Bay Area Apartment Association & TRIAD Research & Consulting, Inc. 18 th Annual Tampa Bay Multifamily Developers Forum “The Tampa Bay Rental Multi-Family Market : New Construction Returns” Tampa Westshore Marriott Hotel November 28 th, 2012 Sponsored by:

Triad Research & Consulting, Inc. HISTORICAL EMPLOYMENT TRENDS

Triad Research & Consulting, Inc. SINGLE FAMILY PERMIT TRENDS

Triad Research & Consulting, Inc. MULTIFAMILY PERMIT TRENDS

Triad Research & Consulting, Inc. OCCUPANCY TRENDS triadtriad

Triad Research & Consulting, Inc. RENTAL PRICING TRENDS

Triad Research & Consulting, Inc TAMPA BAY AREA PIPELINE & NEW CONSTRUCTION REPORT UC/Leasing 2012 Planned – 2013 – 2014 Proposed – ON-HOLD MARKETDevUnitsDevUnitsDevUnits Hills 113,333193, Pinellas , Pasco , Polk Manatee , Sarasota Bay Area 174, ,42682,278

Triad Research & Consulting, Inc. BAY AREA PIPELINE

Triad Research & Consulting, Inc. HILLSBOROUGH PIPELINE

Triad Research & Consulting, Inc. PINELLAS PIPELINE

Triad Research & Consulting, Inc. PASCO PIPELINE

Triad Research & Consulting, Inc. POLK PIPELINE

Triad Research & Consulting, Inc. RENTAL HOUSING DEMAND NEW DYNAMICS OF THE METHODOLOGIES OF PROJECTING RENTER DEMAND SUPPLY LACK OF SUPPLY – LIMITED NEW CONSTRUCTION - CONTINUED SHIFT FROM OWNERSHIP TO RENTAL HOUSING INCOMES ADJUSTED HH INCOMES - JOB LOSS (REDUCED HH INCOME) – SAVINGS LOSS - CREDIT LOSS CONSUMERS ADJUSTED HOUSING CHOICES – INCOME DRIVEN CHOICES – - BETTER LOCATIONS – LESS COMMUTING – URBAN/SUBURBAN THEORY METHODOLOGIES OF POP/HH GROWTH, & JOB GROWTH NOW OUT,. NEW DYNAMICS ARE KEEPING DEMAND STRONG – ONLY CURRENT VIABLE METHODOLOGY IS ACTUAL MARKET PERFORMANCE & SHIFTING CONSUMER CHOICES.

Triad Research & Consulting, Inc. BAY AREA MULTIFAMILY TRENDS HILSUBURBAN LAND OPPS IN BRANDON, WESTCHASE & SOUTH COUNTY – ACTIVE NEW CONS WESTCHASE IN BRANDON & WESTSHORE & TAMPA PALMS & DOWNTOWN – COMPLETE, MARKET RECOVERY HAPPENING NOW PIN CONS IN GATEWAY & URBAN ST PETE – RESTABILIZING, MARKET RECOVERY HAPPENING NOW - LIMITED NEW SITES FOR CONS POTENTIAL PAS ONLY ACTIVE NEW CONS SR 54 – NEW DEMAND EXPANDING OUT OF DISTRESSED DRI’s – OPP IN MID COUNTY & WESLEY CHAPLE - MARKET RECOVERY HAPPENING NOW POL LAND AVAIL/AFFORD FOR FUTURE PIPELINE – NO NEW CONS - NO ACTIVITY AT THIS TIME DUE LOWER OCC & FINANCING DIFFICULTIES & NO RENT GROWTH MAN LAND AVAIL & DEMAND SUPPORTS FUTURE DEV – BENEFIT FROM SOUTHWARD HILLS EXPANSION & PINELLAS BUILDOUT IN THE FUTURE – CONS ACTIVITY IN LWR & I-75 AT THIS TIME – MARKET RECOVERY STRONG SAR NEW CONST FINALLY RETURNING DWNTWN-NORTH PORT- UNIV PKWY – MARKET NOW IN RECOVERY – LAND EXPENSIVE – OCC & RENT GROWTH MODERATE GLOBAL TRENDS NEW CONST RETURNING BUT SLOWED BY FINANCING – DEMAND CONTINUING TO GROW DUE TO DISTRESS SF & ECONOMIC TIMES - RECOVERY TO 94%-95% HAPPENING NOW – REGION STRONGER THAN MOST OF FLORIDA - FINANCING THE CHALLENGE – PLAYERS W/$$ WILL PLAY – GOOD OPPORTUNITIES FOR MONTHS

THANK YOU Sponsored by: 18th Annual Tampa Bay Multifamily Developers Forum Bay Area Apartment Association & TRIAD Research & Consulting, Inc.