Performance Monitor Futures

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1 Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $ $ $ $ $1,264 After 2009 $1,433 All $953 Number of Properties Low 25% Mean Median 75% High $689 $781 $953 $943 $1,062 $1, Low 25% Mean Median 75% High - 3.8% 0.3% 1.9% 2.3% 3.3% 12.9% 55 Number of Properties Under $784 $785 $909 $908 $1,032 $1,033 $1,157 $1,281 $1,405 $1,529 $1,156 $1,280 $1,404 $1,528 Over Under - 3.7% - 0.1% 3.5% - 3.8% - 0.2% 3.4% 7.0% 7.1% 10.7% 14.3% 17.9% 10.6% 14.2% 17.8% Over 14% Negative Growth Positive Growth86% Qtr Ending 09/30/18 Section 2 - Rent Growth Comparisons Quarterly Asking Rent Growth Annualized 3Q18 2Q18 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Daytona Beach 1.9% 1.2% 1.8% 2.8% 3.7% 3.6% 3.0% South Atlantic 1.3% 1.4% 1.3% 4.5% 4.5% 3.9% 3.0% United States 1.2% 1.4% 1.2% 4.5% 4.8% 4.4% 3.1% Period Ending: 09/30/18 06/30/18 09/30/18 12/31/17 12/31/17 12/31/17 12/31/22 Metro Rank Total Metro Ranks Compared to: Metros 3Q18 2Q18 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic United States % Asking Rent Growth Rate Trends and Forecast Daytona Beach South Atlantic US Period ending 12/31/22 Copyright 2018 Reis, Inc. Page 1

2 Section 3 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before % % % % % After % All 4.4% Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 4.1% 4.4% 5.0% 6.1% 10.6% Under 2.9% 3.0% 5.9% 6.0% 8.9% 9.0% 12.0% 15.0% 18.0% 21.0% 11.9% 14.9% 17.9% 20.9% Over Section 4 - Vacancy Rate Comparisons Quarterly Vacancy Rates Annualized 3Q18 2Q18 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Daytona Beach 4.4% 5.3% 5.1% 4.6% 4.7% 5.2% 5.0% South Atlantic 5.1% 5.0% 5.0% 4.8% 4.9% 5.0% 5.7% United States 4.7% 4.6% 4.6% 4.4% 4.4% 4.4% 5.2% Period Ending: 09/30/18 06/30/18 09/30/18 12/31/17 12/31/17 12/31/17 12/31/22 Metro Rank Total Metro Ranks Compared to: Metros 3Q18 2Q18 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic United States % Vacancy Rate Trends and Forecast 5.5 Daytona Beach 5.0 South Atlantic US Period ending 12/31/22 Copyright 2018 Reis, Inc. Page 2

3 Section 5 - Unit Mix Rent Details Current Metro Average Rents and Sizes Asking Rent Growth 3Q 2018 Avg. SF Avg. Rent PSF YTD 1 Year Studio/Efficiency $ $ % 2.5% One Bedroom $ $ % 2.1% Two Bedroom $1, $ % 3.2% Three Bedroom $1, $ % 3.2% Average over period ending: 09/30/18 12/31/17 Asking Rent Comparisons $2.00 Asking Rent Per SF $1,500 $1,000 $1.50 $1.00 $500 $0.50 $0 $0.00 Daytona Beach South Atlantic US Daytona Beach South Atlantic US Daytona Beach $691 $822 $1,021 $1,291 South Atlantic $973 $1,081 $1,223 $1,431 United States $1,104 $1,226 $1,429 $1,702 Daytona Beach $ 1.44 $ 1.16 $ 1.01 $ 1.02 South Atlantic $ 1.59 $ 1.18 $ 0.94 $ 0.85 United States $ 1.89 $ 1.39 $ 1.13 $ 1.03 Copyright 2018 Reis, Inc. Page 3

4 Year Qtr Vacancy Rate Vacancy Change (BPS) Asking Rent Ask Rent % Chg Section 6 - Metro Data Population Pop % Chg Households HH % chg Avg HH Income AHHI% Chg Employment Emp% Chg 2013 Y $ % 604, % 254, % $84, % 180, % 2014 Y $ % 615, % 258, % $89, % 184, % 2015 Y $ % 629, % 263, % $92, % 191, % 2016 Q $ % 643, % 268, % $94, % 199, % 2016 Y $ % 643, % 268, % $94, % 199, % 2017 Q $ % 646, % 269, % $95, % 199, % 2017 Q $ % 649, % 270, % $95, % 200, % 2017 Q $ % 652, % 270, % $96, % 200, % 2017 Q $ % 656, % 271, % $95, % 201, % 2017 Y $ % 656, % 271, % $95, % 201, % 2018 Q $ % 660, % 273, % $96, % 202, % 2018 Q $ % 664, % 275, % $97, % 204, % 2018 Q $ % 668, % 277, % $98, % 205, % 2018 Y $ % 672, % 280, % $99, % 207, % 2019 Y $ % 689, % 288, % $103, % 212, % 2020 Y $ % 705, % 297, % $106, % 213, % 2021 Y $1, % 721, % 305, % $110, % 214, % 2022 Y $1, % 738, % 314, % $115, % 217, % Section 7 - Metro Inventory Characteristics Inventory By Building Age Multifamily Permit Filings Market-Rate Properties by Number of Floors Year Built Percent Before % % % % % After % All 100.0% Apartment Stock Traits Size (units) Mean 165 Median 148 Low 40 High 508 Year Total Units , , , , YTD Source:US Census Data 3% 97% One to Three Floors Four Floors and Up Market Rate Units by County County Pct% of Total MSA VOLUSIA 91% VOLUSIA COUNTY 4% FLAGLER 4% PUTNAM 0% Copyright 2018 Reis, Inc. Page 4

5 Section 8 - Economy Labor Force Data (*000) 10/19/2018 Civilian Labor Force Employment Unemployment 11.7 Unemployment Rate 3.9 Daytona Beach Non-Farm Employment by Sector 4.0% 1.2% 4.5% 19.4% 5.8% Nonfarm Wage and Salary Employment By Sector (*000) Total Nonfarm Education and Health Services 39.7 Trade, Transportation, and Utilities 39.4 Leisure and Hospitality 32.6 Professional and Business Services % 11.0% 19.2% Education and Health Services Trade, Transportation, and Utilities Leisure and Hospitality Professional and Business Services Government Mining, Logging, and Construction Manufacturing Other Services Financial Activities Information Government 22.6 Mining, Logging, and Construction 14.6 Manufacturing % Other Services % Financial Activities 8.1 Information 2.4 Bureau of Labor Statistics October 19, 2018 Bureau of Labor Statistics October 19, 2018 Copyright 2018 Reis, Inc. Page 5

6 Section 9 - Metro Area Map: Daytona Beach Click here for a glossary of terms, or go to Copyright 2018 Reis, Inc. Page 6

7 About Reis Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing properties and affordable housing, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers. Copyright 2018 Reis, Inc.