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 $743 1970-1979 $789 1980-1989 $864 1990-1999 $959 2000-2009 $1,132 After 2009 $1,213 All $965 Number of Properties Low 25% Mean Median 75% High $463 $688 $965 $794 $997 $1,269 22 13 12 10 10 10 4 2 Low 25% Mean Median 75% High - 6.3% - 0.3% 3.4% 1.0% 5.2% 10.5% 35 Number of Properties 12 13 12 4 5 1 0 Under $561 $562 $679 $680 $797 $798 $916 $915 $1,033 $1,034 $1,152 $1,270 $1,151 $1,269 Over Under -11.6% - 8.1% -11.7% - 8.2% - 4.7% - 4.6% - 1.1% 2.4% - 1.2% 2.3% 5.8% 5.9% 9.3% 9.4% Over 21% Negative Growth Positive Growth79% Qtr Ending 06/30/18 Section 2 - Rent Growth Comparisons Quarterly Asking Rent Growth Annualized 2Q18 1Q18 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Tallahassee 3.4% - 0.2% 1.6% 3.8% 2.6% 2.3% 2.7% South Atlantic 1.3% 1.0% 1.1% 4.5% 4.5% 3.9% 2.9% United States 1.3% 1.0% 1.1% 4.5% 4.8% 4.4% 3.0% Period Ending: 06/30/18 03/31/18 06/30/18 12/31/17 12/31/17 12/31/17 12/31/22 Metro Rank Total Metro Ranks Compared to: Metros 2Q18 1Q18 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic 80 2 79 7 35 46 48 24 United States 275 4 269 23 111 168 166 71 % Asking Rent Growth Rate Trends and Forecast 5.0 4.0 3.0 2.0 1.0 0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tallahassee 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 3.3% 1970-1979 3.8% 1980-1989 3.4% 1990-1999 2.8% 2000-2009 4.4% After 2009 11.4% All 4.2% Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 1.7% 4.2% 2.9% 4.7% 20.1% 70 8 2 1 1 0 0 1 Under 6.0% 6.1% 12.2% 18.3% 24.4% 30.5% 36.6% 42.7% 12.1% 18.2% 24.3% 30.4% 36.5% 42.6% Over Section 4 - Vacancy Rate Comparisons Quarterly Vacancy Rates Annualized 2Q18 1Q18 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Tallahassee 4.2% 3.9% 4.1% 3.5% 3.9% 4.3% 4.6% South Atlantic 5.1% 5.0% 5.1% 4.8% 4.9% 5.0% 5.8% United States 4.7% 4.6% 4.6% 4.4% 4.4% 4.4% 5.3% Period Ending: 06/30/18 03/31/18 06/30/18 12/31/17 12/31/17 12/31/17 12/31/22 Metro Rank Total Metro Ranks Compared to: Metros 2Q18 1Q18 YTD 1 Year 3 Year 5 Year 5 Yr Forecast South Atlantic 80 33 29 33 18 18 21 43 United States 275 139 123 134 91 108 128 163 % Vacancy Rate Trends and Forecast 5.5 5.0 4.5 4.0 Tallahassee South Atlantic US 3.5 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 2Q 2018 Avg. SF Avg. Rent PSF YTD 1 Year Studio/Efficiency $703 372 $ 1.89 4.9% 1.2% One Bedroom $834 727 $ 1.15 3.1% 3.5% Two Bedroom $1,004 1054 $ 0.95 3.2% 3.7% Three Bedroom $1,255 1403 $ 0.89 3.1% 4.5% Average over period ending: 06/30/18 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 Tallahassee South Atlantic US Tallahassee South Atlantic US Tallahassee $703 $834 $1,004 $1,255 South Atlantic $960 $1,067 $1,203 $1,412 United States $1,090 $1,211 $1,408 $1,675 Tallahassee $ 1.89 $ 1.15 $ 0.95 $ 0.89 South Atlantic $ 1.58 $ 1.16 $ 0.92 $ 0.84 United States $ 1.86 $ 1.38 $ 1.11 $ 1.02 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 5.0-60 $852 2.3% 373,830-0.2% 147,220 0.0% $89,741-2.6% 168,570 0.9% 2014 Y 4.7-30 $866 1.6% 376,990 0.8% 148,090 0.6% $94,905 5.8% 172,930 2.6% 2015 Y 3.8-90 $869 0.4% 378,470 0.4% 148,100 0.0% $98,828 4.1% 173,200 0.2% 2016 Q3 3.4-10 $891 0.7% 379,530 0.1% 148,360-0.1% $100,499 1.1% 179,130 1.3% 2016 Q4 3.1-30 $901 1.1% 380,240 0.2% 148,770 0.3% $99,060-1.4% 180,170 0.6% 2016 Y 3.1-70 $901 3.7% 380,240 0.5% 148,770 0.5% $99,060 0.2% 180,170 4.0% 2017 Q1 3.1 0 $905 0.5% 381,250 0.3% 149,260 0.3% $100,573 1.5% 179,700-0.3% 2017 Q2 3.0-10 $916 1.2% 382,630 0.4% 149,490 0.2% $100,616 0.0% 180,130 0.2% 2017 Q3 3.2 20 $929 1.4% 383,660 0.3% 149,870 0.3% $100,433-0.2% 178,970-0.6% 2017 Q4 3.9 70 $935 0.6% 384,780 0.3% 150,300 0.3% $101,176 0.7% 180,370 0.8% 2017 Y 3.9 80 $935 3.8% 384,780 1.2% 150,300 1.0% $101,176 2.1% 180,370 0.1% 2018 Q1 3.9 0 $933-0.2% 385,920 0.3% 150,770 0.3% $102,088 0.9% 181,600 0.7% 2018 Q2 4.2 30 $965 3.4% 387,100 0.3% 151,410 0.4% $103,418 1.3% 182,210 0.3% 2018 Y 4.4 50 $975 4.3% 389,500 1.2% 152,740 1.6% $106,560 5.3% 183,730 1.9% 2019 Y 4.5 10 $991 1.6% 394,260 1.2% 155,320 1.7% $112,591 5.7% 186,360 1.4% 2020 Y 4.5 0 $1,013 2.3% 399,290 1.3% 157,830 1.6% $117,113 4.0% 186,430 0.0% 2021 Y 4.4-10 $1,041 2.8% 404,770 1.4% 160,500 1.7% $122,648 4.7% 187,060 0.3% 2022 Y 4.6 20 $1,069 2.6% 410,890 1.5% 163,550 1.9% $128,763 5.0% 189,470 1.3% Section 7 - Metro Inventory Characteristics Inventory By Building Age Multifamily Permit Filings Market-Rate Properties by Number of Floors Year Built Percent Before 1970 4.0% 1970-1979 33.0% 1980-1989 21.0% 1990-1999 18.0% 2000-2009 16.0% After 2009 8.0% All 100.0% Apartment Stock Traits Size (units) Mean 138 Median 113 Low 40 High 443 Year Total Units 1998 497 1999 707 2000 771 2001 650 2002 1,016 2003 998 2004 1,337 2005 1,092 2006 514 2007 731 2008 225 2009 284 2010 24 2011 230 2012 359 2013 627 2014 700 2015 688 2016 238 YTD 2017 429 Source:US Census Data 3% 97% One to Three Floors Four Floors and Up Market Rate Units by County County Pct% of Total MSA LEON 99% LEON COUNTY 1% Copyright 2018 Reis, Inc. Page 4

Section 8 - Economy Labor Force Data (*000) 01/26/2018 Civilian Labor Force 192.2 Employment 185.3 Unemployment 7 Unemployment Rate 3.6 5.6% Tallahassee Non-Farm Employment by Sector 4.2% 4.2% 1.7%1.6% Nonfarm Wage and Salary Employment By Sector (*000) Total Nonfarm 184.7 Government 62.8 Trade, Transportation, and Utilities 25.7 Education and Health Services 22.7 Professional and Business Services 21.4 10.9% 34.0% Government Trade, Transportation, and Utilities Education and Health Services Professional and Business Services Leisure and Hospitality Other Services Mining, Logging, and Construction Financial Activities Manufacturing Information Leisure and Hospitality 20.1 11.6% Other Services 10.4 Mining, Logging, and Construction 7.8 13.9% Financial Activities 7.8 12.3% Manufacturing 3.1 Information 2.9 Bureau of Labor Statistics January 26, 2018 Bureau of Labor Statistics January 26, 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.