OFFICE C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Office Fundamentals 2.95 MM SF Forecasted Absorption C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 OFF BB Template V1.xlsx Notes 18Q4: 3.61 MM SF Absorbed

Projected Length of Office Supply Current Available SF: 29.82 Million Annual Absorption 2018: 3.61 Million SF Projected Length of Supply: 8.3 years Avg. Annual Absorption 2019-23 (forecast): 2.43 Million SF Projected Length of Supply: 12.3 years C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Average Office Rental Rate C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: Source: CoStar As of 1/10/2019

3.1 Million SF of Office Space Under Construction 3.1 Million SF Under Construction C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 OFF BB Template V1.xlsx Notes 18Q4: Source: CoStar * Building height denotes RBA As of 1/10/2019

Phoenix Office Sales Volume And Pricing 2018: 1,003 Transactions C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 17Q4:

INDUSTRIAL C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Industrial Fundamentals 6.2 MM SF Forecasted Absorption 7.9 MM SF Absorbed C:\Users\mpetrivelli\Desktop\MP copy 19Q1 Ind BB Template V1.xlsx Notes 18Q4:

Projected Length of Retail Supply Current Available SF: 35 Million SF Annual Absorption 2018: 7.9 Million SF Projected Length of Supply: 4.4 years Avg. Annual Absorption 2019-23 (forecast): 5.24 Million SF Projected Length of Supply: 6.7 years C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Average Industrial Rental Rate C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: Source: CoStar As of 1/10/2019

5.6 Million SF of Industrial Space Under Construction 5.6 Million SF Under Construction C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 OFF BB Template V1.xlsx Notes 18Q4: Source: CoStar * Building height denotes RBA As of 1/10/2019

Phoenix Industrial Sales Volume And Pricing 2018: 947 Transactions C:\Users\mpetrivelli\Desktop\MP copy 19Q1 Ind BB Template V1.xlsx Notes 17Q4:

RETAIL C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Retail Fundamentals 1.49 MM SF Forecasted Absorption C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: 2.64 MM SF Absorbed

Projected Length of Retail Supply Current Available SF: 19.84 Million SF Annual Absorption 2018: 2.64 Million SF Projected Length of Supply: 7.5 years Avg. Annual Absorption 2019-23 (forecast): 1.21 Million SF Projected Length of Supply: 16.4 years C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Average Retail Rental Rate C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: Source: CoStar As of 1/10/2019

Average Rental Rate (NNN) Retail Rents Class Type Average Rental Rate (NNN) Box Space (10K-250K SF) $14.60/SF/YR Class A $23.36/SF/YR Class B $18.02/SF/YR Class C $14.87/SF/YR C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: Source: CoStar As of 1/23/2019

622,000 SF of Retail Space Under Construction 630,000 SF Under Construction C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 OFF BB Template V1.xlsx Notes 18Q4: Source: CoStar * Building height denotes RBA As of 1/10/2019

Phoenix Retail Sales Volume And Pricing 2018: 1,074 Transactions C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 17Q4:

Retail Sales Asset Type Sales Volume Average Price Per SF Single Tenant $760 Million $223 Multi-Tenant $1.1 Billion $165 C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: Source: CoStar As of 1/23/2019

MULTIFAMILY C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4:

Phoenix Annual Multifamily Transactions C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 RET BB Template V1.xlsx Notes 18Q4: Source: CoStar As of 1/10/2019

Phoenix Multifamily Sales Volume And Pricing $147,000/Unit C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 APT BB Template V1.xlsx Notes 18Q4:

Phoenix Average Transactional Cap Rate By Property Type C:\Users\mpetrivelli\Desktop\MP Copy of 19Q1 APT BB Template V1.xlsx