1. CHARLES WAYNE CONSULTING, INC. The State of Orlando’s 2011 & BEYOND Rental Apartment Market PRESENTED BY: DARYL SPRADLEY

2. RECOVERY RECESSION OVER SUPPLY EXPANSION DEVELOPMENT CYCLES

3. POPULATION GROWTH

4. JOB GROWTH

5. OVER SAME MONTH OF PRIOR YEAR

6. SF & MF UNIT CLOSINGS

7. SF & MF CLOSING PRICES

8. ANNUAL DEMAND APARTMENTS ~ SF ~ MF: 2011 - 2015

9. APARTMENT MARKET DRIVERS Historically low levels of new apartment construction High move-ins due to foreclosures Evidence of “unbundling” Weak consumer confidence Renters by choice

10. % RENTER DEMAND BY TYPE

11. APARTMENT COMPLEXES

12. RENTABLE UNITS +1,173 RENTABLE UNITS

13. APARTMENT UNITS UNDER CONSTRUCTION

14. APARTMENT OCCUPANCY

15. SUPPLY / DEMAND DYNAMICS

16. VACANCY vs UNEMPLOYMENT

17. APARTMENT DEVELOPMENT PATTERNS

18. LAKE MARY ~ HEATHROW

19. TOD STATIONS ZONES

20. EAST ORLANDO ~ UCF

21. SW ORANGE ~ HORIZON WEST

22. OSCEOLA COUNTY

23. LAKE NONA ~ MEDICAL CITY

24. TOP PERFORMERS Suburban Style Projects $1.05 - $1.20

25. TOP PERFORMERS Urban Lifestyle Projects $1.20 - $2.00+

26. URBAN RENTERS

27. TRENDS Land Supply ? Land Values? Rent Growth? Rent Incentives? Trendy Units? Hot Amenities? Urban Town Centers? TOD Developments? ?

28. CHARLES WAYNE CONSULTING, INC. www.CharlesWayneConsulting.com DSpradley@CharlesWayne.com