Performance Monitor Futures - PDF Free Download

Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $914 1970-1979 $885 1980-1989 $959 1990-1999 $967 2000-2009 $1,264 After 2009 $1,433 All $953 Number of Properties Low 25% Mean Median 75% High $689 $781 $953 $943 $1,062 $1,374 22 21 17 8 8 5 1 1 Low 25% Mean Median 75% High - 3.8% 0.3% 1.9% 2.3% 3.3% 12.9% 55 Number of Properties 9 11 3 2 1 1 1 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 80 8 38 6 50 30 22 18 United States 275 29 96 14 171 102 77 57 % 6.0 5.0 4.0 3.0 2.0 1.0 Asking Rent Growth Rate Trends and Forecast 0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Daytona Beach South Atlantic US Period ending 12/31/22 Copyright 2018 Reis, Inc. Page 1

Section 3 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before 1970 4.8% 1970-1979 4.4% 1980-1989 4.4% 1990-1999 4.3% 2000-2009 3.9% After 2009 5.4% 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% 42 17 18 4 1 0 0 1 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 80 44 57 57 42 43 45 53 United States 275 167 217 207 174 175 192 182 % Vacancy Rate Trends and Forecast 5.5 Daytona Beach 5.0 South Atlantic US 4.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Period ending 12/31/22 Copyright 2018 Reis, Inc. Page 2

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 $691 481 $ 1.44 6.1% 2.5% One Bedroom $822 706 $ 1.16 4.4% 2.1% Two Bedroom $1,021 1014 $ 1.01 5.9% 3.2% Three Bedroom $1,291 1267 $ 1.02 4.2% 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

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 5.3-160 $774 2.3% 604,530 1.2% 254,190 1.3% $84,975-1.0% 180,170 2.7% 2014 Y 5.5 20 $811 4.7% 615,390 1.8% 258,270 1.6% $89,380 5.2% 184,100 2.2% 2015 Y 4.2-130 $848 4.6% 629,570 2.3% 263,230 1.9% $92,681 3.7% 191,400 4.0% 2016 Q4 4.2-10 $880 1.1% 643,560 0.5% 268,030 0.5% $94,126 0.0% 199,030 0.0% 2016 Y 4.2 0 $880 3.8% 643,560 2.2% 268,030 1.8% $94,126 1.6% 199,030 4.0% 2017 Q1 4.1-10 $880 0.0% 646,550 0.5% 269,220 0.4% $95,764 1.7% 199,930 0.5% 2017 Q2 3.8-30 $888 0.9% 649,200 0.4% 270,160 0.3% $95,849 0.1% 200,430 0.3% 2017 Q3 5.1 130 $896 1.0% 652,550 0.5% 270,090 0.0% $96,656 0.8% 200,400 0.0% 2017 Q4 5.0-10 $905 0.9% 656,620 0.6% 271,910 0.7% $95,639-1.1% 201,630 0.6% 2017 Y 5.0 80 $905 2.8% 656,620 2.0% 271,910 1.4% $95,639 1.6% 201,630 1.3% 2018 Q1 5.7 70 $924 2.2% 660,630 0.6% 273,610 0.6% $96,275 0.7% 202,770 0.6% 2018 Q2 5.3-40 $935 1.2% 664,660 0.6% 275,730 0.8% $97,205 1.0% 204,030 0.6% 2018 Q3 4.4-90 $953 1.9% 668,730 0.6% 277,870 0.8% $98,160 1.0% 205,590 0.8% 2018 Y 4.7-30 $961 6.2% 672,810 2.5% 280,180 3.0% $99,461 4.0% 207,490 2.9% 2019 Y 4.8 10 $974 1.4% 689,070 2.4% 288,930 3.1% $103,448 4.0% 212,350 2.3% 2020 Y 4.8 0 $995 2.2% 705,300 2.4% 297,220 2.9% $106,351 2.8% 213,090 0.3% 2021 Y 4.9 10 $1,022 2.7% 721,710 2.3% 305,550 2.8% $110,728 4.1% 214,210 0.5% 2022 Y 5.0 10 $1,048 2.5% 738,220 2.3% 314,120 2.8% $115,427 4.2% 217,930 1.7% Section 7 - Metro Inventory Characteristics Inventory By Building Age Multifamily Permit Filings Market-Rate Properties by Number of Floors Year Built Percent Before 1970 9.0% 1970-1979 17.0% 1980-1989 38.0% 1990-1999 3.0% 2000-2009 24.0% After 2009 10.0% All 100.0% Apartment Stock Traits Size (units) Mean 165 Median 148 Low 40 High 508 Year Total Units 1998 138 1999 601 2000 458 2001 1,238 2002 789 2003 1,341 2004 1,552 2005 1,760 2006 881 2007 633 2008 323 2009 74 2010 76 2011 511 2012 93 2013 288 2014 170 2015 142 2016 482 2017 0 YTD 2018 186 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

Section 8 - Economy Labor Force Data (*000) 10/19/2018 Civilian Labor Force 302.9 Employment 291.3 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 204.7 Education and Health Services 39.7 Trade, Transportation, and Utilities 39.4 Leisure and Hospitality 32.6 Professional and Business Services 24.2 7.1% 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 11.9 11.8% Other Services 9.2 15.9% 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

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 1980. 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.