1. Bay Area Apartment Association & TRIAD Research & Consulting, Inc. 20 th Annual Tampa Bay Multifamily Developers Forum “Let It Be, Let It Be..” Positive Performance Trends Occurring While New Construction Continues Vigorously Tampa Westshore Marriott Hotel November 20 th, 2014 Sponsored by:

2. Triad Research & Consulting, Inc. BAAA TAMPA BAY DEVELOPERS FORUM HISTORICAL PROGRAM TITLES 2005 - 2014 2010 "READY….SET…. GO !!! THE MULTIFAMILY MARKET IS COMING BACK" 2011 "THE MULTIFAMILY MARKET - TODAY AND IN THE FUTURE" 2012 "NEW CONSTRUCTION RETURNS" 2013 "LET THE GOOD TIMES ROLL - BUY IT, BUILD IT, OR REHAB IT" 2014 "LET IT BE………LET IT BE" "POSITIVE PERFORMANCE TRENDS IN OCCUPANCY & RENT GROWTH WHILE NEW CONSTRUCTION CONTINUES VIGOROUSLY" 2004 "WHERE ARE THE OPPORTUNITIES" 2005 "WILL IT BE THE AGE of AQUAIUS or THE TWIGHLIGHT ZONE" 2006 "CHANGES IN LATITUDE & CHANGES IN ATTITUDE - HOW TO MOVE FORWARD" 2007 "BACK TO THE FUTURE… "AVAILABILITY... AFFORDABILITY... CHALLENGES IN THE NEW WORLD ORDER“ 2008 "NEW CHALLENGES IN A CHANGING WORLD“ 2009 "GETTING BACK IN THE GAME"

3. Triad Research & Consulting, Inc. HISTORICAL EMPLOYMENT TRENDS

4. Triad Research & Consulting, Inc. SINGLE FAMILY PERMIT TRENDS

5. Triad Research & Consulting, Inc. MULTIFAMILY PERMIT TRENDS

6. Triad Research & Consulting, Inc. OCCUPANCY TRENDS

7. Triad Research & Consulting, Inc. RENTAL PRICING TRENDS

8. Triad Research & Consulting, Inc.

14. 2014-2015 TAMPA BAY AREA PIPELINE & NEW CONSTRUCTION REPORT UC/LeasingPlanned/Proposed 201320142014 – 20152015 – 2016 MARKETDevUnitsDevUnitsDevUnitsDevUnits Hillsborough132,829184,76061,6911350 Pinellas122,172123,28992,25200 Pasco4856590625502559 Polk000025472465 Manatee256741,198248200 Sarasota13260036762397 Bay Area326,7503910,153246,19871,771

15. Triad Research & Consulting, Inc. HILLSBOROUGH PIPELINE

16. Triad Research & Consulting, Inc. PINELLAS PIPELINE

17. Triad Research & Consulting, Inc. PASCO PIPELINE

18. Triad Research & Consulting, Inc. MANATEE/SARASOTA PIPELINE

19. Triad Research & Consulting, Inc. MULTIFAMILY TRENDS TAMPA BAY AREA HILSUBURBAN LAND OPPS BEGINNING TO SHRINK/DECLINE - BRANDON, WESTCHASE, WESTSHORE & DOWNTOWN ACTIVE NEW CONS WESTSHORE – COMPLETE, MARKET RECOVERY COMPLETE PINSOME CONS IN GATEWAY, CARRILON & URBAN ST PETE – MARKET RECOVERY COMPLETE - URBAN & URBAN/SUBURBAN MOST ACTIVE PASONLY ACTIVE NEW CONS SR 54 – NEW DEMAND EXPANDING OUT OF DISTRESSED DRI’s TRINITY & SO CO & WESLEY CHAPLE - MARKET RECOVERY HAPPENING NOW-AS LAND DIMINISHES IN H & P MOVE NORTH POLLAND AVAIL/AFFORD FOR FUTURE PIPELINE – NO NEW CONS - NO ACTIVITY AT THIS TIME MANLAND AVAIL & DEMAND SUPPORTS MODERATE DEV – BENEFIT FROM SOUTHWARD H EXPANSION & PIN BUILDOUT – CONS ACTIVITY IN LWR & I-75 – AFFORD IN CITY LOCATIONS - MARKET RECOVERY STRONG SARNEW CONST FINALLY RETURN DWNTWN & I-75 CORRIDOR – MARKET RECOVERY COMPLETE – OCC & RENT GROWTH STRONG GLOBAL TRENDS NEW CONST RETURN STRONG – DEMAND STILL OUTPACING SUPPLY - OCC RECOVERY TO 95%-97% & ANNUAL RENTAL REVENU GROWTH 4%-6%NOW – GOOD OPP FOR 24-48 MONTHS – MOSTLY URBAN & SOME SUBURBAN.

20. Triad Research & Consulting, Inc. RENTAL HOUSING DEMAND NEW DYNAMICS OF THE METHODOLOGIES OF PROJECTING RENTER DEMAND SUPPLYSUPPLY NOT KEEPING PACE WITH DEMAND – NEW CONSTRUCTION VIGOROUS – SOME SUBURBAN (BRANDON) UP - SHIFT FROM OWNERSHIP TO RENTAL HOUSING FOR LIFESTYLE & AFFORDABILITY & CONSUMER CHOICE – BAY AREA NEEDING 5K TO 6K PER YEAR INCOMESADJUSTED HH INCOMES - JOB LOSS (REDUCED HH INCOME) – SAVINGS LOSS - CREDIT LOSS – RENTING MORE AFFORD THAN OWNERSHIP – OWNERSHIP ADVANTAGES NOT YET RETURNED CONSUMERADJUSTED HOUSING CHOICES – URBAN & URBAN/SUBURBAN BEHAVIORS DESIRED CHOICE INCOME DRIVEN CHOICES–BETTER LOCATIONS FOR RENTASL – LESS COMMUTING THEORYDEMAND 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.

21. THANK YOU Sponsored by: 20th Annual Tampa Bay Multifamily Developers Forum Bay Area Apartment Association & TRIAD Research & Consulting, Inc.