5 th Annual Tampa Bay Area Mid-Year Multifamily Update “The Rental MF Market Crystal Ball – Where Do We Go From Here - Higher” Tampa Westshore Marriott Hotel June 21 st, 2012 Sponsored by: Bay Area Apartment Association TRIAD Research & Consulting, Inc.

Triad Research & Consulting, Inc. OCCUPANCY TRENDS triadtriad

Triad Research & Consulting, Inc. RENTAL PRICING TRENDS

Triad Research & Consulting, Inc PIPELINE & NEWCONSTRUCTION REPORT 2012 UC / LU PLANNED NC PROPOSED MARKETDevUnitsDevUnitsDevUnits Hills 2011 Hills ,923 2, ,634 2, ,925 1,932 Pines 2011 Pines , Pasco 2011 Pasco Polk 2011 Polk BA 2011 BA ,046 6, ,142 4, ,050 3,321

Triad Research & Consulting, Inc. BAY AREA MULTIFAMILY TRENDS HIL VACANT ZONED LAND OPPS IN BRANDON, DWNTWN, SOUTH COUNTY & WS– ACTIVE NEW CONS IN TAMPA PALMS – OCC RESTABLIZING UP ±2% & RENTS UP 2% - 4%, MARKET RECOVERY POSITIVE MARKET WIDE – SOME SUBMARKETS ±95% PIN ONLY CONS IN GATEWAY & URBAN ST PETE & BAY PINES – OCC STABILIZING WITH MARKET RECOVERY AROUND ±93% WITH SOME MARKETS ±95% PAS ONLY ACTIVE NEW CONS COUNTY LINE ROAD –MARKET RECOVERY ABOVE AVERAGE 93%-94% – NEW CONS CHALLENGED BY HIGH LAND COSTS - IMPACT FEES REDUCED – FEW SITES SOUTH CENTRAL & SW COUNTY POL LAND AVAIL/AFFORD FOR FUTURE PIPELINE – NO NEW CONS - NO ACTIVITY AT THIS TIME – OCC RECOVERY POSITIVE - ±92% GLOBAL TRENDS NEW CONST SLOWED BY FINANCING DIFFICULTY & LAND COSTS - DEMAND GREATER THAN EVER DUE TO DISTRESS SF & ECONOMIC TIMES - RECOVERY TO 94%-95% NOW AND 95%-965 IN 6-12 MONTHS FORECLOSURES & JOB CHANGES CREATING NEW DEMAND FOR RENTALS – EMPLOY STILL DOWN – REGION STRONGER THAN MOST OF FLORIDA - FINANCING THE CHALLENGE – PLAYERS W/$$ WILL PLAY – ACQ STILL STRONG

THANK YOU Sponsored by: 5 th Annual Bay Area Mid-Year Rental Multifamily Update