5.35% 2,372,1 1,106,050 North Hillsborough Flex 1,151,39 $ , % 16.02% 0.00% 16.02% 0 (37,021) Manufacturing 718,886 $ % 0.00% 0.00% 0.00% 0 16,513 Warehouse / Distribution 1,188,151 $ , % 2.02% 0.00% 2.02% 0,055 North Hillsborough Total 3,058,31 $ , % 6.81% 0.00% 6.81% 0 (16,53) Plant City/East Hillsborough Bulk Distribution 2,722,36 $ % 0.00% 0.00% 0.00% 0 0 Flex 133,363 $ % 0.00% 0.00% 0.00% 0 2,520 Manufacturing 2,338,697 $3. 6, % 2.76% 0.00% 2.76% 0 (38,502) Warehouse / Distribution 6,258,717 $ , %.% 0.00%.% 0 37,1 Plant City/E Hillsborough Total 11,53,1 $ , % 3.16% 0.00% 3.16% 0 311,29 South Tampa Bulk Distribution 679,129 $ % 0.00% 0.00% 0.00% 0 0 Flex,681 $ % 0.00% 0.00% 0.00% 0 0 Manufacturing 52,291 $.50 37, % 6.88% 0.00% 6.88% 0 30,000 Warehouse / Distribution 1,2,965 $7.9 90,206.% 7.56% 0.00% 7.56% 0 (23,26) South Tampa Total 2,,066 $ , % 5.15% 0.00% 5.15% 0 6, PINELLAS COUNTY Mid Pinellas/Gateway Bulk Distribution 112,722 $ % 0.00% 0.00% 0.00% 0 0 Flex,8,686 $ ,69.86% 7.1% 1.37% 8.51% 0 72,636 Manufacturing 11,670,136 $ , % 1.2% 0.00% 1.2% 0 262,318 Warehouse / Distribution 13,588,708 $ , %.89% 0.88% 5.76% 6,6 (91,861) Mid Pinellas/Gateway Total 29,820,252 $7.73 1,17, % 3.85% 0.%.5% 6,6 23,093 North Pinellas Flex 1,66,63 $ , % 1.61% 0.00% 1.61% 0,71 Manufacturing 1,8,5 $ % 0.00% 0.00% 0.00% 0 0 Warehouse / Distribution 3,86,203 $ , % 0.27% 0.00% 0.27% 0 26,70 North Pinellas Total 6,731,207 $ , % 0.50% 0.00% 0.50% 0 87,18 South Pinellas Bulk Distribution 350,000 $ % 0.00% 0.00% 0.00% 0 0 Flex 273,106 $8. 13, %.98% 25.63% 30.61% 0 12,100 Manufacturing 1,680,281 $5.5 96, % 5.72% 0.00% 5.72% 0 (73,7) Warehouse / Distribution 5,5,832 $7.12 1, % 3.3% 0.00% 3.3% 0 (83,090) South Pinellas Total 7,896,2 $ , % % 0.89%.70% 0 (1,77) Lakeland Bulk Distribution 1,7,35 $.9 678, %.59% 0.76% 5.35% 1,7,89 1,895,177 Flex 83,296 $ , % 17.30% 0.00% 17.30% 0 6,6 Manufacturing 2,7,503 $6.20 3, % 0.11% 0.00% 0.11% 0 86,3 Warehouse / Distribution 10,169,799 $ , % 3.7% 0.07% 3.82% 327,082 (79,293) Lakeland Total 28,563,93 $5.68 1,207, %.23% 0.2%.65% 1,93,931 1,98,878 Reporting Methodology: This report includes all industrial buildings and parks 20,000 SF and greater in the Tampa Bay MSA that are not government owned. All rents are reported on a triple net basis. The information in this report has been collected by the Avison Young research team via sources that are deemed reliable but not guaranteed.

4 The unemployment rate dropped to 3.0% in November, a basis point drop over the trailing 12-month period, and employment growth continues at a healthy pace with 25,315 new jobs added over the past year. Leading Indicators (Y-O-Y Q-2017 to Q-2018) Vacancy Rate.37% Net Absorption 3,80,66 SF Average Asking Rate (NNN) $6.3 New Construction,550,861 SF Total Employment 1.9 MM Significant Fourth Quarter 2018 Lease Transactions - Sorted by SF Tenant Property SF Type Submarket Plastipak County Line Logistics Center 236,000 New Plant City/E HIllsborough All American Metals Crossroads Williams Rd 215,123 New East Side Walmart nd Ave S 12,098 New South Pinellas Nationwide Industries Sabal Park Distribution Center ,000 New East Side Undisclosed Belcher Rd 8,000 New Mid-Pinellas/Gateway Black & Veatch Sabal Park Distribution Center ,000 New East Side Keytroller Vector I - Bldg 2 25,301 New Airport/Westshore Overseas Distributors 37 Corporex Park Dr 2,800 New East Side Find A Way Capital 070 S Pipkin Rd 22,200 New Lakeland VPX Sports Center Point Business Park 'D' 21,08 New East Side Tampa Electric Company* Sabal Park Distribution Center 1 20,8 New East Side Undisclosed 3216 Winter Lake Rd 18,0 New Lakeland Tile It Crossroads Business Center I 17,000 Expansion East Side Driveshaft 850 E Adamo Dr 13,200 New East Side Candy Coated 2211 N 38th St 11,000 New Downtown Tampa Residential Acoustics, LLC* Jetport Commerce Park 517 8,27 New Airport/Westshore Absolute Courier & Transport* Jetport Commerce Park 516 8,000 New Airport/Westshore * Avison Young handled this transaction Significant Fourth Quarter 2018 Sales Transactions - Sorted by Sale Price Property SF Sale Price Price/SF Cap Rate Buyer Submarket Key Logistics Building ,000 $2,63, $82 NA DHL Supply Chain Lakeland Executive Industrial Park 201,620 $17,550,000 $ % Geneva Property Group Airport/Westshore 330 N Ingraham Ave 232,127 $17,6,000 $ NA New Mountain Capital Lakeland Westshore Logistics Center 166,255 $16,300,000 $ % Equitable Real Estate Partners Airport/Westshore Centre I 2-62 Ware Blvd 97,00 $8,0,000 $89 NA Cabot Properties, Inc. East Side 60 Brian Dairy Rd/ ,77 $7,250,000 $21 NA Zygal Ltd. Mid-Pinellas/Gateway 08 W Linebaugh Ave 126,270 $,728,500 $37 NA MoreSpace Management, LLC Airport/Westshore 20 Avison Young - Florida, LLC. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.

5 Year-End 2018Office Market Report Orlando Ho l i d ay NORTH PINELLAS Ta r p o n Springs MID PINELLAS-GATEWAY PASCO COUNTY PINELLAS COUNTY SOUTH PINELLAS Tr i n i t y Ch eva l Keys to n e 597 No r t h d a l e Ci t ru s Pa rk 2 We s tc h a s e BUS Ca r ro l l wo o d U n i ve r s i t y USF 597 Oldsmar 1 Tow n ' N ' Co u nt r y S a fe t y H a rb o r Ta m p a Int l Airport Cl e a r wate r 699 Belleair 611 Belleair 686 Indian Rocks 688 Indian Sh o re s R e d i n g to n Sh o re s L a rg o Seminole 0 Downtown Tampa BUS Th o n o to s a s s a 57 S e ff n e r 57 Mango P l a nt Ci t y D ove r 301 Port of Tampa B ra n d o n 618 Va l r i co Pa l m R i ve r Cl a i r M e l Pro g re s s Vi l l a g e Pi n e l l a s Pa rk 582 Te m p l e Te r ra ce Ta m p a Channelside Fe at h e r Sound B a rd m o o r 582A 583 E a s t O r i e nt Pa rk S t Pe te - C l e a r wate r Int l Airport Eg y p t - Le to Magdalene 589 POLK COUNTY Lu t z East Dunedin Cr ys t a l Springs Odessa 611 Pa l m H a rb o r Ze p hy rh i l l s We s l ey Ch a p e l Land O' s 98 Bloomingdale POLK CITY 39 POLK COUNTY 33 R i ve r v i ew Macdill AFB Fi s h H aw k G i b s o nto n Le a l m a n B ay 699 Pi n e s M a d e i ra R e d i n g to n 3 Tre a s u re Is l a n d South Pa s a d e n a S a i nt Pe te r s b u rg Ap o l l o 1 Gulfport St. Pe te L akeland PINELLAS SUBMARKETS Ruskin S u n Ci t y Ce nte r Wi m a u m a MANATEE COUNTY Balm 67 Ti e r ra Ve rd e HILLSBOROUGH SUBMARKETS NW TAMPA E HILLSBOROUGH - PLANT CITY WESTSHORE EAST SIDE SOUTH TAMPA DOWNTOWN TAMPA Contact Information Ken Lane, Principal and Managing Director 1715 N Westshore Blvd, Suite 50 Tampa, FL ken.lane@ Clay Witherspoon, Principal and Managing Director 1715 N Westshore Blvd, Suite 50 Tampa, FL clay.witherspoon@ Tim Callahan, Principal 1715 N Westshore Blvd, Suite 50 Tampa, FL tim.callahan@ Trey Carswell, Principal 1715 N Westshore Blvd, Suite 50 Tampa, FL trey.carswell@ Allen Henderson, Vice President 1715 N Westshore Blvd, Suite 50 Tampa, FL allen.henderson@ Lisa Ross, Senior Vice President 1715 N Westshore Blvd, Suite 50 Tampa, FL lisa.ross@ Lisa McNatt, Director of Research 135 W Central Blvd, Suite 700 Orlando, FL lisa.mcnatt@ 20 Avison Young - Florida, LLC. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.