1. Bay Area Apartment Association & TRIAD Research & Consulting, Inc. 17 th Annual Tampa Bay Multifamily Developers Forum “The Tampa Bay Rental Multi-Family Market : Today and in The Future” Tampa Westshore Marriott Hotel November 30 th, 2011 Sponsored by:

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

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

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

5. Triad Research & Consulting, Inc. OCCUPANCY TRENDS triadtriad

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

7. Triad Research & Consulting, Inc. 2010 TAMPA BAY AREA PIPELINE & NEW CONSTRUCTION REPORT UC/Leasing 2011 Planned – 2012 – 2013 Proposed – ON-HOLD MARKETDevUnitsDevUnitsDevUnits Hills 133,552152,9923640 Pinellas 484536721326 Pasco 493049652540 Polk 12700000 Manatee 127258822772 Sarasota 000000 Bay Area 235,869275,11132,758

8. Triad Research & Consulting, Inc. BAY AREA PIPELINE

9. Triad Research & Consulting, Inc. HILLSBOROUGH PIPELINE

10. Triad Research & Consulting, Inc. PINELLAS PIPELINE

11. Triad Research & Consulting, Inc. PASCO PIPELINE

12. Triad Research & Consulting, Inc. POLK PIPELINE

13. Triad Research & Consulting, Inc. RENTAL HOUSING DEMAND NEW DYNAMICS OF THE METHODOLOGIES OF PROJECTING RENTER DEMAND SUPPLY LACK OF SUPPLY – LIMITED NEW CONSTRUCTION - CONTINUED SHIFT FROM OWNERSHIP TO RENTAL HOUSING INCOMES ADJUSTED HH INCOMES - JOB LOSS (REDUCED HH INCOME) – SAVINGS LOSS - CREDIT LOSS CONSUMERS ADJUSTED HOUSING CHOICES – INCOME DRIVEN CHOICES – - BETTER LOCATIONS – LESS COMMUTING – URBAN/SUBURBAN THEORY 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.

14. Triad Research & Consulting, Inc. BAY AREA MULTIFAMILY TRENDS HIL VACANT LAND OPPS IN BRANDON & SOUTH COUNTY – ACTIVE NEW CONS IN BRANDON & WESTSHORE & TAMPA PALMS & DOWNTOWN – COMPLETE, MARKET RECOVERY HAPPENING NOW PIN ONLY CONS IN GATEWAY & URBAN ST PETE – RESTABILIZING, MARKET RECOVERY HAPPENING NOW - LIMITED NEW CONS POTENTIAL PAS ONLY ACTIVE NEW CONS SR 54/56 – NEW DEMAND EXPANDING OUT OF DISTRESSED DRI’s – OPP IN MID COUNTY & WESLEY CHAPLE - MARKET RECOVERY HAPPENING NOW POL LAND AVAIL/AFFORD FOR FUTURE PIPELINE – NO NEW CONS - NO ACTIVITY AT THIS TIME DUE LOW OCC & NEGATIVE RENT GROWTH MAN LAND AVAIL & DEMAND SUPPORTS FUTURE DEV – BENEFIT FROM SOUTHWARD HILLS EXPANSION & PINELLAS BUILDOUT IN THE FUTURE – ACTIVITY IN LWR ATTHIS TIME – MARKET RECOVERY STRONG SAR NEW CONST ALL BUT STOPPED – REVS IN RECOVERY – LAND EXPENSIVE & MOST ACTIVITY IN ACQUISITIONS – OCC & RENT GROWTH MODERATE GLOBAL TRENDS NEW CONST SLOWED BY FINANCING - DEMAND GROWING DUE TO DISTRESS SF & ECONOMIC TIMES - RECOVERY TO 94%-95% HAPPENING NOW – REGION STRONGER THAN MOST OF FLORIDA - FINANCING THE CHALLENGE – PLAYERS W/$$ WILL PLAY – “VULTURE CAPITALISTS” ARE CIRCLING OVERHEAD FOR ACQ

15. THANK YOU Sponsored by: 17th Annual Tampa Bay Multifamily Developers Forum Bay Area Apartment Association & TRIAD Research & Consulting, Inc.