1. 5 th Annual Tampa Bay Area Mid-Year Multifamily Update “The Rental MF Market Crystal Ball – Where Do We Go From Here - Higher” Tampa Westshore Marriott Hotel June 21 st, 2012 Sponsored by: Bay Area Apartment Association TRIAD Research & Consulting, Inc.

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

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

4. Triad Research & Consulting, Inc. 2012-13-14 PIPELINE & NEWCONSTRUCTION REPORT 2012 UC / LU PLANNED NC 2012-13-14 PROPOSED 2012-13-14 MARKETDevUnitsDevUnitsDevUnits Hills 2011 Hills 2012 8 10 1,923 2,553 7878 1,634 2,300 6767 1,925 1,932 Pines 2011 Pines 2012 4242 859 590 1616 260 1,628 2424 477 569 Pasco 2011 Pasco 2012 1212 264 558 1212 248 539 3333 648 821 Polk 2011 Polk 2012 0000 0000 0000 0000 0000 0000 BA 2011 BA 2012 13 14 3,046 6,690 9 16 2,142 4,467 14 3,050 3,321

5. Triad Research & Consulting, Inc. BAY AREA MULTIFAMILY TRENDS HIL VACANT ZONED LAND OPPS IN BRANDON, DWNTWN, SOUTH COUNTY & WS– ACTIVE NEW CONS IN TAMPA PALMS – OCC RESTABLIZING UP ±2% & RENTS UP 2% - 4%, MARKET RECOVERY POSITIVE MARKET WIDE – SOME SUBMARKETS ±95% PIN ONLY CONS IN GATEWAY & URBAN ST PETE & BAY PINES – OCC STABILIZING WITH MARKET RECOVERY AROUND ±93% WITH SOME MARKETS ±95% PAS ONLY ACTIVE NEW CONS COUNTY LINE ROAD –MARKET RECOVERY ABOVE AVERAGE 93%-94% – NEW CONS CHALLENGED BY HIGH LAND COSTS - IMPACT FEES REDUCED – FEW SITES SOUTH CENTRAL & SW COUNTY POL LAND AVAIL/AFFORD FOR FUTURE PIPELINE – NO NEW CONS - NO ACTIVITY AT THIS TIME – OCC RECOVERY POSITIVE - ±92% GLOBAL TRENDS NEW CONST SLOWED BY FINANCING DIFFICULTY & LAND COSTS - DEMAND GREATER THAN EVER DUE TO DISTRESS SF & ECONOMIC TIMES - RECOVERY TO 94%-95% NOW AND 95%-965 IN 6-12 MONTHS FORECLOSURES & JOB CHANGES CREATING NEW DEMAND FOR RENTALS – EMPLOY STILL DOWN – REGION STRONGER THAN MOST OF FLORIDA - FINANCING THE CHALLENGE – PLAYERS W/$$ WILL PLAY – ACQ STILL STRONG

6. THANK YOU Sponsored by: 5 th Annual Bay Area Mid-Year Rental Multifamily Update