1. Apartment Report Breakfast October 15, 2014 Greg Frick, Partner HFO Investment Real Estate

2. When will the party end?

4. Portland’s Strong Fundamentals Continued in-migration Low vacancy rates Strong Rent growth Job creation

6. Possible Party Fouls Interest rate and Cap rate increase Impact of new construction Wage stagnation

7. Look Ahead Institutional transactions: steady Non-institutional transactions: increasing Valuations increase due to NOI Increases

8. For now

9. All Apartments. All the Time.