1. Florida Apartment Overview Presented By: Byron Moger Executive Director Florida Apartment Brokerage Services Cushman & Wakefield of Florida, Inc.

2. 1 Global C&W Locations

3. 2 ABS C&W Locations

4. 3 Florida ABS C&W Locations

5. 4 Economic Overview EMPLOYMENT Oct - 09 Oct - 10 Percentage Growth 2009-2010 Miami - Ft. Lauderdale - Pompano Beach MSA2,542,8542,555,4400.5% Tampa- St. Petersburg - Clearwater MSA1,157,1161,149,988-0.6% Orlando - Kissimmee MSA995,3021,000,7660.5% Jacksonville MSA611,984609,963-0.3% Statewide5,307,1665,316,1570.1% SOURCE: Florida Agency for Workforce Innovation 2009 Percentage of Total Miami - Ft. Lauderdale - Pompano Beach MSA5,445,71429.38% Tampa- St. Petersburg - Clearwater MSA2,747,27214.82% Orlando - Kissimmee MSA2,082,42111.23% Jacksonville MSA1,328,1447.16% Statewide18,537,969 SOURCE: US Census POPULATION

6. 5 Economic Overview CONDOMINIUMS (Median Sale Prices) Oct - 06 Oct - 10 Percentage Growth 2006-2010 Miami$250,000$107,700-59.92% Tampa- St. Petersburg - Clearwater$159,900$81,600-48.97% Orlando$163,800$50,700-69.05% Jacksonville$152,600$66,400-56.49% Statewide$209,200$82,400-60.61% SOURCE: Florida Association of Realtors SINGLE-FAMILY, EXISTING HOMES (Median Sales Prices) Oct - 06 Oct - 10 Percentage Growth 2006-2010 Miami$356,000$199,100-44.07% Tampa- St. Petersburg - Clearwater$225,800$137,900-38.93% Orlando$267,100$130,800-51.03% Jacksonville$197,900$141,000-28.75% Statewide$242,500$136,000-43.67% SOURCE: Florida Association of Realtors

7. 6 Supply BUY AT A 6% CAP RATE Or BUILD TO AN 8% CAP RATE

8. 7 Florida Average Apartment Price Per Unit HISTORICAL COMPARISON

9. 8 US Interest Rates & Florida Cap Rates

10. 9 Apartment Sales Volume by Metropolitan Area FLORIDA MULTIFAMILY SOURCE: Real Capital Analytics, C&W Capital Markets Group

11. 10 Florida Distress Sales AS A PERCENT OF TOTAL SOURCE: Real Capital Analytics

12. 11 US Monthly Apartment Distress Volume CUMULATIVE DISTRESS SOURCE: Real Capital Analytics

13. 12 US Monthly Apartment Distress Volume ADDITIONS & REDUCTIONS TO DISTRESS SOURCE: Real Capital Analytics, C&W’s Capital Markets Group

14. 13 Florida 2010 Top 10 Buyers FLORIDA BuyerCapital Group Acquisitions (In Mil.) Number of Properties Avg. Price (in Mil.) TA RealtyInstitutional139.9346.6 Covenant Capital GroupPrivate60.6320.2 DeBartolo DevelopmentPrivate31.7310.6 Fred CochranPrivate22.737.6 Group LSRPrivate9.733.2 Invesco Real EstateInstitutional113.3256.7 Gulfstream Capital PartnersPrivate87243.5 Area Property PartnersEquity Fund84.8242.4 TGM AssociatesInstitutional73236.5 Praedium GroupEquity Fund61.6230.8 SOURCE: Real Capital Analytics

15. 14 2010 Top 10 Sellers FLORIDA SOURCE: Real Capital Analytics SellerCapital Group Dispositions (In Mil.) Number of Properties Avg. Price (in Mil.) AIMCOPublic85517 Related CompaniesPrivate4403146.7 Prudential RE AdvisorsInstitutional173.5357.8 BF GroupPrivate67.2322.4 FL Housing Finance GroupUser/ Other33.4311.1 Ocean BankInstitutional23.137.7 Baucher & Co.Private9.733.2 Bank of AmericaInstitutional152.1276 Fidelity InvestmentsInstitutional93.6246.8 Epoch PropertiesPrivate85.8242.9

16. 15 THANK YOU